What Is Statutory Compliance?
Statutory compliance, in HR, refers to the legal framework within which organizations must operate, in the treatment of their employees.
Every country has several hundreds of federal and state labour laws that companies need to align with. This list is forever being added to.
A lot of your company’s effort and money goes into ensuring compliance to these laws which could deal with a range of issues; from the payment of minimum wages to maternity benefits or professional taxes.
Therefore, dealing with statutory compliance requires for companies to be well-versed with the various labor regulations in their country of operation.