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.”
While communicating, we mostly focus on what we would say when the other person stops talking. We are constantly forming our own responses in our minds and in the process we don’t pay full attention to what the other person is saying. We often put a lot of effort in sharpening our speaking ability and practically ignore the significance of listening skills. Active listening, which is more than just hearing,is as important as speaking. In business, it is the key to effective work relationships. Be it your employees, or the management or your customers, good listening skills can positively impact your interactions. Everyone wants to be heard and understood and if you can provide them with that very opportunity by listening to them carefully, you would be rewarded with loyalty and trust. Let’s discuss a few techniques to improve your listening skills:
Business valuation refers to the set of procedures for determining an organization’s economic value. Although it sounds quite simple, business valuation requires the right preparation and thought for carrying out the procedures flawlessly. Having an up-to-date business valuation is important for a number of reasons. You may want to sell off your business due to health or family reasons or due to retirement. You may require equity financing or debt for cash flow issues or expansion. Before investing in your business, potential investors would see the value of your business. Business valuation is also needed for adding shareholders. Whatever be the reason, the economic worth of your business depends on several factors such as your balance sheet, current economic condition and more. There are three major approaches to business valuation and each of them includes several methods which are applied based on the nature of the organization.
People analytics is an emerging trend in Human Resources and many companies are trying to adopt it, considering the myriad of benefits. Success of an organization depends a lot on analyzing and managing HR related data. However, before the advent of people analytics in HR, there was a lack of techniques to align HR data with business objectives. Analytics has opened up huge opportunities for HR departments and the companies that embraced the technology at a very early stage already enjoy a competitive edge. People analytics brings a refreshingchange to the HR, helping it in the formulation of better strategies and revenue enhancement.
FDA audit could be nerve-racking for medical device manufacturers if they are not well prepared. Over the last few years, medical device firms have encountered a significantly heightened number of inspections that resulted in increase in the number of citations. Although difficult, FDA audit is an important aspect of medical device industry. However, especially for startups, the first audit could be quite difficult to handle as the checklist of FDA could scare away the potential investors or customers, hindering the organization’s goal and efforts. Moreover, FDA sometimes announces their audit beforehand but the regulators may also turn up any time for inspection, without any notice. This implies, being a medical device manufacturer, you always need to be prepared for going through an FDA audit.