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To comply or not to comply? Shakespeare would not give you the answer, yet despite all the bureaucracy and constant updates of those regulations, it is better and cheaper to adopt and introduce them among employees. Why? Because as the numbers show, the price of non-compliance reached an annual average of $14.82 million. Besides the very loss of money, non-compiled companies risk losing essential data, customers and stakeholders, spending lots of time in court, and eventually ruining their reputation. Tragic outcome, but it can be prevented. A proper workforce management software with workplace compliance policies and training for management and employees can save your company from charges and other inconveniences. Such software will keep you in line with current regulations, warn you in case of some changes, and secure your potential cooperation with other companies. A unified system allows keeping all the info in one place and simply distributing customized data and training. As for the management and HR department, the software automatically records potential complaints and tracks employees’ performance in accordance with their work.
Read below to know more about compliance, how it affects operations, and how software can assist you in it.
What is compliance?
Workplace compliance – is a company and country, or state, agreement to comply with local laws and industry regulations. This agreement enables companies, employees, and states to coexist safely in adherence to the Rule of Law. Every company, despite its size, must follow these rules and is obliged to provide its employees with specific mandates like data security, privacy, and workplace security.
Compliance is a prevailing concern in business as a number of mandatory regulations are often changing. Two primary types of compliance denote the company’s framework, mainly corporate and regulatory. Suppose regulatory compliance is connected with government legislation and enables the very work of the enterprise, or in other words, deals with external regulations. In that case, the corporate goes directly from management and tries to cover both business and ethical standards, enabling comfortable work conditions for employees. To adhere to these compliance types, a company’s management team should spend a tremendous amount of time and effort on training, correspondence, and research. Yet, the only constant here is that the workforce is constantly changing. So keeping everyone in your team up to date is quite a task.
Both these types of regulation are crucial for future cooperation, and they not only defy the functioning of the enterprise but serve as the security policy for fellow companies.
According to the industry the company works in, they are following specific regulations and rules, yet among other standards and legislation that organizations may need to be compliant with include the Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR). When it comes to IT compliance, guidelines vary by country. In the US, companies follow Sarbanes-Oxley Act while Australia Corporate Law Economic Reform Program Act. An obvious yet important moment is that you must be aware of all these rules and laws as long as you plan to work with experts from various countries.
As for corporate compliance here, tightly coexist law legislation along with ethics. Depending on a company, it may vary, yet the most prominent are corruption prevention, social responsibility, workplace health and safety, data protection, and quality control. The world is changing rapidly, and new compliances take place like race and gender equity, sexual harassment prevention, psychological harassment, and bullying. All these elements play a significant role in the well-being of the employees and the company as a result.
As an employer, you must fulfill your legal and ethical obligations, and management software can greatly assist you. It will surely save your time and money as workplace compliance management software can be programmed to fulfill your needs, whether collecting and analyzing these regulations or arranging employee training. This software ensures safe and seamless cooperation between enterprises.
Workplace compliance software
No matter the company’s size, keeping employees aware and acknowledged of current compliances is hard to do. Even if you have a plan for mass training and even estimated an approximate time for this activity, every individual learns differently. That is why it is crucial to enable them to do it the most comfortably, and workforce software can provide it. With workplace compliance extension, the company can assure their staff and management will be fully equipped with:
The software stays alert 24/7 for the changes and updates in your working sphere, regulations, and bans. You can set it up to regions of your business activity, and with the check-in, your employees will be informed of all the updates. Another great benefit is that workers will be notified that they need to read them and pass the test on their proper understanding.
Documentation and certification
Since the program has access to employees’ files and documents, it allows to keep documentation under constant review. Whether the records are up to date, what qualifications need to be renewed, etc.
Training and surveys
Due to the customization of the program, you can upload your own course content to create training plans and audits and provide surveys. You can choose complexity and subject and set up a course retake for memory refreshment.
Risk and incident management
Access to real-time data streams increases response time and supports incident prevention. This allows HR and managers to prevent potential incidents and resolve them. Built-in analytics for near-misses, accidents, and hazards support targeted prevention efforts and characterize operational risk. Extremely important this point becomes when we are talking about cooperation between companies.
You invest in your company’s growth and development by implementing compliance software in your workplace. The number and experience of global enterprises show that the aid of software and technologies releases management for greater tasks and missions. Constant refreshment of regulations will be under your control. Lack of non-compliance puts the company at risk, and even such giants as JP Morgan faced this issue.
As a result, you will be protected from charges for inconsistency, heavy fines and penalties, and brand damage. With workplace compliance software, you can introduce, share, and train your employees most comfortably and receive notifications with updates. With workplace compliance software you can secure your partnerships with companies abroad. With workplace compliance software you can empower your business. Compliance saves money, and workplace compliance software enriches them.
Technologies offer enterprises new angles for growth and new possibilities. Even such a stilted sphere as compliance can be understandable and less frustrating to businesses. Proffiz tech experts have created solutions for the workforce domain for over five years, enriching partners’ products and making them accessible to end users. The world is changing rapidly, and we are ready to offer services that align with it. If you are ready to change this world with technologies, we are here to ensure this process will be smooth and seamless. See our expertise in the workforce domain with the link or contact our client partner Anastasiya Burdeyna for details.
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