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Recruiting Metrics Businesses Should Consider

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June 30, 2020

- Blog

Recruiting metrics are used to gather and analyze information to improve a business’ hiring process. Recruiters and stakeholders must remain aware of evolving trends to successfully manage turnover.


Sourcing Quality Hires


Recruiting managers are deployed to proactively leverage the sourcing channels used to hire quality recruits. Some of the most common sourcing channels include referrals, recruitment agencies, resume search, social media shares, notifications, career sites, and other job boards. To ensure recruiter efficiency, metrics and activities reported in a timely manner can identify potential problems and opportunities for improvement.


Pipeline Development


A key business goal is to develop a pipeline of quality candidates, which hiring managers can call upon when positions have to be filled. This facilitates easy tracking and monitoring of leads, while also managing traditional metrics, such as the Interview-to-Offer Ratio (the number of interviews to the number of offers extended) and Offer-to-Acceptance Ratio (the number of actual hires versus the hiring goal).


New Growth Attrition Rates


In some cases, more time is spent on replacing employees instead of growing the team. Some businesses experience higher turnover rates in particular industries, which can result in high vacancy rates. Lower turnover is a main indicator of the effectiveness of the recruitment process. It demonstrates that real value is being contributed to the growth and success of the business.


Performance Dashboards


To benchmark performance success, dashboards create a snapshot of key performance indicators for further examination and analysis. For instance, the amount of revenue generated is a clear indication of whether a growing organization should hire. They also act as a tool to measure productivity.


Candidate Satisfaction


Satisfaction ratings can provide essential feedback from new hires and employees who are seeking opportunities for internal mobility. From the candidate’s perspective, feedback from the interview process through post-recruitment surveys can influence the company’s recruitment strategy. The surveys can identify gaps in the recruitment process and provide critical information for the improvement of recruitment campaigns.


In the information age, many businesses have implemented software tools, such as the Human Resource Information Systems, which aid in facilitating easy review of pertinent human resources functions. Most importantly, this system software encompasses metrics for monitoring and tracking recruiting data. Success factors can be achieved when a business efficiently and effectively understands the benefits derived from making investments in the Human Resource Information System.


L. Chadee | Contributing Writer

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Blog

Employee Selection Strategies

By on

June 23, 2020

- Blog

Employee selection is one of HR’s strategic roles and key performance indicators. It involves manpower forecasting, staffing and retention activities. By planning, recruiters collaborate with hiring managers in predicting and anticipating the demand for personnel. This is a pro-active approach to ensure there is adequate supply of highly qualified candidates suited to fill in current and future vacancies. Human resources and requisitioning department heads identify and justify the need for new hires. Consequently they define job specifics, set parameters and allocate budget. As an executory body, HR is well-trained in this field. To achieve their goals they employ appropriate selection systems as well as standardized policies and procedures that are necessary for delivering the best prospects.


Below are some employee selection strategies, most admired firms adapt to ensure success in hiring the best candidates.

  • By putting in place effective recruitment initiatives, organizations will be able to serve job openings at any given time. Sources and availabilities of talents possessing the knowledge, skills, and abilities (KSA) necessary to perform the most critical and technical tasks, will vary depending on Top Management’s support and how a particular company adjusts to changing technological trends. Great hiring entails significant operating expenses and for some, sizable investments in infrastructure.

  • Create an employment brand. Do you provide competitive compensation and benefits package? Is your company in the top echelon of corporations? Have you been operating for over a decade or more? Do you take care of your employees? These are just some of the many questions applicants consider before joining any organization. If your answer is yes to all questions then there’s a big probability that you will be able to find the perfect match. Make your company the employer of choice. This way, you will be able to attract topnotch individuals to come and join your firm. As a result, you will have a pool of well-qualified candidates to select from as well as more negotiating power to ensure that you’ll take in the cream of the crop that best suits your budget.

  • In Canada, the job market is very competitive as it has a huge blend of talents, coming from a variety of cultural backgrounds, and skills sets. Therefore, HR must have more options expanding and improving its selection schemes, so that it can provide better impact to the organization. Efforts must be made to exhaust and optimize all recruitment channels and sources by deploying computerized screening and electronic database management systems like Taleo.

  • A candidate may have all the skills and experience required to be successful on the job, but a recruiter must confirm that they have the proper references. Conducting a comprehensive background investigation validates the credibility of a recruit. Through this process, a company can certify their credentials. Resumes are unfortunately often manipulated. As a consequence, feedback from employers matters more and more. Be vigilant in doing reference checks, it should be a direct supervisor of the candidate that you are speaking to since colleagues can be friends with an overly emotional attachment to the prospect.

  • In some countries, checking the candidate’s background is not limited to just authenticating work performance, attitude or contributions with past employers. It extends to knowing how the person relates to the community. This may require them to undergo drug testing, or other tests to comprehensively assess their character before placement.

  • Do not limit yourself to interviewing candidates using only the “generic” interview questions. Take time to develop a unique and well-structured one to assess competencies to a greater extent. Most applicants, because they’ve been applying to so many jobs, are used to answering the standard questions, and many simply say the answers hiring managers want to hear. To really target the person that’s right for the job, perform an extensive screening. For example, if you are looking for a sales personnel, give him actual sales simulation exercises, and see how he’ll be able to use his expertise in actual scenarios.


The list could go on and on, but one thing is for sure, there is always risk attached to hiring. Even if you have selected “the best of the best”, organizational fitness still matters. Install an on-the-job trial to be sure that you’ll only choose the right fit before fully offering the job. If your first choice fails, try the second one. That’s why it’s always necessary to have a backup. Try to have at least three shortlisted candidates on your list for any position.

Adapting best practices in your process will surely influence the company’s bottom line in a meaningful way. Remember, through effective selection, organizations will have repeat customers, increased revenue, a more engaged workforce, sustained job performance, lower turnover, and much more.


M G Beltran | Contributing Writer

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Blog

How To Hire Right

By on

June 16, 2020

- Blog

Beyond having the right product and service, another vital aspect every organization should look into is “Finding the Right Fit”. Hiring someone whose character the business must have in order to succeed. Failure to do so will cost your company time, dollars, and effort. However, given proper tools, training and direction your new recruit will  become your premium capital investment. So, don’t take recruitment for granted, remember, your employees are your most valuable asset. Now, the challenge is how to hire right, the first time. Although the world has become extremely technologically-driven, it still needs Human Resources to be successful.


Let me share a three-part checklist that will surely yield better results in getting the perfect match…


Establish the need to hire.
A proactive and strategic human resources always refer to the plantilla to ensure that the company has the right quantity and quality of people  able  to keep the business running. In cases of manpower requisition, HR in collaboration with the Hiring Manager must be able to answer the two (2) key questions before initiating  recruitment:

  1. Is the vacancy created due to internal movement such as resignation,  maternity/paternity leave, demotion or de-hiring?
  2. If none of the foregoing was the reason, is it an additional headcount due to business expansion?


Remember, hiring is an overhead expense. Thus, ROI shall always be taken into consideration. Also, it is a must to review your existing workforce, you might have a potentially qualified internal candidate who has the eligibility or whose promotion is long overdue. Review employee profile/records or announce/advertise vacancies via intranet or bulletin boards. You can also check if there is an underutilized personnel that can occupy/fill up open position.  If and only if you have fully exhausted your internal resources that you should proceed on searching for external candidate.


The bottom line here is this: Hiring Manager with the assistance of HR may opt promote or distribute duties within the department/organization. It saves the company time and money at the same time increase motivation of employees.


Conduct Job Analysis.
Envisioning what you want or defining labour needs in clearer  terms. This tool is not only used in recruitment, it could also be a realistic basis for   training, wage and salary administration, job re-engineering, health and safety.


The output of job analysis is job description (JD). A well-crafted JD shall be the foundation in designing a competency-based recruitment strategy. It clearly defines major scope and responsibilities of the job as well as relationship with other jobs/departments. It also emphasizes working conditions and hazards, most especially for high-risk profession. A ideal JD is always up to date, with specific title and detailed duties. It has the reporting structure, challenges and opportunities, qualification, knowledge, education and personal characteristics.


From JD, HR can develop job specifications, this is statement of minimum acceptable qualities of a position. The success measure is always the value of the person hired to execute the tasks.


Map out your Recruitment Platform.
The goal is to have a systematic hiring process that will aid HR and Hiring Managers in attracting the best candidates for the job. The bottom line is: the more qualified candidates you have, the more likely you are to locate the most suitable person to fill the job. Utilizing the details in the JD, HR together with Hiring Manager and approval of top management,  create job specifications, salary range and timeline. To increase employee morale, it is necessary to advertise the position internally prior to exploring other sources.  Internal placement is a great way of motivating employees to perform at their fullest potential. If no one will be selected from within the organization, reasons must be clearly explained and communicated or it might lead to grievance. If lack of skills is the cause, HR may recommend training so that person will be prepared should the same position arise again. One of the advantages of internal placement is culture fit, which is the number one consideration in hiring. A candidate can be fully qualified based on KSA but the risk is how the person can mesh well with the culture. When an internal candidate is offered the new position, transition timeline with the current supervisor should be planned.


HR can now proceed to external sourcing when no one qualifies. The commonly employed sources are social media (LinkedIn, Twitter or Facebook), on-line job sites, newspaper ads, job fairs, and campus recruitment (colleges/universities). Conducting career talks to top graduating students is another strategy to invite top graduates to join the company. For high-profile positions, HR are trained on how to court passive candidates or they can use manpower agencies or head hunters who are likewise equipped with tools and expertise in recruiting.


Effective and Efficient Screening and Selection.

Due to scarcity of jobs, there is an influx of active candidates. To simplify HR’s job, setting of criteria/parameters and preparing structured interview questions, will help in separating the desirable to average. It is like designing a Hiring Scorecard.  In constructing interview questions, equal employment opportunity and conformance with legal and labour standards should be taken into consideration.


HR performs the following in screening and selecting candidates:

  1. Resume paper screening enables HR to easily identify which one to process by matching information to the job checklist.
  2. Phone interviews will be conducted for candidates who meets at least 3 out of the 5 items. Only those whose rating is 8 and above in the phone screening will be invited for face-to-face in-depth interview. Again, based on point system, HR should present the short-listed candidates to Hiring Manager who will make an initial impression.
  3. Don’t forget to verify sterling credentials of at least top 3 candidates through professional reference checking. Some industries even require credit history such as banks, insurance companies and the like. When the report is ready together with all the other documents used in screening, HR will present again to Hiring Manager for the final decision. The closing will happen at job offer. For some companies, a non-compete and confidentiality of information agreements are presented during the job offer. These documents are needed to protect the company’s products, clients and trade secrets.


On Boarding is Important.
Make sure candidates are well inducted about the company’s mission, vision and core values before endorsing him/her to his/her assigned department. Be sure to provide the initial tools he/she needs to become successful on the job. It is ideal if a company can invest in a “First 100 Days Development Plan”. Keeping in mind that workforce must embrace the company’s philosophy and business principles, because this is when employee engagement begins.


In conclusion, there is no one-size-fits-all approach to recruitment, it should always be tailored and catered to the type of business. As a tip, don’t embark on a search without answering 5W’s and 1 H. Why/Who/When/Where to get the best talents and what recruitment techniques are helpful and how effective is the hiring process. Stop hiring the wrong people, it is possible!


DBPC | Staff Writer

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Blog

Creating Openness Within Your Team

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June 2, 2020

- Blog

Everyone who has ever worked on a team will agree that the key ingredient to a successful team is collaboration, yet few have a thorough understanding of what this entails. Collaboration is a team’s ability to interact efficiently and work towards achieving a common goal. However, numerous studies show that without openness, any opportunity for collaboration will be lost, and the team will fail.


What’s the best way to create a sense of openness within your team? Consider the following tips:


Open Communication is Key


Open communication is not limited to your organizational hierarchy or a set team meeting. Team members should have access to opportunities and resources to communicate whenever and wherever it’s necessary. One way to create an open communication dynamic is for yourself and your team to familiarize yourselves with Tuckman’s Team Development Model. Assess what stage your team is at, and proceed from there.


Actively Listen to Team Members


While many of us hear what others are saying, we rarely truly listen. By encouraging team members to listen to one another and acknowledge understanding of their peers’ ideas, you’re facilitating improved productivity in all relevant processes. If your company employs remote workers, always make them feel as if they are in the room with the rest of your team to help encourage effective participation.


Establish Transparency Across All Operations


Transparency in your business practices is one of the shortest paths towards creating an open and supportive workplace. Before team members can trust one another, they need to be able to trust that the company’s mission, vision, and values are in line with their own. Not only will this improve collaboration within your team, but it also encourages accountability for every action taken.


Turn Failures into Learning Opportunities


The largest setback for many a team is the fear of failure, which often stems from leaders who focus on the here and now rather than the big picture. Remember, there is no innovation without risk. The simplest way to get this message across is to openly encourage risk-taking within your team. Although not all risks lead to rewards, allowing your team members to implement their own personal touch in company operations promotes trust and flexibility in the workplace.


Plan Regular Team-Building Exercises


At the end of the day, a team is a group of human beings who must feel comfortable to step outside of their respective comfort zones to share their ideas with others. In addition to open group discussions, members should be encouraged to grow closer through informal activities, such as lunch outings, to help promote mutual support and trust.


Openness inspires creativity. As Steve Jobs once said, the larger your “bag of experiences,” the more diverse the connections you can make between the ideas set before you. Creating a sense of openness within your team is not only beneficial for the team’s overall performance, but also for each team member’s individual growth and development.


Diana Spektor | Contributing Writer

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Blog

4 Qualities of a Successful Staffing Agency

By on

May 26, 2020

- Blog

Hiring can sometimes be a nightmare. You need someone to fill a position quickly, but you’re not sure where to look, or you don’t have time to take care of it on top of all the other things you have to do. There are lots of companies dedicated to servicing this issue, but weeding out the good ones from the bad can be almost as confusing as actually hiring for the job you’re looking for. This week, we’re here to help you make the distinction a little more painlessly. Here are four qualities of a successful staffing agency:


A Good Curated Network

A good recruiter knows that their strength only extends as far as their contact list will allow it to. Any respectable staffing agency will place the highest emphasis on making sure their candidate pool stays “free of leaves” and will screen their candidates extensively before adding them to their database. Bear in mind that a great network only stays “great” if it’s updated constantly. Look for companies that maintain a strong presence within the professional community and seemed to be as engaged now as they were 5-10 years ago. Otherwise, you may end up with a list of people who were fantastic prospects – a decade ago.


Regional Knowledge

Before you get too excited about the size of a company’s database, make sure that they actually have a strongly established network for the region you’re hiring in. If they claim to hire all across Canada, press them about the areas that they say they have the strongest presence in. If yours is one that they’re still “developing”, then it might be best to find another agency.


Industry Know-How

So the agency has a solid network in your area and a strong commitment to keeping it that way. Seems like a great time to jump on board with them, right? Well, not so fast. Before you decide whether a company is right for you, make sure that they’ve actually got experience hiring for the field and the type of position you need. A recruiting organization dedicated to helping young professionals might not be the best place to find new senior management; likewise, a staffing firm with a history of helping marketing/sales professionals probably isn’t going to have the right structure to help you find a new mobile app developer. Do some research on the companies you’re considering and observe whether they’ve hired successfully for the areas you need. Meet with them and ask them questions about the industry and see how comfortable they are with the subject matter.


They Communicate & Ask Questions

When sitting in a meeting with a representative from the agency, there should be plenty of questions being asked from both parties. If you’re the only one who seems curious, then that should be a big red flag. Hiring can be a complicated process, and every company has very different ideas about what the ideal employee will be. A good recruiting organization will maintain a constant dialogue with you to make sure that they know exactly what you’re looking for. This an on-going process, since new questions can come up on almost a daily basis. For example, if someone has a great personality and all the skills required but only has 4 years of experience instead of 5, should they be considered for the role? Regular follow-up is key in ensuring that stellar candidates don’t slip through the cracks in those kinds of situations.

Staffing is already hard enough without creating another headache by wrestling with ineffective recruitment agencies. Bad hiring can cost an organization thousands in a very short amount of time, so focus on finding the one with the right connections, location, knowledge and engagement before you fork over any of your hard earned cash.


L. Wang | Contributing Writer

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Blog

The Importance of Working as a Team

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May 19, 2020

- Blog

“Coming together is a beginning. Keeping together is progress. Working together is success.” One can understand the importance of teamwork from the above quote by Henry Ford, founder of Ford Motor Company. Without proper teamwork and cooperation between individuals, it is difficult for organizations to succeed in their business ventures. Let us have a closer look at more components of working in teams.


Business Goals


Organizations must achieve their targets and generate revenues so employees have to finish their tasks within the desired timeline. By working together as a team employees can share their ideas and finish the required work efficiently and quickly. In addition, individuals can help one another and correct each others’ mistakes instantly through teamwork.


Competitiveness


When working as a team, there is always fierce competition among employees to outperform each other. This is mutually beneficial for employees and the organization. Moreover, teamwork brings in a sense of urgency to complete tasks.


Improving Cooperation


Employees can understand their strengths and weaknesses better and improve their cooperation levels by working together. Having better relations increases the bonding between employees and that makes them perform their work diligently. Every member in the team can support other and it brings out the best in everyone.


Scope for Specialization


Exhibiting strong teamwork at the workplace enables managers to delegate job responsibilities more easily. The quality of work increases by dividing tasks among staff members with specialized skills and interests. Hence, organizations can accomplish their set goals and make more profits.


Positive Corporate Culture


Working in teams motivates employees to work harder and smarter in order to get the respect of others. It develops positive workplace culture and earns brand recognition from customers and the public.


Skill Development


Individuals can learn new things and develop themselves through teamwork. Seeing other members with different skill-sets can improve everyone on the team to acquire the same skills.  It results in the overall well-being of the organization and personal development of all.


Sharing Workload


Forming teams and working towards a common goal is a good way to share the workload among employees. It builds a strong support network within the organization. Delegation of responsibilities to the right people will ensure it’s of high-quality.


Great Learning Experience


It is always fascinating to know about new things and teamwork provides the perfect opportunity for that. Working together with people from different skills and backgrounds is a great learning experience for staff members.


Hence, organizations should encourage teamwork at the workplace as it strengthens bonding between workers. Employees will feel motivated to finish their tasks and contribute to the overall success of the organization.


Magesh | Contributing Writer

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Blog

How to Overcome the Glass Ceiling

By on

May 12, 2020

- Blog

If you ask someone in the workforce what job satisfaction means to them, you’ll often hear it defined by a variety of factors, including culture, pay, vacation time, and room for growth; in this instance, we will be focusing on the latter.  Nobody wants to feel like they aren’t able to move up in an organization.  It makes you feel unappreciated and can quickly result in you becoming disgruntled and disengaged.  What many don’t understand is that advancement has to do with a lot more than just being good at your job and that opportunities often exist but you have to proactively seek them out.  Today, we outline some of the best ways for you to seize the opportunities available in your company.


Define your own expertise


The type of work you take on, and the way in which you present yourself, will decide how others see you and your role.  Take some time to reflect on areas where you have the most passion/knowledge for and learn to see yourself as a professional with respect to that particular expertise.  If you grow to see yourself as a marketing expert, for example, and constantly describe yourself and take on work in that capacity, then others will grow to view you in that light as well.


Don’t allow yourself to flounder in a role where you are merely performing up to standard.  Find ways to acquire work or assignments that allow you to take full advantage of your greatest strengths and really allow you to showcase your unique value as an employee.


Seek high profile projects that allow management to notice your strengths


A good work ethic is a useful characteristic to have, but it won’t do much for your career if it isn’t directed towards something that the company is paying attention to.  Talk to management and co-workers about important projects coming up, and express your interest in contributing; however, to build the necessary trust between you and the company, you will first need to…


Study your workplace culture


Not all success can be attributed to the quality of your work or the depth of your expertise.  Sometimes, it’s simply a matter of whether people like working with you or not.  Keep an eye on common informal practices and expectations outside of your regular duties.


Network within the company


Very rarely do we accomplish anything completely on our own.  At some point, we all need someone to help open a door for us to walk through, and with that in mind, it is important to cultivate a list of allies at your workplace.  These are individuals who will go to bat for you when it counts and who will vouch for your ability to perform and support your desire to be given more important tasks.  They can also be people to whom you can express a desire to take on new roles.  Your allies will inevitably be a diverse set, running the gamut from co-workers to superiors.


Acquire additional training


Working on more important assignments may require you to learn new skills or expand your current knowledge set.  Take time to acquire new certifications that are relevant to your desired role and inquire about training programs offered by the company.


Landing your dream role or moving into a desirable management/executive position is all about being active.  Promotion tends not to happen if you wait around passively for someone to recognize your hard work.  By actively seeking out ways to make yourself visible to the higher-ups, you create opportunities for your career to keep growing and evolving.


Lance | Contributing Writer

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Blog

The End of 9 to 5? How Work Schedules are Changing

By on

May 5, 2020

- Blog

Is the traditional 9-to-5 workday obsolete? Many would say so. There seems to be a consensus among both employers and employees that a shift needs to be made in how the traditional workday is structured. The present-day model doesn’t really promote a healthy work-life balance or stimulate productivity. Too much of a routine can be dangerous. Longer, more rigid hours don’t always equal more work being done. Employees may be coming in for 40-hour weeks, but if they aren’t using that time wisely, then businesses actually lose out in the long run.


The History of the 9-to-5 Workday 

The idea of working from 9 to 5 is a product of socialism during the 19th century. It wasn’t until 1890 that the U.S. government started to track workers’ hours. Up until that point, employees could work up to 100 hours a week and there were no laws protecting children. In 1926, Ford Motors was one of the first companies to adapt the 9-to-5 model and helped to make it more mainstream. In 1938, the U.S. congress passed the Fair Labor Standards Act, which made the workweek 44 hours. In 1940, it was readjusted to the five-day, 40-hour workweek that remains the basic standard today.


The Mindset of Millennials and Entrepreneurs

A 9-to-5 simply isn’t for everyone. If you feel trapped easily, especially sitting in a cubicle, dislike routine and/or mundane tasks, and have a problem with authority, then maybe a job in a more creative setting, or of an entrepreneurial nature, would suit you better. At the top of the list, millennials seem to feel the most dissatisfied with the traditional workday structure, placing greater importance on factors like flexibility, impactful or purposeful labour, and economic security. They’re also more willing to seek employment on their own terms and work freelance.


Structured Benefits

The 9-to-5 model does, however, have some major benefits. While some find the routine repetitive, others may find the predictability comforting. Stability and financial security are two of the main reasons many people in years past stayed at the same job for decades. A 9-to-5 job gives people a set schedule they can plan around, as opposed to shift work, where employees don’t always know what their upcoming schedule will look like from one week to the next.


The Possibility of a 4-Day Workweek

One alternative suggestion that’s been gathering support in recent years is for a “compressed” four-day workweek. Employees would work four 10-hour shifts instead of five eight-hour shifts, with Friday becoming a third day of the weekend. Experts have argued for and against it; some say that it would motivate employees to work harder, doesn’t disturb workflow, cuts down on time-consuming commutes (which in turn reduces workers’ spending on gas or transit), eases burnout risks, and promotes other activities. The counterarguments to the new working pattern are that longer standard workdays would be more draining and stressful, and a revamped workweek would potentially affect working parents, who have to deal with things like daycare services.


Our lives are much more than just our jobs. “Work to live, don’t live to work” is a common mantra. The 9-to-5 model may have worked in decades past, but times are changing. Our world is constantly evolving, and so is society. Thanks to recent advances in technology, many businesses can run from a home or out of a remote location. The traditional ways that most workplaces have run are quickly becoming a thing of the past, as the workweek becomes increasingly fluid.


At the end of the day, however, work schedules hardly matter if you have purpose in your life. Regardless of the time of day or week, the hours will fly by if you’re doing something you enjoy.


Rhea Braganza | Contributing Writer

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Blog

Unfair Management Practices

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April 28, 2020

- Blog

Have you ever questioned the fairness of your management practices? An obvious gauge of how you’re doing is your relationship with your staff and how often you’re the subject of HR interventions. But some bosses get away with unfairness without a word, often because employees are intimidated or fear for their jobs. For all those in a managerial role, here are some unfair practices that you need to identify and cease (listed in order of severity).


Illegal practices


That’s right, illegal practices – because discrimination, harassment and the denial of employees’ rights are against workplace fairness and equity legislation.


Have you ever limited, segregated, classified or deprived staff of opportunities “based on race, national or ethnic origin, colour, religion, age, sex, sexual orientation, marital status, family status, disability and pardoned conviction”? Have you been directing any intentionally offensive and improper conduct toward an employee? Have you withheld from your workers any of their legal entitlements including a fair wage and public holiday pay?


If you’ve engaged in any of these unfair practices, you may have broken the law. You’ll be required to give an account when one of your employees takes union or legal action.


Unprofessional practices


A tier below criminally unfair managerial behaviours are those that are unprofessional and inappropriate. Managers can be unfair in the way that they display nepotism or favouritism. Getting along with some staff better than others is only natural, but a line is crossed when managers recruit, promote or give preference to less qualified employees based on the fact that they are related, have a personal friendship or share a common affinity.


Other inappropriate practices include taking credit for an employee’s work, unjustified exclusion from important projects or meetings, and denying well-deserved promotions or raises without explanation. Managers can also demoralize employees by publicly shaming or teasing them. All of these damaging behaviours can lead to staff lodging grievances to your organization.


Unhelpful practices


The third category of unfair behaviours includes those that are simply unhelpful and unpleasant. Each person has different personality traits and cultural influences, as well as insecurities, sensitivities and varying levels of social/emotional intelligence. People can rub each other the wrong way and have different ideas of what behaviour is acceptable in the workplace.


A manager can think that it’s okay, even motivating, to treat employees with excessive criticism, sarcasm, ostracism or (subtle) aggression. Other managers can unintentionally exhibit hostility or unreasonableness under the pressure of job stress or dramas in their personal life, though this isn’t an excuse. If you’ve knowingly or unknowingly treated your employees to these kinds of behaviours, cut it out, up your professional game and resolve to be a fairer manager.


J. Paik | Contributing Writer

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Blog

Funding Options for New Enterprises

By on

April 21, 2020

- Blog

How you finance your business can become the difference between profit and loss. In a recession-plagued environment, it makes sense to tap into different funding sources for your business. This may sound like a hassle, but such a strategy will greatly reduce the company’s cost of capital and save it from bankruptcy. Here are some sound methods through which a business can raise capital:


Think About Factoring. Raise quick money by selling your receivables at a discount. The invoices can be for anything, right from manufactured goods to medical services. Some banks have factoring divisions. You can also Google search private factoring firms. However, this is an expensive way of raising money as factoring firms typically charge a fee that’s a percentage of the total loan amount.


Apply For Bank Loans. Though lending standards are more strict now, bank loans are the safest and most secure way to raise funds. On the other end of the spectrum are credit card loans. The writer agrees this is a dangerous route as a default would pull the curtains on the business. However, it’s quick money and when managed properly, can help the business tide over an immediate cash crunch.


Use Microloans. If you don’t have a credit history or collateral, apply for a microloan. This is a small business loan ranging from $500 to $35,000. Micro lenders also require less documentation than banks and often apply a more flexible underwriting criteria. The only hitch is they usually charge higher interest rates than traditional banks.


Launch Crowdfunding. In recent years, crowdfunding has become an effective way to raise finances at a low cost. You set a target amount to be raised over a period of time, then your friends, family, and even strangers pledge money for your cause. Crowdfunding is, however, not meant for the long-term. People who use crowdfunding websites, like Kickstarter or GoFundMe, usually aim to raise money for one-off projects.


Seek Out Angel Investors. When pitching to angel investors, follow these rules: Avoid jargon, present a sound business plan, have an exit strategy, hire experienced people, and display your expertise in the field. Angel investors usually invest at the early stage of the company in exchange for a 20-25% return. Many prominent companies like Google and Costco had angel investors. Even if you don’t hear back from a potential investor, fret not. Keep in touch as they may become interested at a later stage.


File For A Grant. Research-based businesses may apply for government or private grants. The winners are expected to meet the government’s R&D goals and also have huge potential for commercialization.


Raise Money From Kith & Kin. When starting a new enterprise, it’s natural to approach your family and friends for small loans. Ensure to supply them with a formal financial projection and when your loved ones can hope to receive their money back. Remember to make the terms (equity investment or a loan) clear. Most important, emphasize the risk involved so that your family members can make informed decisions.


Nithya | Contributing Writer

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