Risk and Compliance Management
There is no way to avoid risk or compliance in business. Risk management is anticipating and preparing for potential downfalls to minimize consequences. Organizations have to apply risk management across their entire operations with HR focusing on the risks it’s uniquely responsible for.
Risk management in HR means assessing and dealing with the potential risks that come with having a workforce. These risks are related to how you hire, retain, and manage employees and other types of workers, as well as employee behavior.
HR risk management is about contemplating likely scenarios and outcomes so you can minimize precarious situations, have adequate solutions in place, and even prevent problems from ever occurring.
Additionally, all employers need to comply with the relevant employment legislation of the day. In a constantly changing employment arena, and with case law ushering in different rulings on a regular basis, it is imperative for employers to stay abreast of the latest employment requirements and have these reflected in their employment contracts and policies.