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.
Chatbots are revolutionizing the HR processes, making them more efficient. They are essentially changing the way the department works and communicates, resulting in more optimized operations. Chatbots are powered by Artificial Intelligence that conduct conversations. Starting from talent acquisition to employee onboarding, chatbots have proved to be useful for a number of HR processes. HR departments are among the first business sectors to adopt chatbots mainly for making interactions with employees more effective. The chatbots engage in virtual conversations, providing employees with simple answers to their queries. However, the technology is further evolving to learn the needs and roles of individual employees and providing them with the specific information they require. Let’s have a look at the use cases of chatbots in the HR departments:
Being a small business owner, you are continually required to deal with a myriad of tasks and problems. And, amid the heaps of complex responsibilities, managing business finance alone becomes one of the most overwhelming tasks. For every business owner, it’s important to analyze and understand the financial state of their business to ensure that the cash keeps flowing, even under dire circumstances. Moreover, growing a business is all about having a vision, taking risks and revamping operations to reach new heights, and this often requires investing money strategically. Smart management of business finance is one of the most crucial things that a business owner needs to master to achieve success and turn their investments into profits. However, for most of the entrepreneurs, efficient finance management doesn’t come naturally; it has to be learned, sometimes the hard way. Financial challenges differ for different businesses and overcoming them also requires different strategies. But still, there are certain financial best practices that can help a small business sail through the murky waters and thrive.
You are missing out on good talents possibly because the people who would be suitable for your organization aren’t even applying for the job. Known as passive candidates, such people are already employed and aren’t actively looking for a new job opportunity. Some of the passive candidates might have rich experience and desirable skills, hence successfully and satisfactorily employed. However, the fact that they are not on a job hunt and thus aren’t being interviewed by other recruiters makes them ideal candidates for your organization that you can hire without the probability of losing them to your competitors. Statistics suggest that passive talents are 33% more likely to be looking for challenging work and 120% more likely to impact your business positively. However, hiring such candidates for your organization is always a challenging job because it’s tough to identify and target them as they are not looking for new employment. And, many recruiters make the mistake of assuming that if they aren’t applying for new jobs, they are probably not interested in one. But it has been found that many passive talents are very much interested in exploring a new opportunity if they find it attractive enough.
Professional networking should be one of your top priorities if you are aspiring to make it big. Building powerful and authentic professional relationships can significantly boost your career and for that, it’s important to know the right skills and strategies so that you can make your efforts count. And, it’s even more important to know that a single blunder on your part can make all your efforts futile, or worse, have a negative impact on your career. It takes a lot to build a great professional network, including handling some minor to majorly offensive, annoying or odd statements and requests. You would be surprised to know that a number of smart and talented professionals also have such blunders to their credit. And, you might be unaware but you too are probably making some blunders in professional networking that are diluting all your efforts and damaging your chances of making strong connections that help in advancing the career.
Before you start working with your skilled and promising bunch of employees, you need to lay down the company policies in writing. This is important not only because you want to keep your employees aligned with your organizational values, but also because such written policies can shield your rights in case a hostile employee turns on you with false allegations. Company policies communicate how your employees are expected to behave and the consequences in case they do not adhere to the policies. But unfortunately, company policies are, many-a-time, the last thing on the minds of business owners and amid the heaps of tasks required for providing momentum to the business and keeping it up and running, the criticality of company policies is often forgotten. Every business is vulnerable to many risks and as you begin to expand your horizons, working with more clients and employees, the number of risk factors goes up. Minimizing such risks and the liabilities that come along is imperative and so is keeping everyone in the company on the same page. And, this can be achieved effectively through well-written company policies. Formulating effective policies and developing and maintaining the employee handbook can be a tricky job, on top of being a tedious one, but there are plenty of templates available which you can refine and use to suit your requirements.
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.