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Why Your Company Needs PEP and Sanctions Screening

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As a business owner, you probably know that compliance is essential to keeping your business running. This means safely storing financial records to protect client privacy, maintaining firewalls around all your data, and screening clients both during and after the onboarding process. Unfortunately, this third step often goes ignored – so much so that institutions around the world paid nearly $27 billion in non-compliance fines from 2008 to 2018!

All financial institutions (and all other businesses, for that matter) should conduct PEP screening and sanctions screening on every customer who wants to work with them. Not only is this necessary to avoid penalties and fees, but it’s also an important step to prevent illegal activities within your organization.

But what do these screenings look for – and why does it matter to your business? Here’s what you need to know about PEP and sanctions screening.

Spotlight

Diversified Staffing Services Ltd

Diversified Staffing Services is an Albertan staffing agency that focuses on creating strong relationships with its candidates in order to better satisfy clients. The company began operations in 1978 and has continued to grow. Now, with more than 140 employees, operating out of our centrally located head office in Calgary and our branch offices in Edmonton and Red Deer, we are positioned to help you fulfill your recruitment needs.

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We hear the term “getting back to basics” quite often and we’re hearing it a lot lately. Regular readers of HR Bartender know that I’m a fan of consulting the dictionary, so I did a quick search to see what “getting back to basics” means. The Collins Dictionary defines it as “concentrating on simple, important ideas or activities.”Getting back to basics can be an opportunity to refocus and streamline. It can be ways to deliver great work with fewer steps. To become more proactive, especially if the organization feels they have been very reactive lately. Getting back to basics can help us spend time on things that are directly aligned with the business. The reason I’m bringing this up is because now is a great time to evaluate HR compliance processes. If we step back for a second, let’s look at what’s going on right now. From a business perspective, organizations are redefining the customer experience. I’m not saying that’s bad. But companies are trying to set new expectations with customers. I’m hearing an increasing number of people talk about spending some or all their time back in the office. Even employees who are 100% remote are talking about going in for special company events. So not only are companies setting new expectations with customers, but they’re setting new expectations with employees. While we’re going through this reset, it only makes sense to examine the way we’re doing things in HR.

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Read More
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Read More
RECRUITMENT & RETENTION

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Article | May 12, 2022

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Since 2022, small businesses have faced the brunt of a talent shortage during the Great Resignation. “It's about capitalizing on the tailwinds as the economy heals and fully reopens.” Courtny Cloeter, Chief Revenue Officer at OneSource Virtual Talk about the great resignation, retention problems, and underfunctioning tech stacks. A National Federation of Independent Business report found that over 51% of small businesses couldn’t fill all their job openings in October 2021. According to Oracle’s report on the state of HR tech stack in 2020, HR managers of only 33% of small businesses consider HR tech stack as one of their top three issues. In addition, only 31% of small business HR teams report automating their people management processes. This leaves a lot on the table for SMBs who want to get the most bang for their buck. How HR in SMB’s Can Use Recruitment Technology to Improve Profitability SMBs that currently have a non-existent HR tech stack can look forward to gaining immediate benefits. According to Oracle’s report, 66% of SMBs reported seeing a significant improvement in efficiency. But efficiency is just the first step. In the age of talent shortages, remote workplaces, and mass resignations, SMBs can leverage a tech stack or tech recruiting platform to develop a winning hiring strategy. Let’s discover some of the benefits that could do wonders for the growth and revenue of SMBs. Attract Top Talent It goes without saying that quality workers benefit an organization much more than average workers. But the contrast between the two can mean either savings or a loss of thousands of dollars for small businesses. A McKinsey study reveals that in low-complexity jobs, high performers are 50% more productive, while the difference is 800% for high-complexity jobs. Developing a robust recruitment technology stack can drive high-qualified candidates faster to SMBs. Improve Employee Experience Hiring top talent is just the beginning. You need to retain that talent to save on hiring costs. That’s where employee experience comes in. A case study by Great Place to Work demonstrates how essential employee experience is. Brains on Fire, a creative agency, used employee surveys to increase their engagement score from 74% to 92% in just two years. Armed with the data from the survey, the small business refined its hiring process and boosted trust and engagement exponentially. SMBs will benefit greatly from a tech recruiting platform that includes engagement initiatives in its stack. Increase Productivity Increased productivity means higher revenue. In fact, Harvard Business Review reports that organizations that report 40% more productivity than average also have a 30–50% higher operating margin. That makes a massive difference for small and medium-sized organizations. How SMBs Are Using Recruitment Technology to Overcome Talent Shortages Recruitment Marketing The battle for qualified candidates starts way before a job application comes in. Many small businesses are making inroads into quality talent pools with recruitment marketing. For instance, many recruitment marketing tools allow organizations to instantly advertise on premier job sites. This saves time and helps SMB HR teams reach more candidates faster. Recruitment marketing tools are critical in the HR toolkit of SMBs. AI in Recruitment Tech Stack AI is a cross-functional technology in HR processes. With AI in recruitment, small businesses can maximize both time and resources to automate areas of hiring, candidate screening, interview scheduling and performance management. Data analytics can help uncover crucial insights into challenges, which can then be addressed with AI-based HR solutions. Conclusion: What Can Small Businesses Anticipate in the Future of Recruitment Technology? With technology recruitment, small businesses learn to tackle everything from hiring talent, managing performance and productivity, and shaping employee engagement. With technology, recruitment becomes more functional, performance-driven, and efficient. Small businesses can script tailored HR strategies that get the most out of their resources and deliver impressive results like it did for Brains on Fire. As SMBs continue to adopt modern tech recruiting platforms as their go-to HR management solution, they can shift their efforts towards strategic scaling. With a recruitment tech stack that scales with growing businesses, SMBs can sit back and focus on what matters: driving revenue. Frequently Asked Questions What are the technologies used in a tech recruiting platform? Some of the technologies used to leverage recruiting platforms include artificial intelligence, applicant screening and tracking, recruitment CRM tools, video interviewing tools, and training platforms. Is recruitment CRM a part of a modern recruitment tech stack? Yes. Recruitment Candidate Relationship Management (CRM) is used as part of the hiring process. It is used to manage all aspects of staffing and recruitment. It helps to build relationships with the talent pool and create a seamless hiring process. What are the must-haves in a recruitment technology stack? The must-haves of a recruitment stack are employee referral tools, email automation, video interviewing, CRM, social media automation, and job posting.

Read More
MORE ARTICLES

Spotlight

Diversified Staffing Services Ltd

Diversified Staffing Services is an Albertan staffing agency that focuses on creating strong relationships with its candidates in order to better satisfy clients. The company began operations in 1978 and has continued to grow. Now, with more than 140 employees, operating out of our centrally located head office in Calgary and our branch offices in Edmonton and Red Deer, we are positioned to help you fulfill your recruitment needs.

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OMNIPRESENT LAUNCHES OMNIACADEMY TO EMPOWER HR PROS TO HIRE AND ONBOARD GLOBAL TALENT

OMNIPRESENT | August 05, 2022

Global employment partner Omnipresent today launches the OmniAcademy, a free online learning platform dedicated to helping HR professionals and senior leaders to grow successful, international businesses with ease. Developed by Omnipresent's team of HR experts, the OmniAcademy's first course - 'Everything you need to know about international hiring' - comprises 13 step-by-step videos with downloadable guides for time-strapped teams. This is the first in a series of courses, and those who complete them will receive certification for the skills developed in each course. 'We founded Omnipresent on the belief that borderless hiring is a key component in the future of work. And with organisations looking increasingly further afield to hire the best talent in a competitive market, HR leaders need to be equipped with the right information to guarantee a positive employee experience, wherever their employees are based. However, we know first hand that this can be extremely complex - our team of over 400 is currently based in 53 countries, so we've had to navigate these very challenges ourselves. This is why we've created the OmniAcademy: to help HR teams make the most of global work and create a seamless experience for their employees." -CEO and Co-founder of Omnipresent, Matthew Wilson The launch of the OmniAcademy comes at a time when 96% of HR professionals are facing challenges with 'future of work initiatives', but 47% 'don't know the best tactics or tools to overcome these issues'. All this in a post-pandemic world where they are tasked with delivering hybrid and remote set-ups, while maintaining a positive employee experience. About Omnipresent Founded in 2019, Global employment partner Omnipresent provides client-focused, tech-enabled business solutions combined with personalized expertise to support hiring people globally. Businesses looking to go global can hire and manage employees compliantly in more than 160 countries through the OmniPlatform, Omnipresent's proprietary digital platform and SaaS product. Companies can easily integrate HR administrative duties, including payroll, expenses, taxes, and benefits, to let them focus on growing their business. As a fully remote company with no corporate headquarters, Omnipresent has grown from a team of two to more than 400 people in 50+ countries worldwide.

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HR STRATEGY

Tandym Group Announces Acquisition of Longford & Company

Tandym and Longford & Company | August 04, 2022

Tandym Group, a leading national recruitment, contract staffing, consulting, and workforce solutions company, has acquired Longford & Company, a Boston-based technology consulting and executive search company. Terms of the transaction were not disclosed. Tandym is backed by Mill Rock Capital, a growth and operations-oriented private investment firm that invests in well-positioned industrial businesses in North America. Longford provides technology consulting and executive search services, primarily to clients in the Life Sciences, Pharmaceutical, and other industries. The acquisition further enhances the scale and scope of Tandym Tech, Tandym's technology vertical, and comes shortly after Tandym's acquisition of Metro Systems. As a result of this partnership with Tandym, Longford's clients will be able to access a broader range of services and expanded capabilities. It also strengthens Tandym's position as a trusted technology partner to its clients. "Longford has a sterling reputation in Life Sciences, In addition to having an outstanding industry track record, Longford shares our commitment to delivering exceptional client service through a high-touch, highly personalized approach." -Larry Dolinko, CEO of Tandym We're incredibility excited to join forces with Tandym, Tandym is aligned with our commitment to service excellence, honesty, and creating value for our clients or candidates. With Tandym's infrastructure and broad service offerings, we'll be able to provide tailored solutions for our partners on a greater scale and at a national level,added Sean McCourt, Founder and Managing Director of Longford. Charles Heskett, Executive Chairman of Tandym and Senior Partner at Mill Rock Capital, added, Longford's deep-rooted relationships in the Life Sciences industry in Boston and New England will foster commercial collaboration with Tandym's Life Sciences vertical. We are very excited about the expanded scope of services the combined platform can offer to the Life Sciences industry at large. About Tandym Group Tandym Group (formerly The Execu|Search Group) is a leading national recruitment, contract staffing, consulting, and workforce solutions company with offices throughout the U.S. The company serves clients across a broad range of verticals, including Healthcare, Technology, Life Sciences, and Professional Services (which includes Accounting, Financial Services, HR/People & Operations, and Legal). For more information, please visit: tandymgroup.com About Longford & Company Longford & Company is a strategic consulting and executive search firm committed to helping their clients solve technology and business problems. Longford focuses on providing highly specialized consultants on a wide range of technology and business-related projects and performing executive level search services for various industries. About Mill Rock Capital Great Mill Rock LLC dba Mill Rock Capital is a growth and operations oriented private investment firm that invests in well-positioned middle market industrial businesses in North America. Founded by Christopher Whalen and Adi Pekmezovic, Mill Rock Capital is purpose-built to invest in family-owned businesses, owner-operators and founder-led companies across six industry verticals. Focus sectors include chemicals, materials and packaging; industrial distribution; services; metals and engineered materials; transportation and logistics; and specialty manufacturing and industrial technology. This strategy leverages the deep expertise of the firm's principals, a majority of whom have direct operating experience in these same industries. Mill Rock Capital supports business transformation through a dual-sourcing strategy encompassing majority equity and Activ Capital® – debt, senior equity or hybrid investments which provide business owners value-added financial partnership without relinquishing a controlling stake.

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TALENT MANAGEMENT,EMPLOYEE BENEFITS

WorkFaith Launches WorkFaith Now

WorkFaith | August 03, 2022

WorkFaith announced WorkFaith Now, a new online learning platform for job seekers and employees. WorkFaith Now offers self-paced job readiness and career development courses at no cost to both individuals looking for work and staffing agencies who want to upskill their clients. "WorkFaith Now is a transformative digital platform that gives 24/7 access to faith-based training and coaching opportunities. No longer is time or transportation a barrier for those who need immediate access to critical job resources, When you access WorkFaith Now, you can expect to receive essential job training skills that have helped thousands of individuals obtain employment over the years. WorkFaith is an industry leader in workforce development, and has a vetted process that caters to individuals looking for long-term employment." -Nick Hardy, Chief Program Officer at WorkFaith Features of WorkFaith Now include: 24/7 access from a smart device Engaging on-demand content No cost to the user WorkFaith Now will be available starting August 1. About WorkFaith: WorkFaith is a organization that provides faith-based training and coaching for anyone who desires long-term employment. WorkFaith has helped thousands of people find work and achieve long-term success for over 16 years.

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