It’s very early in the new year; however, there are already signs that 2016 will be a year of significant change for many employers throughout the country. The way in which you do business could change significantly due to legislation geared toward increasing your cost of doing that business. What is intended to provide relief to American workers may instead end up impacting the average business person’s profits.

Here are some examples of what we can expect in 2016…

1. ACA Affordable Care Act - deadlines for ACA reporting have been extended another 60 or more days, however many unprepared employers will be experiencing penalties and fines for insufficient efforts to comply with this costly healthcare mandate.

2. DOL Department of Labor - potential changes to the FLSA guidelines around the overtime OT exemption may result in a large number of middle management employees being reclassified as eligible for OT pay and result in new/increased payroll expenses for companies.

3. OSHA Occupational Safety & Health Act - for the first time in over 25 years the civil penalties for OSHA violations will be significantly increased and recordkeeping requirements, such as OSHA 300 logs, could be changed - resulting in mandated quarterly online submittals.

Are you and your financial team prepared? Have you looked at and evaluated what the impact might be? If you haven’t met healthcare mandates that were established a couple years ago, you may be either scrambling to get onboard with a qualifying health plan or confused by the steps you have to take to ensure compliance.

I have found that evaluating the impact of this various legislation and then developing a strategy or plan for implementing that plan based upon how these changes might impact you and your work force, can reduce the costs associated with these changes when they happen. If you haven’t thought about these topics yet, consider this article your first introduction, and plan on getting more information from an expert or these websites.

For more information:

ACA
www.hhs.gov/opa/affordable-care-act

DOL overtime regulations
www.dol.gov/featured/overtime

New OSHA regulations
www.osha.gov

HR Question of the month: Please send your HR questions and concerns, or share your thoughts on your human resources challenges via email to the following address. Send input to vegaslinda89129@yahoo.com. Your comments, questions or concerns will help determine the direction for my next month’s column and earn you a copy of my book. Include your mailing address when sending your responses.