Compliance in business today is a non-negotiable. When compliance fails, and errors occur, the cost of fines for companies can be exorbitant. From I-9 forms, to FMLA tracking, to ACA compliance, benefits administration and much more, there is a tremendous risk for HR professionals trying to protect their company and their employees.
The key to compliance comes in the ability to state what you need to do in order to meet local, state, or federal regulations, and then show the “evidence” of having done what is required. True compliance contains the consistency to perform the same tasks over and over again, assuring that your systems are truly efficient, removing risks and potential compliance gaps.
Today’s business is constantly evolving and changing. With the power of technology, automation, and AI driving major shifts in HR, some companies are getting trapped in the gaps of their compliance systems, leaving them open to risk, fines, lawsuits, and loss of employees and profitability.
Plain and simple, record-based systems create compliance gaps that require companies to compensate with a variety of solutions. What are some of the top solutions to fill those gaps?
- File share
Recognize any of these? Of course you do. Everyone who has worked with these platforms to maintain compliance understands the tremendous amount of meticulous work that is required to make sure nothing, and I mean nothing, falls through the gaps. And while some are more efficient than others in delivering consistent compliance results, the major problem lies in that there are still gaps.
What are the common gaps that record-based systems create?
Traditional HRMS tools have screens that allow you to input specific information. This is great if you have data you need to track related to different processes. However, the gap shows in that it does not enable the process of pushing content to a person, ensuring they review/sign-off to verify that the step has been completed. For example, if you use Excel, there are lots of columns of data, but no files supporting the data. The effort with the content is “left to the reader to figure out”, creating a serious risk of missing critical compliance requirements.
Content-centric systems assure that the necessary documentation to an employee has been delivered, viewed, and finalized, so that the next step can be taken. These systems “push” the content to the employee, assuring that they are compliant on everything required by the company, along with local, state, and federal regulations. This content-centric system assures communication with employee, HR, and any other branches of management that are responsible for company compliance.
From onboarding to training and beyond, content-centric systems assure that your compliance doesn’t fall through the gaps. Take the steps today to protect your employees and your company by removing the gaps and risk in your compliance challenges.
Ben Olson is the Chief Technology Officer of Essium, a premiere software company that has developed a revolutionary, customizable, workforce management solution named Xenqu. Essium’s Xenqu Software leverages our Smart Content Technology to organize everything related to your workforce in one secure, digital file using the latest cloud-computing technologies and architectures.