In Sept 2020, the Government of India passed new Labour Law Codes
ease labour law compliance for business owners. Under the new proposition, compliance has been made comprehensive and hassle-free.
However, it is tricky yet to manage the mounds of files, folders containing compliance data. Even if you lose one of these documents, your business may be in trouble. You will also need a system that offers end-to-end protection for these documents while ensuring easy access from anywhere.
Many scalable and flexible third-party software services are available in the market. But a cloud-based labour law compliance solution can be the best fit. Let us shed some light on the benefits of leveraging the same.
Easily accessible dashboards
Most of the issues with regards to compliance happen because of lack of visibility. A cloud- based compliance solution provides all stakeholders with an in-depth overview of the compliance status. All the stakeholders can access it from anywhere and get all the required information in one go. Whether you are in the middle of a dispute or need to submit your compliance status to the authorised personnel, you can log in to the system and get the information readily.
Transparency with comprehensive reports
Generating reports is easier and less time-consuming with a cloud-based labour law compliance solution. You can create comprehensive reports automatically with the information available to maintain transparency. It is also easier to review those reports and other updates before submitting the same to the authorities. It allows business stakeholders and compliance managers to have real-time visibility into compliance operations, allowing them to make more informed business decisions.
Audit reports tracking
The audit reports are highly essential in situations of emergency, including industrial disputes. They are also important to prove the effectiveness of the policies and procedures within the company to prevent prosecutions and lawsuits. As these audits help create a risk profile for the company from a legal perspective, they need to be referred to while making critical business decisions. On a cloud-based labour law compliance system, you can track these reports, review and update them as and when required.
Hassle-free document management
Several legal and other documents offer useful information to the business stakeholders and compliance managers while making important business decisions. Finding specific documents can be a tad difficult at times, something similar to searching for a needle in a haystack. However, if you have a cloud-based system, you can easily store and manage these documents under different categories to find them easily when needed. Further, many legal documents related to various labour law acts, and compliance requirements can also be managed easily on a cloud-based platform. A cloud-based platform also ensures security and only authorised access to the documents.
24/7 accessibility
More than 80% of the Indian workforce switched to remote working at the outbreak of the pandemic. Even now, over half of the employee population are continuing with the trend to prevent contracting the virus. Hence, a cloud-based system is indispensable for the current situation to avoid running to the office now and then to fetch essential documents. Cloud- based compliance solutions offer 24/7 accessibility. You can easily refer to the reports and other documents anytime and from anywhere.
Alerts and notifications
A comprehensive compliance management solution offers several other additional advantages to companies. The solution provides regular alerts and notifications related to compliance news and updates directly to your mobile phones. That way, you will be immediately updated about all the recent changes in the compliance regulations and help you prevent making costly mistakes. The labour laws and their compliance rules keep changing from time to time. Updating is required in every step to prevent unintentional violations that may invite legal suits. An advanced cloud-based system can be extremely useful for providing such updates.
Payroll calculation made easier
An innovative cloud-based compliance management system can help make payroll calculation easier for the HR teams. A single error in payroll management can increase your liability for legal prosecution. Most common errors arise from poor management of employee records, worker misclassification, improper tax and salary calculations, and incorrect understanding of compliance regulations. Wage calculation is a complicated matter. A cloud-based compliance management solution can help ease these calculations with an error-free, automated process.
Cost-Effective
As the system is cloud-based, you do not have to make huge investments in hardware or software or regular maintenance. You can get all the benefits for a little monthly investment, just like you pay for other services. On top of that, you can also get 24/7 support and assistance regarding any issue.
Wrapping it up
Labour law compliance is not a tough nut to crack if you have the right system in place. A cloud-based solution is your best choice, as it is affordable, scalable, flexible and accessible from anywhere. No more manual record-keeping, tax and payroll calculation, and the chances of errors are also a minimum.
Let’s make labour law compliance easy for you!
