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More than half (56%) of your peers say their HR/payroll systems, for example, are too outdated to adapt.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.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Excel financial formulas allow users to process accounting data quickly and easily. To use a financial formula in Excel, click on the â€...
Two jurisdictions face potential 2026 Federal Unemployment Tax Act (FUTA) credit reductions. If you operate in either one, your FUTA tax ra...
What’s contained in the federal budget proposal for FY 2024? For one thing, certain businesses would pay a higher income tax rate und...
If employees’ Family and Medical Leave Act (FMLA) entitlements are impermissibly reduced, your company may face legal consequences. ...
IRS has updated Form 5300, and that’s good news for sponsors of retirement plans wanting to ensure their plans’ tax benefits. ...
It’s easy to take your company’s payroll technology for granted, that is, until something goes wrong. As your business grows and the ex...
