NEW ORLEANS--(BUSINESS WIRE)--SyncStream Solutions has released an enhanced version of EEO-1 Comply, the first intelligent solution for EEO-1 reporting, to help employers navigate and comply with the Equal Employment Opportunity Commission’s (EEOC) expanded EEO-1 requirements. For the first time, the EEOC requires employers report W-2 wage data and hours worked (“Component 2”), in addition to the already required job category, ethnicity, and gender data (now referred to as “Component 1”), which was due May 31, 2019. Not only that, the Component 2 data is required for both the 2017 and 2018 calendar years with a deadline of Sept. 30, 2019.
Pulling from experience in creating solutions for complex regulations such as the Affordable Care Act (ACA), SyncStream developed EEO-1 Comply to aggregate, organize, and translate data from employers, employees, and payroll into reportable EEO-1 information. To address Component 2 data needs and analysis, SyncStream added two new features: “Manage Employee Hours” and “Workforce Analytics.” With Manage Employee Hours, employers can quickly and easily credit hours of service to part-time and full-time exempt employees to determine their total hours worked. Workforce Analytics takes average employee pay and hour data and breaks it down by gender and ethnicity to identify any disparities that might lead to claims and fines from the EEOC.
“Attempted by hand, EEO-1 reporting is tedious, time consuming, and confusing, due to the nature and process of collecting data from so many different sources,” said Arthur Tacchino, Chief Innovation Officer at SyncStream. “Employers will need to act quickly to ensure they can accurately and efficiently report under these new requirements by the EEOC's fast-approaching deadline.”
The newly implemented EEO-1 requirements are meant to discover and track potential wage gaps and hour disparities based on gender and race. With some exceptions, private employers with 100 or more employees and federal contractors with 50 or more employees will now have to submit Component 2 data, as well as Component 1 demographic data.
“When the expanded EEO-1 report was first proposed in 2017, SyncStream wasted no time learning about the pay data requirements and how it would impact employers who already have a multitude of compliance obligations,” said Tacchino. “To that end, we developed the first solution designed to specifically address the complicated new requirements and, ultimately, take the headache out of EEO-1 reporting for brokers, employers, HR professionals, and other trusted advisors. EEO-1 Comply is a user-friendly, time-saving solution that provides auditable records to demonstrate compliance.”
In a notice from the EEOC, the agency indicates that it expects to begin collecting 2017 and 2018 pay data from employers in mid-July. The agency will notify employers of the precise date the survey will open as soon as it becomes available.
For more information on the new EEOC regulation and EEO-1 Comply, visit www.sync-stream.com/solutions/eeoc.
About SyncStream Solutions
SyncStream builds intelligent, intuitive solutions that help employers and their trusted advisors comply with the most complex regulations, from the ACA to EEO-1. SyncStream’s compliance solutions marry existing employer payroll and HR data with proprietary analytics to accurately fulfill legislative requirements and provide the assurance of auditability.
A woman-owned business, SyncStream is the result of some 100 combined years of employee benefits, health care, legal, regulatory, education, and technology experience, and has successfully fulfilled over 2.75 million employee forms and served more than 10,000 customers with well over 90 percent accuracy. Visit www.sync-stream.com for more information.