Pressure to comply with requirements of the Affordable Care Act (ACA) is a looming challenge for most organizations today. Many go through numerous manual iterations such as running reports and compiling data into spreadsheets from benefits, payroll and HR systems to calculate whether their employees are eligible. As my colleague Stephan Millard explains in “Is Your Organization Technology Ready for the Affordable Care Act?”, the ACA applies to organizations with 50 or more full-time employees who work more than 30 hours a week; individuals not covered by an employer can get insurance through the government. There are a great many details for employers to address in the ACA, and most HR departments lack a smooth process and effective technology to generate the information to determine compliance.
Topics: Business Analytics, Business Intelligence, Business Performance, Cloud Computing, Equifax, Financial Performance, Governance, Risk & Compliance (GRC), Human Capital Analytics, Information Applications, Information Management, Operational Performance, Workforce Performance, Analytics, Office of Finance
As most employers are aware, the Patient Protection and Affordable Care Act (PPACA or Affordable Care Act) goes into effect in January 2014 which I recently assessed the need to be technology ready. The new law was signed into law on March 23rd 2010 and with the Supreme Court decision in June of 2012 which upheld the law and the re-election of President Obama in November, the law complex regulatory requirements that businesses need to understand before then. Those that don’t prepare may incur substantial expenses, such as fines known as Employer Shared Responsibility – payments of roughly $2,000 for every employee after the first 30. Many companies already worry about such issues. Our benchmark research on governance, risk and compliance found that the top two reasons organizations fail to deal with issues of governance, risk and compliance are high costs and lack of resources. In the case of the Affordable Care Act, the costs of inaction are likely to be greater than the cost of planning ahead.
Topics: Analytics, Business Analytics, Business Intelligence, Business Performance, Equifax, eThority, Financial Performance, Governance, Risk & Compliance (GRC), HCM, Healthcare Reform, Information Management, Obamacare, TALX, Workforce Performance, Office of Finance
Businesses need to simplify HR and compliance processes to save time and reduce risk. Talx, which helps employers address concerns in hiring, pay and compliance, has now assumed the name of its parent company and become Equifax Workforce Solutions [PDF]. HR and finance professionals should recognize the parent company’s brand from its work in the consumer credit industry. The company hopes these professionals will see that Equifax Workforce Solutions offers a better approach to governance, risk and compliance. According to our research, 79 percent of organizations want a better method to identify and manage risks faster.
Topics: CFO, Compensation, compliance, Equifax, eThority, finance, Financial Performance, Governance, Risk & Compliance (GRC), GRC, Hiring, HR, I9, Operational Performance, TALX, Workforce Performance, Workforce Solutions, Office of Finance