- February 4, 2020
- Posted by: target
- Category: Blogs
It’s Important to Gain a Sound Understanding of the Country and its Labor Laws Before Starting a Business
We all study our target market audience, demand, delivery product/service competition, price range and costs for production, packaging, advertising etc. and strategize accordingly; yet it is difficult to get the competitive edge over the market.
We all study our target market audience, demand, delivery product/service competition, price range and costs for production, packaging, advertising etc. and strategize accordingly; yet it is difficult to get a competitive edge over the market. What makes you stand out is the competitive differentiation that attracts new customers and keeps them loyal to your brand. Having a complete picture of the market in your mind before taking any strategic decision helps in greater and faster success.
To gain a better understanding of the market and its labor laws and compliance issues you can refer to the guidelines of the government of the country where the business is situated and international laws need to be referred if your company is active in multiple countries.
Compliances include rules and regulations to follow, requirements and standards to meet, policy formation and governance of all legal stuff. A company is bound by the laws for every action related to appointment, nature of business, purchase, and sale of an office building or industrial assets and properties, taxes, and duties.
Labour laws and compliances
Laws related to labor are meant to protect the rights of human resources of a company operating in a country. Such laws cover the safety of workmen, the right to equality, the right of minimum wages, properly structured leaves. These laws also help employers to avoid and manage labor disputes and the employees to better claim their rights.
Refer to the following laws to know about Indian trade and industry-related labor laws.
- The Trade Union Act, 1926.
- Weekly Holiday Act, 1942.
- Industrial Disputes Act, 1947.
- The Factories Act, 1948.
- Minimum Wages Act, 1948.
- Employees Provident Fund Act, 1952.
- Payment of Bonus Act, 1965.
- Payment of Gratuity Act, 1972.
- Equal Remuneration Act, 1976.
You may visit the government website https://labour.gov.in/ 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 legal terminologies.
Agencies like Targetorate are well acquainted with the laws, their application and implications; they can be your consulting partners whether you run a star-tup or an established business. For every company that dreams to succeed is destined to win someday but by taking help from the right legal experts and management consultants, sailing through the high tide becomes easier.