“We don’t know what we don’t know.”
myHR Partner hears this often from businesses seeking compliance support – and understandably so. Federal, state, and local requirements around hiring, benefits, compensation, employee classification, and payroll are complex and can be tough to pin down, for companies with employees in multiple states especially. The shift from in-person work to remote work in recent years has had compliance-related implications for small businesses in particular.
Think about it: Historically, small businesses had employees in a few states at most. Today, many have team members nationwide. Because businesses of any size need to abide by state and local laws for every jurisdiction where their employees reside, this introduces an array of new requirements. Have one employee in Wyoming? Your small business is on the hook for Wyoming state regulation and regulation in the employee’s specific county and town.
The challenges of multi-state employment are prompting more and more small businesses to outsource compliance management. However, it’s not the only reason.
BUT FIRST: WHAT IS COMPLIANCE MANAGEMENT EXACTLY?
Compliance means your company is in accordance with ever-changing federal, state, and local laws.
Compliance management is the expertise that helps you get there.
As compliance management experts, myHR Partner provides you with our understanding of legislative updates. We highlight areas where we see possible risk in the event of inaction. From there we suggest related action items, help you implement them, and encourage you to consult an attorney as needed.
Most larger companies have compliance managers in-house. Small businesses, meanwhile, often try to manage compliance on their own. With remote work surging, though, a growing number are turning outside for help – a wise move, as outsourced compliance management can have immense benefits for small businesses especially.
Here are three compelling reasons for small businesses to consider outsourced compliance management.
Reason 1: Dramatically reduced liability
Several myHR Partner small business clients first contacted us when they had incurred fines in states whose laws they weren’t aware of – laws on matters like mandatory short-term disability and sick and safe leave (required in a growing number of states). Several of these small businesses thought they were compliant because they’d consulted one-size-fits-all HR software or online resources. When laws changed unbeknownst to them, they literally paid the price.
The good news: Once these businesses outsourced compliance management to myHR Partner and implemented our suggestions, they dramatically reduced the chance of non-compliance and related penalties and fines. myHR Partner monitors regulation in every jurisdiction relevant to your business. We send you a monthly compliance update that outlines new laws and regulations and suggested action items. From there, we work with you on implementing our recommendations, as you wish.
Reason 2: Huge time savings
Beyond helping you stay compliant, outsourced compliance management like myHR Partner’s saves small businesses immense amounts of time.
Strong outsourced partners oversee and manage compliance-related forms, tracking, and communication and advise on (and make vendor recommendations for) staff training. Time saved is time you and your team can channel into business development, revenue-generating activities, and other areas that stand to benefit from your attention and focus.
Reason 3: Improved employee relations
As small businesses improve their compliance-related processes, employee morale and relationships (known as employee relations) have a way of getting better, too. Many small businesses update their employee handbooks to reflect compliance-related changes that have implications for their team. Employee handbooks go a long way toward improved employee morale – more so than most small businesses anticipate!
Ready to save time, reduce liability, improve morale, and enjoy the benefits of small business compliance expertise at your fingertips?
myHR Partner’s team brings years of extensive training and experience to our comprehensive compliance management services. We begin by carefully auditing your existing policies and processes. From there, we develop a plan and related action items – and a defined cadence and organizational flow – to help your business achieve compliance and stay there.
Contact us for a free consultation – the first step toward ensuring compliance for your small business.
