Several state jurisdictions in the U.S have enacted laws recently that bear a significant influence on the way employers across industries hire, treat, and pay their employees. Amid the evolution of the regulatory requirements, performing an HR compliance audit has become mandatory for organizations. Any failure to comply with the laws can result in significant fines and penalties. Strict compliance is imperative to saving businesses from any potential legal risks, especially when impending legislations pertaining to “marijuana” and “Ban the box” are debated extensively. Under these circumstances, organizations better play safe by outsourcing the compliance function to a consultant/service provider to ensure all areas are covered significantly and objectively.
For companies that own the resources and systems to ensure their people, process, and technology comply with the regulatory law, they can manage compliance and legal risks. But having a dedicated consulting and services partner can bring them benefits unimagined before. The smaller firms, in particular, need to outsource the HR compliance to an expert compliance services agency that can help them perform their operations efficiently. To keep up with the regulations and meet the necessary demands in an automated fashion, many service providers have adopted state-of-the-art technologies, including the cloud, artificial intelligence, and machine learning into their systems. More importantly, these services providers periodically study and keep themselves up-to-date on the regulatory changes. In the event of the need to report on compliance issues to auditors, regulators, or legal teams, enterprises can quickly get the comprehensive reports generated from their compliance services partners.
Whether it’s preparing employee handbook, simplifying and distributing tax forms, or taking disciplinary action when an employee fails to comply with the regulatory law, agencies perform all these mundane tasks with the assistance of pioneering compliance management software. While technology provides the convenience and liberates the HR professionals from the hassles of collecting information manually, it can, however, be a costly affair for companies running on a tight budget. In such scenarios, they can avail the cloud-based managed services that many compliance service providers offer today.
Another critical aspect of the HR function is the training and development of the new and existing workforce. As mandated by several regulations, HR teams have to train the employees on a myriad of topics, including diversity, safety, sexual harassment and more. When questioned by auditors, they must be in a position to prove their actions met the compliance. Compliance service providers use training software to track and manage information pertaining to the training and certification of employees. Such software applications ensure the trainings are up-to-date with the changes in regulations.
To help CIOs navigate through the list of HR compliance consulting/services providers, our distinguished selection panel, comprising CEOs, CIOs and VCs, industry analysts and the editorial board of HR Tech Outlook narrowed the top 10 compliance consulting/services companies that exhibit competence in delivering efficient services.
We present to you HR Tech Outlook’s “Top 10 Compliance Consulting/Services Companies - 2019.”