India has seen a huge development of business and economic growth in recent times especially in the light of the most fruitful concept of “ease of doing business” where a lot of bilateral trades with foreign countries have been signed, thus resulting in huge investment in India for purpose of opening abundant channels of business and thereby creating employment opportunities for the locals. It is therefore very apt that wherever there is business, it is always accompanied by a set of laws mainly related to employees and upholding their service conditions in a fair and reasonable manner. Labour Law compliance in India is basically a set of terms or conditions of employment. For carrying out new and existing businesses, all the enterprises are required to meet statutory compliance requirements under the various regulatory acts enacted by the Government in power from time to time.
This envisages the onerous task of upholding several labour laws, labour acts, and labour rules which an entity whether small, medium, or large, is meticulously required to follow. If the so-called proprietary, public, and privately limited fail to comply with the regulations then it may lead towards punitive action from the concerned authorities. There are central laws, as well as there are state laws with which a business is required to comply with depending upon the nature and type of business.
Labour Law compliance in India is primarily focused on safeguarding the protection of the rights of employees. It regulates companies, workers as well as trade unions through several compliances towards securing the rights of the workers and labour at large. Even under the best of circumstances, the conflict of interest between the working class and management often gives rise to misunderstanding by way of worker's efforts to achieve higher wages and other economic benefits, security of employment, greater freedom, and dignity at the workplace which are always viewed with a suspicious attitude.
Thus, in the various scheme of things, governance has been put articulately in place which is required to be adhered to in terms of:
As we all know, Regulatory compliance is a set of rules, such as a specification, policies, or law that ensures an organization or a business house is following the standards set for the industry or institution by the respective authority. The rules which govern the organizations are usually set by the government or parliamentary legislation or via government regulatory authorities for organizational, social, environmental, and economic betterment. The norms and rules are related to various issues such as economic, public interest, and environmental. This entails, that apart from procuring labour laws registrations and licenses for running of a business of all shapes and sizes, the law provides for monthly maintenance of statutory registers and statutory returns as per applicability of the various acts and rules enacted for this purpose. In short, it is a compilation of data to be displayed to the authorities as per formats and norms for ensuring that employee-related benefits are lawfully bestowed on the employees or workers as the case may be without any lacunae.
As a global consulting giant, we have made a foray into the digital world by evolving a tool called WeProcess which is a valuable digital container holding together as a cohesive unit, all the regulatory compliances of the entity or establishment where the artificial intelligence with the chatbot popping up as a support tool, keeps a hawk’s eye on the level of compliances required to be adhered to by the establishments who are keen to be ethically compliant as per global norms and practices.
The We Process tool in a way also offers tremendous assistance to the principal employer or to an industry, big or medium or small, in a full-fledged diagnostic mode to check whether it is following proper regulatory compliances for itself or not. The Industries must toe the line with the Regulator to be fully compliant or else they may have to face necessary interdictions by the appropriate authorities which can be both an embarrassment and also can lead to a fallout in the reputation or image.
The advantages to the clients will be manifold, in the sense that, scrutiny or observations of the compliance processes maintained for the clients on its behalf by Karma Management Global Consulting Solutions Pvt. Ltd., will be available in this WeProcess tool as a snapshot or the glimpses of the verified numbers will reveal the progress flow of compliances for the week, for the month, for the quarter, for half-yearly and the full year as well. There will be alerts, notifications, updates on a regular basis from the system informing promptly the well-being status of clients compliances where an independent login credentials will also be available throughout the time.
The happiest moments for Karma Management Global Consulting Solutions Pvt Ltd. has been when just last month, the statistics were tabled , the WeProcess tool audited figures crossed the milestone of compiling 600 statutory registers per month per larger establishment operating on pan india basis together with about 500 statutory regulatory returns by encapsulating all of these into one digitalized container which also acts as a repository of documents being made available at any point of time to any regulatory authority on call at the establishments offices, promptly.