by Prompt Personnel | Dec 14, 2023 | Uncategorized
Outsourcing business operations is no longer a trend but a necessity to thrive in the competitive business world. One of the services that are outsourced mainly by businesses to save time and resources is payroll management. HR consultants offer services to handle the payroll of businesses and help them run administrative operations smoothly. Though you hand over the payroll management responsibilities and get relieved, understanding the payroll service charges requires patience. Sometimes, the invoices provided by HR outsourcing companies can be challenging to read due to their complex structure. However, maintaining transparency about the charges is crucial while dealing with service providers. To get a clear idea about the charges, we have shared different aspects to help you understand fees and hidden costs in payroll services.
Necessity of Transparency in Payroll Services
While outsourcing payroll functions, businesses sometimes fall prey to hidden changes that can impact their bottom line. Hence, businesses should ensure they know what they are paying for, what’s included and excluded, and what potential extra costs are. Being unaware of these facts can be a risk for businesses as they compromise their financial stability. This also erodes the trust between the business and the payroll service provider. To maintain this transparency, businesses must thoroughly read the initial agreement and understand the fee structure to make insightful decisions and avoid any unpleasant surprises in the payroll invoice.
Factors Influencing Payroll Service Charges
Number of Employees
If your company has more employees, the payroll charges will be higher and vice versa. The employee counts directly impact the service charges. For example, a company with 100 employees will incur higher service costs than a company with 10 employees.
Frequency of Payroll
The frequency with which you pay your employees is important when it comes to charges. Whether you pay your employees monthly, weekly, or bi-weekly impacts the pricing structure. On the other hand, when the pay rates, benefits, and deductions vary from employee to employee, the payroll service charges increase. The HR outsourcing and labour law consultants have to invest more time and skills to carry out the operations efficiently. For example, if you opt for a bi-weekly payroll schedule instead of a monthly one, the service cost will be higher due to the increased frequency of processing payroll transactions and other tasks.
Services Opted
HR consultants in India offer a range of services, such as processing payroll, filing taxes, direct deposit, benefit administration, and many more. The number of services you opt for is reflected in your payroll services invoice. Like, if you choose comprehensive payroll services that include various other services such as time tracking, benefits administration, and additional features along with basic payroll processing, then the invoice amount will be higher.
Add-on Features
Many HR outsourcing companies offer additional services or features to businesses, including HR management, such services include time tracking, employee self-service portals, and many more. Opting for these add-on features costs extra charges in the invoice. Hence, one should understand the necessity while selecting the package.
Understanding Fees and Hidden Costs in Payroll Service Charges
Basic Service Fee
The basic fee is the foundation of the services businesses pay for. The fee is charged according to the basic payroll tasks. The general operations primarily include the calculation of employee salaries, paycheck processing, managing taxes, generating payroll reports, or any other tasks.
Per Employee Fee
Many HR and labour law consultancy charge fees per employee. The higher the number of teams you have, the higher the charges. For instance, a service provider charges INR 400 per employee, then a company with 50 employees would pay INR 20000 for the services.
Additional Service Charges
If you have opted for some additional features and services, separate charges will be added to the payroll invoice accordingly. For example, if you opt for additional services such as customized payroll reports or special processing for bonuses, the payroll service provider will charge extra fees according to the specific service provided.
Tax Filing and Compliance Fees
HR consultants handle tax filing procedures and ensure compliance with tax regulations, filing tax returns, and audits. Charges for these services are often mentioned in the invoice as the professional invests time and effort to update your tax record without mess.
Direct Deposit Fee
For businesses that prefer to transfer the stipend with direct deposit, the payroll service providers can charge additional costs. It is basically the cost required for electronic transfer of payment. It saves the time and effort needed for writing cheques.
Onboarding Charges
Some HR outsourcing companies charge a one-time fee to set up your organization’s account in their system. This includes configuring employee information, tax details, and other necessary aspects. You can find fees charged for onboarding in the very first invoice you will receive.
Hidden Costs
This cost often appears as a surprise in your payroll invoice. The hidden cost is nothing but the charges for things such as printing, delivery, report generation, charges for late submission, penalties for errors, support for special requests, or any other services.
Key Considerations for Cost-Effective Payroll Outsourcing
Understand Your Business Needs
It is essential to understand your business needs to opt for the right payroll services. Analyse the complexity of your payroll, its frequency and the necessary reports you need. With this practice, you can avoid overpaying for the services you don’t prefer.
Compare Between Service Providers
Gather quotes from different HR consultants. While you compare the quotes, also consider the expertise and experience along with the cost. You can also acquire reviews from other clients to know their experience with the service provider.
Negotiate Wisely
With better negotiation, you can secure a better deal. During negotiation, discuss fees and hidden charges you have encountered during research. Ensure that the payroll services align with your business requirements and close the deal with a win-win situation.
Review Contract Regularly
As your business will change, it is important to review the contract timely. Regularly reviewing the contract helps you to meet your business needs. You can also address the necessary changes required and update the contract accordingly.
Prompt Personnel – One of the Best HR Consultants in India
Prompt Personnel is a renowned payroll services provider and labour law advisor with 25+ years of experience in this field. Our range of services includes temporary staffing solutions, contract staffing solutions, permanent staffing solutions, talent management, and many more. While providing our services over the years in different regions of India, we have ensured that we maintain transparency with our valuable clients. Our professionals keep the communication clear while understanding your business and offering reliable HR solutions. Considering our payroll services, we state minor to major details in our initial agreements for better clarity. With your changing business needs, our team of HR experts update your services and provide a well-structured and comprehendible invoice timely. Similarly, our labour law advisor ensures that your business complies with the necessary rules and regulations. The real-time compliance dashboard provided by Prompt Personnel for businesses allows access anytime, anywhere.
by Prompt Personnel | Apr 22, 2023 | Uncategorized
The workforce landscape is changing rapidly, and the recruitment experience for job seekers has become increasingly important. So much so, that a sub-optimal hiring experience can possibly lead to a loss of potential candidates. In other cases, it can cause irreparable damage to an organisation’s reputation. Gen Z, the newest generation entering the workforce landscape, is particularly sensitive to hiring experiences.
In this blog, we will explore why a majority of the Gen Z population disappears due to a poor hiring experience. Permanent staffing refers to the hiring of full-time employees, as opposed to temporary or contract workers. It is an important component of any company’s recruitment strategy. It allows for planning long-term while taking into consideration the continuity of operations.
The Issue in Gen Z Hiring Process
Communication – Gen Z has grown up in an era of immediate gratification and constant feedback. They expect companies to respond quickly to their inquiries, and to provide clear and transparent communication throughout the hiring process. This includes everything from job postings and application forms to interviews and offer letters.
High Turnover Rate – Unlike previous generations, the current generation is not afraid to switch jobs frequently if they feel that their needs are not being met. A bad hiring experience can cause them to abandon a company before they even start working there. In fact, a recent survey found that 72% of Gen Z job seekers are willing to abandon a job offer due to a poor hiring experience.
Volume – One key reason is that the Gen Z population is set to become the largest generation in the workforce in the upcoming years. By 2025, Gen Z is expected to comprise 27% of the global workforce. This means that companies that fail to attract and retain Gen Z employees will be at a strategic disadvantage in terms of talent acquisition and retention. In addition to the impact on talent acquisition and retention, their hiring experience can also have a significant impact on a company’s reputation.
Transparency – Gen Z is a highly connected generation, and they share their experiences with others online. This means that a poor hiring experience can quickly spread through social media and online review sites, causing reputational damage to an organisation.
So what can companies do to avoid losing Gen Z?
Modernisation – One key step is to modernize their recruitment practices. Being unorthodox is key. This means using digital tools to streamline the application process, providing real-time feedback to candidates, and being transparent about the status of their applications. Companies should also ensure that they have a strong employer brand that aligns with Gen Z’s values and expectations.
Prioritize Candidate Experience – Another important step is to focus on the candidate- experience throughout the recruitment process. Gen Z candidates want to feel valued and appreciated. They want to know that the employer is interested in them as a person, and not just as a resume or a set of skills. Companies need to personalize their approach to hiring by taking the time to understand each candidate’s goals and aspirations. Failure to do so can make candidates feel like they are just another name on the list, and can result in them losing interest in the company
Company Culture– Another reason is the lack of a strong company culture. Gen Z candidates are socially aware and value organisations that share their values. They want to work for companies that have a positive impact on society and the environment. They also want to work for companies that value diversity and inclusion. Companies that fail to demonstrate a strong company culture are likely to lose Gen Z candidates to companies that do.
Technological Advancement – The lack of a seamless digital experience can be a decisive factor as well. Gen Z candidates are known for their tech-savvy nature, and they expect a seamless digital experience when it comes to job searching and hiring. This means that companies need to have a user-friendly website that is easy to navigate, as well as an efficient application process that can be completed online. Failure to provide a seamless digital experience can result in Gen Z candidates losing interest in the organisation.
Diversity and Inclusion – In addition, companies should focus on providing a seamless digital experience for job seekers. This means having a user-friendly website that is easy to navigate, as well as an efficient application process that can be completed online. Companies should also leverage social media and other digital platforms to engage with potential candidates and showcase their company culture.
Companies should invest in permanent staffing and recruitment strategies that prioritize diversity and inclusion. This can include partnering with organizations that focus on diversity and inclusion, using blind resume screening techniques to eliminate biases, and providing training for hiring managers to ensure that they are aware of unconscious biases and committed to hiring a diverse range of candidates.
Conclusion
In conclusion, the Gen Z population is entering the workforce with different expectations and preferences when it comes to job searching and hiring. Failure to meet these expectations can result in companies losing out on talented candidates.
To avoid losing Gen Z candidates due to poor hiring experiences, companies should focus on clear communication and transparency, personalized approaches to hiring, flexible work arrangements, building a strong company culture, providing a seamless digital experience, and investing in permanent staffing and recruitment strategies that prioritize diversity and inclusion.
Partner up with Prompt, the best HR consultants in India and boost your business with the most eligible candidates. By doing so, you can hire the next generation of talent and position them for long-term success.
by Prompt Personnel | Mar 27, 2023 | Temporary Staffing, Uncategorized
The Government of India implemented the National Apprenticeship Promotion Scheme – NAPS to aid businesses by providing financial incentives for hiring apprentices, as well as their training and development. It’s a scheme that helps businesses and individuals find apprenticeship opportunities. Check out this blog to get more information on NAPS and how it can be beneficial for employers.
What is NAPS?
NAPS is a two-fold scheme that aims to increase apprenticeship training. It’s beneficial for businesses registered under the scheme as well as individuals looking at gaining work experience in a particular industry. Apprenticeship is a type of training provided to individuals to help them hone their skills under the NAPS program. This training would be provided in the sector through the utilization of facilities that are accessible in the industry. In the apprenticeship, basic training and on-the-job training are offered. This leads to hands-on work experience for the apprentice and in turn, helps the organisation create an industry-ready workforce.
In this scheme, the Government of India shares the expenses of training an individual with the institutions enrolled under the program. This program will allow apprenticeship training to be used at its full potential.
Objectives of NAPS
The primary goal of the National Apprenticeship Promotion Scheme is to encourage apprenticeship training throughout the nation by offering multiple advantages to both employers and employees. In the NAPS scheme, the apprenticeship expenses are borne by both, the government and the employer, so that the financial pressure will not befall the employer alone. This scheme is aimed at laying the foundation of a skilled workforce, as apprenticeship training is one of the most effective ways to train and develop an individual with hands-on work experience. With the support of the NAPS program, an individual can get direct exposure to the industry, and the skills learnt can be put into practice. For an individual, it will help achieve confidence in the working environment. Moreover, this scheme would also increase employability, training quality, and experiential learning.
In order to enhance employment in India, the government is emphasizing apprenticeship training. The Indian government has set aside ₹3000 crores for this purpose. Additionally, the government of India has also collaborated with the United Arab Emirates for the development of skills, assessments, qualifications, and certification of employees. With the support of this partnership, a certified workforce can be readily deployed. This initiative is assumed to be taken forward by many more nations.
How is NAPS Beneficial?
There are multiple benefits for a business enrolling under the NAPS scheme. Apart from relieving the financial pressure of training, NAPS aids in the exemption of EPF and ESI contributions and also helps in creating an industry-ready workforce.
Here are a few benefits an organisation can derive from enrolling under the NAPS scheme:
1. Flexibility – NAPS provides businesses with the flexibility to assess their workforce requirements based on their demand. It allows companies to quickly respond to changes in workload without having to worry about the associated costs of hiring and firing permanent staff. An apprentice that can be trained and deployed with the relevant expertise is far more advantageous to an organisation than looking for a permanent hire.
2. Cost-effective – Hiring apprentices or temporary staff through NAPS is a cost-effective alternative for businesses, as they do not have to bear the cost of recruitment, training and other costs associated with permanent hiring. This scheme also provides financial incentives to businesses that take on apprentices. Additionally, businesses are exempted from EPF and ESI contributions that come with permanent recruitment.
3. Increased productivity – Hiring Apprentices through the NAPS program can help to increase productivity in the workplace, as apprentices are often highly motivated to learn and grow within their roles. They bring fresh perspectives and ideas to the workplace, which can help to drive innovation and improve processes while getting relevant work experience in practice.
4. Easy access to new talent – Staffing through the NAPS provides businesses with access to a pool of talented individuals who are looking to start their careers in various industries and sectors. This allows businesses to tap into a new source of talent and bring in newer individuals with raw talent, which can then be trained and deployed to the organization’s benefit.
Conclusion
The National Apprenticeship Promotion Scheme offers numerous benefits to both employers and apprentices. The scheme provides a valuable opportunity for young people to gain real-time work experience and training, while businesses can benefit from a cost-effective and flexible workforce. By taking advantage of this scheme, businesses can bring in new talent and drive innovation and growth within their industries while adhering to a cost-effective regime.
A complete solution to empower your workforce would be combining the benefits of NAPS with Temporary Staffing Solutions by Prompt Personnel Pvt Ltd. There are numerous advantages to hiring temporary workers. Temporary staffing is a strategy that helps you hire temporary workers for your business. temp-to-hire can be very beneficial to fill in the talent gap and get work done without involving in the lengthy processes of permanent recruitment.
With over 25 years of industry experience, Prompt Personnel is the ideal staffing partner for leading businesses across PAN India. We provide end-to-end solutions to empower your workforce to suit your business needs. From being a third-party aggregator for NAPS to providing Temporary Staffing Solutions, we’ve got you covered.
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.
