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Time, Money, Confusion: The Growing Costs of Compliance

Cost of ComplianceFor midsized business owners, complying with the barrage of government regulations can seem like a never-ending game of whack-a-mole. And it’s not getting easier.

“I started in this position seven years ago and spent 25% of my time on regulations. Now I spend 50% of my time making sure we’re in compliance with various federal and state regulations,” says Michael Milligan, chief financial officer at The Oklahoma Children’s Center Rehabilitation Hospital, a 120-bed nonprofit hospital with approximately 500 employees.

Milligan’s concerns are typical among executives at the midsized business level, which includes companies with 50 to 999 employees. In 2013 alone, business owners and executives had to track about 19,000 proposed law changes, according to ADP Compliance Insights. They spend so much time following and adopting rule changes while attempting to avoid steep fines for noncompliance, that they are often unaware of the fines they do incur. According to the ADP Research Institute® (ADPRI) 2014 Midsized Business Owners Study, a third of midsized business owners and executives say they have experienced fines and penalties for non-compliance with government regulations, and almost half cannot say how much they paid in total. They could not say how many fines they paid, either, but on average in 2014, they paid four…

Read More at the ADP@Work blog 

 
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