Bank audit refers to the procedures for evaluating the services and processes in banks and other financial institutions. All financial firms need to undergo this routine procedure to ensure that they are complying with the industry-specific as well as jurisdictional laws and regulations. Bank audits are conducted by specialist accountants known as bank auditors that focus on the completeness, accuracy and legitimacy of the financial activities. Although many banks and financial institutions find the audits a dreaded and strenuous experience, periodic audits are essential to ensure that the institute is fully in compliance with the regulations and is operating with high efficiency. Considering the significance of such audits, it’s important for an auditor to have a checklist for bank audits and use it as a tool to test and evaluate the processes. It also helps the auditor to ensure compliance with the laws and regulations of U.S. Securities and Exchange Commission (SEC) and International Financial Reporting Standards (IFRS).
Succession planning is a systematic approach for identifying and developing new leaders that can replace the old ones in future. For today’s business scenario, your organization might be well staffed but there could be changes and shifts in the upcoming days. As an employer or human resource manager, you need to think about the future and develop a workforce that can adapt to upcoming shifts and efficiently take up leadership roles whenever necessary. Succession planning is all about mapping the talents and future needs, and training and developing the employees accordingly.
If you want to hire talented candidates for your organization, first you need to attract them through great job descriptions. Writing an effective and concise job description is important to get talented candidates applying for your job. It is said that good job descriptions combine required skill and competencies, job responsibilities, organizational culture and some marketing. In order to prevent making bad hires, recruiters also like to highlight the values and mission of the organization. There are millions of recruiters posting job descriptions on various job portals and to make yours prominent among those, it’s important that you write a great one. Right job description connects you to the right candidates and helps you make a good hire.
Employers and managers often talk about team building but very few actually understand what it takes to develop the spirit of teamwork. Team spirit is all about feeling that you are a part of something larger than yourself. Effective team building in the workplace requires understanding the objectives and vision of the organization. For building an efficient team, every member needs to understand that they have to work with their fellow members and contribute to the overall functioning or success of the organization. Although every employee has a distinct role in a company, while working in a team their work collaborates to serve the bigger picture. Team building impacts the organization in a myriad of positive ways which is why it’s extremely important to focus on effective team building activities.
A number of employees, all around the globe, find it quite difficult to maintain a perfect balance between career and family. Life is getting busier and professional and personal lives blend in such a way that itoften makes one or the other suffer. Work-life balance is the art of balancing the personal life which includes family, friends and self, and professional life that includes work stress, targets, colleagues and many more factors. Employers and business leaders have also recognized the significance of work-life balance which is essential for maintaining a healthy workforce. Also, it’s important to identify the role of leaders that can help employees manage the components of professional and personal lives. The idea is splitting the time and energy of the employees efficiently between work and other activities of life. Employers need to create policies and procedures to encourage employees to take care of all the aspects of their life which, in turn, reduces stress. Work-life balance helps employees make time for self-care which ultimately helps in boosting work efficiency and productivity.
Financial modeling is the process of creating mathematical models for representing the financial performance of business entities. Financial models are usually used for cash management and budgeting but there are many more valuable benefits. They also provide important insights about the company which help in decision making. Such models help in analyzing how much profit is required for achieving target which, in turn, helps in formulating effective strategies. A good financial model should be detailed yet simple. No matter whether you are a startup or an enterprise, financial models help in predicting and estimating opportunities, investments, risks, outcomes and other important scenarios.
Talking of product safety, the goods that require maximum scrutiny are health, food and beauty products. To make sure that the suppliers and manufacturers belonging to this sector are maintaining the standards set by government agencies, GMP audits are necessary. It’s important to ensure that the manufacturing process is well defined and controlled and the product matches the predefined specifications. In case alterations in the procedures affect the product, there must be appropriate procedure for analyzing the product for its quality. And, if the quality gets compromised, the product must be discarded. Customers should receive the product with clear and understandable instructions. GMP audits ensure that all the procedures in the supply and manufacturing units are in accordance with the recommended practices and the products meet the quality specifications.
Attracting and retaining talented candidates require efforts and some well-thought strategies. Wouldn’t it be great if the top talents knock your door for job instead of you looking for talented candidates? For this, you need to create a brand for yourself that stands out in this competitive market. Employer branding refers to the process of promoting an organization in a way that attracts the desired target group which the company wants to recruit or retain. Candidates now have the freedom to select the employers as well as positions they want to work for. Also, good candidates always do some research about the organization before applying for a job. Thus, to get the best employees onboard, you need to be excellent in employer branding.
Organizing periodic employee training sessions not only benefits the employees in the organization but also the business. When a new employee joins your organization there is initial job training for the employee. However, many employers doubt if there is any need for further investments on employee training. Initial training forms the basis of a long term process but regular training sessions for employees could help in polishing skills which ultimately impacts the bottom line of your business in a positive manner. As an employer it’s important that you keep investing on retaining and developing a knowledgeable workforce. Meaningful and quality training programs can contribute to the employee development and should be made a priority.
When you lay-off employees or terminate them, you may face a significant issue which is handling the unemployment benefits for the employees. For various reasons it’s important that you deal with the issue in the proper way and defend your organization against any improper claims. The number of former employees that collected unemployment benefits after leaving your organization directly impacts your state tax rate. Handling unemployment insurance claims in the right way also helps you in discouraging lawsuits that a former employee may file for wrongful discharge or discrimination.