Are HR Compliance Requirements Increasing For Your Business? Work Smarter.
According to Ernst & Young’s Global Payroll Survey, keeping up with regulatory compliance changes was identified as the second-highest compliance challenge. But as your business grows, those compliance concerns you have today don’t go away — most often, they will multiply.
Some of the biggest areas employers lose sight of as they grow include compliance with benefits regulations, inconsistent HR policies, and appropriate documentation.
The cost of noncompliance can be steep. The regulatory burden increases as your employee count grows, but there are steps you can take to ensure you are ready when the time comes.
A Smart Way to Keep Up With HR Compliance Is To Outsource HR Support
With all that we, as employers, have challenging our daily business operations, we just can’t do it all. Working smarter is important, and working with an HR expert to maintain compliance in your day-to-day operations can help you avoid risk and support these new HR compliance efforts.
An Outsource HR expert can help you with the following:
- How to stay ready to comply with employment legislation like FMLA, FLSA, OSHA regs, and COBRA – no matter what size your business is
- Which HR compliance areas to address sooner rather than later
- The importance of employee-entered data accuracy and consistency
Let’s face it, the workplace has changed. It’s our job as employers and human resource providers to adapt to it. Outsourcing HR is a smart option. In today’s environment of regulations and litigation, it is important to ensure that your company stays in compliance with state and federal workforce regulations. This risk makes having an experienced HR resource more important than ever.
Small and medium-sized businesses (SMBs) often struggle to have internal HR resources that can meet their administrative and advisory needs. Also, smaller companies have to deal with their smaller budgets, which can be difficult from a staffing perspective. In addition, some situations can be very tricky which can be above their realm of experience. Especially when you have to comply with federal laws such as ACA, FMLA, COBRA, ERISA and many more. Failure to comply with these laws can lead to significant fines and even cost SMB’s their business.
Outsource HR Fundamentals to Avoid Costly Mistakes
Another challenge to SMBs is performing the administrative tasks associated with HR. Due to its regulatory nature, it is very important that required forms are filled out and maintained appropriately. Failure to do so can lead to significant fines. For example, incorrectly filling out I-9 forms can lead to penalties of over $2,000 per form. Hiring staff that has the ability to ensure the required paperwork is filled out and filed appropriately can oftentimes be daunting.
A good way to ensure an SMB has a properly trained HR resource is to review the current internal HR resources and determine where there may be gaps in their current department’s abilities. By doing an HRHealthCheck those gaps are identified and a resource can be found to assist in filling those gaps.
Things to consider before you outsource:
- What is your budget for outsourcing HR?
- Are your primary needs administrative, advisory or both?
- Is the outsource firm familiar with my state’s laws?
As you can see there are many benefits to hiring support for the complex nature of HR. If you have any questions regarding outsourcing your HR or would like additional information, please contact Chris Cooley at 855-538-6947 ext 108 or firstname.lastname@example.org. You can also visit our website at www.myhrconcierge.com.