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:
A number of business owners make the terrible mistake of thinking that petty cash is insignificant and doesn’t need much of management. Petty cash is the small amount of cash that is spent on small company expenses like daily coffee runs, staff birthday celebrations, postage costs etc. However, just because petty cash doesn’t constitute a huge amount of money, doesn’t mean that it’s not important to track and manage it. All the little company expenses add up to make a pretty good amount. And, when properly managed, petty cash helps you keep an accurate record of all the finances of your company.
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.
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:
One of the prime factors that drive a business towards success is great customer service.No matter how great your product is or how talented employees you have in your organization, if your customer service isn’t good, your business won’t thrive. It isn’t very easy to provide awesome customer services and it requires skills and well thought strategies. Research suggests that if people receive good customer service they tell 2 or 3 people but if it’s bad they tell 10 to 12 people. In this scenario where recommendations and word of mouth hold such great value, it’s extremely important to be consistent in delivering great customer services. Even if you have been recognized as an excellent organization in terms of customer services, you need to constantly upgrade and refresh your skills to keep your customers consistently satisfied. Your customer service team is the face of your company and their skills determine the experience of your customers.
Workplace negativity can have a very damaging impact on your organization. It deters employee morale and affects the energy of your workforce, resulting in poor performance. And, the most worrisome part is that it spreads like a wildfire and can engulf your whole organization before you know. Workplace negativity can arise from a number of factors including outlook, attitude, gossip about an employee or any event or decision leading to disappointment. Fortunately there are effective ways to deal with workplace negativity. Human resource professionals have a better understanding about the reasons behind workplace negativity as they are constantly interacting with the employees, hearing out their complaints and grievances, and conducting exit interviews. Thus, their active role in figuring out the root cause and taking appropriate steps to neutralize the work environment can be extremely helpful for organizations.
Even if you are working with a small team, payroll processing could be challenging. There is paperwork to be taken care of, along with many other responsibilities. Without Eproper planning and appropriate tools, even the savviest business owner can get overwhelmed with payroll processing. Often small businesses do not have a dedicated payroll manager and it becomes the responsibility of the business owner. Payroll processing can also be time consuming and prone to mistakes due to frequent changes in taxation rules. Effective management of payroll processing is very important for your business. Employees always expect their pay checks to arrive on time and without any flaw. So, if you keep your employees happy in this aspect, you are taking a significant step towards employee satisfaction.
Millennial workforce are the newest and biggest generation of workers that are also known to be the job hoppers. Recruiting millennial or Gen Y workforce requires specific strategy and so does retaining them. Millennials have an entirely different perspective towards work and their definitions of employee loyalty, dedication and success is often different from other generations. They do recognize the value of such terms but in a different manner. As an employer, you need to understand their career aspirations and needs. And, to retain them effectively in your company, you may need to rehash your business policies and strategies.
Among a myriad of emerging technologies, artificial intelligence is a prominent one that promises advancements in a number of industries. Artificial Intelligence (AI), also known as machine intelligence, is the intelligence demonstrated by machines. The devices understand the environment and take actions which maximize the chances of achieving goals successfully. Although AI has automated a number of jobs in recent years, it is also playing a major role in making the workplaces better. Implementation of AI in many processes is still in a nascent stage but if developed in the right ways it could help companies identify the issues that hamper employee productivity and efficiency.