The most common yet expensive fraud that organizations face is payroll fraud. Statistics suggests that it can remain undetected for years, costing a company hundreds of thousands of dollars. Payroll fraud is defined as any scheme in which employees make false claims for compensation to receive a payment from the employer. Organizations also face payroll fraud where the payroll managers or bookkeepers in the accounting department manipulate the financial statements. Payroll fraud has several forms. The most common one involves workers that are paid on hourly basis, fraudulently boosting the amount they are entitled to, by altering the number of hours they have worked for. Commission workers in manufacturing get paid on the basis of the number of units they produce. Such workers sometimes manipulate records for the number of sales or units produced. Another common form includes false claims for expenses such as taking personal trips and labelling them as business trips.
As an employer, it’s your legal obligation to create a healthy and safe workplace for your employees. Businesses are required to develop and implement a comprehensive workplace safety policy which takes care of the employees as well as the financial assets. And, if the organization involves workers that face risks by operating heavy machinery or handling hazardous chemicals, the employer must have even more elaborate and stringent safety policies and practices, that should be well implemented and promoted. However, some may think that it is an extra liability and cost to the business owners but the truth is that a safe and healthy workplace has a direct impact on productivity and employee loyalty. It is important for every business owner to understand that a safe workplace promotes a positive work culture. Developing an effective occupational health and safety policy doesn’t have to be a difficult or time consuming task. Here are a few tips that can help the employers:
One of the biggest challenges that organizational leaders face is managing the culture change. The culture of an organization is the sum of the roles, processes, communication practices, values, attitudes and goals, closely interlocked, which every employee gets aligned with. However, every organization undergoes changes, time and again, owing to various reasons like changing market trends, regulations, customer expectations, mergers and acquisitions, which leads to alterations in the organization structure and processes. But in order to make those changes effective, it’s crucial to manage them strategically. According to a survey, conducted by Deloitte, 82 percent of more than 7,000 CEOs and HR leaders from 130 countries are of the opinion that organizational culture is a potential competitive advantage. 28 percent of the respondents stated that they understand their culture well and only 19 percent said that their organizations have the right culture.
A diverse workforce is always a competitive advantage for organizations. McKinsey & Company, an international management consulting firm, released a report in January 2018 “Delivering Through Diversity” based on a study that included over 1,000 companies in 12 countries. The report inferred that companies having diverse workforce usually have above-average profitability. Today, more and more companies are attempting to diversify their workforce by hiring people based on their talent and ignoring other factors like ethnicity, gender, and race. But, there are still many employers that are not prepared to have employees with disabilities. Also, there are myriad of regulations regarding employees with disabilities which make the situation complicated. What many organizations do not understand is that having employees with disabilities offer the same benefits as hiring others. Also, people with disabilities make up a valuable market, which could lead to increased revenue and if an employer wants to target that market, they must have people with disabilities in the team as well.
Over the last decade, the role of Human Resources has changed tremendously. Gone are the days when it was all about people management – hiring employees, negotiating pay, managing payroll and settling disputes. Lately, HR has emerged as strategic business partner that assists in crucial business decisions and helps organizations succeed in the highly competitive market. It has also embraced technologies like Artificial Intelligence and Big Data to churn out business solutions that benefit the company and its employees in multiple ways. Let’s have a look at the aspects that are being actively handled by HR professionals today, besides the usual ones.
Candidate experience is the new buzzword these days that has captured the attention of human resources professionals. Lately, organizations have realized that candidate experience is as important as employee experience, and helps a great deal in employer branding. In this technology driven world, both current and prospective employees are well connected and social media plays a crucial role in forming the perspectives of people. When candidates have bad experiences during the hiring process, they tell others about it. And, even worse, some of them write about their experiences on websites like Glassdoor, changing the perspectives of a whole lot of prospective candidates. Once people form a bad opinion about your organization, it’s hard to reverse it. A study revealed that 70% of graduates lose interest in an organization if they read about a candidate’s bad experience. Also, majority of candidates do not reconsider an organization, even years later, just because they had a bad experience in the past.
There is hardly any aspect of the world today that is untouched by technology. And, in the wake of technology strengthening its presence in every industry, digital health has emerged as a buzzword in healthcare. Digital health can be defined as the combination of digital technologies and healthcare which aims at enhancing the healthcare quality and delivery. Healthcare industry is experimenting with new technologies to refine the procedures and get desired results in a short span of time. Recently, clinical trials have experienced a much desired transformation owing to digital technologies. Not only there have been innovations, but also elimination of many traditional barriers and constraints. With new digital platforms making their way into healthcare, the efficiency and productivity of clinical trials encountered a great surge, resulting in increased patient engagement, new outcomes and reduced patient withdrawal.
Businesses are increasingly churning out innovative HR solutions for better managing resources. Over the last few years, there has been tremendous advancement in the HR industry, where new technologies like predictive analytics and artificial intelligence have brought in much desired developments. HR professionals are now empowered to perform HR activities in reduced time span and are focusing more on hiring, engaging and retaining the right candidates for the organization by aligning organizational strategies with organizational and individual goals. The global human resource management is exhibiting remarkable growth and is expected to reach $30 billion in terms of market size value by the year 2025. It is the era where people want to work for organizations which not only provide a fair salary but also other benefits and perks that improve their overall work-life balance. However, the evolution of the HR industry isn’t devoid of challenges and HR professionals very much need to dive deeper into the industry dynamics to stay afloat in the market waters.
Earlier it was easy to spot an exceptional employee. The characteristics were quite easy to identify — hard working, punctual and abiding by the rules. However, now the scenario is entirely different, with changed work culture and heightened competition. These days employees are expected to be flexible with their approaches, multitask, and satisfy a diverse group of people. Loyal and dutiful no more remains the criteria for being an exceptional employee. Such employees might be liked by a handful of managers, but in this highly competitive world, an employee needs to have much more to become truly exceptional. An international study which surveyed around 500 business leaders to know what makes an employee exceptional revealed surprising conclusions. 78% of leaders said that personality is the main factor which makes an employee exceptional, 53% opined that cultural fit is important whereas only 39% of them voted for skills.
However, personality is a set of traits through which we approach the world and this differs for different people. Delving deeper into the study the researchers found that while saying personality, the leaders are actually referring to emotional intelligence (EQ). Exceptional employees do not have exceptional traits right from the beginning. They adapt to the work culture and develop their EQ in a way that makes them exceptional.
Let’s have a look at the important qualities which differentiate exceptional employees from others:
One of the major challenges that managers face is holding people accountable. Even after hiring great and highly skilled employees, there are times when managers feel that the employees could do more or better work. And, in a bid to avoid conflicts and unpleasant reactions, they often tend to avoid the task of holding employees accountable. Being a manager you need to ensure that all the employees are putting their best efforts and are doing the tasks they have been assigned, with high efficiency. However, in addition to assigning tasks and guiding them how to achieve the goals, it’s also important to set expectations for the employees and hold them accountable for results. This, sometimes, is a difficult thing to do, especially when you are dealing with difficult people, but you also need to keep in mind that it is crucial to get things done.
Accountability is not about taking the blame in case things go wrong. It’s about fulfilling the commitment of delivering results and not just doing tasks. And, as a manager you need to foster accountability in the people working for you. Let’s take a look at how you can hold people accountable as a manager.