Managing HR and benefits compliance can be complex, but it’s not as intimidating as it sounds.
Compliance can get complicated. But it shouldn’t keep you up at night.
Our experts share some tried-and-true advice to help debunk the compliance myths and misconceptions and create a more effective benefits compliance strategy.
With deadlines and uncertainty galore ahead of us in 2023, it’s critical that employers stay on the up-and-up with compliance, from ACA tracking to tax code and everything in between. With so many things to keep track of, it’s important that benefits teams have the right strategy and partnerships in place to manage the compliance piece of the benefits puzzle.
What are some of the most complex pieces of day-to-day benefits compliance?
The shift to remote and hybrid workforces has created additional complexities for employers with distributed workforces. While having talent across multiple states and cities isn’t a new concept, the recent legislative landscape has introduced additional nuances for benefits and business administration, including taxes and eligibility rules.
Many HR and benefits teams now need to have benefits and compliance expertise for multiple states (and in some cases cities) to ensure that their employees are eligible for the right benefits, are taxed correctly, and are compliant with all of the nuanced regulatory and compliance details per zip code.
Managing it all can be intimidating, but it’s not impossible. Having the right partnerships and communication streams in place is critical to managing compliance.
How can HR teams can stay informed about compliance trends and news?
Keeping a pulse on the benefits compliance landscape is both a necessary evil and complicated, especially for those teams managing benefits across multiple states.
While there isn’t a single source that tracks all compliance topics and changes, HR and benefits teams have a wealth of resources and support available to them, including:
- Broker and advisor partners
- Benefits administration tech and TPA partners
- Your internal compliance team
- Industry webinars and newsletters
- Your peer network
Benefits teams should also consider starting an internal huddle with internal compliance, security, and administration partners across the business to share insights and ideas to stay abreast of critical changes and deadlines.
Want to learn more about how our experts make benefits compliance less scary and more effective?
Watch the on-demand recording of Brews with Bruce to hear Bruce Gillis, Businessolver’s Head of Compliance; Sara Warran, Businessolver’s Senior Benefits Coordinator; and Darius Clay, Businessolver’s Head of Total Rewards talk about what keeps them up at night.