Constant regulatory changes and the complexity of compliance work continue to drive demand for compliance professionals. Creating a compliance team to handle these regulatory compliance mandates is a must-do.
It would be best to refine your talent management strategy to help you recruit the best talent.
Businesses should not underestimate the importance of having a compliance system at work. Your compliance team is an early-warning system for your business.
Without a solid compliance program or team in place, you could be putting your business at risk. Also, finding ways to attract, engage and retain talent need to be a top priority.
3 Key Elements Of Your Talent Strategy
Here are three key areas your business can consider when you start working on your talent management strategy:
- Use hiring technology correctly
- Create a system to attract and engage the right compliance talent
- Partner with a regtech company for compliance support
It’s worth paying attention to these three areas. If you can act on them now, it can take the sting out of the tail when compliance demands increase.
You can stay on top of the constantly changing laws and regulations. Additionally, you will have the peace of mind that you can meet regulators’ demands.
Use Hiring Technology Correctly
The use of AI-based tools and advanced data analytics technology in workforce management is becoming more popular. However, there have been several incidents where algorithms have created a bias for companies during recruitment.
An error in recruiting a compliance employee would be particularly embarrassing!
Automation speeds up processes and saves time and money. However, when combined with recruitment, there must be no bias when hiring.
A new law for New York City in 2023 requires employees to conduct annual bias audits on automated processes. It follows some recent high-profile cases where bias was an issue.
Get Ready Before Enforcement Of The Law In 2023
The best way to handle this is to organize yourself before the legislation comes into effect. You should check all your automated-decision tools to see if they are trustworthy.
This proactive approach can reduce your chances of regulatory exposure. It would also help to build trust with your current and potential employees.
You can check this by running your models (during development and after implementation) through a “fairness workflow.”
Apply it to real-life situations and ensure it addresses four key areas: bias identification, root cause analysis, mitigation, and reporting. The results will guide you on what you need to do next.
Attract And Engage The Right Compliance Talent
With so many different recruitment approaches it can be easy to get sidetracked from “real recruitment.”
When you want to attract the right talent to meet your compliance demands, you need to find it in the right way. There is no point in attracting a large pool of candidates that don’t have the right qualifications.
The best approach is to hire people from a smaller pipeline of more qualified compliance talent. You can do this by being completely transparent about the role in your job advertisement.
Give as much information as possible about the job, detailing any necessary qualifications and work experience.
Engage Your Future Workforce
You might have the most wonderful company in the world. However, it’s not a given that a future employee will think the same way. You need to put yourself in your candidates’ shoes and see it from their perspective.
It is hard to find compliance staff; in most cases, these candidates can pick and choose the roles they want.
You can engage your future employees by understanding their pressures. They will be receiving constant emails from recruiters. It would be best if you made your email stand out from all the rest.
Research and understand what motivates them and makes them happy at work. Then explain how your job is going to help them.
Partner With A RegTech Company For Compliance Support
Your talent strategy shouldn’t rule out different ways to manage your compliance demands. You might have a tight budget and can only afford so many employees.
Look into other ways to support your compliance team. Anything that reduces work stress for compliance professionals will always receive a welcome with open arms.
Streamlining And Gaining Access To Compliance Experience
Partnering with a RegTech company is a great way to help compliance employees. Many regtech companies can customize their solutions for individual companies.
This flexibility means you can create a system that matches your compliance needs. You can streamline business processes instead of overloading your employees.
For example, instant access to regulatory changes and the ability to print reports at the click of a button are powerful tools.
Additionally, regtech companies specializing in compliance solutions, usually have a background in compliance. This experience is valuable and can help to refine processes further to meet compliance demands.
Next Steps
Recruiting compliance talent is only going to get more complicated. Refining your talent strategy will help you find the best candidates for your organization.
Stay on top of new legislation and update your company procedures and policies. Attract the right talent and engage them. Also, consider using a regtech company to help.
Don’t get complacent and lean on old recruitment systems in a race to find the best compliance employees.
Assess your talent management strategy in detail and improve it whenever you can. It could be the difference between securing strong candidates quickly or losing them to your competitors.
