{"id":413,"date":"2017-11-30T17:12:06","date_gmt":"2017-11-30T17:12:06","guid":{"rendered":"http:\/\/sonus.wpengine.com\/?p=413"},"modified":"2017-12-11T17:15:43","modified_gmt":"2017-12-11T17:15:43","slug":"want-cut-costs-invest-hr-compliance-administration","status":"publish","type":"post","link":"https:\/\/sonusbenefits.com\/want-cut-costs-invest-hr-compliance-administration\/","title":{"rendered":"Want to Cut Costs? Invest in HR and Compliance Administration"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">For the vast majority of organizations, HR functions are not a luxury\u2014 especially the benefits administration and compliance pieces. Your company depends on HR\u2019s critical role to keep you in compliance and out of legal trouble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When businesses think about cutting costs, it\u2019s tempting to look at lowering fixed expenses such as rent, electricity, insurance, salaries and employee benefits. Some employers have even decided to trim their HR departments in an effort to save money. But when it comes to reducing expenses, investing in your Human Resources team can yield big returns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">HR handles a huge range of activities relating to employees. From hiring staff, to implementing organizational strategies, to maintaining administration systems for payroll, employee benefits, and compliance tracking, these folks do some pretty heavy lifting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a local insurance agency, we\u2019ve seen more than our share of St. Louis area businesses who desperately need help with compliance.<\/span><\/p>\n<h2>Compliance matters<\/h2>\n<p><span style=\"font-weight: 400;\">The stakes are high when you\u2019re dealing with a part of the business that is regulated with potential fines and lawsuits. If you\u2019re not following the rules, punitive fines, fees and litigation can literally bring down your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Compliance penalties for not keeping up with new regulations can be severe, including fines and criminal penalties.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SPD violations can be $110 per day, per instance and up to $500,000 and\/or include imprisonment for willful violation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The DOL penalty for late filing can run up to $1,100 per day, with no maximum.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">COBRA penalties can be complex and mounting, starting at $100 per day for tax penalties + $110 per day through ERISA, + actual benefit missed and legal fees.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Keeping up with these responsibilities is daunting, but the \u201cI didn\u2019t know!\u201d defense isn\u2019t going to help if you end up on the wrong side of the rules.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s your job to know your organizational responsibilities and operate within that space. If you don\u2019t have the team, resources, and processes in place to manage it all, things can go wrong. Sometimes very wrong. <\/span><\/p>\n<p><strong>Dangers include:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fines for non-compliance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Litigation and attorney fees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lack of confidence in leadership<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Damage to the organizational brand<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exposure to increased Workers\u2019 Comp fees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inefficiencies due to lack of training and procedures<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Investing in your HR team and processes will help keep you in the safe zone. Start by breaking your efforts down to the basic level to uncover your most pressing needs. Then review your current HR and compliance administration practices as a leadership team.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Discussing the importance of these issues allows for strategic-level input to address issues that may arise. Once you have an understanding of your greatest concerns, you can seek out the right solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Is your employee benefits broker also a compliance consultant? A good broker will bring you policy options. A great broker will be willing (and excited!) to help you work through any HR and compliance challenges you may be facing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your current agent isn\u2019t focused on finding creative business solutions, do yourself a huge favor and find someone who is.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">Struggling with benefits administration and compliance? At Sonus, we\u2019ve got tools to make it easier. We help businesses all throughout the Midwest identify organizational challenges and put customized solutions in place. From tailored benefit programs to human resource management services, we\u2019ve got you covered.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the vast majority of organizations, HR functions are not a luxury\u2014 especially the benefits administration and compliance pieces. Your company depends on HR\u2019s critical role to keep you in compliance and out of legal trouble. When businesses think about cutting costs, it\u2019s tempting to look at lowering fixed expenses such as rent, electricity, insurance,&#8230;<\/p>\n","protected":false},"author":5,"featured_media":414,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_mi_skip_tracking":false},"categories":[5],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Want to Cut Costs? 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