This essay focuses on compliance with legal and ethical standards.insights you gained from reviewing the SHRM Body of Competency and Knowledge model.
In response to your classmates, comment on any shared experiences and insights. It is you gained from reviewing the SHRM Body of Competency and Knowledge model. Share any recommendations for improved resolutions to organizational issues or the achievement of strategic goals. For example, a recommendation to increase employee retention rates is an HR initiative focuse on improving employee/management relations. This initiative might include management training, a nonpunitive disciplinary process, and a new employee recognition program.Internal control refers to the process of monitoring company communication — in particular accounting, financial reporting and asset management —
to ensure compliance with legal and ethical standards. Small businesses often don’t have a designated internal control department, although they may have a compliance officer. Owners commonly assume this responsibility in combination with company lawyers, auditors and accountants.. Keeping accurate accounting and financial records means avoiding errors that lead to faulty tax reporting, criminal action, tax penalties and negative business publicity. You also must recognize legal factors in play in your operations, such as health and safety in a restaurant business. Knowing your areas of vulnerability helps proactively protect against issues. A small business owner may prepare the memo to distribute to members of his team, or one of the department managers could also prepare the memo for review by the owner. A good strategy memo covers the topic in greater depth than can be do with slides containing bullet points.