Compliance: Mandatory but Beneficial
In companies of all sizes, compliance can have negative connotations, like added cost or perceived limitations, but it offers many benefits.
A PROVEN FACT: COMPLIANCE HELPS
Complying with the law makes sense from a business standpoint and brings direct and indirect financial benefits that include:
- Increased trust and loyalty: Customers want to protect and enhance their reputations by doing business with companies that obey the law, share their values and principles and understand the benefits and importance of transparency. Compliance demonstrates the highest ethical standards and an awareness of and commitment to operating within the limits of laws and regulations.
- Added value for your brand: Compliance reinforces credibility, dependability and overall reputation. It also helps you attract the best talent—people who prefer to work for lawful organizations.
- Improved business processes: Some organizations adopt best practices in preparation for a government audit.
- Improved profit margins: Organizations demonstrating a strong culture in matters of compliance enjoy greater benefits, including increased profits.
- Better allocation of resources: Companies that don’t have to deal with regulatory offences are free to focus on actually doing business.
DIFFICULT TO NAVIGATE
Despite its many benefits, compliance can be difficult to manage due to ever-increasing laws and regulations, the complexity of the processes and the effort required to comply.
Solertia’s team offers coaching and support in all areas of compliance for Quebec, Ontario and Canadian labour laws. Our services include:
- Assessing compliance with multiple provincial and federal labour laws
- Implementing dispute litigation prevention strategies
- Helping managers resolve disputes