Suits are either ready-made or custom stitched, but some had always come with a huge bill – Lawsuits. Monthly or annual balance sheet figures even get thrown off sometimes. The recent examples of Sahara Finance, Reliance Power and Kingfisher Airlines tell similar stories too. Legal battles stretch months and you bleed money in hours to your legal counsel. However, research shows that in the last decade an innovative stitch in time had saved nine for 60% of the Fortune 500 companies. Yes we are referring to the compliance benefits which accompany cloud based HR Automation Software. If that’s one pain-point in your agenda for long, then please read on to strike it off in the future.
How Compliance friendly is your HRIS?
The compliance essentialities which should be ideally analyzed before investing in an HRIS are briefly discussed below:
- Direct and Indirect taxes
- Information security
- Employment law & benefits
- Legal & Regulatory obligations
- Hassle-free Employee Separation
The PeopleWorks approach to Compliance issues
PeopleWorks is a cloud-based employee lifecycle management solution with interlinked modules to manage all aspects of an employee’s life from hire to retire. By leveraging Employee Self-Service and implementing smarter organizational Workflows, PeopleWorks has a comprehensive approach to assuring Corporate Compliance.
The compliance essentialities of any HRIS are holistically integrated into PeopleWorks.
- Direct and Indirect taxes – Be it the tracking of TDS or Provident Fund (PF) or the annual IT filing, users can manage their taxes from anywhere, anytime. Employers are also saved the trouble of IT probes arising out of employees avoiding Taxes. Even the Finance & Accounting teams are supplemented with electronic proofs on various topics which help in Audits & Industrial Certifications.
- Information security – Information Security is a compliance requirement not only for the IT & BPM industry. Any organizational data is confidential and might be produced as evidence in lawsuits. Thus PeopleWorks has multi-layered security features like Antivirus protection and SSL certificate based 256-bit encryption for all data transfers and Virtual Keyboard & Captcha for Login Password generation.
- Employment law & benefits – The Performance Tracking Module of PeopleWorks accurately quantifies employee performance to negate all allegations of favoritism and discrimination which usually lead to litigations. It further simplifies corporate obligations by integrating the Employee’s Benefits & allowances (Medical & Occupational) into this organization-wide platform.
- Legal & Regulatory obligations – PeopleWorks solves a majority of the innumerous legal & regulatory obligations for an employer like up-to-date Employee Records, PF & ESI Accounts, timely Payroll with TDS and Professional Tax deductions and prevention of several unwanted issues of harassment & discrimination at the workplace.
- Hassle-free Employee Separation – With automated Full-n-Final settlements and timely Form 16’s, employee separation is quick, easy and yet lawfully all-inclusive.
Enterprise resource planning had been automated by visionaries in the pre-millennial workforce. The Millennial workforce is said to transform Human Resource Management. With the technological advancements of SaaS and Cloud making HRIS truly affordable, Corporate Compliance would be one it’s primary benefactors.
To know more about how exactly and how efficiently PeopleWorks would handle your Compliance needs, please drop us a mail at email@example.com or visit www.peopleworks.in or connect through Facebook, Twitter or LinkedIn.