There are various laws, rules, regulations, policies, and procedures applicable to Company. But the question that arises is why comply? Why there is a need to comply?
Here is the answer: A timely compliance with all the laws, rules, regulations and policies can benefit an Organization by avoiding fines and penalties, helps in the smooth running of the business, image building and to enhance goodwill.
- EMPLOYEE RETENTION: An employee would like to work in a positive environment where there is safety. A positive work environment improves the productivity and efficiency of employees. There would be the tendency of employees to switch workplace where complaints and non-compliance-related issue exists.
- TRUST BUILDING: A compliant organization is able to foster the trust of employees, customers, vendors, and other stakeholders.
- IMAGE BUILDING: A Compliant Company contributes towards its positive Image building, Reputation, and Goodwill, and it acts as a great tool for the satisfaction of employees, shareholders, and stakeholders.
- REDUCED LEGAL CHARGES: A Compliant Company can reduce the legal charges, penalty, interest fines, and penalties to nil. As no Organization wants to suffer from the risk/result of non-compliance with various rules and regulations.
- BETTER RELATIONSHIP WITH REGULATORS: When Company is performing with ethical standards and policies and has clear policies and guidelines it makes it easier for regulators to deal with the Company. Also, regulators like government and public forums can make a quick and clean decisions when they are of the knowledge that the organization is in compliance with applicable rules and regulations.
