5 Tips for Running a Startup from Your Home

Starting a new business out of your home is a financially-savvy decision in many cases. Approximately 69 percent of entrepreneurs make the decision to base their startup out of their home, and for good reason. When you run a new business out of your house, you can save a tremendous amount of money on overhead. With substantial technology now available to facilitate a work-at-home environment, many entrepreneurs are not hindered in any way by running operations out of their house.

In fact, many of the most successful companies known around the world today were started at home. Just a few of these include Apple, Google, Amazon and Hewlett-Packard. As smart as it may be for you to launch a business from home, there may be some challenges to overcome. These helpful tips will guide you on a surer path towards success with your new home-based business.

Establish an Organized Work Area

Even through you are launching a business from home, you still need to have a professional, dedicated space to conduct your work activities. This should be a space that is free from distractions and that will not co-mingle with living activities for you and other occupants in the home. One idea is to remodel a spare room and to transform it into a functional home office space. This space ideally will hold all of your business equipment and furnishings. For example, you may need a computer, a printer, a copier, a landline phone, a desk, a work table, seating for clients, storage space, shelves and more.

Remember to also focus on the environment. For example, lighting and temperature can affect your productivity level and your ability to concentrate. As you remodel your space to create a home office, remember to focus on these important elements.

Create a Realistic and Practical Work Schedule

One of the many benefits associated with starting a business from home and being your own boss is the ability to have a flexible schedule. With a flexible schedule, you may be able to enjoy a better quality of life and better manage a work-life balance. However, this type of schedule may also lead to the likelihood of wasting time throughout the day. For example, you may be inclined to sit down in front of the TV for a quick break, but that break could easily extend for an hour or longer unintentionally.

To avoid wasting your valuable work time and to maximize productivity, it makes sense to create a schedule for your workday. Select a firm starting time as well as a finishing time. You can give yourself small breaks during the day, but most of your personal activities should be tackled outside of your work hours. There are some excellent time management and project management applications and programs that you can use to schedule your time as well as to monitor your breaks and non-work activities.

Find Support

Some entrepreneurs try to handle every task associated with running and growing their business. This requires them to wear many hats and to try to be an expert in everything that they do. This essentially can pull your attention away from the tasks that you are truly good at and that require your personal attention. Some tasks may easily and successfully be outsourced to professionals. Because of their expertise, you may enjoy better results and be able to use your time more effectively in the process.

When you search for independent contractors or freelancers, look for individuals who have expertise in an area that you are weak at and who charge affordable rates for their services. An outsourcing relationship should ideally add value and help you to work more efficiently.

Connect with Others

It is easy to feel isolated and closed off when you work from home, but it can be detrimental to your efforts to seal yourself off. Reach out to other home-based business owners in different ways. These may be individuals in a related field that you may be able to work with professionally. It may be people in unrelated fields who you simply socialize with to get support as needed, get recommendations for service providers and more.

While there are online groups that you can join, try to find live support groups or networking groups as well. These could be professional groups and clubs, or the y could be informal groups that you pull together on your own and that grow over time. You can even use these groups to casually promote your products and services.

Choose Cost-Effective Marketing Strategies

Regardless of whether you run a home-based business or your base of operations is in a more professional environment, marketing is essential. However, you likely decided to launch your business from home at least partially to conserve funds. Understandably, you also want to conserve money on marketing without negatively affecting business profits and growth.

There are many cost-effective marketing options to consider, such as through social media, email marketing, cold calls, networking events in your local area and more. Remember to use your professional network to get the word out as well. You could spend a fortune on marketing, but a cost-effective campaign that is based on thoughtful, focused effort may have just as large of a return.

In Conclusion

When you run your own business out of your home, you have the flexibility and freedom to manage your activities in any way you desire. While there are no hard and fast rules regarding most aspects of your operations, you can see that these tips can help you to remain as productive as possible while also bolstering your chances for success. As you move forward, keep these tips in mind.

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Why Should Small Businesses Focus on Liquidity Management?

Making a profit is certainly the main objective of every business out there, but one of the more important factors people tend to forget about is liquidity.

Lack of profits can kill your business in just a few months. However, lack of liquidity, can destroy your whole organization basically in a heartbeat.

Actually, according to the best-selling author and business adviser, David Mellor, lack of liquidity is the second biggest reason why small businesses fail in the United States.

What is liquidity actually?

If you’re new to all of this “business lingo” you’re probably wondering what liquidity even is. In essence, it’s a term used to describe an asset categorized by how fast you can trade it on the open market, without affecting its value.

For instance, cash is a liquid asset. You can trade it for other goods on the market without its price being changed in the process. When you want to buy something – a car, a new home or office supplies – cash will certainly do the trick.

Cash aside, even if you have something valuable, like vintage furniture, jewelry, etc. you technically still have liquidity. However, since the price of those assets varies – some people lower the price to sell their assets quicker, for example – they are relatively liquid.

When it comes to your company, the most important thing is that you have enough assets to pay your debts on time. In most cases, this depends on how much cash you have available, in comparison to the liabilities of your company.

Why is it so important?

As we indicated before, on the surface level, it’s all about the profit. But your enormous profit margin doesn’t actually mean too much if you’re not able to pay off your current debts and use the rest of your funds to invest in your business and keep it afloat.

Having cash at your disposal gives you the freedom to make an investment and expand your business, when the right opportunity comes up. And no matter how unlikely it seems, you never know when a financial crisis may occur, so having some cash stashed away is almost a type of insurance.

In order to keep up with your liquidity, you need to track your liquidity ratio. Here are three most commonly tracked ratios among small business owners:

  • Current ratio

More commonly known as “working capital ratio” this ratio measures your liquidity by comparing assets to liabilities. If your company has a current ratio of 2:1, most financial experts would agree that you have a “financially healthy” company on your hands.  

  • Quick ratio

This ratio is used to evaluate your organization’s capacity to fulfill its promises. Some companies track quick ratio on a monthly basis, in order to identify negative trends and make some adjustments that will help them satisfy debt requirements in the future.

  • Operating cash flow ratio

If you want to measure operating cash flow ratio, you just need to add up all the cash taken from your operations and divide that value by your current liabilities. This ratio is used to assess whether your current cash flow is sufficient to cover your debts.

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How to increase your liquidity?

  • Finance through factoring

In this case, a “factor” is actually a financing firm that offers to pay out your accounts for a price. Essentially, these companies pay up front what your customer is due and take a percentage. If you have to pay a few invoices and you need the cash right away, this is a rather convenient option.

  • Taking a personal loan

This is perhaps the simplest way of increasing cash flow through your company. Of course, you have to be careful with loans and wait for the right moment to take it. In most cases, taking personal cash loans is the smartest option if you want to correct the liquidity of your business instantly.

  • Minimizing liabilities

If you don’t want to increase your cash flow, you can take the other route, and reduce the amount of money coming out of your organization. Some people simply have too much inventory lying around the office, and this can decrease your liquidity drastically. Therefore, you need to have a good strategy to make sure that your inventory is always ready to be sent out and sold.

Don’t get too comfy if your profits go up

When you’re dealing with liquidity, you have to be calm and calculated at all times. Simply put, you can’t let yourself get distracted by other, less important aspects of running a business.

Moreover, we should also point out that you can’t get too comfortable when your profits start going up. On the contrary, you always have to be aware of how much money you and your company earned is at your disposal.

Without knowing that, your business venture might fail without any particular warning signs when you and your partners expect it the least.

HR and Business Are Looking for Data Analytics and Insights

Stacey Browning, President of Paycor

Today our guest is Stacey Browning, President of Paycor.

Since 2001, Stacey has played an integral role in every aspect of Paycor’s operations. As president, she fosters collaboration across the business and ensures executional excellence in product development and service delivery.

Paycor is a trusted partner to more than 33,000 small and medium-sized businesses.Known for delivering modern, intuitive recruiting, HR and payroll solutions, Paycor partners with businesses to optimize their people management.

Paycor’s key areas of specialization include Payroll Management, Human Resources Solutions, Benefits Administration, Time & Attendance Solutions, Tax Filing & Compliance, Workers’​ Compensation and Employment Screening Service.

Recently Paycor announced Workforce Insights, a new data visualization solution that extracts rich and actionable insights from people data to bring valuable C-level and operational insights to key business stakeholders.

The interview is hosted by Alexey Mitkin, Founder, Publisher and Editor-in-Chief, The HR Tech Weekly® Online Media Co.

  1. Hi Stacey, and first of all thank you very much for this interview with The HR Tech Weekly®. Straight away, why you have developed Workforce Insights and how it will complement other Paycor products?

Our innovation is driven by uncovering ways to better serve our clients, and Workforce Insights is no exception. Last August we surveyed our clients about the features they wanted to see in future product releases. After reviewing more than 1,000 client responses, we found that the overwhelming majority were looking for data analytics and insights.

In addition to evaluating our client’s feedback, we also looked at industry trends that show HR professionals are striving to prove their strategic value to executives. One way we can help them is by organizing their key people data in a manner that helps with business execution.

For example, through the Workforce Insights overtime dashboard, information from our time platform is correlated to OSHA incidents reported on in our HR platform. Leaders can uncover safety thresholds exceeded by location, department or manager to home in on where a performance issue may be occurring.

  1. What key benefits and advantages does Workforce Insights have when compared with other tools on the market?

Most other tools on the market force standard charts and data visualization. Workforce Insights allows customers to view their data in the way that is most impactful for their unique business needs.

Another key differentiator is the one-click sharing functionality. Users can take their insights and share that information with the appropriate parties without having to import or export data. The custom reporting and one-click sharing allows users to not only have access to the data, but to make it meaningful and actionable.

  1. Why do you think small and medium-sized businesses need their own HR technology solutions?

Employees at small and medium-sized businesses (SMBs) are often forced to wear multiple hats, and sometimes that even means taking on responsibilities like payroll. HR technology solutions help relieve the administrative burden of payroll and benefits while ensuring reliability and security, while also protecting against the risk of compliance infractions.

What Paycor offers seems to be what’s desired most by SMBs – a platform or suite of functionality at the right per-employee-per-transaction and per-month price point that doesn’t require a customization. A solution that can be implemented and have value derived in three days to three months, and that can adapt with them as their organization grows.

  1. Paycor has run its operations since 1990. How have your clients needs during this period changed, and what is the secret sauce for long-term success?

Since 1990, the technological needs of our clients have changed dramatically. In 1990 computers were large and expensive, “the cloud” didn’t exist, and phones were connected to a landline or, for a select few, in a bag in your car. Since then, clients have had to react to the demands of their workforce; faster access from any device, and our products have had to evolve accordingly.

Our secret sauce for long-term success may be the only thing that has remained the same since 1990 – putting our clients first. We were founded because our CEO believed there was a better way to serve the needs of our clients, and it’s that passion that still drives us today.

  1. Achievements in big-time sports are based on grassroots sports. What can you recommend to HR Tech startups on how to get into the highest league?

The energy around new HR tech offerings through start-ups informs the entire industry. For some of these startups, success looks like being acquired into a larger company and human capital offering. For those wanting to progress into a higher league more independently, I recommend having an openness to partnerships and distribution options, and feedback to the offering itself. The best emerging technologies in HR are built and market-tested quickly.

  1. Since its founding, Paycor has grown to 1,460 people onboard. What do newbies need to know about the company in order to have a successful career with you?

First, excel at the job you are given, and then look for ways to take on more responsibility. It can be dangerous to be too eager to move to the next level without first nailing the task you are given. At the same time, becoming complacent doesn’t allow you to be a change agent in the organization.

To take on that next challenge and excel to the next level it is critically important that associates know and own their personal brand. Your personal brand is what people say about you when you leave the room. Think about the impression you want to leave, and make it.


If you want to share this interview the reference to Stacey BrowningPaycor and The HR Tech Weekly® is obligatory.

Paycor Workforce Insights

Paycor Workforce Insights

Paycor

Paycor Announces Workforce Insights to Provide HR Leaders with Deep Insights and Real-Time Analysis of Employee Data

New Data Visualization Solution Extracts Rich and Actionable Insights from People Data to Bring Valuable, C-Level Insights to Key Business Stakeholders

CINCINNATI – April 11, 2017 – Human Capital Management company Paycor today announced Workforce Insights, a new data visualization solution that extracts rich and actionable insights from people data to bring valuable C-level and operational insights to key business stakeholders. This new tool provides highly interactive dashboards that allow users to explore workforce issues and discover trends, so they can identify and solve business problems more quickly and effectively.

According to Bersin by Deloitte Research, there was a 120 percent growth in companies correlating people data to business performance in 2016. Merely mining HR data is no longer enough. It has become an operational business imperative for today’s organizations to extract actionable insights informed by data. Paycor’s Workforce Insights is a new, modern way for small to mid-sized businesses to meet this need.

Workforce Insights is a highly graphical and aggregated interactive data visualization solution that helps track and successfully manage business issues. This new solution instantly identifies key insights without having to import or export data, and provides actionable, results-driven charts detailing information compiled across HR, time, payroll, benefits, talent acquisition and onboarding data, so users can spend less time searching and more time focused on solving important business issues. Customers can easily tailor dashboards to fit their unique needs for a full view of their business. Users can take actions directly from the dashboards.

Paycor Workforce Insights

Key benefits of Workforce Insights include:

  • Identify actionable insights – Data from HR, time, payroll, benefits, talent acquisition and onboarding allows companies to identify issues, uncover correlating patterns and solve people problems such as performance issues by department or location.

Paycor is headquartered in Cincinnati, OH, but has sales representatives and offices across the country. To learn more about Workforce Insights and how Paycor can help your business, please visit https://resources.paycor.com/workforce-insights.

Availability

Workforce Insights will be generally available in May 2017. For pricing information, contact your Paycor sales representative or visit https://go.paycor.com/Contact-Sales.html.

Supporting Quotes

“We built Workforce Insights based on feedback from CEOs, CFOs and HR directors of small to mid-sized businesses across all industries,” said Zhen Tao, Chief Technology Officer of Paycor. “Workforce Insights provides HR and operational leaders with a holistic view of their people data and delivers valuable, actionable insights to key business stakeholders, further demonstrating the true value HR technology brings to the organization. This solution is a data revolution for companies looking to improve the way they understand their people data and use such insights to drive operational improvements.”

Supporting Resources

About Paycor

Paycor is a trusted partner to more than 31,000 small and medium-sized businesses. Known for delivering modern, intuitive recruiting, HR and payroll solutions, Paycor partners with businesses to optimize the management of their most valuable asset – their people. Paycor’s personalized support and user-friendly technology ensure that key business processes, including recruiting, onboarding, reporting, timekeeping, compliance and payroll, run smoothly. Paycor’s people operations solutions are recommended by today’s most innovative brokers, bankers, and CPAs. Learn how Paycor can transform your business by starting a conversation at http://www.paycor.com.

FOR MORE INFORMATION

Katy Bunn
kbunn@paycor.com
513.307.6392

MEDIA CONTACT

Tanaya Lukaszewski
paycor@kulesafaul.com
916.712.3791

Mum’s with careers, is that a joke? Bet you would agree

Mum’s with careers, is that a joke? Bet you would agree

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So, you have had a good career before leaving for maternity, in many cases great career with lots of options on going back to work, or you are self-employed, an entrepreneur or an established business woman. Especially with the number of initiatives for flexible working, part-time hours, job share, freelancing etc. similar opportunities – how hard could it really be as a returning mum after a substantial break? The answer, unfortunately, is VERY!

From what I have read and heard, including opinions of women I have consulted with these circumstances are extremely personal, full of emotions and overwhelming with the feeling of doing the right thing. Like many have expressed, they would like to have it all – a family, a child and a career but the reality is still on the contrary. Here is what some women had to tell us:

Gemma Guise, Managing Director, online media and publishing platform JurnoLink:

I am a new mum! My little boy is one and I have seen how difficult it is to run a business and have a child. I think returning to work as a new mum is really hard because child care is so expensive. As a small business owner, I can’t afford to put my child in full-time child care but at the same time, I need to be working full time to ensure the business succeeds…

Working from home is not feasible with a little one as you feel guilty splitting your time 50% with your child 50% of the business. You either need to be at work or at home with a child. I am very lucky that I have a great team that supports the fact that I cannot be available 24-7 and puts up with a baby in the office the odd day. I honestly don’t know what the answer is for small businesses owners that want a family. 

I have been told “you can’t have everything” but I cannot accept this. It would be an easy option to forget about working but there is still the financial aspect of living to consider! Currently, I have been in a fortunate position where I could sacrifice my salary, this meant that I could put the money towards someone who could fill my shoes full time. I still work on the company but only one day a week as that’s all I can justify for child care!

Alison Bullman, Principal (and business owner) at Stagecoach Fulham, a performing arts school for children:

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I’m not sure I’m fully “qualified” to answer those questions as I didn’t return to a “normal” job following the birth of Phoebe, my first child. I chose to start my own business to give myself the flexibility I needed to support my family. What I would say, however, is the reason I didn’t want a 9-5 office job was because of the pressure that is put on you to work hours that simply don’t fit with children – such as early or late meetings, last-minute demands such as business trips, the need to work late when projects aren’t finished or overrun and sometimes multiple social/networking events.

The pressure this puts on mums and working parents is a significant strain on family life, which can ultimately damage the emotional wellbeing and mental health of children and parents. Having said all that, owning your own business does mean no maternity leave or the associated employment benefits, so business had to continue as normal regardless of sleepless nights and tiny babies when I had my second child, Teddy. You also don’t get access to certain benefits such as Child Care Voucher schemes, so childcare costs and taking time off when self-employed is hard to manage. 

I think women are much better placed now than ever before in terms of most companies acknowledging the demands of juggling work and motherhood, and there is support and advice within big companies. I believe what would make caring for children whilst working better would be following the footsteps of those countries where men and women share working hours and caring for their children. There needs to be a better balance and options between both parents.

Anonymous:

I am a qualified accountant by profession however when I was looking to return to work in London following the birth of my second child the flexibility I was afforded in my in between period (I returned to work after my first 3 months pregnant with my second and they needed me for an office move, team recruitment and training so allowed me to work 7.30-4pm) was removed, citing business needs (even though I also worked 7-11pm at night for them). 

With no family nearby for the support, I couldn’t see how we could manage to have two children and both working in London. I began my own keepsake business, however, it became very popular and I couldn’t balance customer demand with the needs of my children. I decided to specialise but again the products I was making were so labour intensive that even specialising didn’t really help. 

I was struck by an idea at Christmas for a fully automated product that would need only website development, promotion and marketing and so the personalised handwriting practice workbook for 3-7-year-olds was created. I got the copyright and the domain name secured. I am launching Write My Name at the start of April and hoping that this will be the answer to my working needs while forever striving to achieve that work/kids balance. I hope it works otherwise I’ll have to go back to my profession and pay for another woman to take care of my children. Something I’ve been very against from the start.

Gerry So, the Co-Founder of Okappy Ltd.:

I gave birth to my first son last year in July. Being a first-time mum, running a start-up (incorporated July 2015) and working in a male-dominated industry is one by far the toughest thing I have ever done. It’s like doing the impossible especially I previously worked in a Tier 1 Investment banking for 10 years where I used to see people going on maternity leave, working part time etc. where the workplace would provide excellent support for mum’s returning from maternity.

Working for yourself is completely different. On one hand, you’d be so exhausted from looking after your baby yet you’d have to keep the business going as it’s your own business, let alone it’s a startup with limited resource and funds. My comment to all the mums and entrepreneurs out there is never giving up and everything is just a phase, it will get better. Communication is the key, be open about what you can do and can’t do so that you can manage your team’s expectations. Even to your clients as well, be bold to suggest your deliverables. You’d rather be honest about what’s doable within the timeframe rather than under deliver. 

What I found the hardest is our office is based in Bethnal Green, one of the buildings owned by Work Space. They don’t have any rooms or facilities available for mums if you want to express while at work or to sterilise your breast pumps etc. I had to buy a microwave for our office. Unfortunately, I have to sit on the toilet to express every 4 hours. It’s not the place you’d want to be, as one of the friends said, ‘it’s like you’re cooking in the toilet’. That’s probably the most off-putting thing. Hence, I spend a few days in the office and a few days at home. I think definitely all offices should have facilities for mums, similar to having disabled access. 

Anonymous, Marketing Manager, a premium virtual assistant company:
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As the ability for companies to offer flexible working conditions increases, the demand will also continue to increase. There’s a shift that has come with advances in technology that is making it easier and easier for employees to work more flexible schedules, whether that means working from home or flexing hours. For new mothers returning from maternity leave, this shift is especially important as they begin to sort out the best way to handle conflicting priorities and a new way of life. If companies want to retain new mothers, they need to fully understand and embrace the need for flexibility during the transition from worker to working mum.

While I planned to return to work after having my first child, it was difficult to completely define what that return would look like 6 or 9 months out. I think if companies want to improve the working culture for new mothers, there has to be complete acceptance around that. Plans can change and flexibility desperately needs to be at the forefront. Luckily, I work for a company that really values working mothers and work/life balance, and they worked with me to figure out a plan that worked for everyone involved. I was able to start part-time and work back into full-time as I felt ready. I wish every working mother could have the same type of experience, and I hope to see it more the focus on work flexibility increases globally. 

Steph, Managing Director, Don’t Buy Her Flowers:

The biggest issue I faced after returning from maternity leave is the juggle of childcare and work. I found the job itself wasn’t a problem – if anything I was far more efficient with my time and focused when at work. Though my kids were at nursery age when I started the business, I was looking ahead and couldn’t see how we were going to manage any of the school runs along with my commute. Most offices work with 9-5 expectations, which are limiting especially when you add on commuting times either side. 

I think something fundamental to the debate is flexibility for men as well as women. If it’s always a woman’s role to pick up the childcare side of things, they will always be ‘lesser’ in the workplace because they are limited to certain hours. In certain traditionally male industries, such as banking and sales roles, there’s often an assumption that there is no flexibility – it’s not even a discussion – and the mother will be picking up the childcare. In addition, more businesses should employ a person to do a job as opposed to being at a desk within certain hours. As an online business, we are able to provide flexible working across a number of roles because we don’t have opening hours as such. I think more and more businesses will move that way.

Lisa Fisher, 4D Business Coaching:

I think it is important for workplaces to support and value working women for a variety of reasons and that this supportive culture attracts, retains and engages working mum’s valuable contribution. Having a flexible working environment will ensure women such as myself are able to return to work and still have an effective work-life balance. I am not sure if companies are legally required to ensure flexibility but have heard horror stories from some friends who have not experienced a welcome return to work! 

It would be helpful if a woman’s overall productivity could be looked at and that might not mean working the standard 9 to 5. For example, some talented working mum’s might prefer to work shorter days, in the evenings or even a weekend which will enable them to have some form of flexibility. However, homeworking comes with both advantages and disadvantages so working women need to have an awareness of the blurring boundaries that may come from working in their home and some employer’s expectations of the permanent “on call” culture which fortunately I do not experience.

Working from home has enabled me to have more of a work-life balance as I am not commuting, feel that I am more productive as am not tired from the travel to and from work and can balance my client’s needs with working the hours that are more suited to family life. My employer has supported me in this role and I am very fortunate to be able to work 4 days a week Monday to Thursday in term time and this reduces to 3 days a week in the school holidays so we only require childcare for our 6-year-old daughter 2 days a week.

Once when speaking with a mum of two young boys she advised how she had to give up a 15-year successful career within property sales and business development as she could not do justice to her kids and felt guilty of neglecting family due to long working hours of estate agencies. Not surprisingly her employers were least interested in providing any form of a job share, flexibility or support. In a nutshell, it is still very hard and an almost discriminatory for returning mums into the world of work in many ways.

I am sure a lot is being done and it may be better than what it was 20 years ago, but times are changing fast and women’s involvement in businesses at every level is far greater than ever so I believe we need to push employers and businesses on how fast they can accommodate the personal lives of talented, versatile professionals and let them feel “not left behind” because they are actually capable of bringing life into this world, surely that should be rewarded not punished.

At InteriMarket we are pioneering in becoming the hub for all mid-senior interim, consulting and longer term contracting roles. If you wish for a solid pipeline of work, eliminate wasted time and efforts – you need to stop hunting on several job boards and join us. We bring opportunities.


If you want to share this article the reference to Bhumika Zhaveri and The HR Tech Weekly® is obligatory.

Reasons Why You Need to Start Hiring Interims as a Savvy Business!

Reasons Why You Need to Start Hiring Interims as a Savvy Business!

Four reasons small businesses should consider interim and contract worker

Four reasons small businesses should consider interim and contract workers

Gone are the days when interim and contract work was done by low-skilled employees and restricted to the realms of admin and support in a company. Interim workers today are highly skilled and function across career fields, playing a key role in sustaining businesses and the economy. Interims can fill short-term skills gaps while saving employers money – a big reason why small businesses ought to be considering them as part of their growth plans. In this article, we discuss the benefits hiring temporary workers provides.

Cost savings

One of the biggest advantages of interim employees is the positive impact they have on the company budget. Because they are hired to fill a short-term need, they can be paid for a fixed amount of work. They do not require long-term contracts, nor do they need benefits like healthcare, pension funds, paid leave and other extras. This means that they can be given a good wage, while keeping expenditure lean. Cost savings in this area can help companies to expand and reach the point where they are able to create permanent positions for the same or different employees.

Risk reduction

Small businesses and start-ups face big risks while they are getting off the ground. This includes financial risks, as well as staffing issues. It is advisable for businesses to keep their operations as small and as streamlined as possible initially, keeping the number of full-time employees and overheads to a minimum. They can build the team as they establish themselves.

Hiring interim workers is an intelligent solution; they can be brought in to support a small core staff component. At the same time, the employer does not have to worry about being locked into a cumbersome contract with someone who may turn out to be an imperfect fit for the job – and a cost to the company.

Need fulfillment

Many small businesses have seasonal bursts of productivity where they need a few extra hands on deck to assist. They may also have permanent staff going on parental or sick leave. These are ideal situations for interim workers. They can be hired to meet demand for the duration of the big project or leave, and be let go (as per agreement) when it comes to an end. Their need for income and work is met, as is the company’s short-term skills gap.

Flexibility

Relying on interim employees gives small businesses a great deal of flexibility, while providing access to top talent. Many experienced workers have been retrenched, are in between jobs, or have chosen to do temporary work for lifestyle reasons. They can contribute to a small business on terms that are accommodating of both their own and the employer’s needs.

If the interim employees make such a good impression that the business decides they would like to offer them a full-time position, this is always an option. Many interim and contract workers transition to permanent employees in this way. The initial contract can serve as an excellent way of testing the waters for both parties.

InteriMarket connects interim job seekers with the posts best suited to them by using intelligent data. To find out more, sign up for a free account today.


If you want to share this article the reference to Bhumika Zhaveri and The HR Tech Weekly® is obligatory.

Reducing Hiring Chaos for Small Business

Written by Simon Bouchez, CEO of Multiposting, an SAP Company.

Reducing Hiring Chaos for Small Business

I want you to imagine that you’re the owner of a small business. An accounting firm, for example. You want to hire a bookkeeper, so you post an ad on a few job boards. The next thing you know, you have 75 emails in your inbox. Now you have to figure out a system for tracking all these candidates, storing their information and applications, ranking them, coordinating interviews, saving feedback from coworkers, and on and on. Doesn’t look like you’ll be doing any accounting this week!

As the CEO of Multiposting, an SAP company specializing in recruitment technology, it is my job (and my passion) to understand the dynamics of the job market and develop solutions that make recruiting easier. I have the pleasure of speaking often with companies, both big and small, about their hiring process. While large enterprises struggle to hire globally and locally, and to navigate the waters of job networks, small companies are facing recruitment chaos. Often times hiring becomes the job of the operations person or hiring manager and it is just one part of their job. The hiring process is usually quite manual, time-consuming and unorganized.

As we were developing our flagship product, Multiposting, we set out to also help address this struggle in the small business market. When we joined SAP in 2015, we were given the support we needed to take this passion project forward into market. I’m proud to introduce to you WorkConnect by SAP, a recruiting tool that helps remove the stress of hiring with easy job postings and candidate management.

From Chaos to Calm

WorkConnect simplifies the hiring process by enabling you to reach dozens of job boards, track and manage candidates, and easily collaborate on team feedback – all with one tool. We’ve integrated with leading job boards so you can just post your job once and it automatically reaches multiple boards. This makes the process of sharing a job post much less manual and saves hiring managers significant time.

One of the most difficult things about hiring is managing the influx of applications and tracking candidates through the hiring pipeline. Typically, small businesses use spreadsheets to manage candidates and it is time-consuming, manual, error-prone and difficult to collaborate on. WorkConnect has Applicant Tracking System (ATS) capabilities that keeps applicants’ information organized in a simple interface and allows you to keep track of them throughout the hiring process. Even if you amplify your job post on other networks not integrated into the product, like Craigslist, you can still track and manage your candidates easily through WorkConnect.

Hire as a Team

I think it goes without saying that involving your team in hiring decisions is critical to finding the right fit. But coordinating team feedback is easier said than done. Getting team members to provide feedback after interviews in a timely manner is one challenge, but compiling feedback from email threads, post-it notes, and in-person conversations into one place is even more difficult. WorkConnect is designed to alleviate this organizational stress by allowing colleagues to easily rate and provide feedback all within an organized system. All you need to do is send them a candidate link to coworkers and they have all the information they need on the candidate and a place to easily share their input.

Efficient Recruiting IS Possible

And finally, our pièce de résistance, it’s an easy-to-use cloud-based tool with no training required, simple onboarding, and an even easier purchase process (try free for 30 days or buy online at sapstore.com). WorkConnect is currently available in the U.S., U.K., Canada and France, but we plan to expand into other markets in the near future.

As I mentioned earlier, I’ve heard the challenges of hiring for small businesses and I’ve experienced them in my own career. I empathize with the hiring chaos and I think this solution will make the process easier and faster so your team can focus on finding the right talent that will drive the success of your company. Let’s be honest – recruiting is not only fundamental to your business because you are sourcing top talent, it’s also a big investment. So optimizing that cost through a more efficient process is also an important matter for business. With WorkConnect, improved efficiency is affordable, especially compared to other recruiting solutions.

If you want to learn more about WorkConnect by SAP, I’ll be discussing and demoing the solution at HR Tech World in London March 21 - 22. I hope to see you there!

About the Author:

Simon Bouchez, CEO of Multiposting, an SAP Company

Simon Bouchez is the CEO of Multiposting. Founded in 2008, the Paris-based company was acquired by SAP in November 2015. Simon is now a member of the SAP SuccessFactors Product leadership team and holds a Master’s degree in Management and Entrepreneurship.

Multiposting provides innovative sourcing technologies to more than 1,200 blue-chip companies in more than 50 countries. Its flagship product – now called SAP SuccessFactors Recruiting Posting – allows companies to distribute their jobs online on more than 4,000 websites (job boards, social networks, etc.). 50+ million jobs have been posted with Multiposting’s technology over the past 5 years.


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HR Outsourcing May Steady the Path to Success

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For years, HR outsourcing (HRO) has begrudgingly worn a label of dedication to small businesses. Yes, there are incredible merits for small businesses within this stereotype, however the advantages of an outsourced Human Resources department show benefits for organizations of all sizes.

Recent statistics have pulled back the curtains to reveal increased reliance on HROs for business-related tasks. A global Deloitte study found that more than 35 percent of respondents already measure the value of their HRO, with another 32% planning increases in Human Resources over the next year.

And while some attribute Human Resource outsourcing to small business ventures, the industry is exploding. Outsourcing firms are expected to generate $53.9 billion in business by 2020.

The figures are clear, but for business owners thinking of making the shift, the advantages must offer total compliance satisfaction in order for the investment to pay dividends. If leaders can trust an outsourcing firm to manage daily tasks, long-term strategic goals can take center stage to focus on the business’s long term growth and needs.

So why are more organizations outsourcing the functions of HR, and is it truly achieving the goals it sets to satisfy?

HROs Reduce Company Risk

Over the past decade, workplace case complexity has increased almost across the board. Especially for startups and small businesses, the resources exhausted throughout workplace investigations quickly become overwhelming. HR professionals, likewise, are not experts in all fields of law and sometimes untrained to handle complex caseloads.

A HRO mitigates these risks by remaining up-to-date on all local, state, and federal regulations the organization must comply with. Likewise, they have the benefit of conducting unbiased, thorough, and timely investigations that reach clear conclusions and move the organization beyond the situation.

Although HR is not directly a profit center for businesses, it does minimize risk, create better efficiencies, and save money from being lost or spent unnecessarily. So even though HR might not be bringing in revenue, it can directly help with keeping more profit for the company.

Because minor oversights can cause costly delay, or worse, litigation, it is important for organizations to trust their workplace investigations with HR professionals who are experts in the field of risk mitigation and fair procedures.

HROs Meet Compliance Standards

A must for organizations of all sizes, compliance standards have the nasty habit of constant updates and overhauls, delays and reversals. It is imperative that businesses keep up-to-date with all standards expected within their industry and state–which can become overwhelming for an HR team already overloaded with important tasks.

But compliance means more than regulatory satisfaction. HR compliance is an umbrella term that may include things like cultural obligations, the ACA, licenses, collective bargaining, separation, and a slew of other considerations.

And organizations aren’t just worried about keeping up, they’re also tasked with recognizing any variances between their own policies and applicable laws.

Typically, the HRO chosen immediately focuses on compliance standards and potential issues, reducing risk and assuring satisfaction. Their goal is to provide a strategy that replaces any potentially damaging policies and reviews your policy regularly in line with updates to law.

Without this burden, organizations are freed from surrendering in-house time and resources to keeping up with regularly changing laws and reviewing their policies.

HROs Prove Financially Beneficial

Especially for smaller businesses (it’s a hard-to-shake label), a HRO is simply more cost-effective than hiring a full-time, in-house HR professional.

For companies of all sizes, there are smaller benefits that HR outsourcing brings with it. More office space without an HR team allows the organization to grow in workforce without concern for office overpopulation. In fact, a recent Deloitte study found that of those surveyed, a healthy 47 percent chose to outsource based on its solution to capacity issues.

Efficiency and productivity are influenced by office design, and outsourcing HR satisfies the conditions for a more efficient, productive workspace.

HROs Provide More Affordable Group Rates

Healthcare affordability is a top concern for employees. Not only that, but those who receive affordable health care coverage through their employer are more likely to find satisfaction in the job. Prudential Financial Inc found that 46% of employers were either outsourcing or looking to outsource the requirements of the ACA.

Because HROs work with many companies, they can take advantage of reduced bulk pricing. For small and large businesses, this provides quality coverage for employees at lower costs.

The advantages of an HRO for group rates extends beyond the coverage employees receive. Because of the ever-changing ACA requirements, with sweeping changes on the way, administrative costs are cut sifting through constant updates.

For organizations with an HR team, outsourcing health care oversight to an HRO minimizes the burden on HR while preventing easily-made mistakes.

HROs Strengthen Recruiting Methods

As companies turn to more strategic, aggressive recruiting methods, outsourcing this HR function has become more widely popular. Organizations are “becoming increasingly inventive to attract and retain valuable candidates”, Byrne Mulrooney told SHRM earlier in 2016.

Because many HR teams are unequipped to attract top talent in a way larger organizations can, the task is being outsourced to companies specializing in the field, like Mulrooney’s. When combined with bolstered benefits, appeal to organizations outsourcing these functions is elevated on a budget.

Choosing one or more HR function to outsource is smart organizational planning. Freeing up resources and time to focus on the growth of the company allows leaders to plan for long-term growth and goals. As the industry continues to grow, it will undoubtedly change the roles of internal HR teams, aligning them with more strategic functions over day-to-day tasks.


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3 Secrets to Make Your Small Business Job Ad Stand Out

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Small business recruiting is tricky. Somehow, small business owners have to work with very little resources to get good employees in the door. Add to the mix a sea of competitors who are bigger, have larger budgets and likely employ recruitment experts to do their bidding and you’ve found yourself in a small business recruiting dilemma. Without big names and big money, small businesses have to be more creative and strategic with how they write job advertisements.

These three secrets will keep small businesses on the right track when writing job ads.

Secret #1: Job ad is not synonymous with job description

For decades, mind-numbingly detailed job advertisements were just a simple copy of what the official company job description was. Formulating job advertisements that bring in top quality candidates who also fit into your company culture starts with clearly describing the summary of the company in an interesting way — not rambling on about meticulous and, let’s be honest, limiting job “requirements”. What our predecessors failed to see was the power of a customer-centric approach to recruiting. Liz Ryan, CEO of Human Workplace, explains the power behind job ads:

Your job ads reach a lot more people than just folks who might actually apply for the job. They reach people who have job-hunting friends, and they reach your customers and prospective customers too. You’re marketing to the entire community in a job ad, the same way you are in your customer-facing marketing campaigns.

The kind of job ads that will attract quality employees are those that depict what it’s really like to work for you, the company culture, the team atmosphere and the passion that goes into the work you do. Job advertisements are a public representation of your brand, so it should be compelling to read, not exhausting.

  • To do: Save the job description for internal purposes. If you’re bored reading it, chances are so will potential candidates. Start thinking about how you want potential candidates to perceive your brand and try to work that messaging into job ads.

Secret #2: Sell the career, not the job

While a breakdown of the job requirements is a must for guiding the right candidates in your direction, job seekers today are looking for experiences. Gone are the days where job security and compensation were all it took to snag candidates. Those things are still important and should be one element of the job advertisement, but what should be emphasized even more is the potential for career development, advancement and the chance to work on a collaborative, supportive team. A successful job ad should also fulfill these three requirements:

  •      Inspire the right candidates to apply
  •      Improve performance of all recruiting efforts
  •      Build brand awareness and affinity

Interestingly, a recent study done on the psychology of job ad verbiage revealed that, “ads focusing on what employers can provide job seekers — like work autonomy, career advancement and inclusion in major decisions — result in better employee-company matches. And these ads produce larger numbers of more qualified applicants.” The authors explain that these kinds of ads garnered three times as many high-quality applicants as ads focused on what the company needs from the candidate.

  • To do: Avoid long lists of job requirements and instead craft job ad verbiage around what a day in the life of this person would be at your company. Discuss the day-to-day tasks with active language and don’t forget to mention how they can flourish at your small business. Small businesses typically provide more freedom for growth and development than large corporations so tell them that!

Secret #3: Consider all generations in the workforce

In 2015, Millennials surpassed Generation X to become the largest share of the American workforce. While the Silent Generation and Baby Boomers phase out, Gen X becomes the new Baby Boomer and Gen Z gets ready to overtake the Millennials, employers are left with recruiting a multi-generational workforce. The good news: these working generations have more in common than we give them credit for. One of the most important stereotypes to debunk is whether mobile responsive job ads are needed to attract Baby Boomers. Almost half (48%) of Baby Boomers look for job postings on their phones. Keep in mind, they need to be easy to read and easy to follow because although 22% believe they are tech-savvy, HR says only about 6% of the generation understands modern technology.

  • To do: Create job advertisements that attract all generations with the following in mind:
    • Honesty – 35% of employees in every generation value ethics and fairness in leadership as a top trait an employer should have. Show it by mentioning in the job ad how your workplace values fairness
    • Meaningful Work – 30% of Millennials and 27% of Baby Boomers look for an organization that assigns meaningful work.
    • Flexibility – Although flexibility is typically valued most by Millennials (30%), 22% of Baby Boomers still look for flexibility in the organizations they work for.

Small business recruitment might not be a cakewalk, but that’s what experts are here for. These secrets will help small businesses learn how to write effective job ads that are going to catch the attention of the right candidates and ultimately, make your small business successful. For many small companies, job ads are one of the only forms of recruitment they engage in so make it count!

About the Author

Joe Weinlick Headshot for WordPressJoe Weinlick, President of Marketing with Beyond.

Joe is the entrepreneurial marketing leader and brand strategist with a unique mix of strategic, creative, operational, and technical abilities.

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Snaprecruit : New Recruitment Workflow App For Startups & Small businesses | Wizoid

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As we approach the end of the year, it’s often interesting to reflect on some of the trends we saw this year. With automation in IT companies being the trend, many companies are cutting down on costs by automating processes and outsourcing jobs. This attempt to gain efficiencies applies to the recruitment industry as well. The question then arises as to how truly efficient are these strategies for productivity since communication and close collaboration play an important role in driving any organization.  For this reason many Applicant Tracking Systems are emerging to fill the void. 

However, there are smaller recruitment companies and start ups that also need the right tools to facilitate their processes and to them being organized is absolutely essential to knock out more work with fewer hands on deck. Applicant Tracking Systems help streamline this, but most come with a high price tag. Given that the smaller companies and startups are short staffed, they end up using cloud based applications such as Dropbox, Google Apps and Trello to manage daily operations. Using a combination of different apps does not necessarily address 100% of their recruitment needs. 

How can Snaprecruit help?

Snaprecruit is a new app that helps smaller companies achieve better results by facilitating collaboration and simplifying HR management. This light weight workflow app is cloud based and a one-stop shop for every part of the recruitment process for small business needs. Snaprecruit is trello, google drive, slack, skype all in one place. It includes features that help recruiters with applicant and document management. In addition, Snaprecruit offers an OnDemand feature that allows companies to market themselves by sharing jobs or applicants on a personalized webpage that brands their company. Co-workers can also communicate with each other via chat and audio-video calls without having to install any additional software which is unique in ATS market.

How much does it cost?

Snaprecruit is a web based SaaS product and they are running a promotion that ends this December 31st, 2015. Its absolutely FREE to use if you can register before this date.  However prices go up to $24.99 per month starting January 1, 2015. So register soon to take advantage of this promotion.

What are the key features ?

The following is a break down of the features:

– Post jobs for free

– Jobs posted by you will get pushed to free job boards like PostjobFree, Craigslist, TrovIT, Juju Board etc..

– Upload resumes and manage applicants for the jobs posted.

– Create folders and bulk upload your resume collection to perform skill set search.

– Summarize resumes with one click.

– Share resumes of qualified candidates with your clients while marketing your company with an OnDemand page.

– Have audio-video calls with other registered users.

– Create chat rooms and work on positions together.

What sets Snaprecruit apart from other Applicant Tracking Systems?

 – They summarize resumes which is quite interesting.

 – Text based search lets you filter through thousands of resumes.

 – Audio-Video call capability allows registered users to make calls for free.

 – Real-time chat functionality for team collaboration. 

Visit & Follow Snaprecruit at:

Website: www.Snaprecruit.com

Facebook: www.facebook.com/snaprecruits

Twitter: https://twitter.com/snaprecruit


Source: Snaprecruit : New Recruitment Workflow App For Startups & Small businesses | Wizoid