Global expansion brings exciting opportunities, not to mention more revenue.
It also brings a thicket of compliance laws and regulations to navigate through—and finding a way forward is about to become more difficult for many companies in 2024.
Upcoming Environmental, Social, and Governance (ESG) laws in Europe and the United Kingdom will require organizations to have thorough reporting measures in place to prove compliance. It’s essential for multi-national companies to stay on top of these laws to avoid risking fines ranging in the millions.
While the thought of that might be enough to set your team on edge, there’s help on the way. Bob comes with a host of solutions that can clear the thicket and help make compliance a little easier.
Keep up with ESG laws
There’s a reason why these new laws are coming into play: Sustainability has become a top priority in the last few years.
Besides the visible effects of climate change, consumers are showing a preference for sustainable products and services, putting pressure on companies to meet this demand. Young professionals are also putting pressure on their employers to prioritize the values behind these laws.
The United Kingdom’s new Corporate Social Responsibility (CSR) compliance legislation and Europe’s Corporate Sustainability Reporting Directive (CSRD) are coming into force in 2024, requiring companies to make regular reports on diversity, equity, and their social and environmental impact—increasing transparency.
Even with these laws coming into effect so soon, 88 percent of companies surveyed in Europe aren’t ready to meet these new CSRD requirements. And 32 percent of all businesses surveyed in the United Kingdom are completely unprepared to comply with the new legislation.
But Bob can help you prepare with a range of solutions that make it easier for you to report on social sustainability with robust people analytics.
The latest laws come with a long list of KPIs, from the number and type of professionals you employ (e.g., temp workers, full-time, part-time, etc.) to workforce gender ratios. Bob’s people analytics and reporting capabilities help you accurately report on these various KPIs.
For example, Bob’s DE&I dashboard helps you discover diversity gaps across your organization and lets you create cohorts to visualize your workforce representation and create overviews of all your findings.
Generate customized reports on diversity gap data to dig deeper into how well your organization is doing at meeting its DE&I goals. Bob’s easy-to-read dashboards give you the information you need to uncover why you have gaps and where, develop an effective strategy, make equitable decisions—and then export the data into handy reports.
Pay transparency and compensation
Pay transparency and equity reporting are already standard in many parts of the globe, but they are even more important with the new ESG laws coming into effect.
Bob makes it easy to ensure complete and accurate compensation data. Sync your pay details in Bob through Payroll Hub and integrated payroll solutions, including Paylocity and ADP.
Bob lets you see the big picture when it comes to compensation—you can take a look at your total headcount budget, what you’ve spent, and what you have left. You can also plan ahead with up-to-date and accurate data around pay bands.
Bob gives you clarity on where your organization stands and can break down information into the finest details. You can see the pay bands for different roles, use range positioning, and automatically link bands to relevant team members to calculate the compa-ratio.
Get greater clarity on pay equity within your organization with Bob’s compensation bands by comparing compensation data between a group of team members in your company who are in the same job and at the same level.
You can use compensation data across different features in Bob, including the employee profile, compensation events, workforce planning, and more. Bob also provides transparency for your people, allowing them to see their pay details in their profiles.
Time and attendance tracking
Regional laws around time and attendance can get complicated.
That’s where an HCM with solid time and attendance features can come in handy, allowing you to set custom policies for your teams—no matter where in the world they’re located.
Define attendance policies with Bob to meet geo-specific regulations at each site, and use Bob’s best-practice policy templates tailored to each region to make setting policies at each site even easier. While these templates are completely customizable, it’s important to note that they don’t guarantee compliance with any region-specific laws out of the box. The beauty of Bob’s time and attendance features lies in giving customers the ability to edit policies according to the unique needs of their organization at each site.
Bob can help you reduce the administrative burden on your HR team with its self-service features, which include easy logging, tracking, and approval of time and attendance entries. Managers and individual team members can also use Bob to take care of their own attendance and time off without involving HR, saving everyone time.
Bob’s Quick Fix feature also helps people flag and quickly correct any missing or incorrect timesheet entries before it’s time to submit, sparing your team from headaches on payday.
For easy compliance reporting, you can access and keep track of annual leave allowances and overtime in one place, on one screen. Filter it by team member, department, or site, and use it to gain deeper insights into work patterns. Use that data to create customizable reports that help you prove and maintain geo-compliance for every site you have around the world.
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Ensure people’s information stays secure
With the ever-present risk of cyberattacks, it’s essential to have structures in place that keep your team members’, products’, and customers’ data secure.
HR platforms store vast amounts of personal information. That’s why it’s even more critical to have an HCM with built-in security that’s compliant with the most robust privacy and security laws in the world, like GDPR.
This is why Bob complies with the highest security and privacy standards and is ISO 27001, ISO 27018, SOC2 Type 2, and SOC1 Type 2 certified.
HiBob’s security team, headed by the chief information security officer, includes a full-time data privacy officer who’s an expert in privacy and protection laws like GDPR and HR systems. The security team ensures all the features and processes in Bob that include data are protected and meet GDPR compliance.
Bob has safeguards in place to keep your data secure:
- Roles and permissions. Set permissions for the data people can see and the actions they can perform.
- Data encryption. Bob’s database has several layers of end-to-end encryption to protect sensitive data and comply with data security requirements.
- Consent. The HiBob team needs permission from a customer before accessing their account for maintenance or bug-fixing.
Breathe easy with Bob
You no longer have to hold your breath as the new European and British ESG laws come into play when it comes to reporting on social sustainability and people analytics.
Bob’s range of features makes it easier for you to stay compliant, giving you the tools to analyze and report on diversity, equity, compensation, and time and attendance, as well as helping you ensure people’s information stays secure.
With Bob, you can breathe easy knowing you’re staying compliant and that you’re helping make the world of work—and the world at large—a better place.
