Why the Business and Commerce Battles in the Digital Age are over Data as the New Oil
Why Data is the New Oil Data is the New Oil, proclaimed, India’s Richest Person and the one of the World’s leading Businessperson, Mukesh Ambani. He was referring to the fights over data in the digital age being similar to the battles over Oil in the Industrial Age. As Oil was the Lubricant that made […]
Investment Banks and Underwriting
The primary function of investment banks is to help their clients raise equity capital. This is often done by initial public offerings. This is where investment banks provide their biggest service i.e., underwriting. Most people have a basic understanding of underwriting. They know that when an investment bank underwrites a share issue, they guarantee to […]
8 Stages of Product Development Process
Companies first find the target market than segment and then customers. After these companies go about developing products, which may be product modification or it may be a completely new product. Product offerings are increasing every year as consumers are looking for more and more variety of products. Companies which are unable to churn out […]
Multi-Tower Reinsurance Contracts: Pros and Cons for Reinsurance Companies
In the previous article, we have read about what multi-year reinsurance contracts are. We now know what these unconventional contracts are and why they are becoming increasingly popular with the passage of time. However, we only understood the arrangement from the point of view of the ceding insurer. It is important for us to also […]
Securitization: The Making of an Exchange Traded Derivative
The modern financial system is all about innovation. The system and its proponents believe that financial jugglery can solve almost any problem. With this belief in mind, modern day America witnessed the rise of a new asset class. This new asset class was based on real estate. However, unlike real estate this was not sold […]
Let us go through various ways which help an organization to increase its human capital:
It is rightly said that the success and failure of any organization depends on its employees. Every employee in his/her own way contributes to the development of organization. One of the major responsibilities of a human resource professional is to source the right talent for the organization. Recruit the right person for the right role. Job mismatch leads to confusions and eventually decreases overall productivity and output.
Orienting new employees to their jobs must not be neglected. Mere piles of documents and employee handbooks are not sufficient to welcome a new employee. Boring and unrealistic employee induction programs often leave employees in a state of dilemma. Design a suitable induction program which not only acquaints a new individual with the systems, policies of the organization but also makes him feel comfortable within the system.
It is essential for every organization to upgrade the skills of its employees for them to cope well with the changing times. Employees must be trained from time to time for them to utilize their knowledge to the fullest when required and become indispensable resource for their organization.
Human resource professionals or training managers must not design training programs just for the sake of it. Understand how your training program would benefit the employees?
Management can also sponsor the education of their employees for them to sharpen their skills and increase human capital. Realistic training programs increase efficiency of an employee, who further increases the productivity of organization.
Monitoring performance of employees also increases human capital. Understand what your employees are upto? Managers must take regular feedbacks from their subordinates. Introduce the concept of online weekly report system, where each employee would have his/her own login ID and password.
At the end of every week, employees should be directed to fill the online weekly report which would automatically go to their reporting bosses for them to evaluate their performances and write comments and feedbacks. This way superiors can also keep a track on their employees’ progress.
Subordinates must be able to walk up to their manager’s cabin in case of queries. The “Hitler Approach” does not work now a days. Problems must be discussed on an open forum for everyone to give their suggestions, feedbacks and ideas. Do not ignore even the minutest problem. Any problem left unattended may lead to a serious situation later on. Each employee should have a say in major decisions of the company. This way employees feel attached towards the management as well as organization. You never know when someone might come up with a brilliant idea.
Job responsibilities of employees must be clearly defined to expect the best out of them. Key responsibility areas must be designed in line with an individual’s past work experience, educational qualification and area of interest. KRAs ought to reflect essential functions of one’s job.
Employees must be motivated from time to time for them to work harder even next time and for others to draw inspiration from them. The talents of good employees must be recognized either by offering them lucrative incentives or giving them a decent salary hike.
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Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
