Statutory compliance involves adhering to rules and regulations of the government. With government regulations becoming more stringent by the day, companies tend to spend an increasing amount of time and money to comply with the provisions. Adhering to statutory compliances is crucial for all business establishments in order to keep themselves safe from legal issues. Also, as the landscape of labor laws continues to evolve, streamlining business operations accordingly remains a top concern for companies to ensure compliance. In order to operate their business successfully, companies have started outsourcing statutory compliance management. Statutory compliance management outsourcing services help in managing sound corporate governance, reducing labor overheads, and timely compliance and adherence to different labor laws. These services also help in avoiding costs and litigation that may arise due to non-compliance and maintenance of records relevant to compliance.
Statutory compliance management outsourcing services include quarterly & annual returns, submission of monthly statutory compliance audit, maintenance of registers, formats, statutory records, etc., and support and assistance for documentation and application as prescribed under various acts. These services assist enterprises in compliance-related issues on income tax, sales tax, PF & ESI, customs, HR, Companies Act, and many more. The landscape of statutes of labour laws is continuously changing, and it takes a special nimbleness to remain abreast of all the advanced developments and make sure compliance. It is utterly essential to act in accordance with all the legal as well as statutory standards for businesses to run effectively globally. This often involves important investment of resources, time, constant monitoring to be in the know of all the changes that are happening, in order to evade and compliant penalties. With the ever changing employment rules and regulations, it becomes a challenge for mid-sized as well as small companies to remain themselves always compliant.
Statutory Compliance Management Outsourcing Services Market – Trends and Opportunities
Increasing number of notifications and amendments as well as strict vigil by government authorities have made companies realize the importance of outsourcing their statutory compliance activities. Also, outsourcing of statutory compliance management helps companies save on cost and ensures their adherence to compliance, besides reducing penalties, assisting in better engagement of resources, improving performance, remodeling headcounts, and enhancing productivity and human relations.
Statutory Compliance Management Outsourcing Services Market – Segmentation
The global statutory compliance management outsourcing services market can be categorized based on service type, business function, enterprise size, end-user industry, and region. On the basis of service type, the statutory compliance management outsourcing services market can be classified into statutory compliance audit, trust management services, S&E compliance services, factory compliance services, payroll compliance management services, and CLRA (Contract Labour (Regulation & Abolition) Act.) management. Based on business function, the statutory compliance management outsourcing services market can be divided into finance, labor, technical, and human resources. In terms of enterprise size, the statutory compliance management outsourcing services market can be split into large enterprises and small and medium enterprises (SMEs).
With respect to end-user industry, the statutory compliance management outsourcing services market can be bifurcated into IT & telecom, retail & e-commerce, education & research, media & entertainment, government, transportation & logistics, healthcare, banking, financial services and insurance (BFSI), manufacturing, and others. Based on region, the global statutory compliance management outsourcing services market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Statutory Compliance Management Outsourcing Services Market – Key Players
Major players operating in the global statutory compliance management outsourcing services market include ADP, LLC, Alp Consulting, M. K. Ghosh & Co., S3 Solutions Pvt. Ltd., AMS Human Resources, VIXA, and SDK Associates. These vendors continue to invest significantly to expand their service portfolio by integrating advanced technologies and introducing innovative services. Also, they engage in establishing new partnerships with local players to enhance their presence and share in regional markets.
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