Success in business depends on various factors. Be it creating a healthy relationship with clients, maintaining a good rapport with vendors, satisfying shareholders or keeping a track of the work done by employees, a successful business firmly concentrates on varied areas to sustain in the market. Among all these, employee management has always been a key area of concern, and thus labour law has gained a vital position in the corporate territory. Pratik Vaidya started working in this domain and founded Karma Management Consultants in 2004. Headquartered in Mumbai, the company chose to deliver remarkable services to different areas pertaining to labor laws. Being traditional in nature the enterprise was previously known as Kishor Vaidya & Co which was introduced in 1979.
“Karma management was born to serve more with extended services apart from managing the core payroll. So we started with recruitment, talent management training, audit and compliance,” says Pratik, Managing Director of the organization. With a view to provide effective solutions to satisfy clients, the company primarily focuses on payroll management, outsourcing and temp staffing of over 4000 employees, labour laws compliance services, recruitment and talent management arenas. Karma Management over the past few years has won many accolades and awards, and thus is rated as "SME 3 - Highest Performance Capability with Above Average Credentials" by CRISIL & Standard & Poor under SME category.
Beating Challenges with a Positive Attitude
Founding a Company always brings galore challenges. For Pratik too, it was a challenge to transform Karma from a traditional company to a professional enterprise. However, Pratik’s optimistic views helped him to overcome this major challenge and his foresightedness guided him to strategize competently.
“What I needed was an indigenous IT software team which consistently helped the organization to enhance the delivery of services,” Pratik illustrates. His team led by his friend and partner Ananth Srinivasan, who has been the backbone of Karma’s unique IT enabled compliance solutions and tools, has been co-operative which allowed the Company to taste success as well as sustain in the long run.
Possession of Unique Tools
Karma, that has already established a strong space in the market, possesses certain tools that help them to enhance their compliance services. The unique feature in Karma’s Management is its full suite of compliance tools i.e. comply4hr, v-check (vendor compliance), e-check (entity compliance) and edoc (register creation) to meet process and reporting needs end to end. Thus, having labour law compliance over Cloud.
These tools include eDoc, eCheckand vCheck that enables the organization to bring up detailed information of diverse locations and help in tracking various activities taking place between two parties. However, labour law is applicable to almost all businesses and Karma serves companies falling under the following industries including hospitality, pharmaceutical, telecommunication, IT, banking ,facility management, etc.
“Labor law includes payroll compliance management, vendor compliance management and entity compliance management under it and presently we are serving around 200 clients in this domain,” describes Pratik. Having almost 20 support offices across India, Pratik and his team is dynamically carrying out the business and plans to enter the international recruitment segment soon. Besides, it also intends to provide HR and Admin Shared Services in near future. By improving the semi deliverables, Karma management intends to reduce the turnaround time to bring in more success.