Employers of all shapes and sizes are operating in an increasingly burdensome regulatory environment. The most recent challenge they are facing is retooling their organization to comply with the complex provisions of the Affordable Care Act (ACA). Much of the compliance burden falls on the shoulders of HR professionals. They are the ones responsible for the central component that drives ACA compliance: workforce data. Consequently, they are tasked with understanding the requirements of the ACA, ensuring the employee/payroll/benefits data is captured, and meeting regulatory recordkeeping and reporting requirements.
If they are to succeed at this task, HR professionals need an efficient means of:
- Accurately determining the number of full-time employees;
- Offering all full-time employees qualified medical coverage;and
- Reporting employee-specific monthly enrollment history at the end of each calendar year.
None of this is as simple as it may sound, especially if the required data resides in multiple silos, such as in payroll systems and Core HR employee databases that don’t speak to each other. Disparate systems complicate ACA compliance, making it more difficult and time-consuming than it has to be—and potentially costly if reported incorrectly.
To learn more about the Affordable Care Act Employer Mandate and how an integrated HCM platform can help you mitigate the risks associated with non-compliance, download our article, “Avoiding Significant Penalties for ACA Noncompliance.”.