ROSELAND, N.J., Feb. 10, 2014 /PRNewswire/ -- ADP®, a
leading global provider of Human Capital Management (HCM)
solutions, today shared the results of a new survey concluding that
a strong employment-related tax and payment compliance program can
help lead to benefits beyond financial performance. The survey,
conducted by CFO Research and sponsored by ADP, found that
prioritizing compliance can also help lead to a more engaged
workforce, improved corporate culture and a sharper competitive
edge.
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)
"Our data shows that compliance is growing in its importance to
successful companies of all sizes," said Mark Benjamin, President of Global Enterprise
Solutions at ADP. "Unfortunately, some companies are so overwhelmed
by the complexity involved in managing employment-related tax and
payment compliance that they don't know where to begin. The good
news is that many organizations that are investing in a compliance
program and making it a priority are seeing significant, and
sometimes unexpected, payoffs for their businesses."
Compliance Challenges
Companies today are under increased pressure to ensure they're
in compliance with applicable laws, even as the volume and
complexity of regulations multiply. Indeed, survey respondents say
the need to conform to multiple jurisdictions (70 percent) and
ensure privacy and data security (49 percent) increase the
difficulty of managing employment-related tax and payment
compliance.
Due to these challenges, some managers do not make compliance
management a priority. Of the senior finance and HR executives
surveyed, more than 33 percent consider compliance to be a low
priority, and 33 percent of respondents say they would give their
company a "C" grade for the way compliance is handled within their
organization.
Compliance as an Opportunity
In sharp contrast, the survey shows companies that invest in
robust compliance management acknowledge it can deliver business
results. Fifty-nine percent of respondents say employment-related
tax and payment compliance has a positive impact on employee
productivity and operational efficiency, while 50 percent say it
has a positive impact on their company's overall profitability.
"The two-thirds of executives who give their companies a high
grade for compliance are working for organizations that also make
it a top priority," said David W.
Owens, editorial director at CFO Research. "These companies
are more likely to recognize the real benefits that can be
delivered by effective compliance programs."
"Executives are noticing how effective compliance management can
help build structural capital and boost the bottom line," Benjamin
added. "The benefits of effective compliance can be enterprise-wide
and give leaders the competitive edge they need in today's
marketplace."
Respondents also note how employment-related tax and payment
compliance may help lead to surprising payoffs they didn't expect,
such as a boost in employee satisfaction (70 percent) and employee
engagement (63 percent), as well as improved corporate brand and
reputation (55 percent). Leadership teams are recognizing how these
improvements can help strengthen their businesses and enable them
to better respond to future regulatory changes. In fact, of the
companies who responded to the survey, 63 percent view investing in
compliance as a best practice rather than a burden.
Full report findings are available to download from
http://bit.ly/Bottom-Line-on-Compliance. An infographic with
greater detail on the compliance continuum is viewable at
http://bit.ly/CompContinuum. To learn more about ADP
SmartCompliance, visit
http://www.adp.com/SmartCompliance.
Tweet this: New survey by @ADP and @CFO reveals the
broad benefits of investing in employment-related compliance
http://bit.ly/CFO_research #ADPcompliance
About ADP SmartCompliance
ADP SmartCompliance(SM) is a cloud-based unified platform of
outsourced services that helps ease the burden of key
employment-related tax and payment compliance activities. This
outsourced platform of services can help save time and money by
consolidating processes that are disparate and largely manual, and
by working with an organization's existing enterprise resource
planning (ERP), financial or human resources system of record.
About ADP
With more than $11 billion in
revenues and more than 60 years of experience, ADP® (NASDAQ: ADP)
serves approximately 620,000 clients in more than 125
countries. As one of the world's largest providers of
business outsourcing and human capital management solutions, ADP
offers a wide range of human resource, payroll, talent management,
tax and benefits administration solutions from a single source, and
helps clients comply with regulatory and legislative changes, such
as the Affordable Care Act (ACA). ADP's easy-to-use solutions
for employers provide superior value to companies of all types and
sizes. ADP is also a leading provider of integrated computing
solutions to auto, truck, motorcycle, marine, recreational vehicle,
and heavy equipment dealers throughout the world. For more
information about ADP visit the company's Web site at
www.adp.com.
For more information, contact:
Kira Lee Lakin
(909) 612-5007
Kira.lakin@adp.com
ADP Public Relations
(973) 974-7612
public_relations@adp.com
ADP and the ADP logo are registered trademarks of ADP, Inc. ADP
SmartCompliance is a service mark of ADP, Inc. All other marks are
the property of their respective owner(s). Copyright © 2014 ADP,
Inc.
SOURCE ADP