Best Practices in Payroll Processing for Small Businesses

Payroll Processing
                        Payroll Processing

Even if you are working with a small team, payroll processing could be challenging. There is paperwork to be taken care of, along with many other responsibilities. Without Eproper planning and appropriate tools, even the savviest business owner can get overwhelmed with payroll processing. Often small  businesses do not have a dedicated payroll manager and it becomes the responsibility of the business owner. Payroll processing can also be time consuming and prone to mistakes due to frequent changes in taxation rules. Effective management of payroll processing is very important for your business. Employees always expect their pay checks to arrive on time and without any flaw. So, if you keep your employees happy in this aspect, you are taking a significant step towards employee satisfaction.

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7 Useful Tips to Prepare for a Food Safety Audit

Food Safety Audit
                          Food Safety Audit

Food safety is an important concern in food industry. And, if you work in a food processing facility, you always need to be audit ready. With time, food audits have become more and more rigorous and frequent. There are different types of inspections for which it’s important that you have appropriate systems in place. At times, food audits can be overwhelming and challenging as there are numerous regulations and requests which become difficult to comply with. However being prepared for a food safety audit gives you an edge and helps you gain a good audit score which contributes to the business success.

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Retaining the Millennial Workforce- Rethink Your Organizational Strategies

Millennial Workforce
                             Millennial Workforce

Millennial workforce are the newest and biggest generation of workers that are also known to be the job hoppers. Recruiting millennial or Gen Y workforce requires specific strategy and so does retaining them. Millennials have an entirely different perspective towards work and their definitions of employee loyalty, dedication and success is often different from other generations. They do recognize the value of such terms but in a different manner. As an employer, you need to understand their career aspirations and needs. And, to retain them effectively in your company, you may need to rehash your business policies and strategies.

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Impact of Artificial Intelligence on Today’s Work Culture

Artificial Intelligence
                   Artificial Intelligence

Among a myriad of emerging technologies, artificial intelligence is a prominent one that promises advancements in a number of industries. Artificial Intelligence (AI), also known as machine intelligence, is the intelligence demonstrated by machines. The devices understand the environment and take actions which maximize the chances of achieving goals successfully. Although AI has automated a number of jobs in recent years, it is also playing a major role in making the workplaces better. Implementation of AI in many processes is still in a nascent stage but if developed in the right ways it could help companies identify the issues that hamper employee productivity and efficiency.

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Checklist for Bank Audits – Making Audits More Effective

Checklist for Bank Audits
              Checklist for Bank Audits

Bank audit refers to the procedures for evaluating the services and processes in banks and other financial institutions. All financial firms need to undergo this routine procedure to ensure that they are complying with the industry-specific as well as jurisdictional laws and regulations. Bank audits  are conducted by specialist accountants known as bank auditors that focus on the completeness, accuracy and legitimacy of the financial activities. Although many banks and financial institutions find the audits a dreaded and strenuous experience, periodic audits are essential to ensure that the institute is fully in compliance with the regulations and is operating with high efficiency. Considering the significance of such audits, it’s important for an auditor to have a checklist for bank audits and use it as a tool to test and evaluate the processes. It also helps the auditor to ensure compliance with the laws and regulations of U.S. Securities and Exchange Commission (SEC) and International Financial Reporting Standards (IFRS).

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Impact of Social Media on Healthcare

Impact of Social Media on Healthcare
        Impact of Social Media on Healthcare

Social media has a profound impact on every aspect of our lives be it communication, travel or healthcare. Every industry is making use of social media, in some way or other and healthcare is no exception. Mobile phones and applications play a crucial role in our lives by allowing people to research symptoms, medications, doctors etc. Social media has become a major tool for sharing healthcare related information, including opinions on different therapies, reviews about doctors, people’s experiences with illness and many more. Internet provides plethora of health related information at our fingertips and many of that information is consumed through social media.

Impact of Social Media on Healthcare Providers

Healthcare providers are significantly benefitted by the social media. It helps them not only in social networking but also in patient education and information sharing. A number of practitioners have claimed that social media usage has helped them in their career advancement and staying updated about the latest findings and information. However, there are a few hindrances in this aspect too which include time requirements, employer backlash, fear of saying something wrong, and being unversed with the technology. Still social media is perceived as a tool for getting low-cost health information and as an opportunity to reach out to relevant communities. Some of the providers have also claimed that social media helps them improve the quality of healthcare. However, for healthcare providers too, social media is not risk free. Indulgence in social media should be in compliance with HIPAA regulations. Also, there could be legal as well as ethical issues for the usage of social media by healthcare providers.

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Succession Planning – the Key to Make Your Organization Future Proof

Succession Planning
    Succession Planning

Succession planning is a systematic approach for identifying and developing new leaders that can replace the old ones in future. For today’s business scenario, your organization might be well staffed but there could be changes and shifts in the upcoming days. As an employer or human resource manager, you need to think about the future and develop a  workforce that can adapt to upcoming shifts and efficiently take up leadership roles whenever necessary. Succession planning is all about mapping the talents and future needs, and training and developing the employees accordingly.

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Writing Great Job Descriptions to Attract the Most Suitable Candidates

Job Descriptions
                                Job Descriptions

If you want to hire talented candidates for your organization, first you need to attract them through great job descriptions. Writing an effective and concise job description is important to get talented candidates applying for your job. It is said that good job descriptions combine required skill and competencies, job responsibilities, organizational culture and some marketing. In order to prevent making bad hires, recruiters also like to highlight the values and mission of the organization. There are millions of recruiters posting job descriptions on various job portals and to make yours prominent among those, it’s important that you write a great one. Right job description connects you to the right candidates and helps you make a good hire.

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How to Increase ROI of Your Business?

 

Increase ROI of Your Business
              Increase ROI of Your Business

Return on Investment (ROI) is defined as the ratio of net profit and financial investment of a business. It is the financial return a company receives from spending money on its business. For business owners, increasing ROI depends on how well they manage the company finances and business assets. In small businesses covering expenses requires well thought strategies to ensure that “less is more.” Often employees need to take care of multiple roles and work with limited resources to minimize investments and increase profits. However, be it small or big, for every business, it’s crucial that the ROI keeps on increasing. Although, business always comes with multiple risks, there are a few strategies that can help in increasing  ROI of your business:

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