- May 1, 2023
- Posted by: admin
- Category: Statutory and Safety Compliance
Third party compliance: Meeting legal obligations might look like a cakewalk but there is so much that goes behind all the legal formalities. If you only fulfill the minimum requirements, it can lead to missed opportunities. It is important to understand the reason behind various laws, regulations, and rules which govern your business. Your business can benefit significantly when you stay compliant all the time. Trivedi and associates is the best statutory compliance companies in Gujarat.
Need For Compliance with Business Growth
Let us start with the basics.
Compliance means meeting the legal obligations which are meant for protecting the safety, health, and welfare of others. A simple example of compliance is getting a license in your area to operate and payment of taxes. However, the need for compliance grows as the issues become complex. Your responsibilities regarding workers, recruitment, firing, discrimination, harassment, wages, payroll, safety, and others will expand. Here experts like Trivedi and Associates come into the picture.
Let us explain how.
The way of your manufacturing or selling any product/ service might need special permissions or approvals by the relevant government authority. For example, a restaurant must meet the guidelines issued by the health department. Then, a steel manufacturing plant may need distinguished kinds of compliances. You can take help from the best compliance engineering company in Gujarat for obtaining approvals and meeting various guidelines pertaining to your business.
Avoid Legal Problems
One of the most important benefits of compliance is that it helps in avoiding any type of fines, penalties, downtime, work delays, lawsuits, legal trouble, and shutting down of business. When a business is unable to meet certain compliance needs you might receive a warning for rectification. If you still fail to comply, you will have to pay fines.
If you fail to meet the manufacturing process guidelines or don’t comply with the advertisement methods, it can help someone in suing you. Hiring a compliance expert like us for understanding all the legal obligations and how to comply with them, can help.
Improvement in Safety and Better Operations
The business rules and regulations can help you instead of harming you. The regulations regarding harassment at work or discrimination can enable you to create a healthy work environment for your employees. This can lead to an increase in employee productivity and retention rate.
The safety and security rules can help you prevent any type of hazards, injuries, or fires which can affect your profitability. Apart from complying with the bare minimum, you should consult the best compliance engineering near me for strengthening the safeguarding your business operations.
Improved Public Relations
When you meet the legal obligations, you can put them on your website and marketing material. For example, when you put a job advertisement, you can mention that you are an equal opportunity employer. Similarly, while mentioning your mission on the website, you can tell them that no discriminatory practice goes in your office based on sex, caste, creed, etc.
While recruiting candidates you can mention about your business’s commitment to the mental and physical safety of employees. You can highlight proactive healthcare policies like maternity and paternity leaves and more.
Increased Employee Retention Rate
There are several compliance that deal with employee protection. When employees feel that they work in a fair, safe, and professional environment, they are more likely to stay with you. Even if there is no discrimination from your side, you need to ensure that none of the employees practice it too. The policies and legal obligations should be mentioned in your employee handbook. Apart from rules, also mention the repercussions of not complying with the same. Check with the managers if the requirements are being met. When looking for a compliance company, make sure you choose an experienced and reliable firm. Male thorough research online and offline before you sign a contract with the compliance partner.
Contact Trivedi and Associates Tecknical Services (P.) Ltd. to get your company’s statutory compliance under the Factories Act 1948 & PESO rules.