Employment laws are increasing every year. In addition, many of the penalties for violating these laws will cost much more in the near future than they did in the past. According to HR Morning,
“Numerous ERISA penalties will jump – for example, the penalty for not providing a summary of benefits and coverage to affected individuals will increase to $1,087 from $1,000, failing to inform employees of Children’s Health Insurance Program (CHIP) opportunities will increase to $110 from $100 and failing to provide notices to retirement plan participants informing them of automatic contribution arrangements will increase from $1,000 to $1,632.”
These increased penalties are likely to continue. A law passed in November requires federal agencies to adjust penalties for inflation each year.
Trying to remain compliant with constantly changing laws might seem overwhelming. Fortunately, businesses can still employ talent without spending all their time learning about employment law.
- Manage Costs
- Employers need more help than ever to manage the costs that come with employing talent. Avoid violations before they happen by seeking help from someone who specializes in workforce strategy. This can save you thousands of dollars by preventing penalties before they happen. In addition, some workforce strategy companies can eliminate your tax, payroll, and risk departments. Spend more time acquiring talented employees for the positions you need instead of worrying about employment law.
- Protect Your Business
- As laws increase, small and mid-sized businesses are in an especially difficult situation. Owners and supervisors have so much more to do than stay current on new legislation, and it is often prohibitively expensive to hire a dedicated employee to keep track of constantly changing laws. Penalty costs are often devastating to small or mid-sized businesses. Outsourcing these problems to another organization can protect your business by staying one step ahead of any changes. You will be able to employ talent with confidence, instead of worrying about compliance.
Don’t let changing laws prevent you from employing great talent. Manage your costs and protect your business to build a successful company.