Risk Management Best Practices

In the workplace, risks may vary depending on industry, corporate governance, and task or role-based duties. Each industry and business may take a slightly different approach, but generally speaking, risk management typically follows these basic steps:

  • Identify. This phase addresses business objectives are clearly defined and recognized by all stakeholders, as well as determining the appropriate strategy to mitigate risks. This is oftentimes outlined in a risk management plan. Further, your risk management plan should include training, checklists, and questionnaires to identify as many existing and potential risks as possible. Each risk should then be recorded (including details, such as the cause and effect of such risk) and categorized to ensure prompt and adequate action is taken to remediate the issue should the risk arise.
  • Assess. This phase addresses the level of attention and action needed, which can be measured through qualitative (i.e., characteristics of risks) or quantitative (arithmetic approach to simulate potential outcomes from the risk) methods. Qualitative methods may include analyzing risk probabilities and potential outcomes to prioritize variations of risks. Quantitative methods might include sensitivity analyses or decision trees to unmask important risk factors and outline a response plan.
  • Control. This is where your risk management plan should come into play. Controlling the risk entails response planning, which should include the three A’s: appropriate, achievable, and affordable. There are several different ways to respond to a risk. For example, a response may transfer or reduce the risk. So if a cyber-attack occurred, the response may be to deflect the response to a third-party cybersecurity provider. In this phase, it is also important to monitor and report the effectiveness of your risk management plan for the next phase.
  • Review. As with any business or set of guidelines, frequent auditing of effectiveness is vital to continued efforts to improve the system or process. Risk, especially in a business context, is constantly changing, so the strategy and response should adapt to new and potential risk exposures.

Workplace Risks

The best way to address risks is understanding the current risks, identifying potential risks, and mitigating the risks to prevent injury or illness. Here are some common office workplace risks.

Slips, trips, and falls. These types of injuries can be caused from various different things, such as spills, wet floors, exposed cords, uneven ground, loose rugs, and disorderly areas. To prevent these types of injuries:

  • Immediately clean up spills and other things that may cause a slipping hazard. Make sure to post warning signs to prevent further injury or spills.
  • Clear congested areas of boxes or other objects that may block or confine a walkway.
  • Cords should be properly secured and clear of walkways.

Workplace violence. This is oftentimes a subject many do not like to discuss, but it is something every employer should be prepared for. Workplace violence is divided into four major categories based on the individual’s relationship to the workplace:

  1. Individual is employed
  2. Individual is a client or customer of the business’s service(s) or product(s)
  3. Individual is not an employee but is involved with an employee
  4. Individual has no relation and strictly possesses criminal intent

To assist employers with preparing for a worst-case scenario, it is important to assess potential risks, such as public-facing roles, workplace conflicts, domestic violence, disgruntled employees (both former and current), positions dealing with money or valuable items, and high crime areas. Employers should look into available resources, strategize prevention and response plans, and ensuring proper policies and procedures are adapted.

Social issues and politics. Social injustice, equality, civil rights, and harassment are becoming hot topics in the workplace. It is critical for employers to have strategies and best practices for addressing workplace politics. In today’s atmosphere, employees expect their employers to address social issues. However, many companies may argue that there is a fine line between social issues and business. 52% of employees expect their employers to address social issues even if not vital to the organization’s business.[1] To help indirectly address social issues and workplace politics, businesses may look to diversity, equity, and inclusion initiatives. Incorporating a diversity and inclusion committee can help mitigate risks and help address employee issues more effectively.

VensureHR has a team of risk management and compliance specialists who can provide industry best practices, resources and tools, and support for employers seeking a safer workplace environment and overall employee well-being. We understand the value of employee satisfaction and retention, which is why our safety and risk management professionals work diligently to provide customized solutions for your business’s needs.

 

Sources:

World Commerce & Contracting

Society of Human Resource Management

Jackson Lewis


[1] Zenefits

Boosting Digital Wellness in the Virtual Workplace

As companies shifted to a virtual workplace due to COVID-19, many quickly recognized challenges in their digital wellness. Digital wellness has two prongs that directly impact employers and employees alike: (1) maintaining an effective culture in a remote workplace, and (2) leveraging the IT and HR departments to streamline business efficiencies. Here are some ways employers can boost their digital wellness in the virtual workplace.

Maintaining Company Culture in Remote Workplace

Some of the top challenges of working remote, include:

  • Social isolation, communication
  • Distractions, time and project management
  • Supporting employees, inability to disconnect

Tips for boosting company culture in remote work

  • Conduct daily check-ins with your employees. These check-ins can address both personal and professional challenges your employees may face and how you – as the employer – can assist in alleviating those stressors.
  • Acknowledge jobs well done and encourage breaks. It can be easy for employees to be consumed in their projects while working from the comfort of their home. Make sure your employees are taking regular breaks to refresh, eat and stay hydrated, and disconnecting outside of work hours. Promoting jobs well done can help increase employee morale and create a positive remote working environment.
  • Invest in the tools and resources. The best way to support employees in a remote workplace is to ensure they have the adequate tools and resources available. These should include cybersecurity,

Bridging IT and HR

HR is typically the leader for employee experience than the role of IT (35% vs 17% respectively). However, HR and IT overlap in many regards to creating a more cohesive, effective remote workplace but fail to do so due to lack of mutual understanding and common objectives.

For example, employees utilize technology for different aspects of their roles. A new employee may be more engaged after receiving a digital “welcome” through an employee portal, with access to mobile-friendly apps, information, benefits, and remote onboarding. Whereas current employees may require access to necessary information, remote work capabilities, and ease of use of technology. Both require IT’s assistance for resolving technological issues, providing feedback on overall functionality, and the general impact of employee experience. Only 30% of HR teams at reputable companies provide IT relevant information and feedback on the employee experience with technology.[1]

One way to resolve the disconnect between IT and HR to boost digital wellness is to invest in a cloud infrastructure. The cloud simplifies IT operations and streamlines technology implementation. Additionally, businesses should hire and retain experts with knowledge in both HR and IT for a deeper understanding of current HR and technology available that could benefit their employees’ experiences.  

For more information on the latest digital technology, cloud platforms, or digital best practices, please contact VensureHR. Our HR and IT departments collaborate to find the best possible solution for both employees and clients.

 

Source: Remote.co


[1] Search Enterprise Desktop

Managing Workplace Politics

Social injustice, civil rights, and discrimination issues have been long-standing issues in the workplace for years and affect businesses across the nation in some way. During these times of social unrest, employees may experience mental health issues and lower engagement. Oftentimes, employees look to employers for a stance on social issues or some sort of support for their employees during these times. However, businesses may face the challenging decision on the fine line between taking a political stance and demonstrating support for all walks of life.

So how can employers manage workplace politics and effectively support employees without crossing ethical boundaries? Here are some tips for addressing workplace politics and social unrest.

Foster a diverse, equitable, and inclusive culture.

Diversity, equity, and inclusion have only grown more relevant in the workplace over the years. With social unrest on the heels of breaching the workplace culture, it is imperative for employers to initiate diversity, equity, and inclusion strategies to promote a healthier, stronger workplace culture. Instilling a safe, inclusive workplace is the best response to such socially charged events.

Consider implementing an employee assistance program (EAP).

EAPs are employer-sponsored programs that extend services or referrals to assist employees with personal issues, such as familial, financial, legal, medical, and professional. An EAP should include resources, tools, and professional guidance to help employees navigate stressors that may be a result of social unrest.

Acknowledge your dedication to support employees.

Sometimes the best way to ensure your support for your employees is tangible and real is simply communicating that. Simply showing that you care can reinforce employee engagement and satisfaction. A simple organizational statement on commitment to supporting employees and their well-being amid social unrest can make a meaningful impact.

Develop formal policies and procedures for conflict resolution.

Social unrest can cause workplace conflict between co-workers. Developing formal policies and procedures addressing these issues can provide guidance on mediating conflicts, stating clear repercussions for engaging in unethical or unacceptable workplace behavior (i.e., harassment, violence), and resources to de-escalate a situation can help prevent future conflicts.

Your formal policies and procedures should include a clear tone for appropriate workplace behavior, guidelines for respecting said policies and procedures, and following OSHA regulations. Civil disturbances and workplace violence are covered in OSHA’s definition of “workplace emergency.” Familiarize yourself with relevant laws, regulations, and best practices for workplace conflicts and resolution to better prepare, prevent, and address any future incidents.

Craft a strategy for safeguarding your business.

If your business is located in an area experiencing heightened social unrest, it is critical for businesses to remain proactive in mitigating risks and prioritizing employees’ safety. In reviewing your strategy, consider the following precautions:

  • Evaluate vulnerable property liabilities
  • Address security measures, such as installing security cameras, doors and windows locked, and investing in an alarm system
  • Modify work schedules
  • Train employees on best practices for addressing workplace conflicts

Navigating workplace conflicts, especially in times of social unrest, can be difficult for businesses. To better support your employees and protect your business, please contact VensureHR. Our HR specialists have years of industry experience to provide human resources best practices, tools, and resources to ensure your workplace remains safe, happy, and inclusive.

 

Source: HR Insights: Managing in Times of Social Unrest

Thriving in the New Normal

Some business took a significant impact from COVID-19, whereas others have found even greater levels of success. So how do surviving businesses thrive in a new normal?

Here are some tips to assist businesses grow during the ongoing COVID-19 pandemic.

Selecting the Right HR Software

Like any major business decision, the key to making a well-informed choice of product or services is to conduct due diligence. Here are some first steps to tackling the essentials in researching and selecting the right HR software.

  • Explore Trends: Whether you’re already following the current marketplace trends or just starting to explore them, it is important to stay informed of market trends as they pertain to business essentials like payroll and HR. It wouldn’t be beneficial to purchase an outdated or inefficient software. Check out the features and develop a checklist of what’s important to your business operations. Are you looking for something that reduces the amount of time spent on a particular task? Is it within your allocated budget?
  • Request Demos: Most HR software companies provide an opportunity for a free demo of their products. If they don’t have a form fill, be sure to reach out and request a demo of whatever product(s) you are interested in. Make sure to pace yourself and ask questions to fully understand all the features available. Try to avoid demos within a single demo. Use your checklist and see what the product fulfills and explore what it doesn’t. If you’re impressed, don’t be scared to ask for the provider to customize a particular feature you’d like to implement. This can help narrow which product is more suitable for your business needs.
  • Ask Questions: Come with questions! If you don’t understand something or want the sales representative to elaborate on how a particular feature will benefit your specific business need, ask him/her.
  • Review Testimonials: A majority of businesses should have client reviews or testimonials available, whether they be available through a product or service review site or hosted on the company’s website. If you do not see any available, do not hesitate to ask for current and/or past client reviews to gauge firsthand experiences before investing in the company’s service or product.

Outsourcing HR Services

While it is not always available or suitable for businesses, outsourcing your HR services can alleviate time allotted for these necessary, but mundane tasks and allow business owners to refocus on what matters most: building their business. Outsourcing HR services can offer great benefits to both employers and employees, as well as overall increase your business efficiencies and health.

Some advantages of outsourcing HR services include:

  • Access to HR software customized to your business needs
  • End-to-end solutions, from recruiting and onboarding to employee retention and separation
  • Dedicated HR experts to ensure compliance and development training
  • Cost-savings with an all-in-one HR solution

Investing in Strategic Partnerships

A great way to find the right HR software and avoid outsourcing HR services is to invest in a strategic partnership. For example, partnering with a professional employer organization (PEO) like VensureHR, can offer you even more than industry-leading HR services and products. VensureHR has a full suite of services and benefits that can help your business better serve its clients and take care of your employees. Our services including HR, consist of payroll, employee benefits, safety and risk management, and workers’ compensation. If you’re interested in learning more about partnering with VensureHR, please contact us.

 Source: Business 2 Community