Overview
Complying with government regulations can be a headache for any business owner, but it’s especially tricky when you’re running a small business. You not only have to keep up with the ever-changing landscape of local, state, and federal laws, but you also have to make sure your employees are taken care of. That’s why it’s important to be aware of the five most common compliances that small business owners have to deal with: the Provident Fund Act, the Employee State Insurance Act, the Profession Tax Act, the Payment of Bonus Act, and the Payment of Gratuity Act.
- Failure to comply with statutory requirements can result in legal and financial penalties, as well as damage to the organization’s reputation.
- FrontPoint stays up-to-date with changes in laws and regulations to ensure that the organization remains compliant with all applicable requirements.
How It Works?
To prevent statutory complaints from arising, employers must ensure compliance with labor laws, regulations, and contracts, and maintain a safe and respectful workplace culture. Human resource professionals are responsible for staying up-to-date with legal requirements and taking proactive steps to prevent workplace issues and resolve complaints before they escalate to legal disputes.
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This module includes compliance with laws related to data privacy and security, such as ensuring employee data is secure and protected.
Monitor compliance on an ongoing basis to ensure that HR processes are consistent, accurate, and compliant. This will help prevent non-compliance and reduce the risk of penalties.
Provide ongoing compliance support to ensure that the company stays up-to-date with changes in laws and regulations and maintains a culture of compliance
Key Benifits
HR statutory compliance refers to the legal framework that governs the relationship between employers and employees in a given jurisdiction. By complying with these Laws the Company can avoid legal issues, potential penalties and litigations.
- Help organizations build a positive and better reputation in the marketplace.
- Improved financial performance
- Reduced risk of Legal issues and penalties
- Improving employee morale
- Enhancing organizational credibility
- Improving recruitment and retention