Areas of risk for many organizations often come from departments of that organization being overlooked for the true risk potential hidden in the day-to-day operations of that department. Business continuity planners and risk management team members need to always be aware of and plan for controlling those risks. Such is the case for the posting below which brings our attention to some top HR compliant concerns for risk and threat potential to those SMB’s…..
Assumption: Unlike their large enterprise company counterparts, small and mid-sized companies (SMB’s) too often do not have the time and resources to build and maintain proper information management systems and processes beyond those required to support their core business objectives. However, that fact does not take away the potential need for risk mitigation capabilities often necessary to protect those companies from issues those companies may fail to recognize as true threats to their company.
In a recent whitepaper posted on the Trinet website, the topic of risk management regarding the top five (5) HR compliance related potential risks for SMB’s is presented in a clear manner that should make business continuity and private sector preparedness teams (PS-Prep) aware of these potential threats to their organizations.
A quick summary of the major HR compliance related concerns for SMB’s presented in this whitepaper are:
- More training is needed in the areas of employment discrimination and/or sexual harassment for employees in SMB’s.
- SMB’s spend up to 80 per cent more per employee on federal regulatory compliance (i.e. HIPAA, COBRA and FMLA) than large enterprises.
- For most SMB’s, the human resource “department” is one person too often wearing too many hats and being too much of an HR generalist – and therein lies a risk.
- The growing need for more and more administrative paperwork can create potential and substantial errors in HR activities for employees when all of these independent areas are not properly connected and accessible on a timely basis to meet regulatory requirements.
- For too many SMB’s, HR functions are simply not being coordinated effectively enough – yet decisions are too often being made to accept this as a “..will have to make due” acceptable condition.
If some of these points listed above are beginning to sound too much like situations that exist in your organization, then, click here to download this whitepaper (registration may be required).
Also, and if applicable, please pass this information along to appropriate HR and risk management teams in your organization.