If you’re concerned about the bottom-line impacts of labor law non-compliance penalties, you’ve got good reason to be. The Wage & Hour Division of the U.S. Department of Labor (DoL) recovered more than $280 million in back wages for over 308,000 employees in fiscal year 2012, and the DoL has increased its budget for fiscal year 2014 to combat compliance-related litigation.
Clearly, not all businesses are striving to do everything they can to stay compliant. A case in point: a Pizza franchise in Manhattan has just settled a wage-and-hour class action lawsuit for $1.28 million.
Many companies rely on contingent workers and/or joint employment of workers to temporarily augment their workforce due to seasonal or cyclical variations in their business. As the US Department of Labor (DoL) steps up enforcement of Fair Labor Standards Act (FLSA) regulations, employers need to be aware of—and compliant with—the regulations surrounding contract labor.
According to an article in the Wall Street Journal’s CFO Journal, “The pressures on CFOs are enormous — and mounting. Some, such as ongoing external volatility, are obvious, while others, such as time creep, threaten the overall performance of finance itself.”
If you’re like other CFOs, one of your top ten concerns is avoiding execution missteps that lead to cost overruns or higher expenses. Sixty percent of your peers worry about whether their current strategies can flexibly withstand change, and 85% admit concern about being able to implement and execute any new strategies.
For consulting firms, accurate and timely billing for services rendered—and prompt payments by clients—is a big contributor to their success. Many small to medium consulting firms still rely on manual processes when it comes to tracking time their consultants put into a project, collating invoices, and billing clients for completed work. These manual processes are time-consuming, inefficient, prone to errors creeping in, and are a hassle for both consultants and managers to use. These drawbacks contribute to delayed payments coming in from clients, and can also lead to client dissatisfaction if errors crop up.
With the US Department of Labor (DoL) stepping up enforcement of Fair Labor Standards Act (FLSA) violations in recent years, organizations of all sizes are paying a lot more attention to compliance with labor regulations. When the FLSA was passed, labor groups had leveled accusations that the new regulations were too soft on businesses, and didn’t go far enough to safeguard workers’ rights. Hence the DoL has been tough on violators to prove that it was treating violations very seriously.
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Replicon will be participating in the Concur Fusion Exchange at Washington, D.C. on November 13th. One of nine Concur Exchanges that are planned to take place across the U.S. and Canada, this event will be attended by hundreds of professionals from a wide range of industries.
Replicon will be highlighting Replicon Concur Connect, a cloud-based, turnkey integration that enables companies to leverage the unique time-saving strengths of both Replicon and Concur. The solution unifies time and expense data in a single view, giving managers real-time visibility into all expenses and time by project and client. Replicon Concur Connect eliminates confusion, saves time and money, and delivers the insight that managers need to make informed business decisions throughout the project lifecycle.
In addition to all the usual laws and regulations, organizations of all kinds must also be compliant with labor regulations applicable to their jurisdiction. Compliance is a major challenge for most organizations today, and the inability to adhere to these can lead to major financial repercussions, adverse publicity and strained relationships with employees, top management and/or labor unions.
Replicon held its first UK User Group meeting on October 23, 2013 at the Hilton London Paddington Hotel. The event was well attended by several Replicon customers, including Charityshare Ltd., Gresham Computing, ITV Services Ltd., Overseas Development Institute C/O FD Systems, and Xoomworks.
Replicon is the leader in cloud time tracking applications. We help more than 1.5 million people in companies of all sizes better manage workforce attendance, projects, shared services resources and professional services organizations.
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