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Many of us see regulation as a bad word. That makes sense. The word has come to be loaded down with a lot of connotations related to government meddling. The state getting in the way of the free market and putting its nose where it does not belong. However, self-regulation is a desirable method of attaining a similar level of trust from consumers while minimising the dangers of actual government regulation.
When it comes to true regulation, it is often seen as necessary by consumers because of certain actions undertaken by bad actors in an industry. When an industry has operated without any restrictions and companies within that industry have chosen to do possible harm in the pursuit of profit, there tends to be calls for government regulation of an industry. And whenever regulation does come down from an industry, there are often many changes that occur.
Some of the major ones that come into play are government oversight or monitoring, which can put extra strain on a company as it is forced to adhere to these new requirements. There can be new rules put in place that force companies to act a certain way, and these mandates are often very strict and stringent and can result in legal action taken against a company if they do not comply. However, regulations tend to make a company more trustworthy in the eyes of consumers because they feel that a company is being well controlled.
When true governmental regulation comes down, it usually acts as a strong force against a company’s ability to conduct business. However, if you want to have that same level of consumer trust, then self-regulation is a preferable solution. When it comes to self-regulation, you determine the standards that you wish to uphold, and if you adhere to those standards, you will find that consumer trust does increase over time.
Consumers often want regulation so that they can feel safer. However, if a company adopts ethical codes of conduct and best practices procedures, you can have the benefits of regulation with few of the downsides. This means that self-regulation is preferable.
Self-regulation comes in many forms. In the most basic sense, we at The Working Earth, like many companies, have produced a series of personal values that we uphold in all of our business dealings. However, that is not always enough to build consumer trust. That is why we have also teamed up with APSO and CAPES.
Everyone wants their companies to be held to a high standard, and APSO helps us to reach that standard. And it, and similar organisations, can do the same for your business. APSO strives to maintain certain levels of professionalism by holding to a code of conduct and falling within legal requirements for certain aspects of our business. They help us to be the best that we can be through self-regulatory practices.
There are many groups out there that serve to promote certain ideals within sectors of the economy, and CAPES is one of those organisations. They wish to promote flexibility and international competitiveness within the labour market in South Africa, and we are required to adhere to a strict code of conduct to be a member. This is something we are very glad to be able to do.
All of this is to say that self-regulation is a preferable state of being. It is better than a governmental agency getting in the way of things. At The Working Earth, we have partnered up with external regulatory groups, like APSO and CAPES, to self-regulate and ensure the best quality of service. We care about our clients and want the best for them, and if self-regulating can help us build their trust, then it is a sacrifice we are very willing to make! You can get in contact with us if you would like to know anything else about these organisations or how we uphold our professional standards.
The Working Earth is a Talent Solution provider, with 23 years Professional Staffing Solutions experience. We are Specialists in Executive level Head Office and Shared Services roles in HR, Legal , Finance, Executive Sales and Commercial roles
7 Naivasha Road
Corner of Eglin Road (entrance in Eglin Road)
Sunninghill 2157