Managing Compliance and Mitigating Future Risk

While the language of business is becoming more standardised, one thing remains as culturally complex as ever: employment law. Organisations must know the risk and compliance issues they face in every jurisdiction they do business – and it’s an almost impossible task for any business to attempt alone. Managing HR, payroll and benefits generates a wide range of issues from compliance and risk management to costs. Changes in tax, regulatory reporting requirements and compliance policies and procedures impact not only HR but also line managers and employees. A recent Ernst & Young payroll survey found that the key issues organisations face relate to legislative compliance (23%) and consistent payroll processes (18%) across the organisation. The survey also found that the most frequent payroll errors include incorrect tax withholding and existing payroll operations that are unable to remain compliant with increasingly complex legal or regulatory requirements.