It’s something we’ve commented on before, and we probably will again, but the GDPR issue is getting hotter by the day.
On the domestic front you may feel that Christmas is getting closer, but in business terms May 2018 is just around the corner too.
For all the talk about Europe just now, one thing is certain. By May 2018 the General Data Protection Regulation will be in force. It’s going to apply to any UK company dealing with the EU. And don’t think for a moment that BREXIT will get you off the hook. It won’t. When we’re out of Europe we’re still going to be in the GDPR.
You’ll know by now that General Data Protection Regulation is aimed at ensuring that companies ‘take care of and respect’ the personal data they hold on customers, and indeed prospective customers.
But how much do you know about the details and implications of it?
Do you know about the fines for example? They can be ‘up to €20,000,000 or 4% of Global Turnover of a business, whichever is the higher’. That’s costly, but it brings the potential collateral damage to a company’s reputation as well.
How about training? Compliance will be everything and to deliver that you’ll need staff who are properly trained. It’s complicated you see, because the rules are that you don’t just have to comply – you also have to demonstrate how you comply.
And that means a whole lot more record keeping and updating of I.T processes, and the security of them.
Weak security will cause problems other than the obvious ones. For instance, any significant data breach will have to be reported – more admin! – to the local supervisory authority within 72 hours. On top of which a personal breach has to be reported ‘without undue delay’ to the ‘subject’ of the breach.
Now, you might feel that, as someone giving serious thought to setting up a recruitment business, all of this is not relevant to you. The catch is that the more serious you are about setting up, and the more serious you are about growing your business, the more relevant it becomes.
For a start you’ll have responsibilities concerning candidates. You know, those people whose personal data you hold. See the point?
And then there are the clients. You’ll want to aim high, so you’ll be talking to businesses of a certain size, and the chances are that they’ll be dealing with the EU.
Yes, the BREXIT word comes up again, but let’s be frank. Whatever happens, and however new deals are struck, commerce with European countries and companies is not going to stop is it? Many of the quality companies on your target client list will be just the sort of people who are determined to seize the positives out of the coming changes.
So, if you’re getting closer to starting up, you’re getting closer to some new responsibilities. Just when you need to be focusing on what you do best, and love most, which is recruiting.
At The Recruit Venture Group we specialise in helping recruitment professionals start up their own businesses.
We guide you through the legalities of setting up, helping you to arrange premises, branding, website and marketing.
Vitally, we provide 100% risk free funding. You get shares in, and dividends from, your own company. You’ll be able to pay yourself a salary from the start, giving you the peace of mind to concentrate on recruitment.
To help you do that really well you get full access to our back office and systems. That’s even more peace of mind. Cash flow and invoicing all taken care of.
But here’s the thing. We have other resources for you. Expert advice and guidance on big issues. Issues like GDPR. We won’t let you fall short in running your business – note that, your business – when it comes to legislation and regulations.
We’ll be providing quite a package, so we do need to know that you have five years consecutive experience in the recruitment industry, and ideally three years track record within the same sector.
If you do, and you’re close to starting up, get close to us.