This act necessitates HiFives to implement robust data privacy and security measures for all employee data, ensure explicit consent for data processing, and provide data principals with rights like access and erasure, significantly impacting data handling and compliance strategies.

While primarily impacting traditional employment practices, these codes may influence how rewards are categorized (e.g., as part of 'wages' for social security contributions) and how gig workers, who often receive recognition and rewards, are treated, requiring HiFives to ensure their platform's features align with evolving definitions and compliance needs.

For companies using recognition platforms that might offer stock options or performance-linked rewards, ensuring compliance with SEBI regulations is critical, particularly concerning the timing and disclosure of such benefits to employees who may possess UPSI.