Many business organizations invest substantial time, effort, and money to ensure that payroll is compliant through a statutory audit. There are several potential legal issues and business leaders want the least obstacles when it comes to meeting statutory compliance in payroll. NAVDPayRoll is extensively engineered to assist organizations in protecting the company from unreasonable wages and confer fair treatment to their workforce.
Before unveiling the core capabilities of this HRMS and PayRoll solution, let’s understand
What is Statutory Compliance?
The word statutory means ‘of or related to statutes’- rules and regulations.
The word Compliance means ‘adherence’.
Thus, Statutory Compliance refers to adhering to rules and regulations. In HR and PayRoll management, it refers to the legal framework that an organization should adhere to in dealing with its employees.
Why Statutory Compliance is Important?
Every country has its own set of state and central labor laws that companies or business organizations need to comply with. Companies dealing with statutory compliance are required to be updated on all the labor regulations in their country.
Here, with the deployment of NAVDPayRoll, organizations can avoid non-compliance with these regulations and escape from all those legal troubles in terms of penalties and fines. Interestingly, with this HRMS and PayRoll solution, business organizations can save on their huge investments, efforts, and time to meet compliance requirements. NAVDPayRoll renders extensive tools to meet statutory compliance right from professional tax to minimum wages act as well.
This inventively orchestrated HRMS and PayRoll eases the complexity of meeting statutory compliance via automation and a set of modules designed to have key insights. It gets extensively synchronized with the operational aspect of every business and helps eliminate key bottlenecks to ensure the protection of the workforce and the organization.
This PayRoll solution is engineered after a deeper understanding of the regulatory settings and delivers specialized services to organizations to meet statutory compliance. NAVDPayRoll streamlines the process right from the day-to-day maintenance of prescribed forms and registers to the filing along with reports without much hassle.
Advantages of Statutory Compliance
- It helps ensure fair treatment of employees
- It assists in offering fair payment for the work done
- Ensure that the company complies with the minimum wage rate
- Prevents employees from working for long hours unnecessarily or under inhuman conditions
Advantages to Organizations
- Helps avoid penalty or fines because of their timely payments
- Protects the organization from benefit demands from trade unions
- Prevents legal troubles as the company remains compliant
- Eliminates the risks and increases awareness about compliance
With the deployment of NAVDPayRoll, a business organization can meet statutory compliance, avoid penal actions, and prevent financial losses to the organization. Moreover, they can avert the loss of reputation and business integrity. Furthermore, being compliant helps an organization retain their employees’ trust and customers’ loyalty in the long run.
Although this HRMS solution eases the HR and PayRoll functions within your organization via automation, a solution provider partner would assist you in executing your business vision and balancing employee safety, happiness, and productivity more efficiently.
Serving in cloud computing solutions for more than a decade, we have won many accolades for our exemplary services. We have assisted in maintaining business continuity across all our businesses even during the COVID-19 pandemic lockdown and we are ready to serve across a broader range of thriving business domains with new technology enhancements.