4. DYNAMIC COMPLIANCE
Compliance is a necessary component of your human capital management strategy, and failure to manage it effectively can result in hefty fines that impact your bottom line. With the pace of legislative change increasing at such a rapid rate, compliance teams are having trouble keeping up.
Your HCM solution should work to support your compliance with IRS/CRA guidelines, FLSA, and other federal, state, provincia, and global requirements to help minimize potential risk from an audit, or prepare you in case one does happen.
An HCM provider should keep up with all legislative changes and embed this capability across its technology to help you identify non-compliance, reduce risk, and give you peace of mind.Acquiring an in-house application development and management (ADM) team is one thing, but knowing what to do with it is something entirely different. Without a long-term vision for how to develop your technology in line with your business goals, much of your team’s time and knowledge will be wasted.
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