By partnering with a PEO, you can help ensure that your organization operates within the bounds of compliance.
Compliance can be difficult to manage, even when business proceeds smoothly. Employers managing everyday operations and working to grow their bottom lines might not have the time or resources to keep up with changing regulations. Unfortunately, one oversight or employment claim can seriously challenge an organization that’s unprepared. A claim or violation can take focus away from activities that drive profit, strain resources and finances and potentially damage personal and company reputations.
Luckily, expert assistance is readily available. Companies can partner with a professional employer organization, or PEO, for help navigating the ever-evolving regulatory landscape.
Compliance encompasses a broad range, including, but not limited to, tax reporting requirements, unemployment and workers’ compensation insurance, Affordable Care Act, COBRA (Consolidated Omnibus Budget Reconciliation Act), and employment laws, such as Americans with Disabilities Act, Fair Labor Standard Act, and EEOC (Equal Employment Opportunity Commission) regulations.
PEOs offer risk and compliance experts who keep up with ongoing changes to tax, benefits and HR regulations and can help businesses respond to changes that affect them.
Carry Compliance Through Your Organization
Organizations should, as a best practice, explicitly outline their compliance policies and their strategies for upholding them. A PEO can help companies develop handbooks, training and proactive strategies to help protect themselves from fines, claims and penalties. They can also answer any questions employees may have during training sessions and throughout the course of business. Education and training can go a long way toward shaping behavior and norms in the workplace. Laying a strong foundation of understanding can help lessen and prevent infractions.
Fortunately, PEOs are also the best partners for handling internal investigations into employee claims or regulatory infractions, should these occur. PEO objectivity and expertise helps ensure that these investigations are carried out appropriately and lawfully.
Compliance may seem like a daunting business challenge, and it can be. Partnering with a PEO can give your business peace of mind, knowing that you have experts in all areas of compliance looking out for the health of your business. After all, business owners shouldn’t fret over complex employment issues but rather focus on what they are passionate about: their business.