Compliance rules are ever-changing at the local, state, and federal levels, from tax loopholes to filing deadlines, HIPAA and privacy rules, workers’ comp, labor, and so much more. Federal government agencies issue thousands of new or updated compliance rules every year. HIPAA privacy rules have fines of up to $50,000 per person affected by the compliance failure. Don’t even get us started on Occupational Safety and Health Administration fines, which can range up to one million dollars, depending on the compliance failure.
Following all of these rules and the changes that happen regularly is a full-time job. It is extremely easy for an employer to inadvertently miss a rule change. Staying up-to-date on these rules is critical—which is precisely why many companies turn to employer of record (EOR) companies like FoxHire to handle these issues. How can FoxHire help lessen the risk you’ll run afoul of a compliance issue?
How Can an EOR Help You Remain Compliant?
The risk of a compliance failure is high in most small businesses. That’s because these companies rarely have access to a full-time, trained compliance officer. An EOR can serve in that role, and can do much to alleviate your risk. Some of our typical duties for the average client include:
- Staying abreast of legislation and compliance rules as they shift. The FoxHire team regularly tracks sites for updated standards to keep our clients legal. This is a service that can literally pay for itself by helping you avoid compliance fines, which can be steep.
- FoxHire stays on top of changing rules by being a member of various trade organizations but also training our teams at conferences and seminars. Not only do we stay on top of changing compliance standards, but we also learn industry best practices that can help your business.
- FoxHire also has access to governance, risk management, and compliance (GRC) software tools that automate policy changes as they occur.
- Document management alone can be helpful for compliance. FoxHire uses technology to not only keep track of compliance changes but also to help keep documents secure and accessible. This keeps you legal and helps you sleep at night.
The cost of an audit goes well beyond fines. There is also the embarrassment and reputational damage of failing to comply. Not recognizing the letter of the law isn’t an excuse, either. Some of the most common inadvertent compliance mistakes include:
- Classifying employees as exempt or non-exempt inadvertently. The Department of Labor keeps a very close eye on this issue.
- Failing to keep new hire paperwork. Employers often fail to file I-9 forms. If they’re audited, it is very bad news.
- Missing or ignoring OSHA workplace safety regulations. Not only do these fines land you in hot water, but they also could be the cause of a workplace safety incident. One recordable event and your workers’ compensation will skyrocket.
Let FoxHire Save You the Time and Headache!
These are just a few of the areas where FoxHire can help your business. We know hundreds of businesses are fined every year simply because they weren’t aware that a law changed. There is a better way to do this. FoxHire can help your business remain compliant and help mitigate your risk. Call on us.