Credit unions face a number of regulatory pressures that can often seem overwhelming. Engaging the services of a professional employer organization (PEO) for your compliance needs can help ensure that employees are treated equitably while your business continues to function as smoothly as possible.
Mitigating HR Risks in Credit Unions
Credit unions face a unique set of challenges as employers. In addition to all of the usual responsibilities of HR management, they must also comply with regulatory pressures that demand more transparency in HR practices, such as employment eligibility, fair wages, benefits, termination, reporting, and record keeping. This can prove quite daunting without effective systems for HR management in place.
Additionally, because credit unions handle sensitive financial information, it's essential for them to maintain their data systems' security and integrity. HR plays a vital role in data security by outlining clear policies about data ownership and confidentiality as well as handling any potential breaches, all of which only adds more administrative overhead.
How a PEO Can Help Your Credit Union Maintain Compliance
Outsourcing your HR functions to a PEO can help ensure that your credit union stays as cost-effective and efficient as possible while remaining in compliance with all labor laws. By taking the administrative work of HR off of your hands, you can focus less on compliance and more on growing your business.
At GMS, we understand the many risks associated with running a credit union. As part of our comprehensive HR services, will work with you to become a more streamlined and compliant workplace by:
Contact us today or visit our FAQ page to learn more about how GMS can make your credit union simpler, safer, and stronger.