We all know that reducing risk is important. But it’s not possible to avoid all risks, all of the time. As the workplace and the world we live in evolve, so must the methods for managing day-to-day risk. To avoid and prevent risk, businesses need to understand how workforce compliance management, and automated systems, can enable them to meet compliance requirements and support the necessary processes for workforce compliance activities.
As Roy Snell, CEO, of the Society of Corporate Compliance and Ethics (SCCE) pointed out, the mere task of hiring employees involves a certain amount of risk. However, implementing best practices around workforce compliance management and general administration for employees makes your organization more effective and helps you attract and retain employees.
There are two simple tactics that organizations can benefit from:
1. Recognizing employees for their work
2. Understanding the importance of a work-life balance
These two things, while increasingly important and relatively easy to implement, are too frequently overlooked and are not understood by leadership. But incorporating them into your company culture goes a long way towards attracting and retaining talented employees, especially your new workforce – millennials.
For workforce compliance to be effective you can also utilize outside sources for assistance, such as people who don’t even technically work for your company. As Patricia Lenkov wrote, an advisory board can be an invaluable asset for your company, without the legal obligation of a board of directors.
While there’s inherent risk in business, too many companies see the risk, but don’t have a plan for dealing with it. A recent survey showed 80% of auto dealers believe the new CFPB regulations will be implemented; yet nearly 60% don’t have a plan or compliance program in place to meet them. While it’s foolish to think you can avoid ALL risk, it’s also short-sighted to not plan for risk you can foresee.
In all of these scenarios, a workforce compliance management system is an invaluable asset.