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There have been many companies that have been fined, fined further, canceled their licenses, closed their operations, and had their licenses revoked for noncompliance. Reports show that businesses have lost an average of 4,005,116 US Dollars in revenue due to non-compliance. So, what does compliance actually mean?
An organization’s commitment to compliance involves adhering to all statutes, laws, and guidelines that govern how they conduct business. A governing body is responsible for determining these rules and regulations according to the industry, location, and structure of a business. If the actions are conscious recognition of rules and policies, then it is an “action”. Complying with legal requirements has become a necessary part of any business or company.
Which compliance requirements do you need to know about for your organization? Has your organization developed a comprehensive compliance framework? Where do you begin? What do you need to know in order to comply? The number of inquiries about frameworks, reports, and certifications you have in place will increase as time goes on.
The process of preparing for compliance with set regulations is often delayed for many organizations until it is a requirement within the industry. Following that, they rush to create the necessary policies, controls, and processes. These methods are inherently nerve-wracking, expensive, and liable to make mistakes. Being well prepared early ensures success. Making mistakes will also provide you with learning opportunities.
WHERE TO GET STARTED
STAY CURRENT ON COMPLIANCE CHANGES
The best way to prevent pleading guilty, paying fines, and complying with government regulations is to follow the guidelines. Remain compliant. Easier said than done. Compliance spans a number of legislative bodies on the local, state, federal, and international levels.
COMPANY COMMUNICATION: CENTRALIZE LOCATION
Reduce confusion and risk that comes with multiple communication channels by sticking to one communication method such as an intra-office messenger or email.
HR SOFTWARE: USE IT TO STAY COMPLIANT
HR systems like these are designed to make employees’ jobs easier. The best HR technology simplifies onboarding, scheduling, reviews, and employee surveys, as well as keeping companies compliant.
COMPANY CHECKLISTS
You need one that covers all HR tasks: recruiting and hiring, compensation, benefits, payroll, and company compliance.
EMPLOYEE CLASSIFICATION
Streamlining payroll may seem like the right way to go, such as classifying your employees as exempt and paying them all a salary, but it also could be illegal. Employees with exemptions are exempt from overtime pay and meal and rest breaks, but not everyone qualifies.
Whether the HR Department is established or just starting up, a review of HR forms, policies, and procedures is a smart way to ensure legal compliance. We can set up an HR Department for you, or perform an audit that will let you know where you are doing well and where you need to make some adjustments.
FINAL THOUGHTS
An audit process should include a review of HR forms, hiring practices, I-9s, personnel and benefit files, the performance management system, and federal and state posting requirements.
Many employers don’t realize the potential costs of failure to comply with legal requirements. MCDA CCG, Inc. can solve all these problems for you so that you can rest easy knowing that your business is in compliance with the law. If you need updated forms, we can provide them.
CALL TODAY (657) 258 – 0577 OR email us at [email protected]!
Other MCDA CCG resources you may like:
The Real Reasons That So Many Workers Quit in 2021
How Employers Can Support Equal Pay
5 Business Advisory Myths Keeping You Stuck
Why Outsource HR: Pros and Cons
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