Unquestionably, individuals and workers are the core drivers of any organization. Business’s performance and growth in all aspects depend on the workers’ well-being and performance. This calls attention to the value of statutory compliance in any organization.
Strategizing on meeting your legal obligations may seem a lot easier. However, meeting minimum requirements may bring about missed opportunities for your business.
You must clearly understand the reasons for the different regulations, laws, and rules governing your operations. In this case, you will reap benefits from the various advantages these laws and regulations offer while simultaneously ensuring you remain compliant.
What is Statutory Compliance?
Statutory compliance simply refers to a company’s adherence to regulations and laws. It means fulfilling your legal obligations. In most cases, it is for the welfare, safety, and health protection of others.
Usually, these standards and rules are passed by the state, central, or local government.
Examples of business compliance may include paying taxes and acquiring a business license. These regulations help ensure the organization’s employees are adequately cared for and help companies remain in business.
Statutory compliance has existed for some time. However, technological advancement has led to its increased need. It goes without saying that most companies are now employing technology to provide services and products.
Hence, there is a high possibility of industries failing to adhere to all the regulations and laws. For this reason, statutory compliance guides these industries to remain compliant even when using technology.
The best way of ensuring your operations complies with all the laws and regulations is to hire professionals like SJH, who are experts in this sector.
So, why is statutory compliance essential for your business? Let’s discuss how it impacts your business growth.
Statutory Compliance and Exponential Business Growth.
Statutory compliance is vital for business progress and growth in the following ways:
1. Minimized Legal Issues
It is undeniable that statutory compliance helps you reduce the risks of a shutdown, lawsuits, penalties, fines, or work stoppages in your business. Failing to meet compliance requirements, like placing employment posters in the wrong places, can result in a warning. Hence, you get a chance to rectify the issues.
However, in other instances, you may undergo expensive sanctions. Failure to fulfill legal obligations like advertising methods or manufacturing procedures can strengthen the case of an individual suing your business. Therefore, by ensuring statutory compliance, you will save your business from license revocation risk. Also, you save a significant amount of unnecessary expenses that can be used to fund business processes.
Hire compliance professionals like SJH. They will help you understand all legal obligations related to your business and how to comply with them.
2. Enhanced Safety and Operations
Most company regulations and rules are there to help and not harm. For instance, laws related to harassment and discrimination. These highlights the importance of a better and more conducive working environment for your staff.
Therefore, you can achieve increased work productivity when employees are satisfied and happy at the workplace. Similarly, security and safety rules help prevent building evacuations, fires, or injuries that may affect your business profitability.
Understanding the bare minimum of meeting legal obligations may not be sufficient for your business growth. Reviewing recommended business practices from agency websites like the United States (U.S) Occupational Safety and Health Administration provides approaches to safeguarding and strengthening your business operations.
3. Increased Employee Retention
Most of the company’s statutory compliance issues address employee protection. Observing these regulations makes your staff feel they are working in a safe, professional, and fair environment. Therefore, it motivates them to work and remain in the company.
All you have to do is to take measures to ensure your employees, too, are not discriminating against or harassing their fellow workers. You may put up procedures and policies in the employee handbook that reflect your business’s statutory compliance obligations.
SJH can help you formulate business policies with specific procedures for dealing with non-conformity, like suspension, termination, additional training, or reprimands. You will only need to constantly confirm from supervisors or managers whether complaints are appropriately addressed.
Therefore, you will have minimized hiring and training costs and improved customer service with high employee retention. Also, you will have increased revenue and productivity, driving the expansion of your business.
4. Stronger Public Relations
Statutory compliance gives you the ability to advertise and market your business. Showing commitment to upholding significant policies related to employees’ physical and mental health develops and maintains your organization’s reputation and relationships.
Public relations are, to a great extent, less expensive than advertising. Hence, an excellent and valuable aspect of your business. Consistent and effective company policies will create awareness and visibility for your organization. The awareness and visibility come with numerous benefits ranging from attracting funding and customers to securing partners.
Do not look for shortcuts that might negatively impact your business in the long run. Let’s face it by establishing and maintaining good public relationships. Because, in the end, what is business without people?
Final Thoughts
Statutory compliance is a regulatory necessity and a surrounding practice that significantly contributes to the improvement and growth of your business. Therefore, compliance is not a burden but a chance to enhance business efficiency.
Formulate policies and implement processes and systems that allow workers to operate per the regulations. This can help deliver improved services and become more productive resulting in business growth.
Your business can no longer rely on manual processes with the increasing number of regulations. To ensure compliance, you need to process detailed and accurate data.
However, the ever-growing data sources make data collection more complex. For this reason, your business needs updated experts to lend a hand through the processes.
SJH is within reach to help you keep track of regulations and rule changes, modify your organizational policies accordingly, implement the changes, and monitor operations.
This will help keep your business at par with the new regulations, ensuring statutory compliance. Reach out to us today, and we will help you abide by the rules and experience exponential growth for your business.
