The Importance of Statutory Compliance: What Every HR Professional Should Know
In this fast-competitive business environment, companies need to adhere to standards in their aspect of human resource management. Among such imperatives is the compliance with the law; statutory compliance refers to the legality that dictates how businesses should deal with staff, such as payroll, labor laws, and benefits. Failure to comply with these stipulations may result in penalties, legal problems, and loss of reputation. Thus, every human resource professional needs to understand the importance of statutory compliance on the overall running of an organization.
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