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5 Point Checklist to Evaluate Your Compliance Readiness

Brandon Baker
9/15/18 8:18 PM

Managing compliance can be complex and tricky for any business today. It can be overwhelming trying to stay current on proposed guideline changes, updates to existing regulations, and roll-outs of new legislation. Despite the complexity, a recent survey of 812 HR and payroll managers found that many respondents believe they’re prepared and will be able to implement future regulatory changes with ease.

Based on their responses, here are the five short but critical questions to ask yourself to determine your organization’s compliance readiness:

  1.  Can I easily respond to and communicate about new regulations within 30 - 60 days?
  2.  Do I have a single employer master record to manage my employees through the lifecycle?
  3.  Do I spend more time on strategic initiatives than I do on data entry among various database systems?
  4.  Does my HR technology vendor provide education and tools that help my organization stay compliant, making it one less thing for me and my organization to worry about?
  5. I have recently upgraded or implemented a new HR/Payroll system or systems. 


Respondents answers to the above checklist questions:

  1.  Almost half of the survey respondents thought that 60 to 90 days is a fair amount of time to respond to regulatory changes and properly communicate a new policy.
  2.  Survey respondents with a newer HR/payroll system managed fewer employee records, reducing their risk of noncompliance and making reporting more efficient.
  3.  Survey respondents with a newer system spent 25% less time on duplicate data entry than did those with systems over five years old. (That’s a day and a half a week. Think about what you could do with that time!)
  4.  Of all the tools available, survey respondents said that HR and payroll vendors are their leading source of insight 61% of the time.
  5.  48% of respondents who said they are effectively managing compliance have upgraded their existing system or implemented a new one in the past three years.

 

Download our Checklist worksheet below and put your company to the test.

 

Checklist_Compliance_Readiness

Compliance Checklist Download

 

 

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