Compliance More Challenging with COVID-19
April 4, 2021
Times are tough, make no mistake. Plus there’s a whole lot of opinions floating around about what’s next regarding COVID-19. Example? James Gorman, CEO of Morgan Stanley, recently said that he believes a recession fueled by coronavirus would likely last through 2021. So there’s that.
Meanwhile, managers are dealing with a workforce that’s increasingly working remotely (itself a positive step!), often while strategizing how to manage social distancing, increased cleaning, and other health concerns for workers who have to be on site. These are mostly new workforce guidelines, but they’re just that, new.
Finally, there’s compliance issues.
New compliance can be a perennial challenge for businesses. Laws and regulations seemingly change constantly even when times are normal. The coronavirus outbreak has only added to that, so it’s key to get your information and resources down so you can stay on top of what’s what.
On March 18, 2020, a landmark piece of legislation, the Families First Coronavirus Relief Act (FFCRA), was signed into law. It makes major changes to how paid leave is managed for the remainder of 2020 at least. According to the U.S. Department of Labor, employers who have 500 or fewer employees must provide paid sick, family, and medical leave for reasons related to coronavirus for their employees.
It’s a good thing employees have greater allowances during an unprecedented crisis. For managers, be sure to rely on your vendors and partners so that your job doesn’t become more complex. Get your friends in order and behind you!
So let’s make sure your time & attendance software is up to the task. Remember this: “challenge” is often another word for “opportunity.”
Why Modern Time Tracking Is Critical
A few years ago, the American Payroll Association conducted a study that found almost half of employers were using outdated payroll systems. Nearly 30 percent of them were using payroll systems a decade or more old.
What’s that mean for time tracking? Many payroll systems come with time management software that’s often only an afterthought. Limited features and clunky interfaces aren’t just annoying, they can become critical weak spots that mask fraud like buddy punching, or worse, don’t let employers know when they’re out of compliance with new regulations.
It’s a volatile time for business. And in a time of rapid change that’s likely to continue, take some time to look critically at your processes and see if there are ways they can be improved.
How Up-To-Date Time Tracking Can Elevate Your Business
The new regulations of FFCRA might make for occasional management headaches, but the right time & attendance solution can help. Here’s an example: Under the FFCRA rules, part-time workers are eligible for sick leave equal to the average number of hours the employee worked over a two-week period.