Guides

Managing regulatory compliance in retail and hospitality

How do you effectively manage your workforce while mitigating compliance risk?

 

Top compliance challenges for the retail and hospitality industries

Retail and hospitality workforces are very diverse, with different types of workers including part-time, full-time, seasonal, contract, and student workers. The industries are heavily scrutinized and under pressure to remain compliant in areas of business such as planning and scheduling, benefits eligibility, payroll and minimum wage, and internal policies and procedures.

 

The cost of compliance

Compliance is a necessary business obligation and its importance – and complexities – continue to grow. The risks of non-compliance are substantial, and repercussions can include costly government investigations, hefty fines, and legal action taken by employees. Beyond financial penalties, failure to comply with laws and regulations can wreak havoc on an organization’s reputation or customer relationships, and has the potential to negatively impact growth and profitability.

Prevention can take far less time and resources than remediating the damage of neglect. Yet, many retail and hospitality organizations remain unprepared for legislative changes and government audits.

 

Self-policing is not enough

HR professionals and payroll administrators spend valuable time making sure they are keeping pace with compliance and reducing the risk of costly fines due to manual errors. Taking on responsibility for compliance often involves conducting research or relying on an external expert to interpret the changing requirements.

Organizations are subject to more rigorous examinations and steeper fines today than ever before. This means that corporate commitment to compliance must be a priority for organizations.
This guide provides an overview of:

  • Key compliance challenges businesses in retail and hospitality face
  • How to enhance their practices with a holistic approach to managing compliance

 

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