Namely doubles down on compliance, launching midyear compliance report and announcing two strategic leadership hires
2016 has already seen a historic level of change to regulations affecting mid-sized companies and their employees; to manage compliance, companies turn to new HR technology, leading Namely to add key executive hires to support its growing client base.
NEW YORK, July 27, 2016 /PRNewswire/ -- Namely, the modern all-in-one HR, payroll, and benefits platform for mid-sized companies, today released its midyear 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 midyear compliance report, the Department of Labor estimates that the recent 101% increase to the minimum salary for overtime exemption could put 70% 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 help manage compliance more easily, which means our clients 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.
"In today's regulatory environment, HR professionals need a solid understanding of new laws—plus strong compliance 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's midyear compliance report The Pro Employee Tide: Trends in HR Compliance is available for download here.