Violations are expensive, and as a company HR, you might want to make sure that each employee is receiving the benefits that they deserve. For one, OSHA violations alone can lead to fines that range from $15,000 upwards, and this pertains to failing to maintain safety in the workplace.
Every company should be adherent to the laws and the industry standards. However, these regulations are often complex, and others may fail to follow which can result in operational disruptions and expensive penalties.
On the other hand, hiring another team of in-house staff to manage compliance issues may not be a feasible solution for most companies. This can be due to budget constraints, or they can’t find a qualified professional for this difficult position. Fortunately, a lot of businesses can still stay compliant without the need to overextend their current resources.
Why Hire Another Company to Stay Compliant?
There are third-party providers that can provide more comprehensive services like tax filing, creating a list of benefits, direct deposit of wages, and compliance management that many businesses can leverage. The top payroll company can provide tailored solutions that can cater to both enterprises and small startups.
Others can find these payroll companies to handle time tracking and another suite of services that involves timekeeping. Everything is streamlined, and if there are paid leaves, they’re also going to track them in real-time to avoid disputes. Other things that they can do are the following:
Auditing the Company
Third-party providers often have a dedicated team that will check the anti-discrimination policies of a business, including their hiring practices. They will take care of the tax forms, contracts, offers, and verification, as well as overtime pay to ensure compliance.
Others are part of organizations that provide resources and additional training about the latest laws that are being implemented in your area. They receive newsletters that will help them keep track of the changes in the policies, and they will implement them in your business in a timely manner to avoid fines.
Most importantly, they will develop safety programs according to the guidelines set by the OSHA. They will follow overtime pay rules, ensure the insurance coverage of each employee, and ensure EHS compliance. They’re going to develop the company’s environmental, health, and safety compliance programs so the internal staff can focus more on other priorities.
Make the Internal Processes Easier
Many of these providers are often well-versed in more complex tasks like filing taxes and other administrative duties. As a result, HR will be able to focus more on developing a more strategic initiative that can help the company over the long run. They handle auditing and make sure that the paperwork for certain regulations is submitted on time. See more info about HR when you click here.
You can count on them to simplify a lot of internal processes, so you don’t need to hire more staff. With the optimized workflows, you can reduce the burden on existing employees and save a lot by not needing to onboard new hires. They will assess the current processes in the company and identify areas for improvement.
Other companies are offering midsize to enterprise payroll services that will help your organization grow. They are going to give you the tools that will keep you updated with the current tax rates, and they will also take care of garnishment payments. Most importantly, everyone will receive their pay on time, which can result in more employee satisfaction.
There are companies that offer direct deposits depending on the needs of your business. Others may take care of same-day wire transfers or paper checks with insertion services. Expect them to set up a payroll journal so you can view a comprehensive list of employer expenses, taxes paid, and earnings.
Building a Culture of Compliance
When employees know what’s expected of them when it comes to attendance and shift swaps, it can build a culture of accountability. They are going to be more compliant and will make sure to take their tasks seriously, so the business won’t need to hire additional staff. When there are established roles in the company, it’s going to reduce confusion for many compliance tasks.
Benefits of a Proactive Approach
When you’re proactively looking for a third-party service provider that will help you with the regulatory requirements, you can generally reap several advantages. For one, you can significantly decrease the possibility of legal disputes and protect your company’s reputation. See post about dispute resolution in the following page:
Also, when you’re compliant with the law, it’s going to improve your relationships with stakeholders and your investors. You can demonstrate a commitment to ethical practices, and it will build credibility, which is essential if you want to achieve long-term success. It will also result in sustained growth over time and more savings as you only hire the third-party provider whenever you need their services.
