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How to gain a better understanding of the market and its various labor laws and compliance issues?

Market Overview

It is basically the background work required to succeed in business whether its product or service based.

We all do the research of our target audience, demand, delivery product / service competition, price range and costs for production, packaging, advertising etc; yet it’s difficult to get competitive edge over the market.

What makes you different is the competitive differentiation which sets the brand apart from others to attract new customer base and keep them loyal.

An organization defines strategies for smooth functioning of business but it requires policies in place for actual day to day functioning. Businesses require the awareness and implementation at right time to abide to lawful implication if any; else the consequences can be unfavorable.

Create Better Understanding

To gain a better understanding of the market and its various labor laws and compliance issues we can refer to the guidelines and updates of our country where business is situated and international laws needs to be referred if your company is active in multiple countries.

Compliances contain rules and regulations to follow, requirements and standards to meet, policy formation, governance all legal stuff you need to know right before the inception, after commencement and also if you go for business closure.

A company is bound by the laws for every action related to appointment, nature of business, purchase and sale of office or industrial assets and properties, taxes and duties.

Private companies’ laws also cover the terms and conditions of employment, laws against discrimination, termination of employment etc.

Currently India is one of the ten countries providing worst work experience which absolutely does not suggest no law and order in India instead the manipulation of laws is resulting into damaged image of our industries.

Labor Laws and Compliances

Laws related to the labor are strict to protect the rights of human resources of a country, they include the safety of workmen, right of equality, right of minimum wages, proper structured leaves, and it helps employers so that the disputes do not encumber the business incurring losses for both the parties

Initially for Indian trade and industry related labor laws refer the following out of 40 Labor Laws from https://labour.gov.in/
  1. The Trade Union Act, 1926.
  2. Weekly Holiday Act, 1942.
  3. Industrial Disputes Act, 1947.
  4. The Factories Act, 1948.
  5. Minimum Wages Act, 1948.
  6. Employees Provident Fund Act, 1952.
  7. Payment of Bonus Act, 1965.
  8. Payment of Gratuity Act, 1972.
  9. Equal Remuneration Act, 1976.

You may visit the government sites for guidelines of each act and apply the rules and regulations in your organization but a Labor Law expert can save you from the invisible traps due to limited understanding of the technical terminology of the laws and its compliance issues.

Agencies like Targetorate are well acquainted with the laws, their application and implications; they can be your consulting partners whether it’s a Startup or an established firm. For every company that dreams to succeed is destined to win some day but help from right legal experts and management consultants sailing through the high tide becomes easy.