10 Compliance Policies That Every Company Must Have

Having and maintaining certain rules and regulations is one crucial aspect of running a company.

However, doubts while choosing the most important compliance policies may generally crop up. But don’t worry. In this post, we are talking about that only.

Here, you will read about 10 compliance policies that every company must-have. So, are you up for it? Cool, let’s get started.

1. Defined Designation Descriptions For All Employees

One of the biggest mistakes that companies may make is going easy on the designations that they assign to their employees.

While they may do this to keep their employees from limiting their potential, in the long run, this can often backfire as well.

Let’s consider a scenario where you hire a new program developer but don’t define their role or their responsibilities for one reason or the other. In the initial days, this can still be fine. However, if the role is assigned even after a few days, your employees may start feeling insecure.

And we all know what happens when employees start feeling insecure. So, don’t let that happen.

Understand the importance of defining roles and designations of all employees that work for you.

2. Working Hours and Days

Even though the idea of flexible work hours is active and effective among employers of this generation, it’s essential to realize that this may require extra efforts from your management teams.

And that’s also fine. The point is that all your employees must know about the working hours (if you have defined them) and the working days that they need to visit the office on.

For example, some companies offer their employees two leaves a week, while others offer only one. Similarly, some companies offer their employees one extra leave once in a month while others may offer only one additional leave in a month.

And the same goes for working hours as well.

So, keep them defined.

3. Remote Work Policies

Well, this is certainly the most important hour to talk about this. The recent coronavirus outbreak has made a large number of organizations to encourage their employees to work from home.

Clearly, there’s a need for you too to consider defining specific work from home policies, so when your employees work remotely, they know what all is expected from them.

For example, if you want them to stay online on the work portal or to stay on the camera for completing their work hours (not the best thing to do, but if your organization requires it).

So, count this in while defining compliance policies for your company.

Work from home policies

4. Rules Regarding Company Hierarchy

Organizational hierarchy is one thing that a large number of companies have in common. And if your company is also one of them, it’s important for you to define your organization’s hierarchical rules and regulations to all your employees, whether new or old.

This will make them aware of who their senior managers are and who are working parallel to them so they can know the people who they need to report to and take guidance from.

5. Workplace Discipline

Another set of rules that all organisations must setup is related to workplace discipline.

Basically, you would know how you want your employees to behave when they are in the office. And this doesn’t specifically refer to bad behaviour. Although that must be covered and prevented under this set, the primary aim is to ensure workplace discipline regarding everything from meeting deadlines to working healthily as a team.

So, make sure you define certain rules for that. These compliance policies will help maintain the required discipline.

6. Rules Regarding Employee Training

Guiding your employees about their work responsibilities and several company policies is crucial. But does it come that easy?

Many times your employees may not like the idea of attending a training program. And this can be for a number of reasons.

Some of them may find it boring. Some of them may be afraid that they’ll have to invest extra time. Some of them may have other priorities. The point is, the process still remains crucial for you.

So, how to implement it?

Well, by setting certain rules and regulations about employee training can help you.

Also, if your employees are finding your training programs boring, you can choose a smarter set of eLearning tools to gamify the program. And to make sure that you pick the right tools, you can also indulge in an eLearning authoring tools comparison.

7. Privacy Policies

As an employer and as a service or product provider, you hold accountability towards the privacy of your employees and customers.

And so, your company must have certain policies and rules regarding how you take care of and maintain that.

So, make sure you include this one too.

8. Employee Appraisals

It’s a fact that money is one of the primary reasons why your employees work for you. And then there’s another fact that all of them expect appraisal based on their performance.

So, how do you plan on tackling this?

Well, it’d be smart to have a specific plan for promoting and giving hikes to your employees. This will help you ensure that every person that works for you is on the same page and knows the exact definition of adequate performance in your organization.

Setting rules about employee appraisals will also make your appraisal process hassle-free, keeping disputes at bay.

9. Protecting Information and Intellectual Properties

Here comes another one of the most important assets that must be protected — your company’s intellectual properties.

Like many other companies, your organization may also have a think-tank that may brainstorm to come up with effective ideas relating to different areas of business.

These ideas are useful for your organization and must not go out of the board-room. However, if they get leaked because of an employee, your organization may have to deal with certain losses.

And the same goes for information as well.

There can be a huge load of information that’s meant to be strictly confidential to your organization. If this gets leaked even in bits and pieces, it can cause harm to your business.

This is the reason why you must have certain laws and regulations regarding how your employees keep your company’s information and intellectual properties safe.

Protect Company Intellectual Property

10. Workplace Safety and No Retaliation

Workplace safety is one of the top concerns for nearly all employees of this generation.

This states the fact that a company with poor retaliation policies or poor workplace safety policies is surely going to disturb an organization’s reputation. As a result, you may also have a tough time hiring talented employees.

So, prioritize this one.

It’s important to assure that all your employees have the right to speak up against anything that might be bothering them in the workplace.

Setting up specific rules regarding workplace safety becomes super-important for this reason.

Final words

For running a company successfully, it’s crucial for you to define several rules and regulations and to make your employees aware of the same. In this post, we tried to do that.

Here you read about 10 compliance policies that your company must-have.

Hopefully, you enjoyed reading, and this post was helpful.

MyMG Team

We are a small group of professionals specializing in the field of project management. We wish you succeed in your career, business, studies, or whatever else you think is worth your time and effort. Pleased to know that our advice is helpful for you.

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