As an employer or a business owner, neglecting your business compliance is a big mistake. Your company reputation and profitability is at risk if you company is sued for non-compliance. Regardless of your business size, keep in mind that most compliance laws and regulations in place are all businesses.
According to Business Directory, corporate and business compliance means:
“The certification or confirmation that the doer of an action (such as the writer of an audit report), or the manufacturer or supplier of a product, meets the requirements of accepted practices, legislation, prescribed rules and regulations, specified standards, or the terms of a contract. “
Even thought the definition looks simple enough, remaining complaint is not always easy. Listed below are the 5 most common corporate and business compliance issues.
One of the most common mistakes business leaders make is a simple failure to keep up with the many regulatory agencies and rulings that govern the Organisation. Over the years, the number of employment laws has significantly increased and many existing ones have been updated.
Here is a list of the most common policies that you should always keep current with:
Should an employee be paid a salary or hourly? This is by far the most common classification dilemma faced by businesses. The Department of Labour has very specific rules and guidelines to help any business identify whether an employee should be declared exempt (not paid overtime) or non-exempt (paid overtime.
Depending on where your business is around the globe, you may want to double check with the regulating authority how to properly classify your employees. This is an essential step, as record keeping of attendance, duties and pay rate will differ according to the employee’s status.
As mentioned before, many small businesses may not realise that most safety and regulations apply to businesses of all sizes. It is essential you review the Occupational Safety and Health Association of your region to ensure your business environment is risk-free.
Communicating safety rules is also very important – your staff must be made aware of all regulations and safety measures / practices pertaining to their job. Safety rules can be communicated both verbally and in writing, and often requires a ‘Read & Approved’ signature from the employees.
While this may sound as a simple task, properly filling in the required paperwork is often neglected. In many cases, employees fail to provide supporting documents required – mainly due to the fact that many employers fail to inform them of what is acceptable or required.
The best way to avoid this is by providing your new recruits a list of all acceptable documents and deadlines to properly complete all paperwork.
Rapid growth is often seen as a blessing for many businesses. Yet, it can turn into a compliance nightmare if you fail to properly keep up. Always keep in mind that the more employees you have on-board, the greater compliance exposure.
Unfortunately, one common example of fast expanding companies trying to ‘dodge’ compliance laws is when they are reaching the 50 employee mark. Certain employers are tempted to reclassify some employees as independent contractors so as to avoid the costs of complying to the Affordable Care Act. The risks of getting caught and sued is simply not worth it, especially considering that the penalties incurred could highly damage a company’s reputation, finance and ability to hire new employees.
Never wait until your business runs into legal issues to set forward a proper corporate compliance program. The key element here is to always keep up with the ever-changing laws and regulations. Play by the rules, revise your policies and always ensure you have the proper structure and documents at hand. Laws and regulations differ from country to country, but it is not an excuse to limit you expansion across the globe.
If you are looking for a Professional Employer Organisation (PEO) that will ensure your business is fully compliant on the African continent, Africa HR Solutions can help you. We cover over 48 countries in Africa and safeguard your company against all compliance issues.
Grant Geraghty is the longest-serving member of the Africa HR team. This resident subject matter expert and client champion is responsible for gaining a deep understanding of our clients’ unique HR needs in Africa and providing tailored solutions that align with their business objectives. Grant collabourates closely with our clients to ensure that their requirements are properly implemented, providing ongoing support and guidance throughout the process.
Grant brings a wealth of experience to his role, having served as Africa HR’s longest-serving employee. He holds a Bachelor of Commerce degree, with a major in Economics and Business Finance, from the University of Natal in South Africa. Additionally, he has completed a certification program in Payroll and Tax Administration from the University of Cape Town, further enhancing his expertise in HR operations and compliance.
His commitment to delivering exceptional service and his extensive knowledge of HR in Africa make him an invaluable member of the Africa HR team.
Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.
Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.
Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.
Viloshna is an experienced finance professional with 18 years of expertise in strategic financial planning, financial analysis, cash flow management, systems and controls implementation, financial reporting, and continuous process improvements. She currently serves as Head of Finance & Business Support, where she has successfully automated and leveraged the financial reporting system capabilities to ensure efficient company operations.
Viloshna’s background includes senior roles in a multinational pharmaceutical company and a large listed Mauritian conglomerate. Her meticulous attention to detail and strategic thinking have streamlined financial processes, making her a valuable addition to any finance team. Viloshna is a qualified finance professional with an FCCA qualification and an MBA, bringing valuable expertise to any Organisation.
In her current role, Viloshna leads the company’s Treasury and Payments function, including the fulfillment of the company’s cross-border payments into Africa. With her strong educational background and extensive experience, Viloshna consistently demonstrates her ability to optimize financial operations, minimize risks, and improve profitability. Her expertise in financial reporting and process improvements make her a valuable asset to any Organisation.
A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.
Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.
He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.
Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.
With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.
His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and Organisations.
He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.
Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.
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