An annual study by ADP® revealed the top three concerns for mid-sized business owners include the cost of healthcare coverage, healthcare reform legislation, and governmental regulations. As businesses deploy software solutions for Affordable Care Act (ACA) reporting, they can also focus on other pressing challenges that can influence ACA Compliance such as leave management.
HR Departments don’t have enough hours in the day
As discussed in the article posted on HR.BLR.com, “Midsized business’s most concerned about governmental regulation, says ADP,” the ADP study revealed that 41% of business owners surveyed ranked governmental regulations as their top concern, over healthcare coverage and healthcare reform legislation.
One survey participant, Zyscovich Architects, indicated that regulatory changes are the major source for concern due to the added record-keeping and reporting requirements. Now, their human resources staff has to split their attention between maintaining compliance and recruiting the skilled employees needed to be successful. Nearly half of respondents indicated that they were also concerned about the quality of the available workforce and there was a notable spike in those concerned about engaging employees enough to be active participants with business success.
Solutions to ease your pain
Don’t waste any more time worrying about what could impact your business, position your business to navigate these changes by updating your business technology. Our ACA Compliance solution can provide strong support for this challenging regulatory requirement by tracking employee eligibility and testing health care affordability all year long. In addition, various benefits management solutions can provide the control and insight needed to manage leave, retirement plans, or life insurance programs with greater efficiency. Comprehensive Leave Manager, for example, can streamline the tracking of (mandatory) sick time, vacation time, comp time, Family Medical Leave Act, and any other time-off allowances that you may offer. Employees can also monitor their own available leave time and be confident that time is being accrued properly and used when needed.
Having the right technology in place can not only save valuable time, but also make it easier to prepare reports for regulatory agencies. Spend less time worrying about changing regulations and more time on growing your business. Contact Integrity Data to learn more about the modern business tools that can strengthen your business, support compliance obligations, and keep employees happy.
By Integrity Data, a Microsoft Dynamics GP ISV out of Illinois