Majority of Business Owners Are Tracking Employee Hours
Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses, today released the results of its latest Paychex Small Business Snapshot, which asked business owners if they have started tracking employees’ hours in preparation for the Employer Shared Responsibility (ESR) provisions outlined in the Affordable Care Act (ACA).
According to the Paychex Small Business Survey, of the more than 300 business owners surveyed, roughly 4 in every 5 (81 percent) with 100-500 employees reported they have begun tracking employees’ hours. Of those business owners with 20-99 employees, more than 70 percent reported they are already tracking employee hours in anticipation of ESR provisions.
“The results of this survey indicate that most business owners are aware of the need to act on healthcare reform and the provisions laid out by the Affordable Care Act,” said Martin Mucci, Paychex president and CEO. “It’s an even more positive sign to see the majority of business owners with less than 100 employees have already begun tracking hours, given that if they qualify for transition relief, they won’t be at immediate risk this year like those with 100+ employees.
“Paychex is committed to helping businesses understand and comply with the regulations associated with ACA and will continue to provide them with the answers, information, and solutions they need,” Mucci added.