BY CHAD DAVIS
Senior Industry Marketing Manager, Financial Services Practice Group, Kronos
From member service issues, to incremental loan growth, and everything in-between–there is never a shortage of challenges in the branch environment.Out of all these,adhering to complex HR laws governing branch employee wages, benefits, and scheduling,is the one that many times can be most easily overlooked.
For financial institutions that rely on manual record keeping to track branch employees’ hours and duties, these regulations pose the potential for high-priced compliance headaches and may contribute to operational inefficiencies.
A proven tactic around those risks is to automate everyday processes and documentation related to staffing and scheduling. By deploying labor analytics, credit unions can head off HR regulatory challenges and uncover a wealth of data to steer workforce strategies.
A new white paper from Kronos, “Solving the Workforce Compliance Challenge,” spells out the benefits of technology solutions in navigating away from compliance pitfalls and toward staff deployment that is simultaneously more cost effective and supportive of strategic initiatives.
Regulatory vigilance required
The Fair Labor Standards Act (FLSA) was signed into law 80 years ago to establish requirements for minimum wages and overtime. But continual updates through the decades—most recently widening the definition of employees covered by overtime regulations—makes compliance an ongoing struggle.