In March 2020, France’s highest court penalized Google with an eye-watering fine of €50 million for violating GDPR policies. If this can happen to a giant company, how much more to smaller businesses that fail to comply with workplace legislation? Adherence to regulations prevents legal liabilities, fosters a safe and healthy work environment, and increases productivity. For this reason, everyone in any organisation should undergo the appropriate workplace compliance training. Here are four laws that all employees should know.
2008 Legislation
After the 2008 financial crisis, the European Union created a framework aimed at standardizing business practices across the area, particularly in firms that deal with shares, bonds, currencies, derivatives, and other assets. The Markets in Financial Instruments Directive II rolled out in January 2018 and fills the gap of the old provisions. MiFID II regulates financial markets, creating more extensive protective measures for investors to restore their confidence in the industry. It covers all features of investment and trading.
The law affects all financial professionals, such as bankers, fund managers, brokers, retail investors, and traders. If it’s all overwhelming it’s worth contacting a business coach who can make you aware of all relevant compliance legislation your business might need. It also addresses transactions with financial service firms or products outside the EU, as long as they have dealings with companies in the bloc.
GDPR
The General Data Protection Regulation aims to protect the privacy and personal information of EU residents by providing guidelines on how to collect and process their data. All websites that attract individuals from the EU should adhere to the regulations, regardless of their location and even if they don’t sell services or goods to EU citizens.
The GDPR has seven principles that serve as the basis upon which all businesses and organisations build their data protection protocols. The first rule, lawfulness, fairness and transparency, ensures that customers understand why they are giving their data. Purpose limitation confines the use of data collected to the reason stated by the business. Data minimisation prevents organisations from hoarding unnecessary data, while accuracy requires them to update or get rid of inaccurate information. Storage limitation restricts businesses from storing data for an unlimited period.
Integrity and confidentiality recommend that organisations have security measures that safeguard the data they hold, and accountability obliges businesses to adhere to the GDPR.
Equality and Diversity
Founded on the Equality Act 2010, Britain’s anti-discrimination law protects persons from unlawful treatment and promotes equal opportunity for all. There are nine aspects covered by the Equality Act: age, disability, gender reassignment, marriage and civil partnership, pregnancy, race, religion or belief, sex, and sexual orientation.
Under the law, businesses should offer equal pay to men and women. Employers should also provide reasonable adjustments for disabled employees whenever needed or requested. If an employer asks the applicants health-related questions, the purpose should be to determine whether the candidates can perform a function essential to the job, and not to single them out for their disability.
Health and Safety
All employers must have adequate and appropriate facilities and personnel to provide sick or injured employees with immediate care. Employers can decide which first aid arrangement is best suited for their workplace by conducting a first aid needs assessment. Low-risk environments such as an office with less than five employees must have as a minimum a first aid kit and a person assigned to contact emergency services. Workplaces with high health and safety risks such as construction sites need a trained first aider.
All work premises should have general fire prevention measures. They should also have readily available fire-fighting equipment and facilities, and a dependable evacuation route in case of a fire. Moreover, employees should undergo adequate and appropriate fire safety training.
There are several health and safety e-learning training courses that cover first aid and fire safety. Most of these are as comprehensive as face-to-face classes, however, more flexible and less time-consuming.
