The Workforce Institute at Kronos and Future Workplace have released a survey, following the U.S. Senate's and House of Representatives' return to session, that details how organizations must often spend as much as $100,000 each time a federal, state or even local labor-related regulation is created or changed.
“The regulatory landscape is constantly evolving, and the frequency at which compliance-related regulations are added or changed continues to accelerate,” Joyce Maroney, director of the Workforce Institute at Kronos. said. “Keeping up with this growing volume of change is exceptionally difficult, and HR and payroll professionals with too few resources and too many responsibilities need more help to make sure their organizations are maintaining compliance and building an engaged workforce.”
The study notes that keeping up with regulatory change is a costly line item in every company’s budget. Additionally, half of businesses claim to not receive enough time to get ready for such changes.
“As the survey demonstrates, HR and payroll professionals at organizations of all sizes want to ensure compliance to the fullest of their abilities, but often struggle because of the constant and rapid nature of the changes,” Malysa O’Connor, senior director of market development at Kronos, said.