Regardless of the size of your organization, the industry you’re in, or the business strategy you follow, you must prioritize the minimization of risk. Although your company will never be completely risk free, you can manage and reduce workforce-related risks with a holistic workforce management solution that includes strategic services and technology. If the risks your business faces aren’t addressed head on, your profitability can suffer significantly.

When you engage a partner that is experienced in providing the right management solutions that include seamlessly integrated technology and services for your unique business challenges, you can effectively reduce risks by supporting effective workforce management and administrative services. A multi-pronged approach will create both short-term and long-term positive results on your reduction of risk.

Here’s how a workforce management solution can help.

Ensure Tax Compliance

Tax regulations are complex, nuanced and ever-changing, which means they can be difficult to keep track of and follow. But if you don’t ensure full compliance, your company can face heavy fines and penalties. A workforce management software system that has built-in payroll processing functions can help your accounting department ensure that all current and applicable tax laws are being followed to the letter so you can reduce tax liabilities and increase tax savings.

Ensure Employment Compliance

Health and safety regulations and employment standards are numerous. In order to avoid lawsuits, costly penalties, and a bad reputation, these regulations must also be followed by your company and all of your employees and contingent workers. But when your workforce isn’t properly managed, it can be hard to guarantee that everyone is being compliant. With the services of a workforce management agency, you can identify weaknesses in this area and strengthen them before they cost you.

Ensure Classification Compliance

Hiring contingent workers can be beneficial in labour cost reduction and increased flexibility. However, it comes with its own set of compliance liabilities. Understanding the differences between employees and independent contractors and being able to identify the distinction in your workforce can reduce your risk of classification non-compliance. Consequences of misclassification include interest fees, penalties, fines, and even civil lawsuits by disgruntled contingent workers.

Reduce Administrative Errors

Attendance errors, payroll miscalculations, benefits mistakes, reconciliation blunders—they’re all common when you manage your workforce without the help of technology. A workforce management system can automate the process, making it easier for your company to track hours and pay your employees and contingent workers. When you replace the manual process with technology, you can receive detailed and accurate reporting, which can significantly reduce your risk of preventable errors that cost you money.

Increase Workforce Visibility

A workforce management solution can give you the insights and data you need to make informed decisions. With the right information, you can place your workers where and when you need them most in order to increase productivity and lower labour costs. Workforce visibility will also allow you to see performance issues early so they can be rectified before they become a bigger problem. When you can track and monitor your workers, you can also determine best practices that will allow for greater control and policy enforcement to reduce potential exposure to risks.

The Right Solutions Can Protect Your Assets and Company

A holistic workforce management solution that includes custom services and the use of state-of-the-art technology can significantly reduce risk in your organization. Your workforce is one of your biggest assets, but it’s also one of your biggest liabilities as well. When your workers are properly managed with the right solutions, you can effectively reduce your risk of tax, employment, and misclassification non-compliance and administrative errors, while also having the in-depth knowledge you need to make informed decisions about your workforce.