With all the nervousness surrounding the introduction of the General Data Protection Regulation in May, you could be forgiven for thinking that GDPR stood for General Dullness, Palaver, and Risk.
I can’t lie – it’s not the most interesting topic in the world. It’s meant a great deal of extra work landing on HR’s desk and a lot of worry about organisations being punished for small transgressions.
But let’s look on the bright side: GDPR is a fantastic opportunity for business. Embracing the principles of GDPR will create a culture of good practice, whereby everything is done to afford basic protection to people who have entrusted companies with their data. GDPR is good news for us all, both as HR professionals and as consumers.
Showing that your organisation takes GDPR seriously is a great way to innovate and stand out from your competitors. The people whose information you currently hold – whether as employees or customers – have increasingly high expectations about how their data is used and stored. Smart businesses will use their understanding of GDPR as a differentiator, because getting privacy right is a competitive advantage in today’s market.
One of the biggest trends in reward over the last few years has been transparency. Whether it’s reporting CEO pay ratios or gender pay gaps, the subject isn’t as taboo as it once was. With that in mind, it’s important that transparency goes both ways. If GDPR means shining a light into dusty corners and identifying areas where data procedures have slipped, then that’s all to the good.
Although it might seem counter-intuitive, I’d argue that being open about how you treat personal information will increase trust in your organisation, rather than damage it. Identifying your organisation as a privacy champion puts you on the customer’s side and means they’re more likely to stay loyal.
Finally, GDPR provides the chance to get a deeper understanding of all your company’s data and how to get the most value from it. If data is a liability, then it had better be worth keeping. Now is a good time to reassess exactly how you use personal information and whether these procedures can work harder to provide a business benefit.
At Innecto, the security of our clients’ data has always been paramount. We deal with sensitive and personal data day in, day out, and we’re acutely aware of our responsibilities. Our clients, many of whom have worked with us for years, trust us to safely handle and store their private information and we work hard to maintain that trust.
If you have any questions about how Innecto will safeguard your data, please contact enquiries@innecto.com. For help with any aspect of pay and reward, you can reach us on 020 3457 0894.
