1 Easy "Trick" to Protect Your Company from HR Data Mismanagement 

Are you risking your company's success by mishandling HR data?   

In today's digital age, data can make or break you.  

Poor data management can lead to breaches, compliance issues, and poor performance that could cost your business dearly. But with one easy trick, you can not only protect your company from these possible pitfalls, but you can supercharge your operations with the power of usable data. What trick? Partnering with an Employer of Record (EOR).   

This article discusses common mistakes in HR data management and how EOR services can help. EOR services keep your data secure and accurate. They make sure your data follows local laws. This allows you to focus on what really matters: growing your business.  

Mistake #1. Neglecting Privacy & Security  

We have more data than ever before, and with it comes greater pressure to protect it. Yet, many businesses still fall short when protecting sensitive information. Common issues include inadequate security measures, outdated protocols, and a lack of staff awareness about data privacy practices. This negligence can lead to serious consequences, such as data breaches, financial penalties, and loss of trust.  

For companies engaged in global employment, the challenge is even greater because of varying local employment laws. Failing to address these security gaps not only jeopardizes your company's reputation but also exposes it to legal and financial risks. 

How an EOR Can Help…  

Partnering with an Employer of Record can provide a robust solution to data privacy and security concerns. EORs like TCWGlobal, are experts in managing and protecting sensitive employee information in accordance with international regulations like GDPR, CCPA, etc. At TCWGlobal, we implement stringent security protocols, conduct regular audits, and offer comprehensive training to ensure all data handling practices are up-to-date and secure.  

By leveraging an EOR's expertise, you can mitigate the risk of data breaches, ensure compliance with diverse privacy laws and regulations, and maintain client and employee trust. With an EOR handling your data security, you can concentrate on your core business while remaining confident that your sensitive information is safe.  

Mistake #2. Overlooking Data Accuracy & Regular Updates  

Inaccurate or outdated data can severely impact your HR operations. Common issues include mismatches in employee records, incorrect job details, and outdated contact information. These errors can lead to misinformed decisions, inefficient processes, and potential compliance issues. For example, hiring based on incorrect qualifications or mismanaging employee benefits due to outdated information can disrupt operations and harm employee satisfaction.  

Additionally, failing to update data regularly can exacerbate these problems, leading to compounded errors and increasing the risk of non-compliance with regulatory requirements. The consequences extend beyond immediate operational hiccups, potentially leading to long-term strategic setbacks and legal challenges.  

How an EOR Can Help…  

An EOR ensures your HR data is meticulously maintained, accurate, and consistently updated. For instance, EORs like TCWGlobal implement regular data verification and update processes. 

TCWGlobal regularly monitors real-time flags, looking for data discrepancies or needs for data updates. An example of data updates is updating a worker's active status. In addition, we reach out to your team annually to ensure your policies reflect your current priorities and resources.   

By partnering with an EOR, you benefit from their expertise in maintaining high data quality standards and ensuring timely updates. This reduces the risk of operational ineffectiveness and compliance issues, allowing you to make informed decisions and streamline your processes. With accurate and up-to-date data, you can strengthen overall business performance and avoid the pitfalls of outdated information.  

Mistake #3: Ignoring Data Analysis  

Collecting data is just the beginning; failing to analyze it is a critical oversight. Many businesses gather employee data but do not leverage it effectively, missing valuable insights that could drive strategic decisions. Without proper analysis, data remains a collection of numbers rather than a source of actionable intelligence.  

This oversight can result in missed chances to optimize workforce management, identify trends, and improve overall business strategies. Ignoring data analysis means missing out on the potential to enhance employee engagement, streamline processes, and make data-driven decisions that could greatly influence your business's success.  

How an EOR Can Help…  

An Employer of Record manages your HR data and harnesses its full potential through advanced data analysis. 

TCWGlobal offers our clients all kinds of reporting, including standardized and custom reports or dashboards. We can ensure secure access to reports, guaranteeing that only the relevant contacts have access and/or that contacts only have access to insights about their people. On a quarterly or as-needed basis, we'll review the data with you, discuss patterns and insights we see, and consult you on what HR business trends may make sense for your organization.  

By partnering with an EOR like TCWGlobal, you gain access to expert analysis that helps you optimize workforce planning, improve employee engagement, and refine your overall HR strategy. Applying these insights allows you to make informed decisions, enhance operational efficiency, and drive your business forward with a data-driven approach.  

Wrapping Up  

In today's fast-paced business environment, neglecting HR data management can lead to costly mistakes that compromise your company's security, accuracy, and strategic potential. However, these pitfalls are avoidable. By partnering with an Employer of Record like TCWGlobal, you can ensure that your data is secure and compliant, accurate, up-to-date, and fully leveraged for business insights.  

Don't let poor data management hold your business back. With an EOR handling your HR data, you can confidently focus on growing your business, knowing that your data is in expert hands. Ready to take control of your HR data? Contact TCWGlobal today and start turning your data into a powerful asset.