How compliance is important to businesses

By Fifty21 Media

05 Jan 2023

Adobestock312736915

Taking actions to meet your legal duties may appear to be a no-brainer when it comes to management, but if you merely accomplish your basic needs, you run the risk of missing out on potential possibilities.

You will be better able to take advantage of any benefits that the different rules, statutes, and regulations that govern your organisation if you have a solid understanding of the reasons behind those rules, laws, and regulations.

DEMANDS FOR COMPLIANCE GROW WITH YOUR BUSINESS

In the context of business, "compliance" refers to a corporation upholding its legal responsibilities, frequently to safeguard the welfare and health of others.  Simple instances of compliance include filing your taxes on time and getting a business licence from your municipality.

As your firm expands and concerns get more complicated, the value of compliance becomes clearer. Your duties in relation to your employees will be broadened to include hiring, firing, discrimination, harassment, safety, salaries, payroll, and benefits.

A government organisation may have oversight over the production and sale of your good or service, much to how a restaurant must adhere to health department regulations.

REDUCED LEGAL ISSUES

The most obvious advantage of complying with regulations is the reduction in the likelihood that your company would be subject to financial sanctions, such as fines and penalties, interruptions in production, legal action, or even closure.

If you fail to satisfy certain compliance criteria, such as displaying a job ad in the incorrect location of your workplace, you may receive a warning and the opportunity to rectify the situation.

For example, if you fail to fulfil these standards, you may receive a warning. In other circumstances, you can be subject to financially damaging consequences. A person who is suing you may be able to improve their case if you do not satisfy your legal requirements, such as when it comes to the processes of your production or how you advertise your products.

Employing a compliance specialist will ensure that you are aware of all of your legal requirements as well as the steps necessary to fulfil them.

ENHANCED OPERATIONS AND SAFETY

Many company rules and policies are more likely to be helpful than harmful. For instance, enforcing laws against discrimination and harassment can help you improve the working environment for your staff, which can increase productivity.

By adhering to safety and security regulations, you may avoid accidents, fires, and building evacuations that could reduce your profitability.

IMPROVED PUBLIC RELATIONS

One of the advantages of being in compliance with the law is having the option to brag about having satisfied your legal responsibilities on your website and in other forms of advertising material.

For instance, when you promote job vacancies, you should state that you are a company that values diversity and equal opportunity. In the mission statement that you publish on your website, you should make it clear that you do not discriminate on the basis of factors such as racial or sexual orientation, creed, or gender. You should highlight your company's commitment to both physical safety and mental health when you are recruiting new workers.

You can do this by referencing key policies and benefits that are dedicated to proactive healthcare and wellbeing, such as extended maternity and paternity leave or free gym memberships.

In addition, you should emphasise that your company values its employees' wellbeing. 

INCREASED EMPLOYEE RETENTION 

Many corporate compliance problems are concerned with employee safety. Employees are more likely to stay with you if they believe they work in a fair, professional, and safe atmosphere.

Even if you do not harass or discriminate against any of your employees, if you do not take precautions to guarantee that none of your staff do, you risk losing important personnel.

Include in your employee handbook rules and processes that correspond to your legal compliance duties. Remember that a policy is only effective if it is followed.

Your policy should not only state the regulations, but also the mechanism for dealing with infractions, such as a reprimand and further training for the first offence and suspension or termination for the second.

Check in with middle managers or supervisors on a regular basis to verify that concerns are properly addressed.

Latest news

1

New road will drive Fylde’s economy forward M55 To Heyhouses Link Road Opening

New road will drive Fylde’s economy forward

23 Jul 2024

2

Partington's seeks permission to build £75m leisure destination Partingtons Windy Harbour Visuals

Partington's seeks permission to build £75m leisure destination

23 Jul 2024

3

Accrington & Rossendale College goes all out to win soapbox challenge Dr John Barker from Accrington and Rossendale College in their entry for the 2024 Soapbox Challenge.jpg.jpg

Accrington & Rossendale College goes all out to win soapbox challenge

23 Jul 2024

4

Strategic marketing agency ICG celebrates 30 years in business ICG_30th_Anniversary_Photo.jpg.jpg

Strategic marketing agency ICG celebrates 30 years in business

23 Jul 2024

5

ELE invests £700,000 in additional advanced technologies 2. New machine in position prior to being commissioned and operational.jpg.jpg

ELE invests £700,000 in additional advanced technologies

23 Jul 2024

Bec Web Strip 980x120
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference
BEC 315 X 315 Px
Networking
25 Sep 2024

Lancashire Built Environment Conference

Conference and Exhibition Centre, Winter Gardens Blackpool, FY1 1HL

08:30 - 13:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Skills Bootcamp in Procurement - Cohort 1
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Seminars
30 Jul 2024 - 08 Oct 2024

Skills Bootcamp in Procurement - Cohort 1

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Preston Freelancer MeetUp and Coworking Day
Screenshot 2024-06-13 at 13.55.10.png.png
LBV Hub Networking
30 Jul 2024

Preston Freelancer MeetUp and Coworking Day

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 12:00

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
31 Jul 2024

Chamber Breakfast Networking

Pye Motors, Morecambe, LA3 3PF

08:00 - 10:00

Scaling your revenue: From zero to £1m in 60 months
CBP-logo LBV.png.png
LBV Hub Webinar
31 Jul 2024

Scaling your revenue: From zero to £1m in 60 months

Online, Online, Online

08:00 - 09:30

Online Women's Health Clinic
clinic.png.png
LBV Hub Webinar
06 Aug 2024

Online Women's Health Clinic

x, Online, x

12:00 - 12:00

International Coworking Day Open Day
1.png.png
LBV Hub Social
09 Aug 2024 - 09 Aug 2024

International Coworking Day Open Day

Society1 Coworking Space, Prestin, PR1 3 LT

10:00 - 13:00

Knowledge & Networking: Basic Digital Marketing
Chamber Logo1.png.png
LBV Hub Seminars
12 Aug 2024

Knowledge & Networking: Basic Digital Marketing

Lancaster Golf Club, Lancaster, LA2 0AJ

14:00 - 13:00

Understanding Menopause
menopause.png.png
LBV Hub Webinar
15 Aug 2024

Understanding Menopause

x, Online, x

12:30 - 13:15

Sub36 Networking Event - The Bee Centre
Sub36 Socialbee Centre
Networking
15 Aug 2024

Sub36 Networking Event - The Bee Centre

The Bee Centre, Chorley, PR6 8LZ

15:00 - 17:00

Mini Networkers - Family Fun Morning
CBP-logo LBV.png.png
LBV Hub Networking
16 Aug 2024

Mini Networkers - Family Fun Morning

Community & Business Partners CIC, Blackburn, BB2 3UA

10:00 - 13:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin