Posted on: June 26th, 2017
Regulatory compliance often adds stress to daily business operations. Every year, regulatory requirements and compliance best practices change, leaving businesses scrambling to keep up. We’ve compiled a list of the top compliance issues many businesses are facing this year to help them make informed decisions about their risk management strategies.
The Affordable Care Act (ACA) remains in effect, but its future is uncertain. For businesses with employees, the ambiguous future of the law can create compliance anxiety. Many organizations are just now starting to adjust to ACA rules and its compliance components, including nondiscrimination rules, employer shared-responsibility changes, and cost-sharing limits.
At any time, these rules could change if the current administration successfully replaces it with new legislation. Companies must simultaneously meet current compliance expectations while preparing for future changes. Partnering with a strong HR company can ease the burden of current and future health insurance changes.
Overtime rules have been in flux for the last several months, as many changes have taken place during the executive branch transition. Today, businesses must carefully assess the latest overtime rules in effect to avoid noncompliance and associated fines. The latest change allows private employers to offer employees either overtime pay or extra time off for overtime hours worked.
Many overtime rule changes are still on the table, including the proposal to increase overtime exemption thresholds. As these decisions move through Congress, businesses must maintain diligent payroll records and develop scheduling strategies to avoid future noncompliance.
Starting in early 2018, employers must use a new EEO-1 Form if they employ 100 or more workers. The form requires compensation information in addition to traditional equal employment data. While the form is not in effect today, employers must consider how the new rule could affect business if it remains in effect under the Trump administration.
Compliance issues often leave businesses more focused on operations than on marketing and sales. To meet current regulatory standards and prepare for changes on the horizon, consider partnering with an organization that can provide expert support as these and other changes go into effect. Partners Human Resources provides comprehensive compliance support to keep your business thriving in a time of constant regulatory change.
© 2017 Partners Human Resources | Designed by DIRECTING DESIGN, INC.