They say change is the only constant; as change is to life, compliance policies are to an organization. With ever-changing policies and regulations, that affects both an employee and the organization at large, keeping up with these changes has never been an easy task. A Gartner survey says that 21% of multinational organizations consider changing regulations and laws as the most significant external growth constraint.
Global enterprises require a robust and transparent HR compliance solution that harnesses technology in order to enable org-wide growth and mitigates legal risks. With flexible compliance tools like NeeyamoWorks Compliance™, organizations can change the focus of their compliance functions from hindsight to foresight and thereby derive valuable insights. Cloud solutions are best suited to support today’s continually changing compliance landscape. With cloud-based technology, HR compliance solutions can fix a multitude of compliance-specific problems that organizations face in today’s complex regulatory landscape.
Given below are some of the most common challenges faced today by organizations in managing global HR compliance.
1. Storage and accessibility
One of the major challenges pertaining to compliance is the rudimentary method of tracking and maintaining country-specific policies and regulations in traditional spreadsheets. A cloud-based HR compliance solution with secured cloud storage can help organizations track global compliance policies & regulations, irrespective of the country, state, or region through a centralized compliance repository, making compliance management painless.
With the recent increase in the number of data privacy laws, data cannot travel the world through border-less networks as before. For instance, China and the EU have meticulously formulated privacy laws that do not allow their data to cross their boundaries. Thus, it is imperative to find a solution provider with a solution that complies with in-country data protection laws and regulations on a global scale
Furthermore, look for a solution that has a vault of local laws, country-specific rules, and regulations that will provide you access to a comprehensive global compliance library while facilitating effective monitoring and managing of compliance.
2. AI-integrated updates and alerts
So, if we peruse why HR compliance is a major hurdle, we can see that it is because of the dynamic nature of policies and regulations across countries. The non-compliance of global policies and norms will risk the organization’s finances, reputation, integrity and customer loyalty.
Advanced compliance solutions map changes in global policies to where they should be reflected in the configured framework along with alerts. Forward-looking organizations have also started implementing solutions that use machine learning and natural language processing to interpret global policies and regulations.
To tackle the dynamic nature of policies and regulations, a real-time compliance solution that can track and update compliances is the need of the hour. A solution that triggers proactive alerts & notifications to ensure timely completion of tasks (such as statutory filing etc.) could be of significant assistance to any organization’s HR & Compliance teams.
Additionally, an interactive global compliance center that will provide HR leaders the ability to change priorities, delegate activities and track task statuses anytime & anywhere are certain lifesavers
3. Compliance monitoring and metrics
In recent years, the cost of non-compliance has been continuously skyrocketing. Adhering to statutory and org-level compliances is thereby a mandate, as organizations cannot afford to expose themselves to compliance risks which could result in legal and monetary penalties.
The ramifications of non-compliance to local laws could further have an adverse effect on the organization’s brand. Organizations can protect themselves from such risks and penalties with an audit logbook that will track all the updates and locate the required files and documents.
Picking a solution that has a global compliance audit logbook that tracks and locates all the updates made will help HR managers keep track of potential risks and help take proactive measures as required. A solution that provides intelligent alerts and analytics will help HR leaders take precautionary steps to protect organizations from penalties due to non-compliance with local nuances.
Deloitte states that compliance modernization is no more an option. It combines new technology capabilities for compliance adherence. With such new cloud technology capabilities, enterprises can claim higher ROI that will promote potential growth.
Organizations using technology-based solutions to administer their compliance needs will have higher chances of retaining their market value & goodwill and less legal intrusion. Furthermore, such solutions can help them build a reputable brand image in the competitive market and reap profits, significantly.
Embrace the only constant – ‘change’ like never before and manage global HR compliance like an expert with NeeyamoWorks ComplianceTM. Click here to get an exclusive demo today.