To succeed in today’s marketplace that is uncertain, ambiguous, complex and volatile, companies need to be Agile. An Agile organization has the ability to cope with continuous changes and take advantage of the opportunities that come along. However, this requires some fundamental changes in the thought process and work culture. Agile companies meet the changing market demands by quickly developing products and services with high efficiency, keeping the quality intact. Agility is closely coupled with digital transformation and empowers businesses to stay ahead of the competition. Agile companies have a business model that generates value for both the customers as well as the organization. Let’s have a look at the characteristics of an Agile organization:
HIPAA privacy rule was enacted more than a decade ago and health organizations, ever since, are putting consistent efforts to ensure that the health information remains private and secure. The HIPAA (Health Insurance Portability and Accountability Act) regulations are vast and complex at places and healthcare organizations require a thorough understanding and substantial effort to maintain compliance. Consequently, many organizations, especially the smaller hospitals and physician practices, often fail to keep up with the requirements and land into hefty fines for HIPAA violation. In some healthcare organizations, the staff does not understand who exactly is in charge of maintaining the compliance and in others they ignore the gaps in the procedures believing it to be a low-risk area. HIPAA violations can lead to major financial and reputation damage and this calls for identifying and analyzing the HIPAA compliance gaps and working towards closing them.
Managing employees in a unionized environment has its own set of challenges. Unions and employers are often on the opposite sides of the table representing different interests which results in a tense relationship between the two. However, by using the right techniques and strategies, the management can ease this working relationship, helping both the parties benefit from the interaction. The key to success in this special framework is knowing the rules and principles that govern the unionized workforce. A good management-union relationship means both the management and the union employees are aiming to improve the performance and sustainability of the organization which, in turn, benefits both employees and employers.
The World Economic Forum (WEF), in a recent report, has revealed that by the year 2022 about 75 million human jobs might be replaced by robots. However, the automation of services will also create 133 million new positions. This suggests that workplaces are undergoing a colossal transformation. Organizations are working towards integrating new technologies into the business environment, and lately many initiatives are being taken to adopt the Virtual Assistant (VA) functionality for enhancing employee experience, efficiency, and productivity. Nevertheless, like any other technology, VA is also subject to speculations and is triggering concerns regarding the job security of people. But data and many experts have revealed that the technology is making workplaces better, eliminating human limitations.
The great recession of 2008 forced several entrepreneurs to shut down their businesses. Numerous individuals lost their job, had to find alternative ways of earning a living and filed for unemployment. And, these days, owing to so many unsettling economic news it seems like another recession is making its way. These economic indicators are becoming a serious matter of concern for many small businesses but how many of them are thinking of a strategic plan to survive if the recession actually hit them hard in the future? Recessions are highly unpredictable and drastically impact businesses especially the small ones. Entrepreneurs struggle to retain their assets whereas many fail to continue their ventures. Thus, whenever there are warning signs of an economic crisis, it’s best to take adequate precautions so that the business can endure and survive the downturn. The steps taken to make the organization recession-proof might look troublesome for now but they definitely pay off in the long run.
Financial crime has become a serious matter of concern for governments all around the globe. Considering the fact that such crimes often lead to devastating consequences that severely impact individuals, societies and economies, organizations need to work smarter to ensure that they are compliant with the laws and regulations and there are no loopholes in their procedures. Financial crimes can be broadly divided into two categories. The first category comprises activities that unethically generate money for those involved in financial crime, such as exploiting insider information or acquiring someone’s property by deceit for some kind of material benefit. The second category includes activities that do not directly intend to secure any benefit but are aimed at protecting or facilitating a benefit. For instance, laundering the procedures of an offense to place it beyond the reach of the law. Financial crimes not only harm the national exchequers, but the money acquired from financial crimes are also frequently used in anti-social actives with far-reaching consequences.
The human resources department has a number of compliance responsibilities under which it has to take care of various laws and regulations, both at local and national levels. Needless to mention, compliance has always been a complex area, having multilayered issues and challenges, and with the governments at various levels becoming more and more stringent about the enforcement of the laws, the HR department needs to be even more informed and skilled. Also, the laws and regulations, today, keep changing frequently and the HR professionals often find it difficult to keep up. Compliance in an organization covers a number of subjects like compensation, training programs, management practices, employee behavior and more. The HR department acts as the front line of defense for any company, and is responsible for ensuring that the employees are treated fairly, they are taken care of and the business complies with all the regulations. Also, a weak compliance program can bring significant legal risks to the business.
LinkedIn was launched in the year 2003 as a social networking site for professionals and over the years it has redefined networking and business branding. Many industry reports have revealed that LinkedIn is one of the top tools for improving brand recognition, especially for Business to Business (B2B) organizations. Entrepreneurs and professionals are increasingly utilizing this valuable tool for building and promoting their brands. In a recent research, 50% of B2B buyers have revealed that LinkedIn highly influences their purchase decisions. Today, LinkedIn is an active and vibrant networking hub where professionals can meet, interact, socialize and learn from each other. However, although the tool provides many opportunities for brand building, one should know the right strategies to harness its power to the fullest.
The healthcare industry has been tremendously impacted by wearable technology over the past decade. The sensor-based devices are bringing remarkable advancements in diagnosis, prognosis and treatment, in addition to making people more and more health-conscious. A huge number of people have embraced the wearable technology and prefer to monitor their health parameters constantly through the devices. Some of the devices can also be used to send data to the doctors, who can monitor their patients’ health and decide the course of action in a timely manner. The devices can significantly speed up the entire process of diagnosis and treatment by automating a number of processes. Wearable devices can be used to track heart rate, physical activity, sleep, etc and can also guide the users on achieving a healthier lifestyle. Paired with a website or smartphone, these devices store and transmit health data. Statistics suggest that the wearable technology market is expected to reach $150 billion by 2027.
Competition in the workplace is quite common but not every organization makes an effort to ensure that the competition is healthy. Workplace competition can, indeed, be beneficial to the business as it boosts productivity and employee engagement. When in competition, everyone wants to do better than others which leads to increased efforts for achieving results. However, in some cases, it may also lead to low morale, stress, and long-lasting resentment among employees which could be the consequence of constant comparison. Not all employees have the same temperament and while some can thrive well in a competitive environment, others might dread it. Thus, it’s important for organizations to foster healthy competition in the workplace which eliminates the negative effects. Companies often create a competitive work culture by introducing policies like rewarding the employee of the month or announcing promotions with the aim of inspiring the employees. But how many of them bother to find out if their procedures are actually inspiring the employees or demotivating them?