“STANDING BY THE LAW IS THE KEY TO GROWTH”

Aswift stride of economic liberalisation, privatisation and globalisation steers corporate leaders to be progressively cognizant of corporate governance and challenges them to ensure that the culture of compliance is getting permeated all through the organisation. Effective management of HR statutory compliances as an integral constituent of corporate governance affects multi-dimensional outcomes on workforce, their families, employers; extensively protects the interests of investors, shareholders and customers; positions the corporate with a competitive advantage and greatly impacts our economy. It is imperative to witness that most of today’s HR managers neither specialise in labour laws, nor feel confident to manage HR statutory compliances, because of its complexity resulted due to the following factors: Consistent changes in the realms of labour and employment including high-level of labour attrition; India’s complex web of legislations revolves around 50 central and 200 state enacted legislations; Periodical amendments in labour legislations, rules, regulations and schemes; Most recent changes in enforcement mechanism/procedures; Latest judicial pronouncements on matters concerning labour and employment. As a remedy, many of the corporate leaders started outsourcing the management of HR statutory compliances. Hence, managing HR statutory compliances has been emerging as a profession and profitable business vertical. During the compliance process, corporate houses need to share a lot of sensitive HR information/data with a compliance partner. While finalising the compliance partner, corporate leaders employ stringent analysis on the proven strengths of the compliance partner towards ensuring data security. Because of the following strengths, corporate leaders prefer to partner with a reputed market leader like us rather than associating with individual consultants or small regional players: 1) expertise in central and state HR laws; 2) pan-India presence with own resource and infrastructure; 3) IT-enabled process for generating voluminous statutory records that vary from state to state; 4) web-enabled MIS tracker on HR compliances and 5) easy and quick access to latest amendments in labour legislations, judicial pronouncements, notifications, updated minimum wages and legal opinion on current issues.

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