Protect Your Employees With Effective Business Compliance

Companies can pay millions in fines due to a lack of compliance with business regulations. This can also cost a business its brand reputation and its employees. Having a good financial model will help to foresee any potential problems or risks, but compliance with regulations relevant to your company is essential to ensure longevity. Have a look at some of the ways to keep your business and employees safe.
Update Your Employee Handbooks
The easiest way to stay compliant is to set a time and date every year to update your employee handbooks. This way, you and your employees can keep track of all the policies and regulations relevant to your workplace. For example, if a new employee begins work and requires certain training to access machinery, you can add this to an induction pack. When you are updating your handbooks, this will remind you to check the health and safety regulations and add any further training or updated information. Around 44% of small business owners spend 40 hours or more on compliance with regulations, but this technique should save a significant amount of time.
Keep Your People Happy
People keep a business running, and they should be valued. Adherence to compliance means regularly training, developing and engaging with employees. For example, employees unaware of the equality laws may not behave appropriately for the working environment. This could cost the company another employee and possibly compensation. To avoid this, it is a good idea to regularly engage and train staff on relevant issues surrounding behaviors in the workplace to ensure compliance and a safe working environment for all. According to a survey, 77% of workers said that lack of engagement and development by managers is a top reason they have left a company. This shows how important it is to keep your employees involved.
Risk Management And Finances
Assessment of business risks should be a regular activity as a manager. This ensures that you are following all relevant legislation while also protecting your business and employees from potential harm. For example, health and safety at work legislation is in place to ensure the protection of workers and risk assessments should be carried out to prevent any accidents, illness or injuries. Anything that does happen can cost the business money, particularly if an employee requires medical care or time off. Workers’ comp insurance covers injuries obtained at work, missed wages and ongoing care, ensuring that employees and the business are protected. In 2018, there were a reported 5,390 workplace injuries, all of which were likely preventable by being more compliant.
Having a compliance officer or team on staff will ensure that your policies are tight and you avoid any of the repercussions of non-compliance. Most importantly, your employees will feel safer knowing that you are ensuring their safety as well as the safety of their jobs. Compliance should be viewed positively, as it provides protection and improves the operations of all companies.