HR work seems easy but it requires a lot of effort and an approach to deal with complex issues. HR shared services refers to having an HR department or person in lieu of an agreement with an HR consulting firm.
It mitigates risk and helps SMEs to manage the complete HR process without even hiring an HR on its own. Recruiting the right talent and managing the employees are imperative and to focus more on the company’s growth, HR service is the best-suitable option.
TALENT ACQUISITION
Talent Acquisition refers to finding the quality and right candidate for suitable position that can adhere to firm’s requirements and perform in the best possible manner. It goes around a systematic procedure to appropriately fulfil organizational outcomes.
Through Talent Acquisition, a firm doesn’t only fulfil the vacant position but try to hire the right talent which can accomplish the goals within the organization. Additionally, employee retention also remains the priority of Talent Acquisition partner.
STATUTORY COMPLIANCE
Every company has one common thing at its core – people. Without people, no organization can function. These people are the company’s employees, who work in various roles to fulfill its purposes. For a company to function well, it needs to be organized and streamlined, with proper norms and regulations set in place. These regulations extend to every facet, including the company’s interactions with its employees and its finances. This is known as statutory compliance.
Definition of Statutory Compliance
In the Human Resources definition (payroll and taxation), statutory compliance is the legal structure within which a company must conduct itself with regards to the treatment of its employees.
Why is it important?
Statutory compliance relates to the various labour and taxation laws prevalent in India. These laws change on a State and National level, and it is mandatory for companies to obey them. Non-compliance with these regulations can land a company into legal trouble such as penalties, fines, or worse. This is why companies spend a good deal of resources for ensuring statutory compliance. It is important to have a sound understanding of the various labour and taxation laws in India to keep abreast of any changes that need to incorporate since the law is very dynamic and rules keep changing from time to time. Of recent, providers of statutory compliance services in India have come into the limelight more than they used to be for the same reason.
No, it does not. Statutory compliance for a partnership firm, private limited company, LLP, or any type of company broadly remains the same. Any organization that hires employees or workers and pays them salary or wages must comply with labour laws with regards to monetary compensation, payment of taxes, protection and safety of employees, and fairness of labour.
THE FOLLOWING ARE SOME LABOUR ACTS IN INDIA THAT REQUIRE A LIST OF COMPANY STATUTORY COMPLIANCE
- The Workmen’s Compensation Act, 1923
- The Trade Unions Act, 1926
- The Payment Of Wages Act, 1936
- The Industrial Employment Standing Orders Act, 1946
- The Industrial Disputes Act, 1946
- The Employees’ State Insurance Act, 1948
- The Minimum Wages Act, 1948
- The Factories Act, 1948
- The Employees Provident Fund & Miscellaneous Provisions Act, 1952
- The Employment Exchanges(Compulsory Notification Of Vacancies) Act, 1959
- The Apprentices Act, 1961
- The Payment Of Bonus Act, 1965
- The Contract Labour (Regulation & Abolition) Act, 1970
- The Payment Of Gratuity Act, 1972
- The Equal Remuneration Act, 1976
- Inter-State Migrant Workmen (Regulation Of Employment & conditions Of Service ) Act, 1979.
- The Child Labour (Prohibition & Regulation Act), 1986