Statutory and Compliance Outsourcing

There are many reasons that you might decide human resource outsourcing is worth your time. Whether you’re noticing that your HR employees have to work ten hour days to stay ahead or if you’re experiencing a drop in productivity that you think human resource outsourcing could help, then it’s yes human resources outsourcing firms help businesses minimize risk.

Here, I would like to introduce VIRTUAL HRO – Your Onsite HR Partner. Virtual HRO offers human resource outsourcing for any business of any size and can give your company real advantages that actually impact your bottom line. Our aim is to ensure your HR runs smoothly, so you can focus on driving other aspects of your company.

Statutory and Compliance Outsourcing

The purpose of this write up is to identify and understand the need for statutory compliance services for a business. This article provides some initial insights on statutory compliances services that are offered by global companies.

History of Businesses in India:

In the yesteryears, businesses were relatively easy to operate. There was a controlled environment and a reasonable legal framework (Licensing and Permits) that governed and regulated the operations of each business. Regular audits and inspections took place and the media was a little suppressed and not very proactive. –

The Scenario now

The advent of globalization has essentially opened up a lot of opportunities for businesses to expand their horizons. However, this has increased the complexity of operations. The regulations also have undergone a sea change to keep up with the new challenges. The media has now become a powerful force that has a keen and watchful eye on all things newsworthy.

The regulatory bodies now have their hands full to first formulate new laws or amend existing laws or acts to incorporate the varying business landscapes. The other important task is to ensure compliance to these new laws. The regulators are also now better equipped for these new tasks due to adequate technological support. –

What is Statutory Compliance?

Statutory compliance, in HR, refers to the legal framework within which organizations must operate, in the treatment of their employees. Every country has several hundreds of federal and state labour laws that companies need to align with.

In order to cope with the demanding regulatory environment, it is vital that organisations sit up and take notice of the different laws. They need to devise efficient and effective ways to maintain compliance to these laws and minimize their risk.

Non- compliance has resulted in well-publicized failures and heavy punitive damages and losses to many organisations especially since 2011.

Virtual HRO has built a reputation of maintaining a 100% statutory compliance record with regards to both its employees and its clients. Our strong focus on Statutory Management and Statutory Compliance in HR has caused us to develop a highly sophisticated infrastructure designed to manage large scale and diverse requirements of our clients across Mumbai and India. This infrastructure consists of a sizable team of legal and labour law experts, who possess the relevant academic and practical knowledge to address every aspect of Indian labour law.

Services Offer in Statutory Management
• PF
• ESIC
• PT
• BONUS
• The Contract Labour (R & A) Act
• National & Festival Holiday Act
• The Minimum Wages Act, 1948
• Payment of Wages Act 1936
• Shops & Establishment Act
• Licensing and Registration under various Labour Laws
• Calculation of Periodical Liability & preparation of Payment Challans accordingly
• Preparation and Submission of Periodical Statutory Reports
• Attendance of Periodical Statutory inspections held by the Govt. Officials whenever required

To know more about Outsourcing Statutory and Compliance also

We undertake 13+ MAJOR HR ACTIVITIES such as HR Administration, Payroll Management, Statutory Compliance (PF, ESIC, and PT), HR Policy & HR Documentation & many more.

By availing VIRTUAL HRO Services of TMS, our clients have enjoyed up to 40% increase in Profits due to increased productivity, up to 25% savings on Salary Costs due to proper Payroll & Attendance management, up to 90% savings on Labour & Compliance Matters and an overall 100% Peace of Mind with our complete services.

For more details you can email us on sales@virtualhro.in or can call 7039 022 493 | 7039 022 430 | 7039 022 670 or visit website www.virtualhro.in or www.tmservices.co.in