A robust employee benefits software solution is not only the automation of HCM processes but also an effective tool to make the organization compliant in all related aspects. In addition to adhering to the professional and government regulations specific to the industry, a benefits software helps in the deployment of optimum workflow, risk management, and empowerment of employees with greater insights and information to avert hefty fines and at the worst, a shutdown.
Why is compliance needed in an enterprise?
Compliance means to align with the complete set of legal, social, ecological, and financial benchmarks that aim to preserve the ethics, liability, and overall performance of a business in a specific sector. It also includes the regulations to protect the employers and organizations from undesired legal and non-compliance situations. Consequently, the enterprise has to invest its time, money, and efforts to adhere to laws to protect the balance of its ecosystem to carry out business and avoid penalties.
What is a compliance-integrated employee benefits software?
Since compliance management predominantly deals with laws and rules related to the human capital of the organization, it is most appropriately integrated into the Human Capital Management (HCM) and Benefits software. Some common examples of compliance policies integrated with HCM software are as follows:
- No Racial Discrimination Policy
- No Sexual Harassment Policy
- Equal Opportunity Employer Policy
- Ethical Code of Conduct for Business
What are the advantages of integrating compliance into employee benefits software?
All organizations employ a lot of time, effort, and money to ensure adherence. Therefore, integrating the compliance management with the Employee Benefits software helps in automating the repetitive and tedious tasks of data collection, monitoring and controlling, communication, knowledge sharing, decision making, and staying updated in the dynamic regulatory ecosystem. Since the human capital of an organization is volatile, it pays well to integrate the compliance module with the HR software as it keeps all the employees in the organization involved and aware of compliance processes and protocols.
The key advantages of integrating the compliance strategies in the benefits software are many:
- Automated implementation of Compliance standards and norms in HCM policies
- Compliance with professional and governmental standards in all HCM processes
- Optimizing HCM workflow, maintaining compliance at every step
- Mitigate risks by adhering to set protocols
- Reduced legal incidents
- Streamlined and risk-free business processes and operations
- Expedite compliant and well-informed decision making
- Productive cooperation and correspondence by eliminating compliance-related communication
- Smoother monitoring, controlling, and auditing due to improved analytics
- Automatic knowledge sharing with employees on standard compliance norms and practices
What are the steps to integrate compliance into benefits software?
Compliance implementation according to professional and governmental norms takes much more effort than to simply establish a set of rules for the business processes. The following set of steps will guide you to correctly implement Compliance as a core value in your organization through a robust HCM benefits system:
1. Outline detailed professional and governmental compliance norms:
Research, discover and determine a detailed layout of the complete set of professional and governmental norms and standards that you wish to implement in your organization. If required, you can hire a compliance expert for your industry and business domain.
2. Make the leadership and management team aware of the importance to adhere to such norms:
Explain the importance of Compliance to the team leaders and the top management team and the probable negative impacts on the business in case of any violation. Draft and issue a zero-tolerance policy in detail.
3. Integrate the compliance rules and processes to the HCM Benefits software:
Outline the workflows of your HCM software where compliance needs to be integrated. Provide the workflows to your in-house software development team or hire a professional software vendor who can also guide you in this process. An outside agency with previous expertise in compliance integration will consult you and provide maximum ROI from this initiative.
4. Make all employees aware of compliance through automated regular training in the HCM benefits software :
Let the information on the importance of Compliance Policy trickle down to all employees of the organization by mandating automated Compliance Training modules to be completed and signed by each employee through the HCM Benefits Software system.
5. Conduct automated mandatory Compliance training for all employees:
Integrate automated Compliance training for all new joiners and existing employees at regular intervals in order to keep all employees consciously aware and adhere to standard laws and rules.
6. Identify compliance violation attempts automatically:
Make the HCM Benefit software intelligent enough to automatically block any attempt to violate the Compliance policy with immediate escalation to the HOD of the business process with issuance of an automated warning notification to the attempting violator.
7. Implement automated monitoring and audit system integrated with the HCM software:
Implement the HCM Benefits software to monitor the business processes automatically with a suitable approval structure across the business processes and conduct automated audit checks at regular intervals with reports sent to the concerned auditors. With employee self-service software, you can empower your employees to have quick access to company policies anytime, anywhere.
8. Customize the HCM Benefits software to fit your business needs :
Customize the HCM system according to the unique needs of your business and its compliance policies either through your own IT team or any external professional software consulting agency which will not only improve productivity and mitigate risk but also provide a definite competitive advantage.
Challenges in integrating compliance to benefits software
Implementing Compliance in the heart and blood of your organization through a robust HCM benefits system is challenging, yet highly rewarding if implemented successfully. The major challenges are as follows:
1. Creating a culture of discipline and strict compliance :
Developing an organizational culture of discipline and adherence is not an easy task and is time-consuming. However, the active involvement of the top management and the leaders in communicating the culture will result in the practices and values trickle down to all employees of the organization. This will help the business as a whole in the long run immensely. Training programs, quick connectivity with employee benefits brokers, and zero-tolerance agreement bonds signed by all employees will assist to strengthen this culture across the length and breadth of your organization.
2. Implementing continuously evolving norms :
In response to the dynamic environment, the government and industry compliance norms keep changing from time to time and whenever that happens, it becomes a challenging task to accommodate the necessary changes in the software system. Thus, the software needs to be flexible enough to cope with the desired changes continuously.
3. Choice of a robust HCM Benefits software solution:
There are several HCM benefits software solutions available in the market today from several reputed brands. However, in order to reap the benefits of a strict compliance policy in your organization, the HCM benefits software essentially has to be robust and reliable. Moreover, the HCM software should be able to accommodate the specific needs of your business efficiently and also account for any change in the compliance standards from time to time. For this purpose, a tailor-made and scalable HCM Benefit Software Solution can be the most appropriate for your organization in the long term.
Accomplish EP can help you achieve just the right compliance implementation for your organization with tailor-made HCM solutions to cater to your specific needs.
Our team offers customized HCM solutions with a fully automated Compliance feature for your organization all across the USA.
With years of experience and recognition as a trusted HCM software, Accomplish EP has unmatched domain expertise and consultation experience in HR functions along with integrated Compliance management. IT helps the customers reap benefits of higher ROI from automation efforts faster, easier, and at scale.
Are you looking to implement Compliance Adherence integrated with HCM Benefits Software at your organization?
Accomplish EP can help you with free consultation on Compliance adherence integrated with complete HCM solutions implementation and maintenance.