Almost two-thirds of senior HR professionals are unaware of the company reporting regulations requiring greater transparency around employee information, a survey of 15,000 HR managers and directors has revealed.
Under the demands of the Operating and Financial Review (OFR), introduced in April, listed firms are required to file a report in their end-of-year accounts on a range of issues that can affect the performance of the business, including employee information.
But research by training firm Thomson NETg, shows that 43% of UK HR managers do not have a strategy in place to adhere to the regulations and improve the reporting of HR-related matters.
Almost three-quarters (73%) of respondents regarded compliance as an expensive overhead rather than a means to save money.
“This is a curiously short-sighted attitude on behalf of UK companies,” said Mike Summers, director at ThomsonNETg.
“The regulations purely encourage the take-up of best practice HR management, which means firms will have a better handle on areas where their teams are weak and may need more training.”
Summers said HR managers should view OFR not as a burden, but as an opportunity.