According to a recent study, more than half of businesses doubt their ability to maintain HR compliance in an evolving regulatory environment. Respondents also indicated the belief that compliance will get more difficult in the future, due to the complexity and fluidity of regulation.
The top three business concerns were found to be attracting and retaining top talent, rising materials costs and the growing expense of employee benefits.
In accordance with these challenges, companies cited hiring skilled and talented employees, maximizing worker productivity and holding overhead low as important strategies to compete effectively.
The survey collected data from more than 250 small and medium businesses to take the pulse of modern business.
Researchers also contacted companies using contracted human resources solutions, and found them confident the decision improved their business in several HR areas, particularly related to recruiting.
Safety training was also noted as an area of increased confidence for these companies. Researchers found the strategies considered important by survey respondents matched closely with what they stated as their greatest business challenges. If they continue to find HR compliance difficult, more businesses may turn to outside experts to meet their needs.
