Integrated Personnel Services Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENT:

Human Resource Development (HRD) is the framework for helping employees develop their personal and organizational skills, knowledge, and abilities. Human Resource Development includes such opportunities as employee training, employee career development, performance management and development, coaching, mentoring, succession planning, key employee identification, tuition assistance, and organization development. The focus of all aspects of Human Resource Development is on developing the most superior workforce so that the organization and individual employees can accomplish their work goals in service to customers.

The global human resource management market size was valued at USD 21.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2023 to 2030. The growing implementation of digitization and automation of human resource processes to develop effective and agile approaches is anticipated to add to the demand of the market over the estimated period. The development can also depend on the efforts enterprises are putting on enticing the right pool of applicants, managing resources efficiently and retaining human capital. Enterprises are integrating these developments as these human resource management solutions have potential to enhance and improve the HR operations, thereby driving the market.

74% of U.S. companies are using or planning to implement a permanent hybrid work model. The new age workplace requires empathetic, adaptive and authentic leaders for their employees. Giants like Meta, Apple, Google and Microsoft are investing in the metaverse workplace. Theres a 22% gap between employer and employee perceptions of well-being at work and a strong correlation between toxic work cultures and burnout. Employee resource groups (ERGs) provide a safe place for women, veterans, LGBT employees, people of color, people with disabilities, working parents and others.

FINANCIAL PERFORMANCE:

The companys overall operational performance during the financial year 2022-23; Total turnover for the financial year ended has Rs.16,873.20 Lakhs. The Company has incurred the Profit before Tax of Rs.335.37 Lakhs. On the other hand, the companys overall operational performance during the financial year 2021- 22; Total turnover for the financial year ended has Rs.14,269.60 Lakhs. The Company has incurred the Profit before Tax of Rs.274.90 Lakhs.

OPPORTUNITIES, THREATS, RISKS AND CONCERNS:

As is normal and prevalent for any business, the Company is likely to face competition from large scale imports. There can be risks inherent in meeting unforeseen situation, not uncommon in the industry. Changes in technology may render our current technologies obsolete or require us to make substantial capital investments. Company is fully aware of these challenges and is geared to meet them. Company also recognizes the risks associated with business and would take adequate measures to address the associated risks and concerns. Some of these factors include competition from multinational Companies, duty free imports by customers against export obligations.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Management has put in place effective Internal Control Systems to provide reasonable assurance for:

Safeguarding Assets and their usage.

Maintenance of Proper Accounting Records and

Adequacy and Reliability of the information used for carrying on Business Operations. Key elements of the Internal Control Systems are as follows: I. Existence of Authority Manuals and periodical updating of the same for all Functions.

II. Existence of clearly defined organizational structure and authority. III. Existence of corporate policies for Financial Reporting and Accounting.

IV. Existence of Management information system updated from time to time as may be required. V. Existence of Annual Budgets and Long-Term Business Plans.

VI. Existence of Internal Audit System.

VII. Periodical review of opportunities and risk factors depending on the Global / Domestic Scenario and to undertake measures as may be necessary.

Internal Audit Reports are regularly circulated for perusal of Senior Management for appropriate action as required.

HUMAN RESOURCE/INDUSTRIAL RELATIONS:

Human Resources Development, in all its aspects like training in safety and social values is under constant focus of the management. Relations between the management & the employees at all levels remained healthy & cordial throughout the year. The Management and the employees are dedicated to achieve the corporate objectives and the targets set before the company.

BUSINESS OUTLOOK:

The company is putting continuous efforts to attain further efficiencies. Further, the Company is confident that in spite of the challenges and competition in the industry it will perform better in view of the strong fundamentals of the Company and hope to increase its turnover. The Company is expecting to enhance its presence globally to rationalize its significance by entering into the new alliance.

CAUTIONARY STATEMENT:

Statements in the Management Discussion and Analysis and Directors Report describing the Companys strengths, strategies, projections and estimates, are forward-looking statements and progressive within the meaning of applicable laws and regulations. Actual results may vary from those expressed or implied, depending upon economic conditions, Government Policies and other incidental factors. Readers are cautioned not to place undue reliance on the forward-looking statements.