5 Strategies to Make Your Small Business Recession-Proof

Small Business Recession-Proof
        Small Business Recession-Proof

The great recession of 2008 forced several entrepreneurs to shut down their businesses. Numerous individuals lost their job, had to find alternative ways of earning a living and filed for unemployment.  And, these days, owing to so many unsettling economic news it seems like another recession is making its way. These economic indicators are becoming a serious matter of concern for many small businesses but how many of them are thinking of a strategic plan to survive if the recession actually hit them hard in the future? Recessions are highly unpredictable and drastically impact businesses especially the small ones. Entrepreneurs struggle to retain their assets whereas many fail to continue their ventures. Thus, whenever there are warning signs of an economic crisis, it’s best to take adequate precautions so that the business can endure and survive the downturn. The steps taken to make the organization recession-proof might look troublesome for now but they definitely pay off in the long run.

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How to Strengthen Due Diligence to Fight Financial Crimes

Financial Crimes
                       Financial Crimes

Financial crime has become a serious matter of concern for governments all around the globe. Considering the fact that such crimes often lead to devastating consequences that severely impact individuals, societies and economies, organizations need to work smarter to ensure that they are compliant with the laws and regulations and there are no loopholes in their procedures. Financial crimes can be broadly divided into two categories. The first category comprises activities that unethically generate money for those involved in financial crime, such as exploiting insider information or acquiring someone’s property by deceit for some kind of material benefit. The second category includes activities that do not directly intend to secure any benefit but are aimed at protecting or facilitating a benefit. For instance, laundering the procedures of an offense to place it beyond the reach of the law. Financial crimes not only harm the national exchequers, but the money acquired from financial crimes are also frequently used in anti-social actives with far-reaching consequences.

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HR Compliance Checklist: Major Areas to Oversee

HR Compliance Checklist
             HR Compliance Checklist

The human resources department has a number of compliance responsibilities under which it has to take care of various laws and regulations, both at local and national levels. Needless to mention, compliance has always been a complex area, having multilayered issues and challenges, and with the governments at various levels becoming more and more stringent about the enforcement of the laws, the HR department needs to be even more informed and skilled. Also, the laws and regulations, today, keep changing frequently and the HR professionals often find it difficult to keep up. Compliance in an organization covers a number of subjects like compensation, training programs, management practices, employee behavior and more. The HR department acts as the front line of defense for any company, and is responsible for ensuring that the employees are treated fairly, they are taken care of and the business complies with all the regulations. Also, a weak compliance program can bring significant legal risks to the business.

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8 Tips for Building a Powerful Brand Using LinkedIn

Building a Powerful Brand Using LinkedIn
Building a Powerful Brand Using LinkedIn

LinkedIn was launched in the year 2003 as a social networking site for professionals and over the years it has redefined networking and business branding. Many industry reports have revealed that LinkedIn is one of the top tools for improving brand recognition, especially for Business to Business (B2B) organizations. Entrepreneurs and professionals are increasingly utilizing this valuable tool for building and promoting their brands. In a recent research, 50% of B2B buyers have revealed that LinkedIn highly influences their purchase decisions. Today, LinkedIn is an active and vibrant networking hub where professionals can meet, interact, socialize and learn from each other. However, although the tool provides many opportunities for brand building, one should know the right strategies to harness its power to the fullest.

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5 Essential Techniques to Promote Healthy Competition at Work

Healthy Competition at Work
       Healthy Competition at Work

Competition in the workplace is quite common but not every organization makes an effort to ensure that the competition is healthy. Workplace competition can, indeed, be beneficial to the business as it boosts productivity and employee engagement. When in competition, everyone wants to do better than others which leads to increased efforts for achieving results. However, in some cases, it may also lead to low morale, stress, and long-lasting resentment among employees which could be the consequence of constant comparison. Not all employees have the same temperament and while some can thrive well in a competitive environment, others might dread it. Thus, it’s important for organizations to foster healthy competition in the workplace which eliminates the negative effects. Companies often create a competitive work culture by introducing policies like rewarding the employee of the month or announcing promotions with the aim of inspiring the employees. But how many of them bother to find out if their procedures are actually inspiring the employees or demotivating them?

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Why You Need to Know About and Analyze the Types of Employee Turnover

Types of Employee Turnover
       Types of Employee Turnover

Employee turnover is an inevitable part of all organizations. There are several reasons behind turnover, some of which employers can control while others they cannot. Currently in the U.S., the number of job openings is more than the number of people seeking jobs. This opens up numerous opportunities for skilled workers who can easily switch jobs. The U.S. Bureau of Labor Statistics has reported that since 2010 the number of employee resignations has constantly increased, every year, and has exceeded 40 million in 2018. Turnover could be expensive, be it any organization, and keeping the current scenario in mind, the employers need to find better and effective strategies to prevent it. A recent study has revealed that organizations that focus more on preventing employee turnover are more likely to improve employee engagement in their organization. There are 4 major types of employee turnover and organizations need to understand and analyze them carefully to formulate strategies for minimizing their negative impact.

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Recruitment Hacks — How to Hire Top Talents on a Limited Budget

How to Hire Top Talents
             How to Hire Top Talents

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.

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6 Effective Strategies for Managing Small Business Debts

Managing Small Business Debts
Managing Small Business Debts

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.

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How to Train New Managers to Help Them Reach Their Full Potential

How to Train New Managers
How to Train New Managers

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.

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Managing Job Burnout: Tips to Protect Your Mental and Physical Health

Managing Job Burnout
                  Managing Job Burnout

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.

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