Global Risk Mitigation & Compliance: 3 things you can do today

According to Forbes, 12.7% of full-time employees are now working from home and by 2025, 32.6M Americans will work remotely. Remote work affords employees flexibility that can result in a better work experience, increased retention, and an overall happier and healthier state; however, when remote employees cross state or even country lines, employers are faced with greater compliance complexity.

1. With businesses operating in multiple jurisdictions, understanding and managing global compliance regulations is crucial. Navigating global compliance regulations can be daunting, but taking proactive steps today can mitigate risks and ensure adherence across all regions. Here are three actionable things you can do:
Conduct a comprehensive audit: Review current policies, procedures, and practices to identify any gaps or areas of non-compliance with local regulations.

2. Invest in training: Provide ongoing training to HR staff and managers on international labor laws, data protection regulations, and other statutory requirements relevant to your business operations.
Partner with experts: Consider engaging HR consulting firms with expertise in global compliance to provide guidance, support, and tailored solutions for your specific needs.

3. Additionally, leveraging technology can play a significant role in maintaining compliance. Implementing automated compliance management systems can help monitor changes in regulations, track employee locations, and ensure that your policies are consistently updated. Regularly updating your compliance strategy to reflect the dynamic nature of global regulations can also safeguard your business against potential legal issues.

While affording your employees the benefit of remote work may create a more positive corporate culture resulting in better business outcomes, ensuring compliance to protect your business must remain a top priority. Failure to adhere to international laws can lead to hefty fines, legal repercussions, and damage to your company’s reputation. Therefore, staying vigilant and proactive in compliance efforts is not just beneficial but essential for long-term success.