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.