New, complex government regulations, including parts of the Affordable Care Act, have given human resource departments fresh challenges on top of their day-to-day management of data, recruiting and strategic planning.
Payroll management can get tricky considering the constant barrage of legislative changes and new rules popping up at every turn. Further, globalization has added additional layers to payroll rules and compliance. Each business approaches these challenges differently, but some are advocating for an increased role in technological solutions and cloud-based systems.
Mid-size Businesses Can look to Third-parties, The Cloud
State and federal labor laws regarding meals and overtime, as well as payroll reporting, quarterly and year-end filings require expertise that some midsize businesses lack. Non-compliance can get pricey, with fines and lawsuits on the horizon for those that fail to meet the legal requirements, according to an article from Accounting Today.
Lawyers, accountants and third-party human capital management solutions providers can help mitigate some of these challenges, giving companies more time and resources to focus on “managing their core business.”
Further, midsized businesses must “manage the benefits plans offered to their employees, accurately track employee time, and continue to pay their employees—all while ensuring they meet their legislative compliance requirements,” the story reads. To aid in those functions, human capital management cloud solutions offer an affordable way to keep up with compliance updates, as well as innovations and advancements in payroll and other needs.
The article advocates finding a HCM solution that offers self-service capabilities, global capabilities and a single record system for all employee data.
May Conference Set to Address Global Payroll Issues
Celergo, a provider of Global Payroll Management Services, will participate in the American Payroll Association Congress 2016, taking place May 10 to May 14 in Nashville, TN, according to information in PRWeb. Michele Honomichl, founder, executive chairman and chief strategy officer will sit on a panel to discuss “The State of Global Payroll: Facts, Fears, and the Future for Your Organization.”
Other workshops scheduled include:
“Compliance Is No Longer Just Local - It's Now Global!” to be presented by Michele Honomichl and Kira Rubiano on Thursday, May 12
“Global Payroll: Regional Focus,” by Honomichl and Rubiano on Friday, May 13
“Shadow Payrolls,” by Honomichl, also on Friday, May 13.
“Michele is a subject matter expert and considered one of the foremost thought leaders in the industry. Additionally, Michele is the author of chapter 13 of the 'Payroll Answer Book' published by Wolters Kluwer,” according to PRWeb.
5 Tips for Navigating ACA HR Requirements
The Affordable Care Act led to a plethora of new HR requirements, especially with respect to payroll and benefits. However, with a few basic strategies, navigating its nuances might not be so rough in future years, according to an article from HR.BLR.
Some tips and suggestions from the outlet:
Have an integrated HR solution for benefits and payroll data
Be sure that benefits are offered to the correct people, when needed and in a cost efficient manner.
Automation can cut down on mistakes
Keep tabs on FTE count--employers with at least 50 FTE, which have employees working 30 or more hours per week, on average, must comply with the ACA.
Know your employee classes--common classes include full-time-benefit eligible, part-time benefit eligible and part-time non benefit-eligible.