The cost of deregulation is a huge problem for employers
If you’re exasperated by the inconsistency of new federal timelines, you’re not alone.
The new overtime rules are on; now they’re off. The fiduciary rules are about to go into effect; now they’ve been halted.
Turns out all these about-faces aren’t just confusing … they’re costly.
Despite the fact that most of the shifts spell good news for employers, all this deregulation results in $100,000 in compliance costs. That comes courtesy of a recent Quartz-Kronos Workforce Institute survey.
And that number is going in the wrong direction. Two-thirds of execs said their compliance costs have gone up compared to 10 years ago.
Time is one of your biggest enemies on this front – half of your peers say there’s not enough time between when new rules are announced until you’re expected to implement them.
Can’t stay 1 step ahead? Look here
While you can’t make the feds give you more time, there’s one thing you can control: your systems to implement them.
More than half (56%) of your peers say their HR/payroll systems, for example, are too outdated to adapt.
Info: For more survey results, visit.
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