Business owners are increasingly concerned about their companies’ human resources compliance.
From a legal and regulatory standpoint, it’s important to keep your company compliant with all applicable laws. But what if you don’t know where to start? Well, we’ve got good news: there’s an easy way to ensure your business is always compliant for life without hiring expensive consultants or using complex systems — just use an automation-ready HR Compliance Software! Read further to learn how to choose an HR compliance solution.
The Importance of HR Compliance
HR compliance is a legal requirement that ensures you are following the law and, in turn, protecting yourself from fines and penalties, and, most importantly, mitigating the risk of any reputational damage.
If your business is seen as a good corporate citizen by the government authorities, then it will be easier for employees to feel comfortable working at your company. This means they will have better working conditions and more opportunities for progression within their career path.
Key Statutory Compliance Issues for Indian Companies
Central and State governments demand labour law compliance. These laws apply to all organisations incorporated in India. Depending upon your business type, an appropriate selection of these laws will apply to your business. These laws aren’t limited to filing taxes but they also ensure the well-being of your employees.
Here are some of the major compliance laws that your business needs to adhere to:
- The Minimum Wages Act, of 1948
- The Payment of Bonus Act, 1965
- Equal Opportunity Act
- The Employees State Insurance Act, 1948
- Prevention of Sexual Harassment Act (Prevention, Prohibition, and Redressal)
- Maternity Benefit Act, 1961
The Benefits of having a dedicated HR Compliance Professional on your team
They will take care of the journey of an employee, from recruiting to retirement. An HR team is an integral organisational pillar that is responsible for maintaining statutory compliance, hiring and retaining talent, training employees, and more.
When you hire an HR compliance professional, they will help your company understand the legal and business requirements of the land. They will also teach you how to comply with these requirements in a way that is easy for everyone involved.
The benefits of a dedicated HR compliance professional on business are numerous:
- It’s an ongoing commitment-not just something that happens once every year or two
- It’s not limited to meeting legal requirements alone; it’s also about doing right by your employees
- It helps you avoid legal action, which can be costly and time-consuming
- They help boost your company’s image in the eyes of regulators, current employees, and prospective job seekers
- HR professionals ensure that your team is paid without fail
- They take care of different processes such as managing employee salaries, tax deductions, leave encashments, and other aspects of remuneration for employees
- Your payroll team is also responsible for the company’s financial records and storing them for compliance purposes.
But for small and medium businesses, having an on-site expert is a challenging proposition. Even, larger organisations want to focus on their core competencies and outsource non-core tasks like Finance, Compliance, and Accounts to external experts.
Furthermore, the compliance landscape is changing constantly and failure to comply with hundreds of tax regulations can invite penalties and be detrimental to your reputation. It’s challenging for an in-house team to stay abreast of all the rapid developments on their own.
You can avoid costly compliance mistakes by outsourcing your organisation’s compliance requirements.
A good Compliance Management software can set your business up for success in Risk Management, Tax Appropriation, Training, Compliance Audits, and more.
HR Compliance Software Solutions
HR compliance software is a great way to ensure your business is always compliant. It can be implemented across all departments and functions of your organisation, ensuring that employees are aware of the correct procedures, policies, and documentation required by law.
The software also offers a way to keep track of your HR activity, so you can make sure that nothing is slipping through the net. A good HR compliance software solution will help you:
- Ensure all employees are aware of their rights and responsibilities
- Keep up-to-date records on recruitment and training activities
- Provide an overview of staff attendance and leave
There is a way to ensure your business is always compliant, for life
HR compliance is a long-term commitment, but it’s not as hard to manage as you might think. With HR compliance software, your business can be compliant for life.
If you’re looking for a way to ensure that your organization remains compliant over time, look no further than HR compliance software. Good compliance software can be customized for companies of all sizes and types across industries to meet their legal obligations in an efficient manner without breaking the bank or requiring extensive training on how best to use their new toolset.
They are easy to use and provide a full suite of features that make it easier for you to manage your organization’s workforce. This includes everything from risk management, payroll deduction, and time tracking, to employee onboarding, training, and audits.
MYND Integrated can help you leverage HR compliance
With an average of 10+ years of experience in labour laws and compliance-related activities, Mynd provides consistent support for different industries across India. We are well–recognized for lending highly efficient services. We customize our services to cover all obligations of our clients under various central or state-specific labour laws depending upon the industry and their locations or jurisdictions in India.
ACT (Active Compliance Tracking) offers end-to-end automated compliance management for organisations. ACT is configurable according to the industry requirement, and offers access to compliance-related information in a single window dashboard. ACT enables an online repository of documents, and real-time tracking of activities and reporting, giving you complete visibility and control.
We hope this article has given you a good overview of HR compliance software and its benefits. If you’re still not sure if the software will work for your business, contact us today to see a demo of Mynd’s compliance solutions in action.