by Prompt Personnel | Feb 24, 2023 | Uncategorized
In the Union Budget 2023–24, Finance Minister Nirmala Sitharaman made a number of announcements in the favour of the retail industry, continuing the focus on the “Make in India” drive. Sitharaman announced changes to the customs taxes on a range of goods and services. This was aimed at making the country a manufacturing hub and an investment destination.
Here are some key highlights from the Budget for the Retail Sector:
- The custom duty on television panels will be reduced to 2.5 per cent the move is expected to support manufacturers and help them compete with the international panel market.
- The Finance minister announced a cut on the import duty of certain inputs for mobile phone manufacturing. Consequently, mobile phones will be cheaper.
- On seeds used to create lab-grown diamonds, the basic customs duty would reduce.
- For the jewellery sector, basic customs duty on articles made out of gold bars has been increased.
- The FM declared a 16% increase in the NCCD for cigarettes. Cigarettes should cost more as a result of the increase, which could affect volume sales.
- Customs duty on kitchen electric chimneys has also been raised to 15 per cent from 7.5 per cent and that on heat coils reduced from 15 per cent to 20 per cent. Additionally, cess on toys and bicycles is reduced.
- A 20% increase from the previous year, the corpus for the MSME credit guarantee plan has been revised to Rs 9,000 crore. Beginning on April 1, 2023, the revised credit guarantee programme will go into force. This will let MSMEs receive an additional Rs 2 lakh crore in collateral-free lending.
- The FM announced, India would establish three centres of excellence (COE) for AI at prestigious universities to create state-of-the-art AI solutions in the nation.
Given the enormous size of the electronics sector, AI has created a wide range of opportunities in the consumer appliances and electronics category.
Temporary Staffing for the Retail Sector
The market has been growing significantly for the retail industry, hence there is a significant need to deploy employees. The demand for temporary staff is projected to increase over the years owing to the rising number of projects being launched by various governments.
Organisations are often faced with a shortage of manpower, usually during peak periods or other emergencies. Organisations tend to favour temporary staffing services during such circumstances. Additionally, as technology continues to evolve, the demand for workers with specific skills in design, engineering, digital marketing, and software application, among others, is on the rise. Temporary workers can help organisations in closing this gap.
In retail stores, where demand particularly tends to increase during public holidays and festive seasons, hiring short-term employees ensures organisational effectiveness. Temporary workers are also employed to cater to the increasing demand in the logistics sector for on-demand delivery services associated with online shopping.
In retail, it is preferable to hire experienced clerical workers temporarily for short assignments and multiple positions. The main job categories are receptionists, typists, general office clerks, secretaries, and computer operators.
To keep up with customers’ changing demands, organisations in the retail industry are hiring skilled workforce temporarily. These trends are projected to benefit the growth of the temp staffing segment overall.
Conclusion – Staffing requirements are dynamic. They differ based on a company’s seasonal or permanent requirements. Keep up with your staffing needs, regardless of your industry. Retail, Healthcare or Logistics, Prompt Personnel, provides temporary staffing services based on your business requirements. These temporary staffing solutions are bulk, volume hires, trained and deployed on our payroll. All HR-related services for meeting the demand of the retail sector.
by Prompt Personnel | Feb 22, 2023 | Uncategorized
The Indian government announced the new budget for the financial year 2023-24 earlier this month. This budget laid specific emphasis on churning the economy within the country with a growth forecast of 6-6.8%.
Focusing on the ‘Make in India’, making the country self-reliant. The Finance Minister- Nirmala Sitaraman stated that the country is heading towards a brighter future with a massive capital outlay in infrastructure, green growth and tech-enabled projects.
A special impetus was given to the manufacturing industry- Auto, IT, Pharma etc. Find below the key highlights of the budget specific to the manufacturing sector:
- Auto, IT and Pharma sectors would benefit further from PLI schemes The government is anticipated to extend the existing PLI (production-linked incentives) schemes and combine them with low corporate tax rates.
- To enable the country to expand its network of roads, ports, and airports and make it an appealing destination for investors, the Indian government increased its capital investment by 33% to 10 trillion rupees ($122 Billion).
- Several programmes, including the PLI scheme for Advanced Chemistry Cell (ACC), the PLI scheme for the automotive industry (Rs 25,938 crore), and the faster adoption of manufacturing of electric vehicles, were already in pipeline (FAME).
- The FM mentioned that this was done to enable the automotive sector to leap from traditional fossil fuel-based automobile transportation systems to environmentally cleaner, sustainable, advanced and more efficient alternate fuel technology.
- The exemption of customs duty on capital goods imported for manufacturing lithium-ion batteries will boost EV domestic production. This will significantly help India’s EV industry as well as the automobile industry as a whole.
- The National Green Hydrogen Mission has been granted a huge budget of Rs 19,700 crores. This will reduce India’s dependency on fossil fuel imports and encourage green mobility.
- Toy manufacturers would receive a PLI programme of Rs 3,500 crores if their products meet Bureau of Indian Standards (BIS) requirements. Toys and toy parts will now be subject to 70% more in customs fees.
- The FM suggested extending the 15% corporate tax rate to newly incorporated industrial cooperative societies through March 31, 2024.
- Considerable incentives have been allocated for co-operatives in sugar and ethanol processing, food items etc.
- Carry forward and set off losses for start-ups that were earlier available for 7 years have now been increased to 10 years. Additionally, the time frame has been extended by an additional year for the incorporation of new start-ups that qualify for an exemption.
The Budget’s emphasis on manufacturing can help India become one of the world’s economic engines. With so many countries struggling with growing pains, India stands to gain from a weak global economy.
It is providing financial resources for educational resources, we will make more young people available for employment. We expect that manufacturing will be the biggest beneficiary of this budget. The government’s initiatives are likely to benefit companies in sectors such as automobile, construction equipment, aerospace and defence. (Source for all data: ET)
Scale your manufacturing business to great heights with volume temporary staffing
What is temporary staffing?
Temporary staffing is a way to hire employees for short-term assignments. These assignments may be based on specific projects or tasks, to meet the seasonal demand or volume hiring or they may be hired on an as-needed basis.
Temporary staffing agencies can help companies find temporary employees who have the skills they need.
Advantages of hiring temporary workers
Agencies can help companies hire temporary employees through their recruitment process. They can also provide support to employers who are hiring temporary employees by helping them find qualified candidates and schedule interviews with potential candidates.
How do temp agencies work?
Temp Agencies work as a catalyst between the employee and the principal employer. They ensure that the onboarding and deployment are seamless for both parties. The candidate works for the staffing partner, which also serves as his or her employer.
Staffing consultancies help companies hire short-term employees. Their tasks include:
- Conducting interviews to narrow the field of applicants. Before hiring someone, temp companies conduct a basic interview with every applicant.
- Candidate evaluation. As part of their onboarding and training procedures, the temp recruitment administers all the appropriate tests.
- These tests may include:
- Background checks: Background checks on employees include inquiries into a candidate’s educational credentials, credit history, medical history, and criminal past.
- Working history. The employer (the outsourcing company) conducts these verification checks to make sure the information listed on the applicant’s résumé is accurate.
- Understanding your requirements. To understand what would be expected of the worker, the partner consultancy will ask you several questions. This aids in their search for a qualified applicant.
- Finding a suitable match. The staffing company has a network of candidates and will target the person who best meets your requirements. They do this by conducting a short interview verifying that the candidate’s skills and abilities match the job.
- Training employees. The temp company gives its applicants training before deploying to develop and improve so they can perform better at the temporary jobs they have been assigned.
If you’re on the hunt for outsourced staffing companies in India, consider Prompt Personnel. We are experts in volume hiring for temporary staffing. Having a presence in PAN India, with an experience of 25 long years you can bank on us for all your staffing solutions.
by Prompt Personnel | Jan 24, 2023 | Uncategorized
How labour law compliance is your organisation’s saviour
The regulatory environment of India is quite dynamic. There are multiple websites that focus on Compliance notifications. Central, State and local governments publish notifications, circulars, and gazettes on any given day. These often result in multiple changes due to various requirements such as forms, dates, calculations, and procedures among others which ultimately leads to critical changes to compliance obligations. Organisations require specific expertise and resources to remain compliant with the changing rules and regulations of labour laws, the absence of which could lead to many issues that hamper operations, finances and the overall credibility of a business. These compliance challenges are ever-changing as the company expands its footprint across India. Each state has their separate compliance laws and bylaws. This requires organisations to be consistently vigilant and keep track of the relevant rules. There are multiple changes at any given point in time.
Here is a list of the challenges faced by an organisation in due course of being compliant:
1. Lack of Resources in Companies
Most companies do not have the required bandwidth to look into compliance issues. Many companies have a minimal amount of people forming a compliance management team. Additionally, a company secretary is usually also tasked with the role of compliance management. This directs their focus from their core task of handling company law, resulting in inefficiency in both law and compliance aspects.
A small and disorganised team is inadequate to successfully assume control of the massive task that is compliance. Companies need dedicated resources and a focused approach to successfully be Compliant.
2. Lack of Labour Law Compliance expertise
In India, medium and large enterprises have to deal with multiple acts, licences and registrations. Moreover, they also have to adhere to hundreds of compliances and have to keep track of innumerable filings in a given year. These are not just limited to the respective state where the industry is located. They even need to follow the labour law compliance standards bestowed by both, the central government and local government regulators.
Adhering to such a complicated process requires the right expertise, technology and someone who is well acquainted with the procedures. A typical medium or large enterprise can hardly manage to sustain itself in this competitive industry. Many companies end up flouting the compliance norms in one aspect or the other due to the lack of labour law consultants. They lack the process of knowledge to cope with the dynamic of labour laws. Moreover, a majority of enterprises don’t know or don’t possess detailed information on all acts and compliances that apply to their business. Also, business owners are mostly unaware or ignorant of the repercussions of non-compliance.
3. Unfamiliarity with laws
Usually, management is unaware of the contrasting compliances relating to their industry. Even members have a limited understanding of compliance requirements and their importance. The top management is unable to establish the right guidelines in the upper echelons.
This unfamiliarity within the members affects the entire organisation and hinders the overall efficiency of the organisation. Moreover, labour laws are constantly changing, it is difficult to
4. Redundancy and use of technology
The majority of companies in India operate a people-dependent and paper-based model, wherein they organise their compliance obligation on spreadsheets and use e-mails to follow up. This can cause loss of ownership and exceeding deadlines which lead to penalties and notices from the relevant authorities.
Crucial compliance documents can get misplaced or cannot be tracked. Physical copies of statutory registers, files and historical fines go missing. This leads to an environment of unnecessary stress and strain among the management. The absence of digitisation and sole dependence on paper and manual work pose a real threat to compliance.
5. Vigilance in matters of revision
One of the many compliance-related challenges that organisations face is that legal updates or any changes in compliance obligations are out of reach.
India has a highly erratic compliance ecosystem. Laws are ever-changing and there can be a multitude of changes in a given year. Most of the time, these updates result in a change in interest computation, structures, dates, penalties, forms and many other such aspects which require appropriate and timely changes and accurate filings, registration and return. These updates are generally listed in numerous government websites and other official channels.
With multiple departments and different announcements from each department, it is tough to keep track of all these changes manually. If you miss any of those updates, it can lead to adverse effects. Modern technology is the best way that a business can overcome this challenge and keeping track of updates is easier.
Find the right partner to overcome these challenges
Prompt Personnel is where you search for the best HR consultants in Mumbai, India. a team of recruiters and labour law consultants to open avenues of growth & success for your organization. With over 3 decades of expertise in Labour Law services, and compliance capabilities in 28 states and 8 union territories, you can place your trust in us.
We offer Temporary Staffing, Permanent Staffing, Labour Law Compliance Management & Advisory, and all end-to-end HR outsourcing services.
by Prompt Personnel | Jan 17, 2023 | Uncategorized
Employment requirements are now dynamic. The attribute associated with the industry is ever-changing. When the economic climate is uncertain or your seasonal requirements change, you may not want to hire full-time labour permanently. Instead, a flexible, on-demand workforce that can provide specific skills and expertise on a short-term basis may be more beneficial to your business. This is where Temporary Staffing Services become an important weapon in your arsenal. Temp Staffing is one of the most beneficial aspects of hiring and can aid companies to mitigate costs and increase overall organisational effectiveness. Temporary staffing can be a solution for some business challenges in today’s times, but it is not a one-size-fits-all solution. It depends on the specific needs and circumstances of each business. Temporary staffing can provide advantages such as a flexible workforce, access to skilled talent, and cost savings, but it may also have drawbacks such as limited control over employees and a lack of long-term commitment.
Here are 5 reasons temporary staffing could be your solution:
- Helps to get niche talent –
What happens when an organisation needs relevant expertise for a specific task? Hiring a permanent employee sounds like too much work. By using temp staffing, organizations can optimize their workload and cut costs by only paying for the staff they need, when they need it, while also being able to access specialized skills that they may not have in-house. Initially, companies used to perform all their tasks themselves. Gradually, things have started to change and companies have started relying on the process of outsourcing. Due to the lack of skill spread, many times, an employee has to assume different roles. This also reduces efficiency and increases the work of the employees. Further, sometimes, asking one employee to carry out multiple tasks of different skill-sets fails to offer expertise. This can reduce the efficiency of a project. Hiring temp staff also means getting people who are dedicated to one field. These people know what they are doing. Thus, the outcome is much better.
- Work from home hiring– Hiring remotely also means that there’s generally a wider pool of candidates available for job vacancies, and once hiring is over, the remote onboarding process also presents unique challenges for new or prospective employees. New employees may struggle with a lack of in-person introductions, virtual meetings, and getting to know the entire team and its dynamic from a remote setting.
Several companies have started hiring temp staff for specific tasks. This opens up multiple possibilities. Companies might prefer candidates working remotely when contract staffing employees are working on a specific project for which they have been assigned.
- Shortage – When you don’t have proper staff, you are unable to scale your capacity and operations. This is because if you are unable to hire and take care of more full-time employees, you are unable to get in projects or introduce services that your current staff can’t handle. Temp staffing eliminates this issue by offering staff on-demand. You can scale your operations, introduce new services, and innovate new products based on your preferences.
- Partner with external experts– The most efficient way to not spend exorbitantly on Temp Staffing is to join forces with professionals, such as consultants, who provide specialized guidance on Temp Staffing. Partnering with external experts gives an organisation the bandwidth to support their original tasks at maximum efficiency while the experts take care of the influx of relevant expertise. Partnering with the right external experts is vital. Prompt Personnel is one of the leading partners in India. They take care of niche talent, specific expertise and as a bonus, compliance requirements.
We, at Prompt Personnel take charge of the overall needs of an organisation so that it can continue to function smoothly. From hiring Temp Staff to being compliant in that regard, everything is taken care of. We understand the shift in the economy and move beyond uncertainty. Our complete solutions help businesses achieve growth, mitigate costs and increase overall organisational effectiveness.
by Prompt Personnel | Dec 30, 2022 | Temporary Staffing
A company’s recruitment strategy is the foundation upon which its future success is built. Without a strong and effective recruitment strategy, a company is at risk of attracting the wrong talent, losing top performers, and failing to keep pace with the competition.
No matter what size of company or business you are, it’s important to have a robust recruitment strategy to attract the best talents in a cost-effective manner and create a strong workforce that aligns with the company’s vision and contributes to the growth of the company.
We have curated a recruitment strategy for 2023, and 5 tips on how you can build a successful recruitment strategy for your business’s foundation.
What is a recruitment strategy and why does your business needs it in 2023?
In simple words, a recruitment strategy is a plan that a company can use to identify, attract, and hire the best suitable candidates for the open positions within the company.
From identifying and finalizing skills and roles that are needed to onboarding the new employees and retaining them, everything gets covered in these three stages of identification, attracting, and hiring.
In 2023, your company or business needs a strong recruitment strategy if you want to hire the right candidates, streamline the hiring process, do cost-effective hiring, improve diversity and inclusion, adapt to changes, meet business needs, manage reputation, and keep up with the competition.
Though building a successful recruitment strategy is challenging, it can have a significant impact on your business. We curated five tips to help you create a successful recruitment strategy for your company in 2023
1. Develop a sourcing plan
In a sourcing plan, you figure out how you are going reach and attract your target candidate pool.
- Some effective ways to reach and attract your target candidates can be,
- Posting job openings on niche job boards, for specific roles
- Leveraging social media platforms
- Attending job fairs and networking events
- Tying up with Edutech organisations to hire from their top learners
2. Utilize technology – Like ATS
- There are multiple capable technologies and tools that can optimize and help in the recruitment process. For example, the applicant tracking system (ATS) is the best system when it comes to managing job postings, screening resumes, and applications, or using online skills assessments to help evaluate candidates.
- With the recent rise of AI, its integration into the system can make the whole recruitment process more streamlined and organised, adoption of AI can help organisations in automating repetitive tasks, avoid unconscious bias in their recruiting process, conduct virtual recruiting, do better predictive hiring, and lastly enhancing the recruitment experience for the candidates.
3. Build a strong employer brand
- Employer brand means creating a reputation of the company as an amazing place to work, by highlighting company culture, values, and benefits. This way, it starts to attract talented candidates to the company.
- Utilizing the power of social media, maintaining the online presence, and fostering positive employee experience can be some powerful ways to increase employer brand value and attract quality candidates.
4. Create an employee referral program
- Set up incentives for the employee to refer competent and qualified candidates, big and different types of incentives will motivate the employees to refer more. This way all three parties win, the company will get the right candidate to target, the employee will get the referral reward, and the potentially talented candidate will get the job offer from the company.
- With this employee referral program, you will have a chain of referred talented candidates to hire for your company or business.
- Permanent staffing services agencies usually provide a diverse range of services, including identifying and recruiting qualified candidates, completing background checks and skill assessments, and helping with onboarding and integration.
- A company or business can gain access to a large pool of qualified candidates and benefit from the agency’s skills and experience in the recruiting process by partnering with a permanent staffing This can assist save time and resources while also increasing the recruiting process’s effectiveness and efficiency. This is one of the best ways to go if your company has less experience in recruitment strategy and management.
- One of the best permanent recruitment services agencies and HR consultant in India, Prompt Personnel, has a record of helping companies make successful recruitment strategies and retain great talents. We at Prompt Personnel, an HR consultancy in Bengaluru, understand the value of great talent and their long-term loyalty to the company, with our expertise, we aim to find the best candidates for your company and businesses. Candidates that can make an amazing workforce together and touch new business heights.
