Obviously, if an organization has employees, it has to pay them. This is where Payroll processing comes in as an essential business function which ensures that the people will accurately receive their compensation for the time they have worked for and minus the taxes which are appropriately withheld and filed. The job of a payroll manager is to reconcile and balance the business’ payroll data, while also taking care of the company’s record keeping, wage deductions, delivering pay checks and recording new hire paperwork. He/she should guarantee accurate and timely payroll which involves careful attention to detail record-keeping.
This is one of the major reasons why businesses decides to pass the burden of payroll processing to a partner with the expertise to handle both complex regulations associated with processing payroll.
HR Function
HR has historically focused on compliance more than other business functions. But the role of the HR function is growing, with increased focus on attracting talent, employee development, retention and overall business strategy. With limited resources and time, organizations are investing in HR tools to simplify everyday HR tasks and monitor compliance.
HR keeps compliance and protects the business from penalties due to violations of regulations that span the entire employee lifecycle, from recruiting and hiring to workforce management and development. Sadly, this is just the tip of the iceberg.
So, how can HR solution help the HR function mitigate risks?
#1 STORE (HR Documents)
If you are still into filing cabinets with critical documents and you’re tracking employee information still via spreadsheets, errors are really unavoidable and the chances of finding the information you need decreases tremendously. But with the right technology, HR no longer has to worry about maintaining endless paper files and organizing them by hand. Instead, essential employee files and other compliance documentation can be stored electronically and easily accessible within an HR solution.
#2 TRACK (Employee Certification)
When operating in an industry where your employees are certified experts or licensed workers, tracking proper certifications is crucial part to maintain compliance. Without an effective HR solution to properly store certifications within each employee record and notify you of expiration dates, you’re likely going to be stuck with digging through mountains of files and documents while manually reviewing the expiration dates on your own. The right HR software should provide proactive notifications for when documents are about to expire so you can ensure certifications and necessary compliance documents are current.
#3 COMPLY (HR Forms)
With a bunch of HR documents and compliance resources available online, it is important to have a knowledgeable HR partner with a database full of policies, forms and document information can be all the difference to maintaining compliance. Relying on forms found online can be a recipe for disaster and leave your business exposed. But, don’t worry because many HR solutions provide a complete knowledgebase of HR resources including checklists, sample job descriptions, sample HR policies and templates to start or supplement your company handbook.
Though we’ve highlighted specific areas of people management compliance your organization must follow, regulations impact all areas of the employee lifecycle from recruiting and hiring to benefits. And without the proper controls in place to protect against audits or employee lawsuits, you run the risk of costly fines impacting your bottom line.
