Why a Compliance Gap Costs Time and Money

 
 
By Karen A. Frenkel  |  Posted 03-16-2015 Email
 
 
 
 
 
 
 
 
 
 

A new survey on workforce compliance reveals one-half of businesses use separate IT systems or manual processes for compliance requirements. Systems to handle human capital management, such as paying employees, managing their time and administering their benefits, are called HCM processes. Businesses that use disparate IT systems are more likely to face penalties for noncompliance because their systems can't keep up with changing regulations. One-third of CFOs claim their staff spends increasingly more time on compliance, distracting them from their core business and reducing efficiency, the report states. Conducted by cloud solution provider ADP and CFO Research, the study surveyed 161 senior finance and human resources executives last December at American companies with 250 or more employees. It examines approaches to HCM-related compliance and the value of making compliance systems user-friendly. "This research shows that finance and HR teams are increasingly looking for unified, secure compliance solutions to help them drive business efficiencies and create the conditions for sustained growth," said Celina Rogers, vice president and editorial director of CFO Publishing.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

Submit a Comment

Loading Comments...