Deel’s Cost-Effective Compliance Solution For Legal and Finance Professionals

By | March 29, 2021

Discover three cost-effective compliance solutions that can empower companies to achieve proactive and continuous compliance on a global scale.

As companies grow and expand across borders, keeping up with the ever-changing compliance requirements becomes more challenging. Staying on top of new rules and regulations that can affect their operations, workforce, and business structure is crucial for avoiding legal and financial risks.

However, seeking industry advice on regulatory changes can be unsustainable and costly. Not every organization has the resources to hire an in-house legal counsel or dedicate hours to monitoring regulatory updates.

Deel provides a comprehensive HR, payroll, and compliance solution for the financial services industry. The advanced features actively monitor, flag, and provide regulatory updates and compliance insights, enabling global companies to proactively navigate the complex regulatory landscape and promote the deeper integration of compliance into their business processes. Here’s how Deel’s solution works.

Workforce insight reports to alert you to workforce risks

With each country having its own set of rules and regulations, it can be challenging to keep up and ensure that a company’s operations, workforce, and business structure are fully compliant.

To help companies mitigate compliance risks, Deel offers Workforce Insights Reports that analyze worker data and the latest compliance developments. These reports are tailored to address the specific concerns of the business, allowing them to identify and address potential compliance gaps.

Legal teams can conveniently access these reports on the Deel platform or have them delivered to their email monthly. With these reports, companies can stay up-to-date with misclassification risks, expiring visas, and non-compliance with employment laws such as minimum wages and benefits.

See also: Compliance challenges companies face when growing globally

Compliance monitoring to detect global regulatory changes

In 2022, there were a staggering 61,228 regulatory events that occurred across 190 countries, according to Thomson Reuters. This means that, on average, there were 234 regulatory alerts daily, highlighting the sheer volume of regulations companies must keep up with and the rapid pace at which they change.

Instead of relying on manual compliance processes and waiting for the legal counsel or chief compliance officer (CCO) to catch regulatory updates, companies can now use Deel’s Compliance Monitor. It is the only tool in the market that uses automation to monitor and provide compliance regulatory updates for 150 countries, giving companies the confidence to hire and manage workers globally.

The Compliance Monitor can detect regulatory changes to employment laws across jurisdictions, which can have an impact on wages, pensions, private insurance, leave changes, tax obligations, and more.

Moreover, the Compliance Monitor simplifies the legal language and provides concise summaries of the impact on the business in just a few sentences. This feature helps with risk management and saves the HR or compliance department hundreds of hours that would have been spent on compliance tracking.

See also: The Key to Continuous Company Compliance in Today’s Global Landscape

AI-powered worker classifier to avoid misclassification

Expanding into new markets and hiring talent from different regions presents unique challenges when it comes to correctly classifying workers. With each country having its own set of criteria for worker classification and the laws constantly evolving, it can be difficult to keep up with the latest regulations.

But with Deel’s Worker Classifier, companies can now easily assess the classification of their workers worldwide. The AI-powered software uses localized employment case studies and classification tests, which have been researched and tested in 15 countries to ensure over 90% accuracy.

Deel’s advanced platform is unlike other basic tools. It allows companies to answer a few questions and then provides a comprehensive worker classification report based on the relevant local laws and precedent legal cases. This way, businesses can save time and effort and ensure they are compliant with the latest regulations in each country.

See also: Mastering Global Employment Status: A Guide to Worker Classification

Unlock continuous compliance with Deel

Deel’s the future of global HR and compliance, but it’s a platform companies can use today. It works for teams wherever they are, whatever their employment status. It’s built-in contracts, visas, background checks, payroll, equipment, benefits, equity, salary insights, compliance monitoring, and more, made to help businesses of all sizes compliantly hire, manage, and pay anyone worry-free.

Whether companies want to hire worldwide without opening legal entities, streamline HR compliance for global teams, or consolidate payroll for everyone, Deel does it all. Plus, local legal experts teamed with the latest advancements in AI and automation help you stay on top of labor laws everywhere and remain compliant.

Deel’s the only global-first HR platform built to scale with businesses no matter their stage of growth.

Sounds like the solution you’re looking for? Book a demo today to start your global expansion journey.

Leave a Reply

Your email address will not be published. Required fields are marked *