Financial modeling is the process of creating mathematical models for representing the financial performance of business entities. Financial models are usually used for cash management and budgeting but there are many more valuable benefits. They also provide important insights about the company which help in decision making. Such models help in analyzing how much profit is required for achieving target which, in turn, helps in formulating effective strategies. A good financial model should be detailed yet simple. No matter whether you are a startup or an enterprise, financial models help in predicting and estimating opportunities, investments, risks, outcomes and other important scenarios.
Talking of product safety, the goods that require maximum scrutiny are health, food and beauty products. To make sure that the suppliers and manufacturers belonging to this sector are maintaining the standards set by government agencies, GMP audits are necessary. It’s important to ensure that the manufacturing process is well defined and controlled and the product matches the predefined specifications. In case alterations in the procedures affect the product, there must be appropriate procedure for analyzing the product for its quality. And, if the quality gets compromised, the product must be discarded. Customers should receive the product with clear and understandable instructions. GMP audits ensure that all the procedures in the supply and manufacturing units are in accordance with the recommended practices and the products meet the quality specifications.
Attracting and retaining talented candidates require efforts and some well-thought strategies. Wouldn’t it be great if the top talents knock your door for job instead of you looking for talented candidates? For this, you need to create a brand for yourself that stands out in this competitive market. Employer branding refers to the process of promoting an organization in a way that attracts the desired target group which the company wants to recruit or retain. Candidates now have the freedom to select the employers as well as positions they want to work for. Also, good candidates always do some research about the organization before applying for a job. Thus, to get the best employees onboard, you need to be excellent in employer branding.
After the Sarbanes–Oxley Act was passed in the year 2002, many firms were forced to review their internal controls for Accounts Payable. Although implementation of effective internal controls could be a tedious job, it could prove to be extremely beneficial in preventing frauds. One of the most common ways in which a company can encounter significant financial losses is Accounts Payable fraud. It’s often perpetrated by the employees of the organization and could go undetected for a long period of time leading to major losses. The signs for such frauds cannot be always easily observed. But fortunately, there are effective strategiesto detect and prevent accounts payable frauds. However, once you detect the crime, it’s quite easy to identify the offender as there are always paper trails leading to the perpetrator.
Organizing periodic employee training sessions not only benefits the employees in the organization but also the business. When a new employee joins your organization there is initial job training for the employee. However, many employers doubt if there is any need for further investments on employee training. Initial training forms the basis of a long term process but regular training sessions for employees could help in polishing skills which ultimately impacts the bottom line of your business in a positive manner. As an employer it’s important that you keep investing on retaining and developing a knowledgeable workforce. Meaningful and quality training programs can contribute to the employee development and should be made a priority.
Quality control is an extremely important aspect of food industry. This industry deals with very sensitive products and it’s necessary to maintain quality standards and comply with various regulations. In case of food products, most of the people tend to stick to the same brand which matches their expectations and are perceived as of good quality. Companies in food industry need to be very careful as even a small instance of quality compromise could bring them bad reputation and ruin their image. Thus, following the proper procedures in various stages of quality control in food industry is very important if you want to establish yourself as a good and reliable brand. Quality control aims at identifying and correcting the defects in finished products. It is done by identifying the source of the problem and eliminating it to achieve the expected quality standards. Quality control involves regular inspection of quality management and there is usually a specific team which takes care of it.
Every organization needs high potential employees to achieve goals and make profits. And, it’s extremely important that those employees stick to the organization and contribute effectively. Employee retention is one of the most important yet most overlooked aspects in many companies. Research suggests that retaining top talents in your organization could be the key to sales growth, high morale and satisfied customers. On the other hand, loosing important employees leads to reduced productivity and it could also cost the company more than the employee’s salary, in the process of finding a new and good employee. There are a number of factors that lead to employee turnover such as lack of opportunities, ineffective management, lack of appreciation, work pressure and more. This calls for effective employee retention strategies aimed at providing a superior work experience to your employees.
When you lay-off employees or terminate them, you may face a significant issue which is handling the unemployment benefits for the employees. For various reasons it’s important that you deal with the issue in the proper way and defend your organization against any improper claims. The number of former employees that collected unemployment benefits after leaving your organization directly impacts your state tax rate. Handling unemployment insurance claims in the right way also helps you in discouraging lawsuits that a former employee may file for wrongful discharge or discrimination.
Performance appraisal refers to evaluation of employee performance to understand their abilities for future growth. To achieve success in your career, it’s important that you know, right from the beginning, how good you are at a particular job or activity. Performance appraisal aims at providing a feedback about yoHur performance and capabilities and also helps you understand what should be done for improvement. However, there are contradicting opinions about performance appraisals among managers and employees. Some of them consider it as a significant practice that not only helps in eliminating work and behavior related issues but also helps in motivating employees to perform better and contribute more. But there are others who consider it as ineffective and utter waste of time. Let us explore why performance appraisals make an important management tool:
A Standard Operating Procedure (SOP) is defined as a written instruction that elaborates how a task should be performed including when, by whom and where. SOP plays a crucial role in ensuring consistent quality in the pharmaceutical products and best practices in the pharmaceutical unit. It also plays a major role in risk mitigation and therefore proper implementation of SOP is essential. Creating and maintaining SOPs could be a complex task. And, most of the SOPs are quite complicated to read and follow on a daily basis. They mostly contain too much of details and instructions which often increases the risk of errors. Writing effective SOPs for pharmaceuticals is all about documenting the right amount of details that help in carrying out a quality procedure without causing confusions. Many companies write SOPs that emphasize “how” but do not essentially cover “why.”