Staying on Top of Labor Law Changes is the Key to Closed-Loop Compliance
Staying on Top of Labor Law Changes is the Key to Closed-Loop ComplianceEmployers can’t improve their compliance without a clear understanding of the labor laws that affect them. And since wage and hour regulations are in a constant state of flux, this is something of a moving target.
The most efficient solution for employers is to develop a clear ownership policy for continually tracking and identifying all labor laws that pertain to their business.
To accomplish this, employers can begin by forming a Compliance Interpretation Committee, composed of managers and employees who are now responsible for addressing and interpreting labor regulations. The first act of the committee is to create a process for reviewing the laws and formulating unified interpretations.
The Compliance Interpretation Committee will also be responsible for communicating with regulators regarding proposed and drafted rules as well as finalized interpretations. This will not only ensure that their interpretations are correct, but demonstrate the company’s commitment to maintaining compliance.
Once interpretations are finalized, the committee will identify related training requirements across the organization.
And in addition to addressing new legislation, the committee should periodically review its interpretations of existing regulations in light of its ever-growing understanding of labor laws.
Closed Loop Compliance Process: Step 6
Closed Loop Compliance Process: Step 5
Closed Loop Compliance Process: Step 4
Closed Loop Compliance Process: Step 3
Closed Loop Compliance Process: Step 2
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