Small businesses play a crucial role in the U.S. economy and are frequently regarded as a major contributor to the nation’s financial growth. According to the U.S. Census Bureau, the majority of U.S. businesses have less than five employees. What constitutes a small business is typically the number of employees and the amount of money the organization brings in, but these can differ based on the industry.
Compliance obligations can present major challenges for small businesses and hinder an organization’s growth and future success. Small business compliance is complicated, as an organization’s legal obligations often depend on its size and location. Most small businesses must navigate many of the same complex legal and regulatory obligations as large employers but must do so with fewer resources.
We recently released a new HR Toolkit and Cheat Sheet intended to help small businesses understand the importance of compliance and better implement strategies to reduce their potential risks of noncompliance. Small businesses can use these resources to improve their understanding of their compliance obligations and explore strategies for establishing and maintaining compliance practices. This material also provides an overview of common federal labor and employment laws with which small businesses must comply, along with several valuable compliance-related resources.
