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 | Nov 20, 2022 | Human Resources, Uncategorized
Attrition is frequently seen as a business’s “Health Check.” A high Employee Attrition Rate possesses a threat to any business and costs a lot of time and money to get over it. According to a global survey, replacing an employee can cost up to twice as much as their annual wage.
Since the pandemic and uncertainty of COVID-19 mass layoffs have been heating up. In April 2020, employee attrition rates reached their lowest in nine years. Despite the decreased attrition rates, the global turnover rates have increased significantly in the current year due to more job opportunities, pandemic burnout, and employees overall feeling disconnected from their current company.
Realistically speaking, a certain amount of attrition is inescapable. However, given the current situation, it is imperative to look into the matter. Understanding the reasons why individuals leave helps businesses implement the best tools and tactics to boost employee satisfaction, which in turn leads to the success of the business. These insights are essential for coordinating expectations, ensuring worker engagement, and lowering attrition rates.
Well, no company wants to be a “come and go” platform for employees and the HR team’s biggest challenge is how to manage attrition.
We’ll talk about five practical strategies to lower attrition.
Using the best practices along with HR consulting will help you resolve your concerns regarding resources and will help you retain valued talent within the firm.
Here Are The 05 Ways To Reduce Employee Attrition – Effective Solutions
- Inspect your Workforce:
Technology has taken over the world at this point, so we can take advantage of its capacity to employ workforce analytics to figure out what goes wrong in departments with high turnover. If you don’t have a system, analysis can be done through discussions with managers in those same high- and low-performing workforces. Keeping track of who gave what feedback can be challenging when managing individuals. That’s where you can leverage the technology with performance management software. Another straightforward method is to write down the feedback, which ultimately aids in accurate evaluation. Providing transparent feedback is an excellent way to motivate employees by showing them where they’re doing good and where they need to improve.
- Create Ways to Involve your workforce:
What more do we want than highly motivated staff, yet it might be challenging to get going without setting and exceeding goals? And simply throwing money at a problem won’t make the employees work harder. Instead of uniformly increasing salaries by 10%, set challenging but attainable targets to get employees moving. Use the same objectives to gauge employee performance when it comes to evaluation.
Although participation can be a little challenging to achieve, satisfied employees feel like they are making a difference and have a sense of choice. Employees want to believe that their opinions are heard and that they play a part in advancing the business. Employees want to feel like their voices are valued and have a helping hand in moving the company forward. This leads the employees to a sense of well-being and retains them in the organisation.
- Focus on finding the right fit:
Every employee you have on board fits like a piece of a puzzle. So it becomes important to spend more time looking for the ideal candidate to fill the roles. Spend ample time making the end picture clear for both the employer and employee. The right fit can be the most important asset and could stay for years. The wrong fit can hamper growth and waste time trying to find a replacement.
Although it isn’t easy, you have to fire people who don’t “do it right”. You have to take the harder decisions and let these people go without a heavy heart because when surrounded by ineffective co-workers, motivated and productive employees will leave and find a better environment.
- Focus on Employee-Centric Learning:
How much time does each of your employees devote each week to learning?
Overworked employees rarely have time to learn. A company that values learning and development, wants its employees to improve their careers, not just their job. Learning and training are also beneficial for the company, as it makes it easier to promote from within.
Learning enables the employees to feel safe to experiment and even fail at some projects. Training them on a regular basis is also very crucial; it represents a good opportunity for them to expand their knowledge and sharpen their job skills to become more effective in the workplace. Although the cost of training for employees might be high if done consistently the payoff is enormous.
- Consider Temporary Staffing Services:
Of course, hiring the right set of people from the start would be the ideal method to lower staff turnover rates. And another great method is to appoint temporary staff through a temporary staffing service. This has become an essential strategy for managing a successful workforce in many industries. These staffing services deliver the best-suited candidate for the role available. The quality of the hiring decisions has a direct impact on retention rates, which makes it a crucial way for reducing attrition.
The Temporary Staffing Agency maintains a wide candidate pool and a network of contacts in a variety of sectors and skill sets. This enables them to conduct focused, quick searches for people who can match the organization’s short- and long-term goals. Additionally, this aids businesses in saving time and money that can be put to better use elsewhere in their operations.
Attrition is costly as it takes time and resources to redistribute work and find and train new talent. Also, it cannot be avoided. However, filling the backlogs in your organisation is in your own hands. If you keep your employees satisfied, they will definitely stick to you, even in difficult times!
HR Companies can be your go-to source for minimising attrition and managing your workforce effectively. Prompt personnel is one of India’s leading HR firms, which offers its partners prominent and comprehensive end-to-end HR consultancy. With us, you will open up fresh avenues for achieving alignment with success measures and advancing performance through the best temporary staffing solutions, which will ultimately decrease your employee attrition rate.
by Prompt Personnel | Nov 16, 2022 | Human Resources, Uncategorized
We are in the middle of WORK REVOLUTION! The way we look at work today has changed drastically all thanks to globalization, the buzz of the internet, artificial intelligence, machine learning, and of course COVID!
The impact of COVID-19 has affected almost every sector. Over that the Great Resignation is in full swing, impacting 120 million Indians who lost their means of bread.
The result? The highly competitive Indian job market is struggling to attract and retain fresh talent. The trend of resignations which started in 2020 amidst the emergency of Covid 19, isn’t slowing down yet after the recession.
No doubt that employee retention is an ongoing hot topic in the business world. And in the coming years, its significance will only increase.
This might lead you to ask: How can I retain employees and reduce employee turnover?
To navigate the losses inflicted by high turnover rates, most companies look at HR Consultancies for effective retention strategies. Also, temporary staffing services can be a way for simplifying the hiring procedure without having to take care of any HR formalities.
Here are the top employee retention strategies for 2023:
- Allowing a flexible work-life balance:
With 89% of the employees desiring flexibility, work-life balance and remote or hybrid work environments now top the list of strategies to retain the employees. Since the pandemic, working in a hybrid or remote environment has become the new normal. The 9-to-5 norm is slowly vanishing. The office has become a more occasional meeting place. The possibility of a better work-life balance enables effective employee retention as employees have the flexibility to work from home since it allows them to navigate between family commitments and work. Creating a flexible work environment where employees feel productive, connected, and valued gives them purpose and drives them to give their all.
- Offering competitive packages:
One of the easiest ways to retail your employees is by offering them competitive salary packages. It does not necessarily mean rewarding in the monetary form. It also includes flexible benefits like medical care and employee perks. Today’s employees not only work for the money but also place equal emphasis on other aspects also. Adequately compensated employees feel more motivated to come to work. Their morale remains high, and their job satisfaction levels increase.
- Open to employees’ skill development commitments outside the work:
Your top employees want to learn and develop continuously, thus it is important. And when they’re given the opportunity to develop their skills, learn more about their jobs, and become professionals, they feel valued and wanted. This will help them keep on board as employees look to encounter new challenges and opportunities at the company. Not only does this approach communicate that employees are valued, but it gives them charge over their career and over their time at your company. Particularly during such recessionary times, empowered personnel are more engaged, and productive and have a reduced turnover rate.
- Making Training a Priority:
Training should continue to be a priority in 2023.
It goes beyond simply just telling individuals to work for you to achieve a certain goal. You are motivating them, moulding them, and mentoring them to work more effectively. Just as a coach builds a player, you need to build your workforce. As the saying goes, ” One man might win the battle by himself, but cannot win the war alone. Therefore, training your employees is vital. Training employees to become better informed and more motivated to progress in their careers, thereby improving employee retention.
- Stay connected on a weekly basis:
Having Weekly 1-On-1 Manager & Team member meetings instead of annual reports. During these weekly and biweekly Meetings, the Manager can discuss key issues, ongoing projects, important questions, and the employee’s and the company’s next course of action. This constant communication and culture of sharing perspectives will make employees feel more valued and connected to the company and their contribution matters.
As we move into the new year, seeing the current situation it’s important to look into employee retention strategies. With the right mix of training, opportunities, staffing services, and compensation you can keep your best employees happy and involved in the organization.
It is challenging to determine which strategy or combination of strategies will be successful for each organisation given its unique set of employee demands. In such a dynamic environment, outsourcing HR can help you with all the HR services to help you manage your business efficiently. Prompt Personnel can help you find the right solution for your organization. Prompt Personnel is one of the best HR outsourcing companies in Hyderabad that helps businesses focus more on their core and delivers the best workforce to ramp up your team in no time.
by | Oct 1, 2020 | Human Resources, Uncategorized
Introduction
Occupational Safety, Health and Working Conditions Code, 2020 emphasizes on health, safety and welfare of the workers employed in various sectors like industry, trade, business, manufacturing, factory, motor transport undertaking, building and other construction work, newspaper establishments, audio-video production, plantation, mine and dock-work and service sectors.
The Code makes mandatory provisions for the employers to provide a safe working environment and trying to cover the risk of unfortunate incidents arising in the course of employment.
Key Highlights
- The Code aims at lessening the burden of the employers as it would replace multiple registrations under various enactments to one common registration, one licence and one return which will ultimately create a consolidated database centrally and will be helpful under ease of doing business.
- The workplace should be kept free from hazards that cause or likely to cause injury or occupational disease to the employees
- Employers are required to conduct free annual health check-up for their employees.
- Issuance of appointment letter to every employee on their appointment in the establishment
- Workers / Employees are entitled to receive overtime amount at the rate of twice the wage.
- Employers or Contractors are responsible to provide welfare facilities to inter-state migrant workers.
- Employers are required to provide facilities such as ventilation, humidification, potable drinking water, adequate lighting, creche, washing facilities, bathing places, locker rooms etc.
- The licence issued by the appropriate authority for inter-state migrant workers shall be made electronically.
- Contractor operating in more than one state will have one licence from the Central Government and the validity of Licence will be 5 years and may be renewed thereafter.
- The contractor shall apply for amendment of licence along with security deposit in case if there is increase in number of the contract labour.
- Workers employed in Transport, Sales Promotion and Journalism have special work hour and leave requirements specified.
- Employer in construction business cannot hire workers with defective vision, deafness, or a tendency for giddiness, if there’s risk of accident.
- The employer to pay yearly journey allowances to every inter-state migrant worker a lump-sum amount of fare for to-and-fro journey to his native place from the place of his employment.
- Employer in plantation to make provisions for necessary housing accommodation including drinking water, kitchen and toilet, health and recreational facilities, to every worker employed in the plantation (including his family), crèches facilities for plantations having more than 50 workers (including workers employed by any contractor), educational facilities for children of workers between six to twelve years of age.
