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?
Employee turnover is an inevitable part of all organizations. There are several reasons behind turnover, some of which employers can control while others they cannot. Currently in the U.S., the number of job openings is more than the number of people seeking jobs. This opens up numerous opportunities for skilled workers who can easily switch jobs. The U.S. Bureau of Labor Statistics has reported that since 2010 the number of employee resignations has constantly increased, every year, and has exceeded 40 million in 2018. Turnover could be expensive, be it any organization, and keeping the current scenario in mind, the employers need to find better and effective strategies to prevent it. A recent study has revealed that organizations that focus more on preventing employee turnover are more likely to improve employee engagement in their organization. There are 4 major types of employee turnover and organizations need to understand and analyze them carefully to formulate strategies for minimizing their negative impact.
Growing the team is often the most challenging task for employers. Not always you find the right candidates at the right time and on top of that if you have a tight budget the job becomes even more difficult. As a recruiter, you must have come across candidates that are a great fit for your organization but you simply cannot afford them. And so you are trapped in a paradox — you need to expand your team to increase revenue but you cannot afford to expand your team until you increase your revenue. However, amid this frequently occurring scenario in the business world, there also dwells a common misconception among recruiters for which they miss out on top talents from the industry. Although compensation is an important part of attracting good candidates, recruiters also need to know that it’s not the only way of winning them over. Competition is tough out there with big companies offering lucrative compensations but the good news is that many talented candidates are also looking for good work culture, shorter distance to work, skill enhancement opportunities and other benefits. And, if you can plan your recruitment process well you can very well attract top talents even under tight budgets.
Debt is often an inevitable part of small business and managing business debt could be quite difficult at times. Entrepreneurs often depend on business credit cards, business loans or line of credit for meeting company expenses like hiring a new candidate, purchasing equipment, etc. However, too much debt could be a severe problem and, if not managed properly, holds the possibility of losing the business. According to the U.S. Small Business Administration (SBA), some of the top reasons why small businesses fail include poor credit management, personal use of business finance and lack of money. Managing company finances is a critical factor for success and as a business owner, you need to know how to methodically and effectively pay your business debts before they become unmanageable. So if you find your company under unexpectedly high debts, do not panic and adopt the following strategies to manage them wisely.
While promoting an employee to the managerial position you expect that they would be great in handling the team because they have been a competent employee and seemed to have the right skillset. However, there often remains a gap between having the skillset and applying them to manage teams. When an employee is promoted to the position of manager, things change for them significantly and many new managers are often unprepared for this change. Even the incredibly talented employee doesn’t always emerge as a great manager. Many new managers admit that they were unprepared for the leadership positions when they were promoted. A good manager is crucial for the success of the team, as well as for the retention and engagement of employees. And thus it’s critical to train the first time managers to bridge the gap between the manager’s capabilities and employee expectations. Unlike before, when completing their work properly was all they had to worry about, the new managers face a bunch of new responsibilities after promotion like motivating team members, finding resources to support the team, reviewing performances, managing conflicts, facilitating career growth of employees and more, each one having its own set of challenges. Good management skills are vital for every organization and many companies are now investing a lot of time and effort to train new managers.
Work atmosphere, in recent times, has drastically changed and the competition everywhere is cutthroat. Individuals in a corporate environment are continually faced with new challenges, high work pressure and ever-increasing expectations. And, adding to it, the technology has made work very much portable, blurring the line between personal and professional hours. The treadmills are moving faster and in an attempt to keep up with the pace, the employees are facing a whole new level of exhaustion. This exhaustion, called job burnout, is different from work stress and can be defined as physical or emotional exhaustion which makes people detached, cynical, and unproductive. Burnout is, in fact, a medical condition and research suggests that a lot of people who experience burnout do not believe that their job is the main cause. Job burnout can severely impact one’s mental as well as physical health. It has become a major problem in the modern workplace that not only affects employee health and well-being but also impacts the organizational cost. The cost of burnout to the global economy is $323.4 billion annually and the World Health Organization has predicted a global pandemic with a decade.
As new technologies are emerging, the workplaces are undergoing huge transformations. Automation of manual tasks in the workplace is reshaping the business processes and operations. Gone are the days when a major part of the working population used to cringe at the word “automation” thinking that it would lead to job loss. However, the reality is far from this and as the technologies are advancing, workplace automation is indeed impacting businesses in positive ways. Today, the business leaders as well as the information workers are equally positive about the concept of automation in workplaces and are looking at the myriad of benefits it brings such as reduced cost and improved productivity. Also, organizations are able to simplify many tasks which, consequently, improves the employee and customer experience, ultimately impacting the bottom line.
Chatbots are revolutionizing the HR processes, making them more efficient. They are essentially changing the way the department works and communicates, resulting in more optimized operations. Chatbots are powered by Artificial Intelligence that conduct conversations. Starting from talent acquisition to employee onboarding, chatbots have proved to be useful for a number of HR processes. HR departments are among the first business sectors to adopt chatbots mainly for making interactions with employees more effective. The chatbots engage in virtual conversations, providing employees with simple answers to their queries. However, the technology is further evolving to learn the needs and roles of individual employees and providing them with the specific information they require. Let’s have a look at the use cases of chatbots in the HR departments:
Being a small business owner, you are continually required to deal with a myriad of tasks and problems. And, amid the heaps of complex responsibilities, managing business finance alone becomes one of the most overwhelming tasks. For every business owner, it’s important to analyze and understand the financial state of their business to ensure that the cash keeps flowing, even under dire circumstances. Moreover, growing a business is all about having a vision, taking risks and revamping operations to reach new heights, and this often requires investing money strategically. Smart management of business finance is one of the most crucial things that a business owner needs to master to achieve success and turn their investments into profits. However, for most of the entrepreneurs, efficient finance management doesn’t come naturally; it has to be learned, sometimes the hard way. Financial challenges differ for different businesses and overcoming them also requires different strategies. But still, there are certain financial best practices that can help a small business sail through the murky waters and thrive.