HR risk may impact profits

Why Business Owners need to know how HR risk may impact profits

In the absence of dedicated HR advice and support, management of employee issues and ensuring employment law compliance mostly likely falls with the Managing Director / Business Owner. Does this sound like you?
If so, are you confident that you understand HR Risk? We have listed a few common examples below and the associated risks:

  • Failure to provide a written statement of employment within 5 days of an employee starting (penalty: up to €5,000)
  • Failure to retain records on working hours, breaks, and rest periods (penalty: up to €1,500)
  • If you lose an unfair dismissal claim in the WRC (penalty: up to two years’ remuneration paid to the former employee or employee reinstatement / re-engagement )
  • Should you lose a discrimination claim on one of the nine grounds in the WRC (penalty: up to €40,000)

Thankfully, with early intervention, most employee issues can be dealt with in a collaborative and informal manner. Equally, employment law compliance can be easily managed with a little focus and expertise.

Drew Consulting is your outsourced HR and talent Partner. We work with businesses like yours to implement the HR fundamentals (policies, procedures, employment contracts) and provide a dedicated account manager to your business, who is available when you need a quick response to HR and recruitment queries.