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The Compliance Factor: How North American Small and Medium-sized Organizations (SMBs) Meet Compliance Requirements Today
MARCH 2018
In today's ever-changing regulatory landscape, businesses of all sizes throughout North America face a wide range of compliance challenges. This report provides an in-depth look at how small- and medium-sized organizations (SMBs) address issues related to complex employment/labour laws, keep informed with changing tax regulations, and try to maintain payroll compliance. Read the exclusive research, conducted by HR.com in partnership with Ceridian, to learn how struggling HR professionals and managers of SMB can stay abreast of a fast-changing compliance world.
HIGHLIGHTS FROM THE RESEARCH:
What are the biggest obstacles to maintaining compliance? Smaller organizations, which we define as having fewer than 250 employees, were more likely than larger ones to cite labour costs as a key challenge: 34% versus 29%. One aspect of these costs is the need to comply with labour laws, which was cited by 27% of small businesses, slightly higher than for larger firms.
Most organizations use outside services to help understand taxes and payroll. As we've seen, the complexity of the compliance environment is a major challenge, especially for small businesses. So, it's logical these companies would turn to outside services to help understand some of the most complex HR and business areas—taxes and payroll. In fact, a majority of respondents turn to outside resources for both payroll (58%) and taxes (65%). Such organizations might save money and improve response speed if they develop a cost-effective internal source of skills and information related to payroll issues.
To learn more about compliance challenges affecting small- and medium-sized businesses and to get 5 key strategic takeaways from this exclusive HR.com research, please read the full research report here:
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