Payroll professionals are addressing 3 core challenges brought about by compliance friction in 2020

2020 has seen major changes to the United States economy and the state of global economies. Few corporate stakeholder have played a more significant role than the payroll suite.

HCM sales and account management professionals are refining their messaging to make the most of the current selling climate and ensure they have the tools necessary to support all of their client’s needs. Three major trends have defined payroll for the latter half of a year that has seen the advents of widespread remote work, global pandemic management and changing attitudes toward careers and corporate culture:

  1. Accelerated pace of change in compliance: government agencies are regulating quickly and using technology to monitor key indicators
  2. Increased expectations for system accuracy to match regulatory accuracy: modern businesses are demanding rapid, compliant technological responses to address new rules and evolving standards
  3. Demand to support affected industries such as Construction, Manufacturing, Public Sector and Healthcare

Accelerated pace of change in compliance

Payroll compliance is complicated by default, and for this very reason it is extremely difficult to stay on top of shifts to this process given the standard rate of change. We’re currently in an environment where the pace of change is measured in days and months instead of years, which creates an incredible amount of friction for both prospective payroll clients and payroll reps alike. The most safe and effective way to address this unique problem is to ensure reps have a strong integration partner that not only understands how to handle complex integrations, but also has the depth of industry expertise necessary to assist in creating airtight solutions that are nimble enough to match the pace of change.

How has compliance changed in your industry?

Identify risks associated with changing industrial regulations with CIC’s HCM Risk Analysis tool.

Increased expectations for system accuracy to match regulatory accuracy

With a faster pace of regulatory framework change comes a faster and more comprehensive ability for regulatory agencies to penalize those that aren’t able to keep up. Automated processes for these agencies to catch errors and assign fines accordingly necessitates automated processes that payroll professionals can leverage to ensure their clients aren’t facing a business show-stopper. Rolling daily fines can be that don’t dissipate until all previous errors are corrected can be placed at a moment’s notice, which leads to the question “how does a payroll professional keep this from happening to their clients in the first place?” The answer is more simple than it may appear – data platforms like Valet from Custom Interface Company weave current rules and regulation into a system that can keep clients covered instantaneously.

Empower the payroll-suite

Get the payroll stakeholders, CIC report to understand how HCM is changing to meet new compliance demands.

Demand to support affected industries

A constant stream of information regarding multiple industries is flooding news feeds, working it’s way into conversation and making it difficult for reps to develop the focus required to succeed. There is a major benefit to this situation however, and it lies squarely in industry specialization. There are 4 key industries that have demonstrated an out sized need for partners who can safely keep them abreast of compliance trends – Construction, Manufacturing, Public Sector, and Healthcare. Through partnership with Custom Interface Company, many Payroll Professionals are beginning the unlock revenue streams within these industries that were previously unattainable. What’s more, they are able to set their clients up for long term success and drastically increase their ability to deliver holistic solutions that address complex needs.

Valet Data Platform

Ensure payroll accuracy and simplify HCM workflows with Valet – connect your HCM system to external data sources to verify rates, streamline employee data and more.

  • Connect to external rate tables or applications
  • Validate time card or payroll data early in your process before inaccuracies stay in your system
  • Develop custom integrations or applications using Valet
  • Experience fantastic ongoing support

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