The Importance of Staying on Top of Regulations That Can Impact Your Employees 

As an employer, you are responsible for complying with various laws, rules, regulations and requirements. Many compliance requirements are specific to employment. Given this level of responsibility, even the most diligent and experienced organizational leaders must dedicate ample time and attention to remain informed about relevant regulations and adjust operations as necessary to ensure compliance.

Artificial Intelligence Regulations

Artificial intelligence (AI) has emerged in countless ways across many sectors. While the innovation and improved efficiency offered by these technological solutions may be appealing and exciting, your organization and its employees must also understand evolving regulations regarding their use.

As a responsible business, your company must be meticulous in keeping up with various rules regarding the use of AI. Well-intentioned use could still lead to discrimination, intellectual property disputes or other potential violations, even if employers are careful. Employers may be wise to tread carefully and pay close attention to any legislation or rules on AI.

Cybersecurity and Data Protection

AI is not the only technology of great importance in modern workplaces. The increasing dependence on technological advancements, such as video chat software, cloud servers and other digital solutions, combined with a rising frequency of cyberattacks, has made it necessary for your organization to remain apprised of evolving cybersecurity and data privacy regulations.

Specifically, your company and employees must be aware of requirements related to data breach notification and data protection laws. Failing to comply with such mandates could exacerbate the significant financial consequences of a data breach or other cyber incident. As an employer, educating and training employees about data protection and cybersecurity practices should be a top priority.

Wage Regulations

Minimum wage and overtime pay regulations continue to evolve across the country. For example, potential legislation changes could change the threshold at which workers’ annual earnings would require you to provide them with overtime pay.

Additionally, many states continue to enact higher minimum wage requirements. This may be particularly relevant for businesses that operate in multiple states or jurisdictions, as they must be aware of requirements that may vary among employees.

We’re Here to Help

In the modern workplace, most companies, regardless of size, industry or specialization, may need to pay attention to certain regulations. Fortunately, the dedicated team at Lyceum Insurance Services is well-equipped with the knowledge and experience to help you understand and comply with all relevant regulations. Visit our website or call 301-840-6624 to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.