Effective communication is important in every aspect of life and it is especially crucial in business. Be it a start up or an established organization, good communication skills are must to succeed. However, it’s important to understand what type of communication skill is required for which situation. Regardless of the industry, effective interactions drive the business towards success, for which you must have the right skills and expertise. Every member of an organization must be able to express his or her ideas, opinions or recommendations to the co-workers as well as to the people collaborating with the organization for business. And, being a successful professional means mastering multiple types of business communication.
Employees always expect feedback for their performances and as a manager or leader it’s your responsibility to provide them with effective feedback. Be it an individual employee or a team, feedback plays a crucial role in motivating and engaging your workforce. Letting your employees know how well they are doing or where they need improvement can go a long way in building an efficient workforce. However, feedbacks can sometimes have negative impact and not all managers know the technique of providing effective feedback that can truly help employees develop. Here are some important tips to make your feedback effective.
Workplace diversity is becoming more and more common today as organizations are focusing on hiring top talents irrespective of age, ethnicity, race or geography. It has also been found to be the reason of high productivity and success in an organization. Diverse employee base brings different experiences, perspectives and skills to the organization which, in turn, brings innovation and creativity to work. However, workplace diversity also brings in some unique challenges which, if not handled properly, can lead to major organizational issues. Different views and outlooks can, sometimes, result in conflicts and chaos. Therefore, to take the maximum advantage of workplace diversity and minimize its shortcomings, it’s important for organizations to adopt a strategic approach to handling employees.
Research suggests that the number of people stressed at work is getting higher with passing time. CDC’s National Institute of Occupational Safety and Health has recently reported that about 29 to 40 percent of Americans are “extremely stressed at work”. However, be it any industry or any job profile stress management has become a common issue. And, it has a significant impact on health and may lead to a range of disorders, some of which could be serious. Also, it can interfere with your work efficiency and productivity. There are a number of reasons which lead to stress at work like customer pressure, co-worker relations, work environment and others. No matter what your ambitions or working conditions are, it’s important to understand the source of your stress at work and to deal with it in the right manner to live a healthy professional as well as personal life.
As the businesses are growing more and more quality and cost conscious, they are inclining more towards a strategic procedure called outsourcing. Outsourcing is basically the practice of contracting with another business for handling certain business tasks instead of hiring an employee in the workplace. Outsourcing, when done correctly, helps businesses save money, maintain their competitive edge and grow. The practice is very common in small businesses which routinely outsource their payroll procedures. However, many organizations do not actually understand all the benefits of outsourcing. It does save money but that’s not the only great part of it. Let’s have a look at the benefits of outsourcing in business:
There could be a lot of reasons that de-motivate a perfectly enthusiastic team. Rumors of a shut down, mass layoffs, lack of appreciation and losing a key team member are just some of the many reasons that can lower the morale and performance of your team. Regardless of the industry, de-motivated team can be found in any workplace. And, it’s critical to address the issue because such employees not only become less productive but also affect the morale and productivity of other team members. And remember, de-motivated employees always underperform and are ready to leave the organization at the very first opportunity. However, the good news is that you don’t have to find replacements for your de-motivated employees or team, at least not till you try some remedies. There are techniques and strategies to reboot your team and motivate it to become, once again, dynamic and enthusiastic.
There are a number of reasons which make worker classification an important concern for businesses. To properly take care of the subjects like employment laws, taxes and employment benefits, it’s important that those working for you are categorized in the proper manner. New trends are emerging in the economy along with the growing demand for freelance contractors. These days, several businesses prefer hiring independent contractors for performing jobs that were previously performed by full-time employees. A recent survey suggests that in the United States, one in three workers is considered an independent worker. Being a business owner, it’s important for you to determine whether a worker is a full-time employee or an independent contractor with the help of the classification criteria provided by the state and federal regulatory bodies. Understanding the classification also helps you make better staffing decision by understanding whether you should hire a full time employee or an independent contractor. Not classifying your workers correctly can cost your organization dearly.
Regulatory Technology, more commonly known as RegTech, is defined as the use of new technologies for helping financial institutions effectively meet regulatory requirements of reporting, monitoring, compliance and risk management. RegTechs is often confused with FinTech but the latter is defined as using technology for delivering financial solutions. Unlike FinTech, RegTechs focuses more on rethinking the way finance and regulation work. RegTechs provides cost effective solutions to financial firms for meeting regulatory requirements through automation and digitization.
Business networking can be fun and profitable at the same time. Networking is always an essential requisite of reaching business goals, be it any kind of business. And, in this internet driven world where every business needs an online presence to succeed, business networking has become even easier and beneficial. Business networking is defined as establishing mutually beneficial relationship with other business entities as well as potential clients and customers. It is an incredibly good means of reaching more clients, increasing knowledge and enhancing profits. The stronger the network the more sustainable is the business. Building a successful business requires a lot of time and effort and having a good network of associates and friends can pave the way for you. To move forward in business, it’s critical to surround yourself with people having similar ambitions and drive.
Today’s workforce is composed of four generations and each generation has its unique characteristics. Each of them, namely Baby Boomers, Gen X, Gen Y and Gen Z, brings exclusive strengths to work but their different working styles and philosophies can often lead to conflicts. As much as this multigenerational workforce is adding value to work, there is also a growing challenge for human resources managers in terms of managing the coordination and collaboration among different generations. Millennials or Gen Y is increasingly assuming management and leadership roles which further fuels workplace disruptions. Each generation has been shaped by different societal and economic conditions and has different life experiences. A smart manager views this as a unique opportunity to enhance productivity. Managing widely different viewpoints and focusing on the bottom line isn’t an easy task and may lead to workplace tensions and friction among employees. Here are a few tips and strategies that can help managers manage the multigenerational workforce efficiently: