Human Resources are like natural resources; they’re often buried deep. You have to go looking for them; they’re not just lying around on the surface. You have to create the circumstances where they show themselves.
– Ken Robinson
Each organization has a distinctive method to treat their employees. The concept of Statutory Compliance comprises of the legal framework within which an organization operates functions and grows. There are numerous state labor and federal laws that a company requires to range with. Each employee demands specific leaves and payment issues, etc and the company is morally obliged and accountable to deal with it.
In other words, Statutory Compliance forms a legal framework for organizations – irrespective of their size and field of work – to shield their business from legal issues and troubles. However, compliance requirements vary from region to region. At DKM Online, we manage HR and Labor Compliances as per the geographic location of the organization.
All stages of an employee-life-cycle should be covered by an organization at all costs as this maximizes the unity and power from the inside. Provision of support and benefits by the organization is essential in order to maintain stability and look forward to growth. It develops a company’s strategies and curbs extra costs.
When is it a Call for Statutory Compliance?
Companies in India entail efficiency and devotion into ensuring that they are acquiescent with all the legal regulations. This extends the horizons of human resources for an organization as such that it results in significant operating and management.
It provides a form of social and societal security in which the workers (members) are to contribute a part of their salaries and the employers must contribute on behalf of the workers, with the money being paid out in times of need and struggle or provision of efficient social security to all industrial workers. This amount is further on paid in the time of retirement, death or emergencies – when the employee is bound to disassociate from the organization or discontinue providing service.
The format and functioning of a statutory compliance can broadly be combined as – authorized, fixed and established by statute. These benefits vary from minimum wage rates, working hours to maternal/parental leaves.
Uncertainty and confusion are the root problems in the latest and arising legal issues. A law is highlighted after its contraventions – post severe penalties – and so, statutory compliance management system keeps the company away from lawbreaking. There are numerous acts that contrive and serve the purpose of financial comfort at work place.
The workforce involved in Statutory Compliance Management system focuses on two basic forms of law: Labor Law & Legal Law. These individuals possess a commendable expertise and experience to address cases and situations and serve with best interest.
The four basic elements of the HR industry: recruitment, training, rewards/recognition and efficiency management; are taken into account and strategies are integrated in accordance to each and every staff member & the management. The process optimizes and helps bring out employee potential.
In times of progress and development, organizations struggle whilst searching for real and efficient talent. Lack of required skill set in various candidates cause chaotic situations. Hence, the process puts forward a viaduct between the recruitment and maintenance of skilled and worthy manpower.
If you have any further query or need detailing, feel free to write to us or you can also speak to our representatives on, 011- 42597777
Also Read about Statutory Compliances in Indian Payroll System