When you are running a business, the clients, the quality of service, and the profit margin are usually more on your mind. You might not be thinking about making sure that health and safety regulations are followed.
The scope and depth of the 21st-century compliance landscape are expanding at an exponential rate. Uncertainty, volatility, and a regulatory apparatus that is working hard to control the situation are the hallmarks of the new normal. A company's excessive exposure to business risk alone can have a number of negative effects, including harm to the organization's business model, lost commercial prospects, and, in the worst-case scenario, the loss of the right to continue operating. Financial, regulatory, and reputational risk are additional kinds of risk; each has its own set of repercussions on non-compliance and miscalculation.
When you are running a business, the clients, the quality of service, and the profit margin are usually more on your mind. You might not be thinking about making sure that health and safety regulations are followed.
However, disobeying these laws may cost your company money for a number of various reasons. Your company can keep in front of problems before they become serious ones if compliance is managed effectively. The following are some advantages of compliance management for your company:
Reduce your legal problems
If your primary concern is making money, you should also think about the potential consequences of fines that might result from your organization's failure to comply with the relevant health and safety regulations. In addition, if there is a payout due to potential injuring someone, this would ultimately damage the total net profit return of the organisation once the claim has been approved. How much time and effort would you have to expend initially asserting your position in this area (cost)?
Enhances operational effectiveness and security
Observing safety regulations might help avoid accidents that could hurt your business's revenue. You must evaluate suggested business practises to enhance and protect your company's operations in addition to knowing the very least that organisations must do to comply with legal obligations. Over time, the operational performance of your business will be impacted by the potential harm done to people and the rise in the number of days lost due to injuries. As a result, it may be considered a "false economy" to save money by not spending the initial budget allocated for keeping your employees, assets, and property secure.
Improvement of Public Relations
Meeting regulatory requirements enhances your business's reputation with clients, stakeholders, and possible candidates for new hires, among other advantages. When potential clients or consumers see that your business has excellent safety standards and procedures together with the proper ethics, it makes their decision to employ your services easy.
Promotes Client Trust
The relationship of trust you develop with your clients is perhaps one of the most significant contributors to your profitability. Customers do, in fact, keep your business afloat. Customers will understand that you care about ensuring the safety of your employees when you comply with regulations and work safely. For many clients, it comes down to "confidence." They want to concentrate on their own core business while having the assurance that the service you are providing is done securely.
Increased retention and employee engagement
Employees can purposefully undermine your company's compliance efforts, even while error is common and it is in everyone's nature to make mistakes. When a person intentionally works in a dangerous manner and takes shortcuts because they don't "buy in" to the health and safety culture, there may be a breach. Due to their activities, employees are crucial in defending the company. Employees need to be given the chance to learn why and how to work properly, and you should encourage them to cease working if they think it's hazardous. Talented employees may be attracted and retained by a business with a strong sense of responsibility and a healthy culture, and customers will be more confident in your brand because they know you are making the right efforts to succeed.
Non-compliance is a serious problem that may potentially jeopardise the security of your company. Non-compliance can result in significant security concerns, HR issues, penalties from the government, and in certain cases, even termination. It is your responsibility as a leader to do all in your power to promote compliance.
Book your demo today to learn how easily you can protect your company from the risks of non-compliance with Manucomply.