While company managers and executives have a lot on their plate as it is, the top thing they're concerned about is ensuring that their in compliance with the rules and regulations that they're obligated to follow, a new report reveals.
According to a recent analysis completed by the ADP Research Institute, small and mid-sized companies see a variety of compliance issues on the horizon, on top of the ones that they already have.
"Our survey finds that HR managers are recognizing the challenges of complying with complex, dynamic HR laws and employment laws," the report stated. "Since shortcomings in key areas of HR compliance can put businesses at a competitive and financial disadvantage, it only makes sense that small and midsize companies use the many effective tools and services available to become – and stay – compliant."
Though business owners have more resources available to take on compliance issues as they arise, they still believe that abiding by all of them will prove to be a challenge moving forward. Only 10 percent of HR managers indicated that they think compliance burdens will lessen over the next three years. Additionally, more than 50 percent said they fully anticipate the compliance landscape to become more complex over the same period.
One of the biggest HR compliance issues is the Patient Protection and Affordable Care Act, which polls have shown entrepreneurs are largely opposed to. However, according to The White House, complying with the law will prove to be an effective way of improving opportunities for business owners, not to mention the employee benefits for workers.
The White House outlines some of the ways in which the ACA will be advantageous for business owners.
