One For All, And All For The Good Of The Company

When is a company free from employee risk? If you answered anything other than “never,” then you need to think again. Employees present a challenge from the second they begin their careers with your company, and this challenge stays with them until they leave. As an employer, you must do everything within your power to ensure that everyone is treated equally and with respect. Smart employers know that deviating from this philosophy leads to potentially crushing legal action, and they take special care to avoid this road. The following outlines some of the areas in which unfair employee practices can lead to troubling situations.

License: Creative Commons image source
License: Creative Commons image source

HR: The Beginning

Right from the start, you need to ensure that your hiring process applies equally to everyone, regardless of age, race, gender or other classifications. Anyone who applies to your company should meet a streamlined, tier-based process that takes a blind eye to discriminating factors. By using a standardized process, you ensure that someone gets eliminated based on merit rather than potentially litigious factors.

Salary

Once you hire, make sure that your salary offering meets competitive rates while staying fair across the board. If you must offer more compensation for hiring someone from an opposing business to entice them to your company, then offer it as a bonus sign-on incentive based on experience rather than other unfair qualifications.

Training & Learning the Ropes

When acclimating to a new work environment, people may feel isolated as a new person. This could lead to potentially threatening behavior and reports. Eliminate this risk by ensuring that employees are treated fairly throughout the entire onboarding and training processes. As with the hiring process, streamline your training and onboarding by providing detailed handbooks at the outset and asking new hires to learn the ropes during off-times. This will allow them to receive paid training without the stress of adjusting to a new social order simultaneously. Ensure that each new hire receives a checklist of tasks and that the supervisor discusses the policies in detail, which will allow a new employee to ask questions in confidence. The same holds true for training. You should always conduct a regulated training process to ensure that every employee who works in the same position receives the same training. This will lead to better productivity and improved morale.

Evaluations

In order to eliminate charges of unjust promotions or raises, you should have a system in place to gauge employee work performance. This system should be designed in an unbiased way and should match the goals of your organization. That way, when you evaluate your employees, everyone receives a rating based on objective measures rather than subjective feelings.

Discipline

Because you will have a standard system for employee evaluations, discipline will not be cause for legal action. Employees may try to argue that a supervisor is singling them out, but if you have a set standard for counseling, then you have nothing to fear. Bias plays no part in a formalized discipline system. Make sure to involve several managers in the process, as claims of bias are weakened when the proof comes from different, objective sources.

Black and White

What’s the point of having a printed handbook if no one will adhere to its rules? Your business should run on the principle that what’s printed applies universally to everyone, even in tough situations or rare occurrences. For this reason, if your HR staff allows special circumstances to slip through the cracks or fails to uphold the handbook to the letter, then you need to have a serious discussion with them. You cannot be impartial and allow some to get away with things while others follow the rules. Your handbook should be considered the final word on every situation.

Benefits of HRIS & PEO

A human resource information system (HRIS) or professional employer organization (PEO) can further help you to eliminate employee risk in extreme or especially threatening situations. Sometimes, despite standardized procedures, employees make outlandish claims that could cost a company serious trouble. An HR person might know what to do but be momentarily distracted by the severity of the claim. In these cases, having an HRIS or PEO can alleviate some of the burden and allow the HR department to perform its job efficiently and effectively.

About the Author: Rebecca Whiteside. Read more on The Human Resources Blog.

7 Tips For Business Forecasting

Business forecasting is a dynamic part of your business strategy that are done to anticipate the future development of the organization and predict the trends and sales patterns. There are a variety of business forecasting software tools to forecast sales, social network traffic, production etc. Business forecasting is very important for every business in today’s world to analyze the success or failure of a business. Here in this article we will help with 7 useful hints for accurate business forecasting .

License: Creative Commons image source
License: Creative Commons image source

Every business owner should be aware that business forecasting alone cannot guarantee success for your business, but it guides you in the right direction and with your own efforts you have to be prepared for success or failure. One of the main advantages of business forecasting is that it allows to make proper decisions and enables the management to alter the business operation at the right time to make profits. Let us now see the 7 tips for business forecasting.

Tips #1 Know your baseline

Before doing business forecasting for your business in the future, you have to take analyze the current situation. Then you have to record the information like variable expenses, gross margin, interest rates, fixed expenses and operating profit margin. These records of information will help you determine whether your forecasting is realistic or not. Let us consider for example, if your margin jumps up significantly, then you may need to reconsider the assumptions made by you are reasonable or not.

Tips # 2 Analyze Multiple Scenarios

After you’re done with your baselines, you need be ready to calculate your forecast. In this process, you need to determine how much you expect sell and how it will cost you in the given year. In this step you have to keep track of scenarios like staffing levels, advertising, price points and marketing.

Tips # 3 Develop a flexible process

Most of the business organizations make mistakes by just looking at the sales history. So, it’s very important to develop a flexible process as it impossible to perform a single test to track the sales system, product delivery and customer history etc.

Tips # 4 Don’t involve to be too complicated

In business forecasting, you should not involve in a complicated process. Since business forecasting involves a lot of mathematical calculations.

Tips # 5 Use business forecasting softwares

To simplify your business forecasting process you can make use of business marketing softwares available in the market. Since business forecasting software can quickly and easily run the various forecasting models for you.

Tips # 6 Time series Analysis

In time series analysis of business forecasting, to judge the future operation you have to take the historical data and put it into a statistical generator. Since if there is any disruption in the supply chain, it could reduce the sales.

Tips # 7 Budget

Whenever the company begins to slow down, you need to adjust the budget with new data. This adjustment can helpful for your future operations.

The above business forecasting tips will help you determine the future growth of your business and help you to make a good profit.

About the Author: Freddy is a passionate business blogger and works as a provider of cashflow forecast software

A Day in The Life of a Wall Street Trader

If you’re interested in becoming a Wall Street trader, get ready for an action-packed career that’s full of ups and downs. The United States Bureau of Labor Statistics says that the job outlook is set to grow by about 15% through the year 2020, which is about as fast as average. Also, although the median salary is just over $70,000 per year, there are significant fluctuations depending on individual success and general market conditions. Keep reading to learn more about what you might do during a typical day of trading on Wall Street.

License: Creative Commons image source
License: Creative Commons image source

Getting Ready for the Day

Because you may be trading in international markets, expect to be an early riser, ready to sit at a desk on the trading floor by about 6:30 every morning. On your way to work, you might use a tablet device or smartphone to read the latest versions of financial newspapers, but as soon as the commute is over, it’s time to hit the trading floor.

What Does a Trading Floor Look Like?

If you’ve ever seen news coverage of the trading floor, your impression might be that it’s all about people yelling at each other and hoping that the markets close in a favorable way. Although these high-pressure trading floors do exist, most of them are more low-key. While working as a trader, you’ll probably notice that most trading floors are big rooms filled with rows of long desks.

Watching the Markets

Traders from the same group often sit near each other and spend their time gazing at monitors that chronicle what the markets are doing. Some traders have several monitors so they can minimize the time spent switching between different windows. As you sit down at your desk, you may have five or more monitors to watch throughout the day.

Besides keeping an eye on the monitors that broadcast news about the markets, you’ll also probably access a financial information service called Bloomberg. It’ll tell you about any stocks you’re interested in via real-time information. The prices for securities changes by the second, but Bloomberg has features that allow you to look at how stocks in certain sectors are performing. That’s particularly useful if you’re a trader who specializes in certain industries like technology or energy.

Making the Trades

Some Wall Street traders deal with hundreds of individual stocks on a daily basis. To make things easier, you’ll use a specially designed platform that allows you to place orders quickly and also look at how pending orders are progressing.

What About Breaks?

Most successful Wall Street traders go to great lengths to make sure they don’t miss any important happenings. This means limiting your bathroom breaks so they’re as short as possible and also having lunch brought to your desk by a secretary, so you can wolf it down while still staying informed of developments.

The Close of the Day

Monitoring the markets is a constant necessity, and even if you see some gains, it’s often hard to relax, due to a slight paranoia that things could change in an instant. Around 5 o’clock, your day on the trading floor is done, but if you’re serious about staying competitive, you’ll continue expanding your knowledge about the financial industry even during off-hours.

As you prepare dinner and get ready for bed, any bits of free time might be filled with the same kind of analysis you started your day with and got engrossed in all day on the trading floor, only so you can feel informed when you wake up and do it all over again.

About the Author: Author Jena Daniels blogs for business sites. Interested in combining your interest in trading with a successful business? One option to prepare for your career is to get an mba degree online from Pepperdine.

Small Business: Shopping Online for Big Savings

As a small business owner, you need to conserve your financial resources as much as possible. Fortunately, there are multiple ways to utilize the Internet to save money on essential supplies and services. In fact, the vast majority of items that an office company uses will be available for a discount online, and most other industries can also find better prices by simply conducting a quick Internet search.

Saving-Money
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Buying in Bulk

Although you can definitely get discounts on every day office supplies by buying them in bulk quantities at a brick and mortar store, you will most likely be able to save even more from an Internet-based retailer. For example, Amazon sells several common items that small businesses need in bulk, and they also offer a subscription service that will enable you to save even more on the supplies that you use on a regular basis. When you factor in the free shipping and the fact that you will avoid spending money for gasoline, it becomes easy to see how much money you can save by buying items in bulk off of the Internet.

Buying in Smaller Quantities

If you are looking for individual items, it is still usually a better idea to shop online. There are several price comparison websites that have been created with the purpose of enabling consumers to quickly find the absolute best price on any given item. Additionally, some of these sites even include local store prices to help you determine if it makes more sense to buy a specific item locally. You can also download an app for your iPhone that will help you compare prices online for items that you are looking at in a store.

Saving with Comparison Sites

Every company needs to have business insurance and you will also need automobile insurance if you have a company vehicle. Although you could simply get a quote from the insurance provider that you use for personal purposes, you will most likely end up spending more money. Instead, you should use sites like www.monkey.co.uk to help you gather several quotes from various national and local insurance companies. Once you have all of the quotes, you will be able to compare the pricing and available options to easily determine which policies make the most sense for your company.

Shipping Costs and Transit Times

If you absolutely need an item today, you will need to go to a local store to pick it up. Unfortunately, that purchase is probably going to cost a lot more than it would have online. Therefore, whenever you have time to wait, you should always shop online. Most companies offer free shipping over a specific dollar amount, and expedited shipping options are usually available. Even if you end up paying for shipping, you will still save money in most cases.

Shopping online for the majority of your company’s supplies and essential services is one of the best ways to keep your budget in line. If you are not using online comparison sites, you are wasting money on a daily basis.

About the Author: Researcher Shelby Warden provides this information for small business owners who need to watch their bottom line. Small business owners who go to www.monkey.co.uk to compare insurance plans and costs not only get the best online prices, but can even choose a charity to receive a £10 donation when they purchase a policy.

 

Is Outsourcing Fulfilment Services The Right Choice For Your Business?

Is Outsourcing Fulfilment Services The Right Choice For Your Business?

License: Image author owned
License: Image author owned

Fulfilment Services

Order fulfilment and distribution is the life blood of any business. If orders are not filled quickly and effectively, and distributed fast and without incident, then you can wave goodbye to your customers.  For a number of reasons, many companies find themselves unable to carry out their promotional services in their entirety. Many large businesses, especially multinational enterprises, choose to outsource promotional logistics to help out in promotion of their various products and services.

While outsourcing fulfilment to a dedicated logistics firm obviously incurs some significant initial outlay, it is a cost that a large company can well afford, when the cost of undertaking the promotional service themselves is taken into account. Relieved of the problem of promotional logistics and fulfilment, the sales team is freed up to focus on more important factors such as keeping the sales end of things running smoothly and effectively. It is primarily for this reason that so many larger companies and business entities choose to look for promotional logistics service providers.

What To Look For When Identifying A Fulfilment Service Provider

As the internet age draws on, we find ourselves more and more overwhelmed with information. Every decision is made both easier and harder by the sheer number of options we are presented with when researching a service provider online. It is essential however to devote a bit of time to establishing your fulfilment needs and researching the fulfilment services offered by various companies, identifying the ones which best suit the specific a, individual needs of your company. It may seem arduous to trawl through a lot of providers websites, but getting the choice of service provider right is as crucial to the success of the business as doing the promotion itself.

It is not only the costs attached to undertaking promotional activity yourself that your business is set to save when outsourcing fulfilment services; your company will also be able to redirect the man power and other resources that you would have used on promotional activities to other enterprises. The benefits attached to this decision must be equal or greater to the cost of having to outsource.

Adding value

Promotional activities are often an additional cost to the company and they can only be valued by the contribution they make towards increasing the sales volume and popularity of the products or services. The only way to ensure that the value of the promotion services is felt by the company is by ensuring the service provider delivers quality services that are both timely and very professional. Whether collecting various promotion requirements, delivering customs clearance services, or drop shipping promotional merchandise, the service provider must provide these services with ultimate professionalism.

The challenge then is for the service provider to offer a reliable service of the highest quality, so that your business will retain its customers in a competitive industry. If the service provider fails to consistently exceed expectations then you can quickly begin to seek better service providers or build your own promotional teams from your sales divisions. This puts you as a business owner considering outsourcing fulfilment services in a really strong position, as potential service providers are constantly striving to offer the best service they can in a competitive market. Likewise, of course, fulfilment service providers are assured of customers who will always need promotional services in order to stay relevant in very competitive markets and to retain their market share.

About the Author:Kate Parker is a blogger and SEO writer who has written extensively on order fulfilment. she has written this article on behalf of Vision Logistics.