The competition in the market is cut-throat and winning the top talent for your organization is increasingly becoming difficult. Also, the market demands and needs are continuously changing and talented candidates have become the greatest assets a company can have. The era where the recruiters used to post job descriptions hoping that good candidates would gravitate towards them to fill the positions automatically is long gone. Today, candidates have multiple offers in hand from which they can conveniently select the organization that they want to work for. This has brought a significant change in the talent acquisition space where recruiters, now, need to actively pursue candidates to hire the best talents for organizations. Also, the trends and methods of talent acquisition are changing and companies are incorporating some really advanced technologies to perfect their processes, making things even more difficult for companies stuck with outdated practices.
You got a billion dollar business idea and to turn it into reality you need a team, a website, an office space, some equipment and enough cash to pay for them. But no matter how promising your idea is, arranging funds for your business always remains the hardest part. For most of the entrepreneurs, investing personal savings is never enough and their business requires some more funding to survive the difficult early days. A recent study revealed that more than 94% of startups fail during the first years of operation and lack of funding remains the most common reason. To take your business from ideation to revenue generation funds act as the most important fuel and at every stage the entrepreneur needs to think how they are going to arrange finance. However, you don’t have to worry though, because even if getting funds is a tough job, there are a number of options and strategies that can pave your way. Also, these days, the support for small business owners is growing, with new funding options opening up to back the business ideas with stable investment.
Gone are the days when majority of office spaces had rows of cubicles, with each cubicle securing a personal space for employees. Today, open plan offices are more common where employees have shared spaces. Over years, there have been extensive debates around personal and shared spaces in offices. Advocates of open plan offices suggest that such designs create a positive and collaborative work environment and promote creativity and innovation. However, others suggest that open plan offices increase distractions, reduce productivity and increase sick leaves taken by employees. Workspace designs have a strong impact on employee productivity as well as wellbeing and organizations are actually making efforts to maximize these. Although there are some downsides of working in an open plan office, the benefits are so prominent that more and more organizations are opting for open floors plans. However, one important thing to remember is that even if you choose to have an open space plan for your office, your design should be optimal or else the downsides would outweigh the benefits.
You have hired some of the most talented people for your organization, are following the best management guidelines and have adopted the philosophies of industry experts but your teams are still not reaching the target. Frustrating, isn’t it? Sometimes, even when your team members are putting their best efforts and your organization has the best intentions, the teams fail. If you find that your team members are often blaming each other for the project issues, frequently missing out on deadlines, and you are spending most of your time resolving team issues, then you need to look beyond the technical gaps in your team and think analytically about what’s hindering the team from reaching its full potential.
As an employer, it’s your legal obligation to create a healthy and safe workplace for your employees. Businesses are required to develop and implement a comprehensive workplace safety policy which takes care of the employees as well as the financial assets. And, if the organization involves workers that face risks by operating heavy machinery or handling hazardous chemicals, the employer must have even more elaborate and stringent safety policies and practices, that should be well implemented and promoted. However, some may think that it is an extra liability and cost to the business owners but the truth is that a safe and healthy workplace has a direct impact on productivity and employee loyalty. It is important for every business owner to understand that a safe workplace promotes a positive work culture. Developing an effective occupational health and safety policy doesn’t have to be a difficult or time consuming task. Here are a few tips that can help the employers:
One of the biggest challenges that organizational leaders face is managing the culture change. The culture of an organization is the sum of the roles, processes, communication practices, values, attitudes and goals, closely interlocked, which every employee gets aligned with. However, every organization undergoes changes, time and again, owing to various reasons like changing market trends, regulations, customer expectations, mergers and acquisitions, which leads to alterations in the organization structure and processes. But in order to make those changes effective, it’s crucial to manage them strategically. According to a survey, conducted by Deloitte, 82 percent of more than 7,000 CEOs and HR leaders from 130 countries are of the opinion that organizational culture is a potential competitive advantage. 28 percent of the respondents stated that they understand their culture well and only 19 percent said that their organizations have the right culture.
A diverse workforce is always a competitive advantage for organizations. McKinsey & Company, an international management consulting firm, released a report in January 2018 “Delivering Through Diversity” based on a study that included over 1,000 companies in 12 countries. The report inferred that companies having diverse workforce usually have above-average profitability. Today, more and more companies are attempting to diversify their workforce by hiring people based on their talent and ignoring other factors like ethnicity, gender, and race. But, there are still many employers that are not prepared to have employees with disabilities. Also, there are myriad of regulations regarding employees with disabilities which make the situation complicated. What many organizations do not understand is that having employees with disabilities offer the same benefits as hiring others. Also, people with disabilities make up a valuable market, which could lead to increased revenue and if an employer wants to target that market, they must have people with disabilities in the team as well.
Candidate experience is the new buzzword these days that has captured the attention of human resources professionals. Lately, organizations have realized that candidate experience is as important as employee experience, and helps a great deal in employer branding. In this technology driven world, both current and prospective employees are well connected and social media plays a crucial role in forming the perspectives of people. When candidates have bad experiences during the hiring process, they tell others about it. And, even worse, some of them write about their experiences on websites like Glassdoor, changing the perspectives of a whole lot of prospective candidates. Once people form a bad opinion about your organization, it’s hard to reverse it. A study revealed that 70% of graduates lose interest in an organization if they read about a candidate’s bad experience. Also, majority of candidates do not reconsider an organization, even years later, just because they had a bad experience in the past.
Businesses are increasingly churning out innovative HR solutions for better managing resources. Over the last few years, there has been tremendous advancement in the HR industry, where new technologies like predictive analytics and artificial intelligence have brought in much desired developments. HR professionals are now empowered to perform HR activities in reduced time span and are focusing more on hiring, engaging and retaining the right candidates for the organization by aligning organizational strategies with organizational and individual goals. The global human resource management is exhibiting remarkable growth and is expected to reach $30 billion in terms of market size value by the year 2025. It is the era where people want to work for organizations which not only provide a fair salary but also other benefits and perks that improve their overall work-life balance. However, the evolution of the HR industry isn’t devoid of challenges and HR professionals very much need to dive deeper into the industry dynamics to stay afloat in the market waters.
Earlier it was easy to spot an exceptional employee. The characteristics were quite easy to identify — hard working, punctual and abiding by the rules. However, now the scenario is entirely different, with changed work culture and heightened competition. These days employees are expected to be flexible with their approaches, multitask, and satisfy a diverse group of people. Loyal and dutiful no more remains the criteria for being an exceptional employee. Such employees might be liked by a handful of managers, but in this highly competitive world, an employee needs to have much more to become truly exceptional. An international study which surveyed around 500 business leaders to know what makes an employee exceptional revealed surprising conclusions. 78% of leaders said that personality is the main factor which makes an employee exceptional, 53% opined that cultural fit is important whereas only 39% of them voted for skills.
However, personality is a set of traits through which we approach the world and this differs for different people. Delving deeper into the study the researchers found that while saying personality, the leaders are actually referring to emotional intelligence (EQ). Exceptional employees do not have exceptional traits right from the beginning. They adapt to the work culture and develop their EQ in a way that makes them exceptional.
Let’s have a look at the important qualities which differentiate exceptional employees from others: