5 ways ‘ACT’ helps to create and execute Labour Law compliance for your business - PowerPoint PPT Presentation

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5 ways ‘ACT’ helps to create and execute Labour Law compliance for your business

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Labour laws are acquiring greater complexity with time. An informed business owner / HR professional needs to develop a holistic understanding of the compliances required to run a business within the constraints of the law. We discussed the governance and risk compliance landscape in India here. – PowerPoint PPT presentation

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Title: 5 ways ‘ACT’ helps to create and execute Labour Law compliance for your business


1
5 ways ACT helps to create and execute Labour
Law compliance for your business
https//www.myndsolution.com/
2
Can you manage Compliance with a list of laws and
a checklist?  Yes, but with a very long
list.  Labour laws are acquiring greater
complexity with time. An informed business owner
/ HR professional needs to develop a holistic
understanding of the compliances required to run
a business within the constraints of the law. We
discussed the governance and risk compliance
landscape in India here.  A small business can
fulfill the payroll and statutory compliance
requirements with an in-house team, utilising a
manual list based approach. But it would be a
long list, with a lot of paperwork, spreadsheets,
and back and forth with stakeholders. For a
business owner, an understanding of compliance
laws should be sufficient to put all
compliance-related affairs in order. But things
are not that simple. The challenge of the
compliance laws arises from the nature of its
amendments which are expansive. It is difficult
for a small team to track and address labour law
compliance single-handedly, especially for a
growing company. The HR team ensures payroll and
labour law compliance with the central and state
government. These laws change frequently, and
even one mistake can invite a penalty from the
state. 
https//www.myndsolution.com/
3
Ensuring statutory compliance in HR is not as
easy as maintaining a checklist. A statutory
compliance management software can help your HR
team to comply with the laws, reducing the time
and effort required to compile and file
information.  For larger companies, signing up
for compliance automation software is a viable
option. A solution like ACT Active Compliance
Tracking  will streamline your efforts, reducing
the time and cost spent on compliance. ACT offers
end-to-end compliance management for businesses.
ACT is configurable according to the industry. It
enables an online repository of documents, and
real-time tracking of activities and reporting,
giving you complete visibility and control over
all compliance-related issues. Let us understand
five ways in which ACT can digitize your
compliance processes and transform your
business Record Generation for
Compliances Generate compliance records and
registers, and monitor registrations/renewals for
your business easily. Using ACT throughout the
compliance process can help HR to ensure all the
required registers are completed, organised, and
saved properly. Information from these registers
can be compiled into audit reports within a few
clicks.  Task Allocation You can create and
define tasks with ACT in numerous ways and set
the parameters, such as due date, publishing
interval, notifications, etc. ACT will ensure
that the allocated tasks are conveyed to the
end-user timely.E.g., Your HR team can define a
set of onboarding tasks to be completed within a
stipulated time. If the new employee doesnt
complete it, ACT will send notifications to
ensure compliance. ACT can be configured to send
alerts when employees work overtime or when
employees are eligible for a break or other
events.
https//www.myndsolution.com/
4
Real-Time Validation Chances of error are higher
when payroll, employee training, sensitive
employee compliance data tracking, and other
business requirements are completed manually.
ACTs automation has inbuilt features Maker and
Checker process for activity completion, Workflow
configurations, SLA compliance tracker, and so on
that help to reduce possible errors.  An
automated compliance management software like ACT
reduces the possibility of making errors that
could lead to non-compliance.  Digital activity
leaves an audit trail that helps to examine the
source of the decision. Audit officers and
concerned teams can examine the validation
process to understand the systems of checks in
place to reduce errors in compliance. It is
easier to revisit such audit trails digitally if
required. E-Repository of Document
Management ACT is your digital vault that stores
all your documents on the cloud securely. It
provides instant access to authorized users and
ensures critical information can be compiled into
audit reports within a few clicks. Compliance
Reporting and Analytics ACT helps businesses to
achieve their payroll and labour law compliance.
It automates the systems for reporting and
complying with laws and regulations. A live
scorecard helps to track the compliance status
according to each Entity, (According to) the
Location of your business, and Labour Laws. With
an average of 10 years of experience in labour
laws and compliance-related activities, Mynd
provides consistent support for different
industries across India. ACT brings the extensive
subject matter and digital expertise of Mynd
together.
https//www.myndsolution.com/
5
Lets Connect for More
For business enquires
please write to sales_at_myndsol.com
Get in touch with our sales expert _at_
91-8585974929 https//www.myndsolution.com/
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edin.com/company/mynd-solutions-private-ltd?trkto
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