HR is a vital function that can help organizations attract, retain, and develop talent. However, we also face many challenges and complexities in its daily operations. That’s why Artificial Intelligence (AI) can be a powerful ally for HR, as it can automate, optimize, and enhance various aspects of HR management. Here are some of the benefits of AI for HR:

• Seamless Recruitment: AI can speed up and improve the hiring process by screening resumes, creating shortlists, conducting interviews, and evaluating candidates objectively and without bias. This can save time and resources, as well as increase diversity and inclusion.

• Elevated Employee Engagement: AI can analyse data from various sources to understand how employees feel and what they need. AI can also use chatbots to answer questions and provide support. This can make employees feel more valued and connected, which can boost their performance and loyalty.

• Data-Driven Decision Making: AI can process large amounts of data quickly and accurately, and find patterns and trends that might not be obvious to humans. AI can also predict what might happen in the future, such as who might leave the organization or who might need more training. This can help HR plan ahead and take action before problems occur.

• Human Touch in Performance Management: AI can provide feedback to employees based on data and facts, rather than opinions or emotions. AI can also make the feedback more helpful and positive by using empathy and understanding. This way, HR can keep the human touch in performance management, while also being more fair and consistent.

• Simplified Policy Management: AI can automate some of the tasks related to policy management, such as creating policy drafts, sending notifications, or checking compliance. AI can also provide real-time information and updates on policy changes or requirements. This can make policy management easier and more consistent.

• Future-Ready Leaders: AI can help HR develop leaders for the future by using new technologies like Virtual Reality (VR) and Augmented Reality (AR). These technologies can create realistic simulations that can train leaders on various skills and scenarios, such as communication, collaboration, crisis management, or innovation.

AI is not a replacement for human skills and values. Rather, it is a complement that can enhance human capabilities and potential. Therefore, HR should embrace AI as a partner that can help them achieve their goals and vision.

How SDP Can Add Value

One of the goals of HR is to ensure that the organization has the right talent at the right time and place. However, this can be challenging in a dynamic and uncertain environment, where talent needs and availability may change rapidly. That’s why SDP Contingent Workforce Solutions can be a valuable solution for your HR team.

We provide access to a pool of qualified and flexible workers who can fill temporary or project-based roles. We can help your HR team by:

Reducing Costs: Hiring contingent workers can be more cost-effective than hiring permanent employees, as they do not require benefits, taxes, or training expenses. Moreover, contingent workers are paid only for the work they do, which can reduce labor costs.

Increasing Flexibility: Hiring contingent workers can increase flexibility for the organization, as they can adjust to changing talent needs quickly and easily. Contingent workers can also bring diverse skills and perspectives that can enhance innovation and creativity.

Improving Quality: Hiring contingent workers through SDP Contingent Workforce Solutions ensures that they are vetted and verified by SDP’s experts. This means that they have the required skills, experience, and credentials for the role. Furthermore, SDP Contingent Workforce Solutions provides ongoing support and feedback to both the organization and the contingent workers to ensure quality and satisfaction.

We can add value to HR by providing a reliable and efficient way to access talent on demand. By partnering with SDP Contingent Workforce Solutions, HR can optimize its talent strategy and achieve its objectives.

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Payroll management is not just a transactional function, but a strategic one that can create value for the business and its stakeholders. In India, payroll management faces many challenges due to the complex and dynamic statutory requirements that cover social security, wages, taxes, and benefits for employees. These requirements can vary by state, industry, and employee category, and keeps changing frequently due to new laws and regulations. Non-compliance can result in legal risks, financial losses, and reputational damage.

To overcome these challenges, many companies in India choose to partner with professional payroll companies that have the expertise, experience, and technology to handle the payroll process efficiently and accurately. These companies can help the business:

• Enhance productivity and profitability: By outsourcing the payroll function, the business can focus on its core competencies and strategic goals. It can also reduce the operational costs and administrative burden of maintaining an in-house payroll team.

• Ensure compliance and risk mitigation: Professional payroll companies are well-versed with the latest statutory requirements and best practices that affect the payroll process. They can help the business calculate and remit the correct amounts of ESI fund, PF fund, professional tax, TDS, and gratuity for its employees. They can also help the business file the required returns and reports with the authorities and avoid penalties or disputes.

• Improve accuracy and security: Professional payroll companies use advanced software and systems to ensure the quality and confidentiality of the payroll data. They can help the business avoid errors such as miscalculations, misclassifications, or missed deadlines that can result in employee dissatisfaction or legal issues.

According to a report by Research and Markets, the payroll outsourcing segment accounted for the largest share of the India Human Resource Outsourcing market in 2022 and is expected to grow at a CAGR of 24.36% during the forecasted years, driven by the need for cost reduction, compliance, and efficiency.

At SDP, we provide effective contractor management, risk mitigation, compliance, payroll management, payroll financing, remuneration and salary packaging solutions. We also offer SDP Global Pay, a service that enables business to hire the best talent from anywhere in the world without setting up a company. SDP Global Pay will manage the employment, compliance, and payroll of your global workforce. SDP has paid over $2 billion in payments, 100,000 contracts and more, making it a reliable and experienced partner for your payroll needs.

By partnering with us, you can transform your payroll function from a cost centre to a value centre.

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The Indian government has passed a new law called the Contract Labour (Regulation and Abolition) Code, 2020, which will change the way contract workers and employers work together in India. This law will have some benefits and challenges for the contract staffing industry, which provides workers for various sectors.

Some of the main changes are:

• Smaller establishments with less than 50 contract workers will not have to follow the rules regarding registration, licensing, welfare facilities, etc. This will make it easier and cheaper for them to hire contract workers. But it will also mean that many contract workers will not get the benefits and protections that the law provides.

• Workers who migrate from one state to another or who work through online platforms such as Uber, Ola, Swiggy, etc. will also be considered as contract workers and get benefits such as minimum wages, social security, etc. This will bring more workers under the formal sector and ensure their dignity and welfare. But it will also mean that the contract staffing industry will have to follow more rules and obligations for these workers.

• The principal employer (the company that hires the contract workers) will be responsible for providing welfare facilities such as canteens, rest rooms, drinking water, first aid, etc. to the contract workers. The contractor (the company that provides the contract workers) will have to pay for these facilities and may recover it from the principal employer. This will ensure that the contract workers get access to basic amenities and facilities at their workplace. But it will also mean that the principal employer will have to spend more money and space for these facilities.

• The contractor will be identified as an “employer” having independent responsibilities for complying with the law such as payment of wages, contribution to social security fund, health and safety measures, etc. The principal employer will only be liable in case of default by the contractor. This will shift most of the accountability and liability from the principal employer to the contractor. But it will also mean that the contractor will have to shoulder more responsibility and risk for ensuring compliance with the law.

• The contract workers will have the right to form trade unions and participate in collective bargaining with the contractor or the principal employer. They will also have access to grievance redressal mechanisms and dispute resolution forums. This will empower the contract workers and give them a voice and representation in their workplace. But it will also mean that the contract staffing industry will have to deal with more demands and expectations from the contract workers and their unions.

The new Contract Labour Act is a landmark legislation that will have a significant impact on the contract staffing industry in India. It will bring more clarity and uniformity in the legal framework governing the contract labour system in the country. It will also create more opportunities and challenges for the contract staffing business in India.

I welcome the new law and appreciate its intent and objectives. I believe that it will benefit both the contract workers and the employers in the long run. However, I also acknowledge that it will require some adjustments and adaptations from both the parties in the short term.

Together, we can make the contract labour system in India more efficient, effective, and equitable.

The post How the new Contract Labour Act will affect the contract staffing industry in India first appeared on SDP GLOBAL PAY.

Let’s delve into the promising landscape of India’s work evolution. This journey isn’t about glimpsing the future; it’s about understanding a paradigm shift that holds the potential to elevate India’s innovation and productivity. We’re standing at the crossroads of change, where traditional work models intersect with groundbreaking concepts like Flexi-Staffing, the Gig Economy, and Digital Transformation. So, let’s explore how these concepts can reshape the way we work.

Flexi-Staffing: Navigating Smart Workforce Dynamics

Imagine a scenario where hiring talent becomes as adaptable as the projects you undertake. This is the essence of Flexi-Staffing – a flexible approach to workforce management. It’s more than just a trend; it’s a strategy that brings agility to your operations. By embracing Flexi-Staffing, you’re not just employing individuals; you’re embracing a new way of working that maximizes efficiency and effectiveness.

However, navigating Flexi-Staffing isn’t without challenges. From compliance intricacies to ensuring quality and maintaining clear communication, there are considerations that demand attention. The solution lies in forming partnerships with reputable staffing agencies. These partnerships should be based on a shared commitment to quality and compliance. Setting expectations and monitoring performance are crucial, as is establishing clear terms and conditions to avoid misunderstandings.

The Gig Economy: Empowering Independence and Collaboration

Picture a landscape where professionals can choose projects based on their expertise and preferences. Welcome to the Gig Economy – a realm where individuals are empowered to work independently on short-term projects. This trend is gaining traction in India due to its potential to nurture skill development and work-life balance.

Nevertheless, navigating the Gig Economy landscape comes with its own set of challenges. Balancing stability with the nature of project-based work, ensuring standardization, and offering support to independent workers are key considerations. To address these, adopt transparent compensation practices that match skills with remuneration. Also, provide consistent guidance and recognize the contributions of these workers, fostering a sense of community and mutual support through networking platforms.

Digital Transformation: Adapting for a Digital Future

Digital Transformation is more than a buzzword; it’s a strategic necessity for businesses to thrive in a digital age. The core concept involves integrating digital technologies into various aspects of your business to enhance processes, products, and customer experiences.

However, this transformation journey is accompanied by challenges. Addressing skill gaps, navigating change management, and facilitating ongoing learning are paramount. Invest in upskilling your workforce by collaborating with experts and institutions. Engage your team members in the transformation process, providing a clear vision and goals while celebrating successes along the way.

Leading the Work Revolution: A Call to Action

To spearhead this revolution, you must foster a culture of adaptability and innovation. Flexi-Staffing, the Gig Economy, and Digital Transformation are not isolated trends; they are interconnected facets of a larger transformation. Embrace diversity in your talent pool and remain open to flexible work arrangements. Invest in technology and continuously update your team’s skills. Encourage collaboration and create an environment where new ideas are welcomed.

In your transformative journey, SDP Contingent Workforce Solutions stands as a strategic ally, offering tailor-made staffing strategies that align with your vision. By tapping into our expertise, you can seamlessly integrate Flexi-Staffing, navigate the Gig Economy, and harness the power of Digital Transformation, propelling your organization into the forefront of this work revolution. Through these changes, you have the opportunity to reshape the future of work in India and position your business at the forefront of innovation and success.

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