Compliance's bottom-line benefits: meeting employment-related financial regulations can boost profits and transform the business.

Author:McCollum, T.
Position::Practices/Update - Brief article
 
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Compliance activities may be a necessary burden for companies, but they can pay off in many ways, according to a report from CFO Research and payroll firm ADP.

The greatest tangible benefits of employment-related tax and payments compliance efforts include employee productivity (59 percent), operational efficiency (59 percent), and profitability (50 percent), notes The Bottom Line report, which includes responses from 152 senior finance and human resources professionals at U.S. companies with more than US $100 million in annual sales. Compliance activities that deliver the greatest tangible benefits include wage payments processing (64 percent), employment verification (56 percent), and employment-related tax credits (56 percent).

Most survey respondents report their company has seen intangible benefits, as well, including employee satisfaction (70 percent), workforce quality (67 percent), employee engagement (63 percent), and enhanced corporate brand and reputation (55 percent). Such "soft" improvements can give organizations access to data, greater efficiency, and more...

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