With the turn of the year, India is firmly wishing to establish its stronghold in the world economy with its exemplary offerings in various sectors that includes the like of Information & Technology, Agriculture, Manufacturing, and Infrastructure Development among others. Though the rise in the aforementioned sectors falls on the good development curve, there are numerous factors which do not necessarily fit on the positive end.
According to the 2015 Compliance Trends survey, only 62 percent of the Indian organizations have a Chief Compliance Officer (CCO) in comparison to the 70 percent in the global organizations. With almost 16 percent of the survey’s respondents showing no faith on their IT systems and their ability to capture the requisite compliance data, the impetus of compliance training, compliance strategy processes, and policy management across Indian companies increases multi-folds.
But, why are compliances mandatory in India?
Corporate compliance is the process of ensuring organizations, its employees and practices are ethically following the requisite laws, regulations, and standards. In a country where more than 50% of the organizations do not effectively concentrate on the requisite laws, there is a dire need for companies to practice corporate compliances to ensure smooth functioning of the operations. To sum it all up, corporate compliances are mandatory to lay out the requisite expectations for employee behavior while helping the organization focus on its broader goals.
While we speak about the necessary compliances, we’ve listed down three that every organization and its employee must know:
Working Hours : Thanks to the numerous laws, no individual is entitled to work for more than 48 hours in a week and not more than 9 hours in a day.
Overtime : The Indian law also makes a provision for workers to receive twice the wages for the extra hours they put in at work.
Compensatory Leaves : If by any virtue of work the employee happens to work during the weekly holidays, he/she is entitled to take the equal number of compensatory holidays.
Along with the aforementioned three facets, there are numerous aspects that organizations must consider which include the likes of Maternity Benefits, Gratuity, TDS, Working in Shifts among various others.
On a prosaic note, the one managing the Human Resources and Operations need to be on their toes to keep all the compliances on their fingertips. It is also their responsibility to be in sync with the rapid changes that occur in the market. However, keeping a tab on all the changing norms and compliances can be a daunting task, especially when the HR & Operations Managers have the added task of strategizing and streamlining the processes of an organization or a group of organizations. With technology coming in the forefront, it is high time, organizations make use of it to run all the processes efficiently. Various attendance management systems, payroll software, ensure organizations can finally rest their legal and statutory compliance worries at bay.
Understanding the compliance structure of organizations and the need to follow a structured approach, Hexpertech IT Services offers a myriad of offerings that help organizations achieve this obligatory goal.