Today, HR has an array of mission critical responsibilities, including talent and employee engagement and retention, learning and development, succession planning and payroll and benefits management. Ultimately, though, none of these can be successful if the organization is fundamentally at risk.
Ensuring compliance to ensure an organization’s practices are safe and legal is at the core of HR, and the function’s proactive growth initiatives, but staying ahead of changing regulations and ever-increasing global complexity is easier said than done.
HR plays an essential role in maintaining organizational compliance, and with the ever-costly consequences for noncompliance, many HR departments are leveraging digital solutions and a flexible global service delivery platform with key capabilities to proactively manage global compliance and regulations.
Guaranteeing compliance & staying ahead of changing regulations
Of the many challenges of running a global organization, managing your people usually tops the list. Running a workforce across multiple geographies is difficult when you take into account the various laws and regulations that pertain in each country. Consider the Affordable Care Act, Brexit and the GDPR privacy regulations, in addition to local jurisdictions with annual revisions to laws.
Intelligent automation—the combination of artificial intelligence, machine learning, cognitive computing, and robotic process automation—is proving groundbreaking for organizations around the world in an array of areas, including managing compliance and regulations across a range of global HR functions.
National paid family leave is required by law in most high-income countries. Yet, with ever-evolving requirements and regulations governing employee leave, it may be tough getting parental leave right, and most employees would probably agree.
Similarly, with wages and salaries expected to outpace employer expectations in 2019, and nondiscriminatory, fair employee compensation still a top concern for employers across the globe. Thus, businesses face ever-increasing pressure to transform payroll, benefits and compensation processes, while ensuring compliance, and staying ahead of changing regulations.
Intelligent automation ensures compliance for these and more. But in addition to understanding what regulations are pertinent to the business, leaders must be able to apply them.
A growing number of HR leaders are embracing cloud-based solutions. Consider PwC’s Annual HR Technology Survey findings; 75% of the companies surveyed have at least one HR process in the cloud; 40% of respondents have moved core HR management systems to the cloud; and 26% have plans to in one to three years.
Initially, large global organizations with complex requirements, like international payroll, were hesitant to move core systems to the cloud, fearing the technology wasn’t mature enough. But over the past decade this has changed, and more and more businesses are moving core systems to the cloud in droves.
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I want to ensure global compliance and stay ahead of changing regulations