One of the key drivers of success in businesses is an organization with a formidable corporate identity. A survey revealed that organizations perceived to have a stronger corporate identity outperforms the companies that weren't seen to have a good corporate identity by 25%. Creating a corporate identity plays an integral role in the visual perception of an organization. It correlates to the company's self-image that applies to the organization's internal and external communications.
In portraying the perceived self-image, a crucial component of scaling globally is compliance. Compliance reflects stability, a secured entity, and enables the organization to enter new markets seamlessly. But how does compliance play a crucial role in an organization’s corporate identity? This article highlights how organizations can establish compliance as part of their corporate identity.
Why should compliance be part of your corporate identity?
Generally, compliance means adhering to established employment laws, payroll laws, health and safety standards, and even data and security regulations. Governing entities mandate global organizations to meet established requirements in their business operations. Else, they risk the chances of getting penalized or fined.
Compliance is a properly designed set of rules and policies that positions your organization for optimum security and stability. These policies, if properly enforced, become the organization's core identity. But why does this matter?
Primarily, compliance enables your organization to identify and evade red flags.. It also positions your organization as a security conscious and ethical entity. Below are some reasons why compliance should be part of your corporate company identity.
Increase in productivity
One of the perks of having your organization seen as an ethical entity is that every operation is carried out properly and with due diligence. Having strong business standards creates a positive work environment where employees feel secure and properly taken care of. When an organization establishes guidelines that ensure accurate and compliant payments of employees' salaries, it shows fairness and safety, which can only increase the productivity of employees.
Avoid legal disputes and criminal charges
Information travels fast and bad PR has severe consequences for any organization. Legal disputes and criminal charges are direct effects of noncompliance. As a general rule of thumb, organizations should do everything within their purview to avoid anything that may lead to major legal disputes. Therefore, when compliance becomes a part of your corporate identity, your organization steers clear of legal complications.
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How to establish compliance as part of corporate identity
Making sure your organization adheres to all governing bodies' rules, regulations, standards, and ethical requirements is essential. The following steps can propel your organization into integrating compliance as part of corporate identity.
Start with the leadership
Establishing compliance as part of your organization’s corporate identity enables a work environment that values top-notch ethical standards and integrity - and there is no better place to communicate this ideology than from the top. Integrating compliance into your corporate identity requires an intentional commitment to getting the entire organization on board with the ideology.
You can start by assigning the responsibility to a leader who will ensure compliance as standard protocol.
Adequate training for employees
When the entire workforce internalizes and embodies compliance as an identity, it communicates a stronger message to external stakeholders and clients. Your employees must be properly trained on relevant laws, regulations, standards, and ethical practices.
Carry out risk assessments
Managing risks is a core principle of compliance. Therefore, to enable your organization to establish compliance as part of your corporate identity, you need to know the areas your organization is lagging in and manage the areas that pose the highest compliance risk to the organization.
Partner with a platform that enables 100% compliance
Ensuring statutory compliance with local employment laws, country-specific taxes, payroll regulations, and security standards is challenging. Also, crafting and revising your organization's compliance policies can be time-consuming and strenuous. By partnering with a third-party platform, the burden of handling these challenges is removed. The trick lies in discovering the compliance partner that meets your requirements and works for you.
Put compliance on auto-pilot with Skuad
Skuad’s global employment and payroll platform enables you to hire and onboard contractors and employees in over 160 countries compliantly. With Skuad you do not have to worry about legal risks and fines as Skuad ensures your organization is fully compliant with country-specific laws and regulations. Skuad can help you establish compliance as part of your corporate identity without the hassles.
To know more about Skuad, book a demo today.