- Namely’s new mid-year compliance report shows that 2016 has already seen a historic level of change to regulations affecting mid-sized companies and their employees.
- As companies turn to new HR technology to manage compliance, Namely increases sales by 150 percent and adds key executive hires to support its growing client base.
New York (July 26, 2016) — Namely, the modern all-in-one HR, payroll and benefits platform for mid-sized companies, today released its mid-year compliance report, The Pro Employee Tide: Trends in HR Compliance. The report tracks 2016’s historic pace of pro-employee regulation and the vast array of new compliance requirements for mid-sized companies. As HR professionals continue to make sense of new and impactful HR regulations, they are turning to technology for help. Namely, doubling its client base in the last year, also announced two strategic compliance-focused executive hires today: Nick Sanchez, Chief People Officer and Manuel Martinez-Herrera, VP, Legal & Compliance.
According to Namely’s mid-year compliance report, the Department of Labor estimates that the recent 101 percent increase to the minimum salary for overtime exemption could put 70 percent of employers out of compliance and force the reclassification of over 12 million workers. Furthermore, the Affordable Care Act (ACA) continues to impact employers: one-third of companies expect new reporting, disclosure and notification requirements to make 2016 the most costly year to implement ACA reporting. Add in record levels of change to paid leave and criminal background checks, and mid-sized businesses must pay attention to regulatory change in order to stay compliant, meet the needs of employees and achieve their business goals.
“With rapidly changing laws, I need to stay on top of new rules and be ready to respond at a moment’s notice,” said Meredith Willoughby, Total Rewards Manager at Everbridge. “Having an HR platform that keeps my data up-to-date and ready to report is key. Namely does that for me.”
“Every mid-sized company now needs to address a whole array of HR compliance requirements,” said Matt Straz, Founder and CEO of Namely, “and that’s causing them to reconsider how they manage their employee data. More and more companies are now looking to bring HR, payroll and benefits together into one platform. We’re investing in technology and service that helps them manage compliance more easily, which means they get to focus on their strategy and people.”
As part of its continued investment in compliance, Namely has hired Manuel Martinez-Herrera as VP, Legal & Compliance. Martinez-Herrera was Assistant General Counsel at MetLife prior to joining Namely. In his new role, he’ll ensure Namely’s technology, operations and service continue to meet compliance standards as regulations evolve. Namely has also scaled its own organization, and new Chief People Officer Nick Sanchez joins as the company’s 300th employee. Nick brings 17 years of experience leading HR teams in technology, retail and real estate companies, most recently serving as VP of People Operations at Lending Home in San Francisco. Sanchez will build Namely’s internal HR processes to support the next phase of the company’s growth, lead the company’s recruiting efforts and contribute HR expertise to product development.
“To manage HR compliance in today’s environment, HR professionals need a solid understanding of new laws—plus strong regulatory processes supported by technology,” said Martinez-Herrera. “It’s clear that Namely has focused on these areas since day one, which has had a tremendous impact on its clients’ day-to-day operations. I’m excited to build from here and take our support for clients to the next level.”
Both Martinez-Herrera and Sanchez will report to Matt Straz.
Namely is the first HR platform that employees actually love to use. Namely is powerful, easy-to-use technology that allows mid-sized companies to handle all of their HR, payroll, benefits and talent management in one place. Coupled with dedicated support and benefits consulting, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture.
Namely is used by over 500 clients with over 100,000 employees globally. Headquartered in New York City, the company is funded by Sequoia Capital, Matrix Partners, True Ventures, Lerer Hippeau Ventures, Greenspring Associates, Vayner/RSE, Bullpen Capital and others. For more information, visit www.namely.com and schedule a free personal demo. See today how Namely can help keep your employees engaged and your company growing.