Compliance is a constant, unrelenting pressure on business owners and managers.
This is not a new pandemic focus for business leaders. Unfortunately, the compliance impact is not properly understood by policy makers at every level of government. It is an item that grows in importance each year – more complex, and bigger implications for getting it wrong.
The challenge is that compliance cannot be tackled “at all costs”. Your business would go broke while having the best adherence to the myriad of compliance issues.
It needs to be tackled within the matched objectives of:
- Business performance – help the business be the best it can be by measuring and providing meaningful data on activity and margins.
- Complexity – or should we say simplicity – a constant focus on systems and processes to implement seamless technology, efficiency, and clarity about important business processes.
- Compliance – from the big irregular items (eg contracts) to the everyday items (eg Privacy, HR and payroll), compliance impacts every person in the organisation.
Like a three-legged stool, all three aspects need to be considered when setting direction, implementing systems and process, and building the teams to run functions.
We all need to embrace technology while recognising that an over-reliance on technology will end in tears. End to end fully integrated systems can be the right solution, but for smaller, nimble organisations can be expensive and unproductive. Knowledge of what is available and right for your organisation at its current level of development is needed.
Everyone needs a posse. Access to specialist expertise so you are not guessing on critical aspects of your business. Most organisations cannot possibly have sufficient expertise across the legal, accounting, tax, HR and payroll disciplines. Let alone strategy, training, recruiting, and marketing.
Don’t be like Enron (remember them?) and assume the brightest people and the best ideas are in the room.
And of course, your organisation needs internal staff that are capable of excellence in those areas you deem are core competencies. Choosing these core competencies is a little bit obvious and a little bit art and genius. For most it covers the functions involved in winning and delivering work and not much else.
We started Middle Office because Payroll has become too complex for most organisations to successfully operate internally. The “wage theft” articles are a constant reminder.
We set about building a service that embraces compliance, of course, but within a framework that combines superb technology and the best human expertise. Only then can we ensure our clients receive a quality solution that removes complexity and helps improve internal performance.
Improved performance, reduced complexity, and addressing compliance in functions that are important but not core. That is the sort of service that allows owners to concentrate on building their business.
Photo by Eva Blue on Unsplash
Rod is a 40-year veteran of Australian and international IT and corporate advisory organisations. His executive-level credentials traverse many segments of the staffing and recruitment industry and include corporate advisory assignments, mergers and acquisitions mandates, and advisory to multinational and other public and private organisations. Located in Perth, Rod provides local industry acumen and global knowledge to recruitment agencies internationally.