4 Reasons why the GDPR can be an asset to your business

With so many news articles focusing on obstacles, it’s easy to miss the benefits the General Data Protection Regulation (GDPR) presents for businesses. The privacy regulation, designed to protect EU residents, will also benefit businesses looking to streamline processes, improve security and build trust with consumers.

Here are four ways HR teams can capitalize on the GDPR:

Retain candidates by sharing your sophisticated employee data practices. Colleagues, especially those who have had their data compromised in the past, will appreciate your company’s renewed commitment to protecting privacy. This is especially true for businesses with offices outside the EU, where the individual privacy standards may not be as strong.

Companies have been struggling to follow inconsistent data protection requirements in the EU. With differing laws in member nations, managing data internationally can be a legal minefield. The GDPR simplifies requirements, allowing companies to standardize processes. Over time, this means easier record-keeping and a reduced burden on businesses operating in the EU.

Thinking about who should have access to data and restricting admin privileges will create a more secure environment. In addition, giving individuals more control over their data can reduce requests to internal support teams.

The GDPR also includes rules for subcontractors who have access to PII (called “sub-processors”). These rules place more limitations on third parties and prevents them from using PII outside of employer’s instructions. In the event of a breach, sub-processors will have to notify businesses without undue delay, increasing transparency and helping employers to be more proactive.

4. Sell your savvy: In a world with more frequent data breaches, taking individual data protection standards seriously is an important selling point. 

Communicating GDPR compliance will show customers and investors that your company is an industry leader.

The GDPR, and the potential penalties associated with non-compliance, has created an opportunity for proactive businesses to stand out. Use this as an opportunity to stand out from the crowd.