Flexistaffing, the future of workforce in 2022 and beyond.
Flexi staffing refers to the impermanent recruiting of representatives either for a particular period or till the task is finished. These workers can be from staffing consultancy organizations or by means of specialists on an agreement premise. The Indian Staffing Federation (ISF) published a report according to which, the Flexi staffing will increase at a pace of 25-30% each year, moreover the staffing industry ended FY 2021 with a modest 3.6% growth over Mar’20. In FY 2020 Q4, 1.03 M Flexi staff was deployed across industries by ISF. The India Flexi staffing is expected to reach 6.1 M this year from 3.3 million in 2018, it is growing at a CAGR of 22.7% during 2018-21, as per the report “Impact of Key Reforms On Job Formalization and Indian Flexi-Staffing Industry…
The Great Resignation Era
Heads I win, tails you lose! – What does the Great Resignation mean to the workforce market & the economy? It's been more than two years since Anthony Klotz, a psychologist and professor of business administration at Texas A&M University, coined the now-famous phrase when he said “the great resignation is coming. The words like Goodbye… Farewell… Sayonara…Adieu…are filling the bosses' ears lately. The 'Great Resignation' is an unending talent surge, what experts call the ‘talent boom’, that has broken the demand-supply equilibrium, compelling organizations to focus on both talent acquisition and retention strategies at the same time. The primary cause of the Great Resignation is likely intense competition for workers as reflected in a high number of job vacancies and a lower unemployment rate. Sectors hit hardest by the…
Circular on PF withdrawal for International workers
The Government of India in an initiative for the benefit of both the employers and employees has entered into Agreement with several countries to ensure that the citizens of their home country can remit contribution in their home country. The Employees Provident Fund Organisation has been authorised to issue the Certificate of Coverage to their citizens having signed an Agreement with the Government of India. Foreign citizens taking up overseas assignments pay more attention to the tax regime of the country when determining costs, and often tend to overlook the social security laws of the country, which are equally important. India requires every business entity employing more than 20 people to register with the national social security system and makes it mandatory for employees and employers to contribute towards retirement…
Are CFOs updated with the demands of upgraded functional structures? – Versutus perspective
Has today's finance made it mandatory for the CFOs to rethink their traditional approach? How is it that CFOs are responsible for finding out of box solutions for the booming startups? In today’s digital organizations, CFOs are fighting to break barriers and make organizations more adaptive towards the digital transformation of the finance structure. As CFO we have started working and spending more time on digital trends than the traditional finance system. One such apparent outcome due to this ever-changing digitalization scenario is the evolution and inheritance of the Virtual CFO for potentially successful businesses. Ideally, we are much more responsible for creating futuristic goals for organizations in terms of creating potential strategy, value creation, focus on the company’s pitfalls, external synergies and incentive plans to support the business objective.…
DUE DILIGENCE – THROUGH A CORPORATE’S EYE.
What is due diligence? An investigation, audit, or review is performed to confirm compliance with one or more statutes or details of a matter under consideration. In the world of finance, due diligence regimes an examination of compliance and filing records before or during a proper engagement of a party as a service vendor. Key takeaways - Due diligence is a systematic way to analyze and mitigate risk from a business or contracting decision.Corporations need to conduct due diligence on all existing and potential service or sensitive materials vendors using readily available public information, by engaging due diligence partners like Versutus.The due diligence strategy works on several other aspects of a company’s overall legal compliances as well.Due diligence involves examining a company’s vendors, comparing the degree of acquiescence over time,…
Do PF Covers for NEEM Trainees ?
NEEM Scheme, also known as National Employability Enhancement Scheme, is a pioneering initiative taken jointly by AICTE and the Government of India. The Scheme aims at producing skilled laborers and counters the problem of the skilled labor shortage in India. There have been numerous representations seeking clarification on NEEM Trainees' exemption from EP & MP Act, 1952. On 24/02/2022 the Ministry of Labour & Employment, Government of India gave a clarification to it stating that The Employees Provident Fund And Miscellaneous Provisions Act, 1952 will be applicable for the students getting placed in companies and appointed as employees of the establishments even during job or training or induction and other training taken after becoming an employee. Therefore, Trainees Under National Employability Enhancement Mission are not exempted from the definition of…
Private Sector Quota: Haryana State Employment Of Local Candidates Act, 2020
The Government of Haryana has notified earlier in order to create more job opportunities for the local youth in the private sector, the assembly recently passed the bill on November 06, 2021, which will come to effect on Jan 15, 2022, under Haryana State Employment of local candidates act, 2020 stating the private sector to reserve 75% of the jobs that offer less than the monthly salary of 30,000 INR for individuals who are domiciled in Haryana. The Act applies to all private companies, societies, partnership firms, trusts, and any person employing 10 or more persons in Haryana. The Act will only have effect for 10 years from the date of its commencement. The law also states that start-ups, companies, firms, and establishments which come into being or are set…
As a Startup, have you considered engaging a Virtual CFO?
In our experience with startups, it is a common sight that startups outsource the role of CFO or hire a virtual CFO, to assist them in the financial segment through different stages of their business growth. As a Virtual CFO, companies operationally optimize the startup entity to set the right tune for all fiscal matters, right from rising capital requirements, setting up the right cash flow, rationing of budgets, and developing best pricing strategies that cumulatively supplement growth patterns in a planned sequential manner. Managing finances and also pondering upon the growth of business without appropriate expertise, times can put you in a situation to judge the right basket. Outsourcing the service to us, Versutus will bring in the difference with experience and dexterity, that would indomitably enhance the nature…