Protecting your organization against legal issues is as important as focusing on its growth. You can have a world-class workplace, innovative ideas, well-designed strategies, and a top-notch team, but if you are not adhering to the regulatory laws, all this might collapse in the blink of an eye.
As an organization, you need to adhere to statutory compliances and ensure that your employees are treated fairly. You will need to have a look at the updated statutory compliance checklist for 2023 to safeguard your organization against legal issues.
To avoid unnecessary legal troubles it is important to take care of small things such as paying your employees timely and accurately, offering them the benefits they deserve, and filing taxes on time. However, with so much going on in the organizations, sometimes it becomes difficult to adhere to these laws, even if it’s not the intent.
So what you can do to avoid such situations and stay statutory compliant? No idea? Worry not, today we will discuss in detail the statutory compliance in India and the updated statutory compliance checklist for 2023 so that things don’t slip through the cracks.
Nothing is free of cost, especially the hard work, consistency, and dedication. These are the three big words you expect to see in your employees’ behavior.
History has been legit proof that money always complicates relations. Especially when it becomes a matter of concern for you and your employees. Therefore, it becomes crucial to devise the best course of action.
Today, companies are doing whatever it takes to ensure that their payroll is adequately compliant through a proper audit. After all, there’s no firm who wants “business war” just to screw a hole in its own pockets. Especially with the demands of unreasonable wage coming from employees who were earlier in sync with the business.
WARNING: Even if it wasn’t an intended attempt of your business to break laws, you might still fall prey to legal troubles, especially when incapacitated with proper protection.
Good News is that this protection comes in the form of statutory compliance in India which helps the companies to steer ahead of the risk of non-compliance.
Organizations can simply opt for an efficient payroll software to avoid the risk of non-compliance organizations. Payroll management makes your HR professionals stay updated on the regulatory changes and prevents any legal troubles. The software itself is compliant with all laws and regulations so manual errors are close to nothing. Moreover, every employee is accounted for properly and the payrolls are processed within hours, making pay-days a success!
With the increasing disease of non-compliance spreading like a wildfire, it becomes necessary for the companies to bank upon statutory compliance in HR . Now the year has changed, so it is important to keep an eye on the regulatory changes. Therefore, we recommend you use the following compliance checklist to make new HR policies or make changes to the existing ones.
