Most companies have a number of separate systems in place to handle a range of Human Capital Management (HCM) processes, such as paying employees, managing their time, and administering their benefits.
Yet, according to a new study of 161 senior finance and HR executives conducted by ADP® and CFO Research, HCM-related compliance requirements are increasingly becoming a major challenge. And once organizations realize they’ve fallen into a compliance gap, they may already be well on their way to incurring costly fines and penalties.
- Respondents cite new regulatory requirements (53%) and increased regulatory oversight and enforcement (45%) as two of the main factors that make HCM-related compliance management so difficult.
- The impact on productivity and effectiveness stemming from these challenges is far-reaching, with 35% of respondents saying they spend more time on HCM-related compliance now than they did two years ago, citing lack of real-time data and ease of use of current systems as opportunities for improvement.
Are disparate Human Capital Management (HCM) systems and processes impacting productivity and leaving your organization vulnerable to risk? Read the full article for some tips for catching up.