Why a Compliance Gap Costs Time and Money
Compliance Gap Causes Financial Drain
78% of surveyed CFOs said lack of integration of HCM-related compliance processes and information systems increases their company’s compliance costs. 57% believe entering or updating data takes too much time and effort.
Poor Grades for HCM Compliance
58% of respondents graded the ease-of-use of their software systems and applications for managing HCM-related compliance a “C” or lower.
Real-Time Data Not Accessible
42% of respondents do not have access to real-time, consolidated HCM-related compliance data through a dashboard or other technology platform.
Compliance Eats More Time
35% of respondents said they spend more time on HCM-related compliance today than they did two years ago, compared to 13% who said they spend less time now.
Decisions and Compliance Are Separate
24% of respondents said their company’s management rarely or never uses HCM-related compliance data to support business decisions.
HCM Drains Company Resources
The time and attention HCM related compliance requires drains their company’s resources, according to 62% of those surveyed.
How Important Is Ease-Of-Use?
80% of respondents said it’s important to make their company’s HCM-related compliance systems easier to use.
Room for Improvement
Improving their technology and systems for managing HCM-related compliance would offer the most benefit to their companies, said 38% of respondents.
New Technology Desired
26% of respondents said the greatest benefit to their company would come from investing in new technology. In contrast, 24% said consolidating or centralizing compliance activities would provide the most benefit.
