Why a Compliance Gap Costs Time and Money

Why a Compliance Gap Costs Time and Money

Compliance Gap Causes Financial DrainCompliance 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 CompliancePoor 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 AccessibleReal-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 TimeCompliance 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 SeparateDecisions 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 ResourcesHCM 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?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 ImprovementRoom 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 DesiredNew 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.

Karen A. Frenkel
Karen A. Frenkel
Karen A. Frenkel is a contributor to CIO Insight. She covers cybersecurity topics such as digital transformation, vulnerabilities, phishing, malware, and information governance.

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