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How to Count Money as a Cashier

Last Updated on June 22, 2022 By Methew Harbor Leave a Comment

Unless you operate as an online selling business, counting money is integral to every business. It is vital to have a skilled cashier to make sure no mistakes occur. However, that does not mean not hiring beginners.

Proper training is inevitable if your new cashier is inexperienced or you do not have a cashier at the moment. Here’s how to count money as a cashier without making any mistakes.

Understanding the Need for Training

Counting cash comes naturally to all of us. Yet, keeping a cash drawer for a business is different from counting money in your pocket. You must tell your employees why they need to be trained before managing huge amounts of cash. The need for human interference does not go away even when you have cash registers and counters. Learning to count money as a cashier will come to the rescue in case of a power failure. It also allows easy rechecking of money count.

Verifying Registers

The first step in training new employees is training them to verify the drawer balance. Do not forget to tell them to verify the balance before starting their shifts. It is better to do the verification process under the supervision of a manager or a supervisor. It will help reduce the chances of mistakes when they add money to this account. The cashier must know that they are responsible for the cash drawer. No other employee except the manager can access the cash register beside them. Counting the cash in the cash register is critical before you add more money to it.

Making Change

Many people might think that it’s an easy job to make a change. However, you may not be aware that major blunders often happen in giving change to the customers. Most customers usually do not pay the exact amount. Instead, they would pay a round-off figure, and you have to give them their change.

Train your employees to make changes for the customers correctly. The best way is to use the count-up method. It involves adding the amount to the total purchases, bringing it to the amount paid by the customer. The cashier takes the amount of cash from the customer and sets it on the register. Next, they count up to obtain the nearest round figure, then to the total paid by the customer. For example, a customer pays you $100 for a $76.60 product. You firstly add coins to make it $80 and then add bills to make it $100. It is an easy method of counting money with fewer chances of error.

Counting Back

While the chances of mistakes are less with the count-up method, they are still possible. The next step is to count the money again while giving the money back to the customer. You may also count it verbally and place each piece of currency in the customer’s hand gradually.

Balancing the Drawer

Just like verifying the balance at the beginning of the shift, the cashier has to balance the drawer before winding the shift. The cashier must count the total amount in the register and non-cash (ATM card/ Credit card) transactions. The ending balance should be accurate according to the opening balance and daily transactions. All the data must be added to a spreadsheet or other computer software.

Train for Cash Devices

Training your cashiers to use cash devices saves their time and allows rechecking the amounts. You may add a cash counter or coin and note recycler to count money as a cashier error-free. It is a vital addition for efficient cash counting.

How to Count Money Fast?

The ability to count money fast is one of the essential skills for a cashier. No one wants to stay in the line for a long time. Your cashier should count money fast without errors to avoid damage to the company. Here are a few tricks to count money faster:

Firstly organize your denominations into different groups.
Then make reasonable stacks if you have a particular amount to work with.
Improve your speed by practicing in your spare time.
Always double-check the counted money before you are sure you are a pro.
Use a money counting machine when you are low on time. You may also use it to recheck the amount after counting.

What to do When Someone Asks for Change?

You may sometimes come across situations when people come to ask for change for a particular bill. The best approach is to ask them about their needs and use your techniques to count money as a cashier. Lay it down on top of the cash drawer and count the change in bills as required. Hand over the cash to the customer, verbally counting it to them. If it’s a large amount, it’s better to give some bigger bills and a few smaller ones.

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Matthew is a Co-Founder at BusinessFinanceArticles.org. Matthew was a floor manager at a local restaurant in Wales. He lost his job after the pandemic and took initiative to make a team and start the project.

How to Deal with Disappointment at Work

Last Updated on June 9, 2022 By Methew Harbor Leave a Comment

Did your boss not appreciate your idea? Or did he talk rudely? Or did you not get the expected appraisal? It’s the same tale at most workplaces.

It often happens that we are unhappy with our workplace. Sometimes your boss might not appreciate your hard work. On other occasions, they might insult you in front of other colleagues for a minor mistake. These behaviors in an organization can lead to disappointment among employees.

Yet, if you wonder if you are the only one, you are not.

Continuous rejection of suggestions, negative feedback on work, and no progress at work make employees disappointed. Sadly, we learn theoretical knowledge in college, but no one tells us how to deal with disappointment at work.

Let us tell you how you can deal with such feelings at your workplace and avoid professional damage.

What is Disappointment?

Cambridge dictionary defines disappointment as “the unhappiness or discouragement that results when your hopes or expectations have not been satisfied, or someone or something that is not as good as you had hoped or expected.”

Disappointment is not among the six basic human emotions (fear, anger, joy, sadness, disgust, and surprise). Instead, it is a more complex emotion that arises when the emotions cycle through each other and expand. It is among the complex forms of sadness.

In simple words, disappointment is the feeling that expresses your sadness when the reality is not up to what you expected.

Is it ok to Feel Disappointed?

It is human nature to think about situations and expect a particular outcome. As disappointment occurs when the reality and expectations don’t match, it’s ok to feel so. However, it does not mean to keep feeling disappointed. Experiencing emotions is normal. Yet, it would help if you work to eliminate sadness and disappointment from life by addressing the issue and moving on.

How to Deal with Disappointment at Work

If you are disappointed in your boss or teammates for a long time, it may result in resentment. Thus, it is important to deal with disappointment at work timely. Here’s how you can handle disappointment at your office using emotional intelligence.

Do Not Hide

Workplaces now understand the importance of mental health more than ever. They realize how important it is for every employee to be in good mental health. Gone are the days when you had to bottle up your feelings to explode one day. If you are not happy about the affairs at your workplace, do not act like everything is ok. Most people cannot hide their anger or disappointment, and it shows on their faces.

So when someone comes to you asking why you are upset, tell them. Communicate with your boss directly if possible or convey it to the Human Resource Department. Denying it will make it difficult for you when you wish to talk about the problem later.

Vent

Venting is an excellent method to get everything out of your system and focus better on work. Besides telling someone on asking, you must not hesitate to vent to a dear friend. Make sure that you do not discuss with a coworker who might use your emotions against you. Look for a person who can give you insights into the matter without defying your feelings. Discussing with another person enables thinking from a different perspective and understanding aspects you might not have considered. You may also find better solutions to the situation.

Do Not Lash Out

Do you know why we mentioned conveying your emotions to your boss or HR instead of keeping to yourself? Let us tell you.

When you are disappointed at the workplace, you feel bad about almost everyone around you. Sometimes a person with no intention of hurting you might seem like they also do not value your input. Accept the differences at work without being disrespectful to the news bearer. Do not be upset at the coworker who comes to inform you of a project rejection. Attacking or belittling the other person will cause nothing but more mental stress. Try to be more composed at the workplace and express your disappointment professionally to the concerned people.

Avoid Hurried Decisions

If you have thought of resigning because you feel disappointed at work, we do not blame you.

We often tend to make hurried decisions when feeling angry, upset, or disappointed. That’s the worse you can do!

Remember not to make any immediate decisions when overwhelmed. The sudden rush of hormones causes you to make decisions you might regret later. It might seem like the best option to leave the job and end it all at once. Yet, do not rush to make such significant decisions without communicating your thoughts. At least try once to sort it out before signing the resignation.

Contemplate Recent Events

Have you wondered if your boss might be disappointed in you as well? We often do not realize how our actions affect the other person’s behavior. While you feel dejected, your managers might think you do not take work seriously. Take your time to understand what happened in the past days causing these problems. You might initially think that you are giving your best. Yet, there could be loopholes in your working processes. Reflect on your performance in the previous weeks to address the issue.

Get Over it

Now that you have vented out, communicated to your boss, and reflected on past events, it’s time to get over it. It might not be a one-day process for everyone. Take some time but do not build further resentment. Socialize with your coworkers, and they might also tell you if they share the same feelings. You can work together to help each other get these emotions out of your mind.

Plan Further

As it goes, “Life is 10 percent what happens to you and 90 percent how you react to it.”

Strategize and plan your next steps to solve the issue. If you have not worked as well as you should have, improve your productivity and skills. Or have a detailed conversation with your manager if he understands how you feel. Do not let the overwhelming emotions get onto you and disrespect anyone.

The Bottom Line

Being disappointed with your office management is quite natural. Yet, you must know how to deal with disappointment at work gracefully. Talk to a friend, communicate your feelings to your manager and review your performance. Make sure not to disrespect anyone or make critical decisions suddenly. Lastly, but importantly, get over it gradually. Prolonged disappointment can lead to resentment and amplify issues within your workplace.

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Advantages of an Autocratic Leader

Last Updated on June 11, 2022 By Methew Harbor Leave a Comment

Most organizations follow autocratic leadership as it makes decision-making easier. The leader is accountable for any problems as he is the final decision-maker. It allows better accountability and reduces the risk of mistakes by new employees. While many people might not like autocratic leadership because of its authoritarian style, sometimes it is inevitable. Every leadership style comes with some pros and cons for the organization, leaders, and workers. Let’s tell you about the advantages of an autocratic leader in a company.

What is an Autocratic Leader?

An autocratic leadership style is authoritarian, where the leader gives instructions and makes decisions. Unlike laissez-faire leadership, this kind of leadership style does not give power to the employees. All the subordinates and workers wait for instructions from the manager and act upon them. The leader has high control and supervision over the employees to make steady work possible. The employees are expected to work according to the instructions without innovation. This style of leadership is also known as the leader-centered leadership style.

Advantages of an Autocratic Leader

Quick Decisions

An autocratic leadership enables quick decisions within the organization. The workers in an organization with such leadership do not have to inform any administration levels. Instead of various leaders in the organization system, the subordinates report to only one leader. This reduces the time of going through a long hierarchical process of waiting for multiple approvals.

Improved Communication

When there are fewer people to take instructions from, the communication between different people in an organization improves drastically. Autocratic leadership allows one-way communication to avoid such issues. Autocratic leaders convey the details to their workers instead of at different levels. It avoids the alteration of information through various means.

Efficient Crisis Handling

It is common for problems to arise in an organization. However, it is vital to find the best way to combat the crisis. An autocratic leader is experienced in his leadership tactics and knows to handle such situations efficiently. They can propose better solutions as they are the only ones handling the issues. Their experience allows them to make autocratic leadership advantageous during crises.

different styles of leadership in project management

Improves Productivity

This structure of leadership improves productivity within the organization. Under such leadership, the workers perform more efficiently and deliver their tasks on time. Better communication and timely delivery of the tasks positively impact the company’s working atmosphere.

Focused Targets

Autocratic leaders give proper and focused targets to the team to achieve. Open communication allows the team members to work their best and perform well. They work towards a combined goal by following the leader’s instructions to produce desired results. It is one of the most efficient ways to achieve targets in less time.

Reduces Employee Stress

An autocratic leader is responsible for the decisions in a department or organization. The employees do not have to worry about making challenging decisions. The workers are not expected to put their input into solving problems. The leaders take accountability for their team’s actions in front of the higher hierarchy. Reducing employee stress is one of the most critical advantages of an autocratic leader.

Professional Growth

While some leaders do not guide their teams, an autocratic leader does not only guide their team but also gives proper instructions. The thorough instructions by the leader enable the employees to learn through their experience. This leadership works well when the management does not have a lot of time for a particular project. So, instead of following a matrix structure of an organization or giving independence to team members, this method of leadership is preferred.

Easy to Adapt

This leadership style is easy to adapt and has been followed for many decades. It is an orthodox leadership style, yet an excellent choice to get work done on time. It does not require much training like modern leadership techniques. Autocratic leadership is easy to adapt and makes your workers follow your lead.

The Bottom Line

Autocratic leadership is an authoritative orthodox leadership style. Autocratic leaders pass on instructions to their subordinates and make decisions. While it does not allow room for innovation, it has its pros and cons. The advantages of an autocratic leader include easy communications, quick decisions, focused targets, easy adaptation, and reduced employee stress. It is best for tasks and projects where you are short on time for modern leadership model implementation.

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Laissez-Faire Leadership Advantages and Disadvantages

Last Updated on July 2, 2022 By Methew Harbor Leave a Comment

While every leader works to bring out the best in their team, each leadership role is different. Most leaders push their team through strict deadlines and instructions. Alternatively, some empower their team by welcoming their suggestions.

The Laissez-Faire Leadership model, also known as the Free-rein Leadership Style allows the workers to work more efficiently considering their reliance and trust in them. Such leaders guide their team members and give them the power to make decisions. However, it also has some disadvantages. Let’s tell you about Laissez-Faire leadership’s advantages and disadvantages in depth.

What is Laissez Faire Leadership?

The term Laissez-Faire literally translates to “let it go” or “let it be.” So, the Laissez-Faire leadership style focuses on letting go. It refers to letting go of the responsibilities and power as a leader. The managers do not get too involved in the tasks and allow their employees to use their creativity and experience. Such leaders are confident in the skills of their employees. They offer to lead their team by enabling them to give their input. Free-rein Leadership Style leaders provide guidance and take responsibility for their team’s tasks. Yet, many times the managers do not guide their workers properly, leading to issues within the team.

Characteristics of Laissez Faire Leadership

Some of the basic characteristics of Laissez-Faire Leadership include

More input from the teammates
Enabling employees to make decisions
Access to tools and resources
Guidance from the leaders
Leaders taking responsibility for their team’s actions

Laissez Faire Leadership Advantages

Encourages Personal Growth

When working with Laissez-Faire leaders, the teammates get to move forward in their profession more efficiently. Laissez-Faire Leadership allows the employees to experience the processes first-hand. The workers gain more skills by understanding the processes and working on them directly without managerial pressure.

Creates More Leaders

Giving people an opportunity to work on their own enables the employees to gain leadership skills. Many members of the team work together towards one objective. This combined input brings out the potential in each person. Some of them come up as leaders who guide and help the rest of the team. Free-rein Leadership Style has the potential to climb up the ladder to gain managerial-level positions.

Offers Independence

One thing a workplace must teach you is independence and decision-making. It is one of the most noticeable laissez-faire leadership advantages. This leadership model pushes the teammates to give their suggestions and make decisions where needed. Many people in such arrangements like to work on their own, and the absence of pressure from their seniors gives them that working space. They can work on their own, learn better, and excel in their career.

Encourages Innovation

Typically managers and leaders are the final decision-makers in a centralized organization system. Thus, the working style of a department remains the same throughout the years. Yet, when Laissez-Faire leaders encourage the employees to think creatively, they come up with many innovative ideas for the company. These suggestions may sometimes prove highly beneficial for the organization.

Enables Quick Decision Making

Another Free-rein Leadership Style advantage is how it facilitates quick decisions. This leadership model does not only offer independence and decision–making powers to the workers. It also makes sure everything runs smoothly and quickly within the company through faster decision-making. The absence of micromanagement in the Laissez-Faire management system eradicates the need for approvals.

Provides Job Satisfaction

It is no news that people get tired of their bosses bossing around. Reports show that 82% of workers would consider quitting their jobs because of a bad manager. One of the best laissez-faire leadership advantages is that it makes the employees love their workplace. It instills a sense of ownership in the people, and they work towards company success wholeheartedly.

The disadvantage of Laissez-faire Leadership

Lack Of Leadership Role

Laissez-Faire Leadership is considered a passive leadership approach as it enables the team members to act as leaders. It fails to designate the role of the decision-maker to one person. Sometimes, the employees might not be sure of their role in the team and not use their abilities to the best. Often the decisions may not be the most suitable either.

No Guidance

Typically, the managers managers of a Free-rein Leadership Style do not guide new teammates, unlike functional, project, or matrix organizational systems. The lack of guidance may allow older employees to manipulate the new ones into their choice of tasks.

Low Accountability

Laissez-Faire management enables the employees to make decisions without waiting for the manager’s approval. While it speeds up the process, it also increases the chances of mistakes. As the new people in the team are sometimes not given proper guidance, they do not hold themselves accountable for the wrong decisions. The lack of accountability affects the morale of other team members.

Isolation Within Team

This structure also brings along some disadvantages of laissez-faire leadership. When each team member is allowed to work within their comfort zone, they might prefer working individually. They may get habitual to working on their own terms and not want to work cohesively with the team when needed.

Leadership Abuse

At times, the employees do not use this leadership structure to their benefit. Instead, they abuse leadership which is the worst laissez-faire leadership disadvantage. In such situations, the leaders do not supervise and motivate the employees. Meanwhile, the team members also do not feel like putting effort when they are not acknowledged.

How to Improve Laissez-Faire Leadership?

Laissez-faire leadership is an excellent leadership model if implemented correctly. Here are a few tips to improve the implementation of laissez-faire leadership in your organization.

Motivate your team members and acknowledge their efforts.
Keep an eye on the activity of the employees and give feedback.
Guide newcomers to help them understand their role better.
Offer incentives to deserving employees based on their performance.

The Bottom Line

Laissez-Faire Leadership is perfect if your company prefers flexible, growth-oriented organizational structures. It allows your employees to work independently, make decisions, gain leadership skills and enjoy what they do. However, Laissez Faire Leadership or Free-rein Leadership Advantages And Disadvantages go hand in hand. A few cons of this leadership format include the lack of leadership and role clarity, lack of accountability, and abuse of leadership by the managers. It is best to weigh the advantages and disadvantages of Laissez-Faire Leadership before implementing it in your company.

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Advantages and Disadvantages of Job Specialization

Last Updated on May 27, 2022 By Methew Harbor Leave a Comment

Today, most companies hire candidates who specialize in a particular field. This allows the organization to put that person to the best use for the company’s progress. Job specialization is not a new concept. People have always been working in their field of expertise. However, now companies invest in grooming and specializing the employees to the fullest in a particular area.

Though job specialization helps organizations to grow, there are various advantages and disadvantages of job specialization. We have put them together in this article to help make the right decision.

Let’s have a look at them.

What is Job Specialization?

Monash defines job specialization as the process of focusing one’s occupational concentration on a specific area of expertise.

Job specialization refers to improving your expertise and skills in a particular domain. It allows the employees to become masters of their craft and provides more skilled workers to the company. Specialized employees working in a department can handle tasks more efficiently and conveniently than others.

Job specialization requires training and experience. Though, the workers become adept at their tasks eventually. It reduces the period of resolving a complicated task and gives you a mastered force. Whereas, sometimes, the work can be monotonous and tiring for the workers. The pros and cons of job specialization are as follows.

Advantages of Job Specialization

Boosts Productivity

One of the most significant advantages of job specialization is improved productivity. Dividing the jobs between workers according to their specialization allows them to work fast. A professional understanding a particular subject in detail can find a better way of performing the task than others.

For example, an unspecialized person will need to research the problem from scratch to find a solution. On the other hand, a specialized person already understands the issue. It enables them to solve the problem steadily.

Lesser Risks

When a person performs the same task repeatedly for an extended period, they are less likely to make mistakes. They may also assess risks beforehand to avoid loss of resources. One example of this advantage of job specialization is someone who manages accounts. Someone who has taken education in finance and has been working in the department for years would be better at it. Conversely, a person with a degree in marketing might not be the best fit for the job.

Saves Time

Doing something every day makes employees good at their job, and they take less time to perform the function. At the same time, the non-specialized workforce will take more time to understand the task and act accordingly. That is why companies invest in workshops to improve the skills of their workers. They help improve production in less time.

Less Supervision Need

When a set of experienced experts in the same domain work together, the company trusts them more. They do not require extensive direction and supervision. Choosing the right person for the right task through job specialization gives them the liberty to work independently.

Reduced Costs

Lesser risks and improved productivity eventually reduce the cost. It helps minimize wastage and diminishes the costs of covering mistakes. Job specialization helps you in the long run by recruiting the right people for the task that proves beneficial for the company.

While specialization proves favorable to the organization, both the advantages and disadvantages of job specialization are crucial. Let’s talk about the disadvantages of job specialization.

Disadvantages of Job Specialization

Monotony

Performing the same tasks every day can become monotonous, and the workers might feel drained. While job specialization improves productivity, sometimes monotony may decrease it. Tedious work for a long period tires mentally and physically.

Dependency

When employees of a particular department are adept at one kind of job only, they are more dependent on others. They cannot sort out other issues that do not fall in your domain. Thus, some tasks may face a delay in the absence of workers with a different specialty.

Inflexibility

Specialized professionals are also inflexible and may not sometimes prove beneficial for a company. Let’s say that a company focuses on job specialization. They might face difficulties when they have to cut down the number of employees as specialized employees cannot fit well in other departments.

Less Job Satisfaction

The same environment and tasks regularly can be quite boring. The workers may sometimes need a break from their daily tasks, or it can lead to less job dissatisfaction. If they continue to work for a long time without a break, they might think about shifting to another job.

Isolation

Employees in an office like a harmonious environment and interact with other people. Sometimes, specialized jobs restrict you to an area away from other workers and disconnect from the rest of the process. Isolation also causes an increase in frustration among employees.

Increases Cost

Job dissatisfaction may lead to a higher turnover rate, increasing the demand for more recruitments. When recruiting specialized persons, you may also have to pay them higher for their expertise. Moreover, arranging interactive activities for isolated employees adds to the organizational budget.

The Bottom Line

Job specialization is being widely adopted in organizations to have the experts on board. However, the advantages and disadvantages of job specialization go hand in hand. While it improves productivity, it may also tire the workers mentally and physically. On the one hand, it reduces the need for supervision. On the other hand, job specialization may isolate some of the employees. It often reduces costs owing to enhanced production. Yet, it may sometimes increase the costs of recruitment.

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Why HRP is Important

Last Updated on May 27, 2022 By Methew Harbor Leave a Comment

Loyal and hardworking employees are the asset of and company. But, how do find and retain them?

Employees are the most important part of a company’s production and management. Your organization can become one of the best if the employees take pride in working for the company. It is made possible by recruiting the right kind of people in the right amount at the right time. This is called Human Resource Planning HRP. HRP allows you to have a steady supply of employees or workers per need, which is why HRP is important.

What is Human Resource Planning?

Human resource planning is the implementation of “demand and supply” rules for human resources. It means forecasting the need for employees in the future. HR may either hire new people for a particular role or expand the working horizon of the existing employees. HRP also enables the company to achieve objectives in time successfully by making the best use of available human resources. It is also known as workforce planning.

Human resource planning begins with the assessment and auditing of the human resource in the company. The Human Resource department makes changes in the workforce according to the company’s needs. It may involve promotions, new hirings or say goodbye to some old employees. HRP is essential for the long term to provide adequate solutions in times of crisis.

Challenges of Human Resource Planning

Human resource planning involves planning the incoming and outgoing employees to ensure you have enough people at one time. While it seems simple, it is not so. HRP involves several challenges like:

Employees often make sudden decisions about moving to another place. Respecting their decision is HR’s job. The challenge arises when you have to substitute another person within the available time frame.
Finding the right employees is another major problem in HRP. Recruitment is a tough process as you have to be very careful and choose the most appropriate person for the particular role.
Human resource planning also involves retaining the right employees for a long time. So, HR also has to motivate and plan how to retain the employees by giving them appreciation, increments, and other benefits.

Importance of Human Resource Planning

Utilization of Manforce

Human Resource Planning enables HR to utilize the available human resources in the best possible way. You can shift, add or remove roles from a personnel’s job description to improve efficiency and productivity. It is essential to make changes in the company in the sudden absence of an employee to ensure the product does not suffer.

Future Workforce Needs

Human resource planning does not only allow you to make the best of the present manforce but also to analyze future workforce needs. It saves your company from a sudden employee crisis when an important worker goes on leave. Thus, HR can start the recruitment process before the 11th hour to find the most suitable candidate.

Recruitment of Suitable Employees

As mentioned above, human resource planning is essential for recruiting suitable employees. HRP allows you to understand the human resource inventory and look for the right people at the right time. If you do not analyze and access the present workforce situations, you might have to recruit personnel in haste.

Training and Workshops

The human resource department’s job is not restricted to generating a job post and interviewing a candidate only. They ensure a smooth onboarding and work to provide the best opportunities to their employees. You may add workshops and training sessions to develop your employees’ soft and hard skills. The importance of HRP also lies in the fact that it helps them perform better and become an efficient part of the department.

Adaptation to Change

Human resource planning is critical to cope with the change resulting from external factors. It helps you suit your organization’s work to changing political, social, or economic changes. You can reduce the impact of the socio-economic and political changes by assessing and making changes in your organization accordingly.

Risk Management

Having a plan is an excellent way to reduce risk. Similarly, human resource planning also saves you from potential damage by lacking resources or recruiting too many people for the company. HRP lets you create the best plan for your organization’s welfare. It also saves you from the reputational risk that may occur due to a lack of resources within the company.

The Bottom Line

Human resource planning allows a company to perform its best without being influenced by external factors. The HR department recruits the right people in the right number at the right time for the smooth running of company operations. HRP is highly important for any organization that wants to stay at the top of its game. Ignoring the importance of HRP can cause functional issues.

FAQs

What are the features of human resource planning?

The objectives and features of human resource planning include adjusting the demand and supply network, keeping manforce inventory, determining human resource reeds, and creating a proper work environment.

How many types of human resource planning are there?

Human resource planning is of various types. The most important three types of HRP are tactical, operational, and strategic planning. Strategic planning is the most common one in companies nowadays.

What are the 5 steps in human resource planning?

The five crucial steps in human resource planning are analyzing organizational objectives, keeping an inventory, assessing supply and demand, matching the supply per demand, and creating an action plan.

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Advantages and Disadvantages of Standardization

Last Updated on May 25, 2022 By Methew Harbor 1 Comment

Standardization is an excellent process to make sure that your consumers get the same product every time. It builds their trust in your product or service. Standardization also allows you to build a loyal customer base by providing them with the same product they use the first time. If a product is not standardized, it might not gain the same kind of popularity. Customers believe that a company that puts effort into standardization cares about them. Standardization also has a few demerits for business owners. Let’s tell you about the advantages and disadvantages of standardization in detail.

What is Standardization?

Standardization in an industry refers to maintaining consistency among the services and products offered by a company. The services in all aspects must offer the same core values. Similarly, the products must have the same quality throughout. If any changes are made, they must not affect the characteristics of the goods.

A company follows a particular set of protocols to ensure that the product or service is consistent. They devise the strategies once and make sure to adhere to them. Mostly these guidelines are per the national standards. However, you must follow international regulations when producing goods for the international market.

Standardizing a product or service is based on following the safety protocols and considering the needs of the consumers. It requires adapting the same technology for producing that product and checking product quality on the same parameters. Every product or service has particular standards to ensure consistency and uniformity.

Advantages of Standardization

Improved Production Efficiency

The production efficiency improves when the technology and manufacturing methods are designed per a specific product. When you produce a product according to the same standards, you do not have to worry about innovation. Establishing production rules and manufacturing goods on predetermined standards reduces time and enhances manufacturing efficiency.

Cost Reduction

Better production efficiency also means reduced cost. When the production facility is designed to produce one kind of product only, buying the raw material in bulk brings down the cost. You do not have to spend more money adjusting the machinery to different products or variations of the product. It also saves the added cost of varying raw materials and maintenance. Producing products according to a standard without any changes lessens the cost.

Quality Assurance

Standardization of a service or product ensures that all pieces of a particular product are of the same quality. Having a standard quality standard for all enables you to detect issues with the product. The quality checkers and assurance officers make sure to check the products before packing. The quality of the product and packaging gives the customers a sense of satisfaction with a high-quality product.

Adaption Cost Reduction

Having a standardized process avoids the cost of adaptation. It is more expensive to devise a particular service or good for a specific consumer base. Customizing a product requires gathering data, extensive searching, and looking for various marketing techniques to attract customers. Standardizing a product helps you save the cost of customizing the product. The saved cost depends on the company’s manufacturing.

International Opportunities

Reaching the international market has enabled companies to make more profit by catering to a wider customer base. Today, globalization has caused an increase in the need for similar products of the best quality. People are looking to buy products from different countries. Catering to international markets requires you to make sure each product is uniform. By producing standardized products, you can sell your products beyond borders.

Consumer Benefits

Standardization of a product reduces confusion among consumers. When consumers are aware of the quality standards of a product, they do not look for other options. On the contrary, if the product is not uniform and does not meet the standard of the consumers, they avoid it. Product standardization provides safe, better-quality products to the customers.

Disadvantages of Standardization

Equipment Differences

Standardizing products is not feasible when the product is manufactured in multiple production facilities. Various countries have specific systems and equipment that may differ from other locations. Sometimes, the equipment might not have the same specifications either. Thus, you will need to adjust the equipment per need.

Failure to Adapt

Today, consumers want to get the most according to the changing trends. Many consumers purchase the same standardized products, while others like innovation in the products. Focusing on providing the same features in a product over the years might push the customers to another company. Standardization halts you from catering to the needs of such customers.

Cultural Differences

Product or service standardization is not the best choice sometimes. It may not prove feasible when catering to people from different backgrounds. For example, some tea containing alcohol components is not the right choice for some cultures. It is not labeled halal and is unsuitable for selling globally in Muslim countries. It is better to customize products depending on the customer’s needs.

The Bottom Line

Standardization helps provide uniform and consistent quality products to the customers. It enables them to trust your brand and becomes loyal customers. However, it also hinders adaptation to the modern needs of the consumers. Standardization and customization must work according to the regional and individual consumer requirements.

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Characteristics of the Cottage Industry

Last Updated on May 23, 2022 By Methew Harbor Leave a Comment

Cottage industries enable families to run their small businesses without a huge capital. They provide a space for good manufacturing at a small scale. They are more common in rural areas than in small-scale industries found in urban sites. While it may not seem apparent, cottage industries are an essential part of any country’s economy. India has the largest number of cottage industries globally. Small scale and cottage industries account for around 40% of the total industrial output in India.

What is Cottage Industry?

Cottage industries are small-sized businesses, often built-in homes instead of offices or production facilities. Manufacturing such facilities do not have advanced technologies and mainly relies on traditional methods. The income generated through cottage industries typically goes into managing household expenses. The cost of labor is usually zero as members of a family work themselves to produce goods. Besides India, cottage industries are also quite popular in Italy, Germany, and Japan.

What are the Characteristics of Cottage Industries?

Cottage industries differ from small-scale and large-scale as they do not involve labor. The manufacturing units are small and do not require a large capital. These industries produce daily-use items without using extensive machinery that may sometimes be exported to other countries.

No Labor Involved

Labor is not involved in cottage industries. As the members of the family work in cottage industries within their homes, they do not employ others. This reduces the cost of technicians and labor. Sometimes they may employ distant relatives to do the jobs.

Smallest Manufacturing Unit

Cottage industries are the smallest manufacturing unit in any country. They do not involve huge machinery or advanced technologies. Cottage industries use traditional or small equipment that can be easily used within the house’s premises. These units manufacture goods that may be used locally or sent to other regions. Despite being the smallest manufacturing unit, they hold significant importance in a country’s economy.

Less Capital

As cottage industries do not utilize high-scale technologies and machinery, they do not require a lot of capital. They usually invest their family capital in the business for a kick start. The money eventually multiplies, giving them enough to run the household and buy raw materials. Less capital investment also means that a large quantity of goods is not produced. The produced goods are mostly used by neighboring areas.

Local Raw Material

To reduce the cost of the product, cottage industries use the raw material to manufacture products. It helps locals sell their materials and make money while the cottage industry owners use it to generate income. Using local raw materials is better for the seller and the buyer both. Sellers can sell their goods quickly as the buyers are around the corners. Similarly, cottage industry owners do not have to travel to faraway places to get raw materials. It decreases the cost of production as well.

Simple Tools

Cottage industries do not utilize huge machinery, as mentioned above. Mostly all work is done by hand, or sometimes simple tools are used. People running cottage industries sometimes manufacture simple machines by themselves to facilitate production. These machines are just a helping hand and cannot be used for large-scale production.

Daily-use Item Production

The goods produced in cottage industries are usually utilized in daily life that requires manforce only. These industries manufacture carpets, fabrics, ceramics, cane furniture, food processing, and leather and metal handicrafts. Other items include papads and local textile.

Exported Rarely

While the products of cottage industries are distributed and sold locally after production, some items may also be exported. Exported cottage industry items include papads, traditional jewelry, handicraft items, clothes, and metalwork articles. It is usually done by a third party that gathers orders for the family to increase their income.

The Bottom Line

Cottage industries are small in size but play a major role in a country’s economy. India has the largest cottage industry network. Cottage and small-scale industries combined contribute to around 40% of the total economic output in India. These industries are run and managed by family members without the need for external help. Cottage industries do not employ labor, use less capital and produce goods for local use. Sometimes the products are also exported to other countries.

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Management vs Supervision

Last Updated on May 23, 2022 By Methew Harbor Leave a Comment

Manager and supervisor are often used interchangeably in conversations. While organizations have a different hierarchy of roles and designations, management and supervision are quite different. People who supervise employees are called supervisors, whereas those who manage tasks within a department are known as managers.

Now, you may wonder; that sounds the same!

Yes, that does sound the same. Managers and supervisors both have leadership roles within the company. But, they are not identical in terms of responsibility and authority. Let’s take you through the differences between management and supervision for a detailed understanding.

What is a Manager?

The primary function of a manager is to manage how things take place in a department. Managers typically make decisions about a business in a particular domain or various areas of business operation. They are involved in recruiting new people, identifying jobs of other employees working under them, and ensuring the completion of tasks on time. They also determine the resources utilized by their department to execute specific tasks. For example, a quality control manager is responsible for ensuring that all the processes are aligned, and the products are of standard quality. Yet, he might not go to the processing facility all the time to access work.

Roles of Management

The four major roles include planning, organizing, leading, and controlling. Management plans the timelines for the department and organizes pathways to achieve the timelines and goals. They make sure to be the leaders in situations employees need their assistance to perform better. Other roles of management include:

Dealing with the issues within the workplace when brought to them by the supervisors.
Make sure that the supervisors are kind and fair to the workers.
Evaluating the performance and competency of employees and finding the reason for poor performance.
Managers also assist the HR professionals in HR functions including hiring and staffing to ensure they find the best fit for their department.
Making decisions for the designated responsibilities for the best benefit of the company and the employees.
Controlling and monitoring expenses, and managing them within the budget.
Setting goals for the future and encouraging other teammates to perform their best.

What is a Supervisor?

Supervisors also have a leadership role in the company. But, they work under the manager. Supervision mainly includes keeping an eye on the employees’ day-to-day activities in the department. They ensure that the tasks are completed in time by the works, and the goals are achieved per the manager’s instructions and timeline. They also act as a bridge between employees and the upper hierarchy. Supervisors usually have an informal relationship with their workers to encourage them to do better. They initially study a situation to assess if it needs the manager’s attention.

Roles of Supervision

As manager leads the supervisors, they lead other workers under them. Major roles of supervision in a company are:

While the manager contributes to hiring new talent, supervisors train them to gel in the environment.
Reporting to seniors and HR professionals when needed.
Accessing the performance of the workers and reporting their evaluation to the managers.
Acting as a connector between the manager and the employees.
Resolving conflicts between employees if they are not significant enough to be forwarded to the manager.
Managing schedules and keeping everyone on track to ensure that all goals are achieved in time.

Qualities of a Good Brand Name

Last Updated on May 23, 2022 By Methew Harbor Leave a Comment

A brand name is the face of your brand that represents the first image of your brand. The logo also plays a major role. But, if someone hears about your brand from another person, they cannot see the logo initially. It makes the brand name the most crucial part of marketing your brand.

A good brand name is a critical element of any business. It allows your customers to remember your brand and make a place in their minds. Brand names must be attractive and functional. Let’s tell you all the qualities of a good brand name.

What is a Brand Name?

A brand name refers to a distinct name given to a product, service, or concept. The brand name gives your product or service a unique identity and enables people to remember you. Mostly, people associate a brand’s name with the product’s function. That is why choosing an appropriate brand name is vital.

Brand names are of different types and decided based on your intention behind the name. Some names are descriptive, while others are acronyms. A few brands prefer abstract and emotive names, while some choose names based on origin. Each brand name is specific and stands for the product or service offered. Besides being attractive, a brand name should tell your customers everything about your brand in just a few letters.

Qualities of a Good Brand Name

Choosing a brand name can be challenging, especially when many are already taken. Yet, it is also relatively easy. Why?

Brand names are unique to the brand’s product, service, origin, and theme.

You can draft an entirely unknown name and still convey to people what your brand is about. Here are all the qualities you must consider while choosing a brand name for your product, service, or concept.

Unique

With many other businesses in the marketplace offering the same services as you, it is important to have a unique identity that distinguishes you from others. Brand names should be specific to your service, product, and the company’s theme. You might not want to go overboard with it. However, a little bit of personalization can make it easy to associate with you and remember. It is one of the important parts of brand positioning.

Easy to Pronounce

While you may want to have a unique name, the best brand names are easy to pronounce. An easy-to-pronounce and identifiable name are convenient for people of all ages. As a brand, you want people to remember your name without reminding them repeatedly. And isn’t that we all want?

Should Portray the Product

One of the essential characteristics of a good brand name is how well it tells people what your brand is all about. Let’s say you choose a fancy brand name that is easy to pronounce, depicts your origin, and is attractive. But, it’s not a great brand name if it does not clearly indicate what your product is about. For example, you name a cleaning company, crystal. The first thought that would come to people’s minds is that it is a crystal or gem company.

Attractive

Sometimes brand names can be unique and easy to pronounce but not attractive. In today’s time, it is all about learning to sell your product wisely because of rising competition. The first step to selling your products or services is selling your brand name. And a boring brand name is less likely to be remembered and preferred by young buyers. Think of a compelling name that also expresses the qualities of your product.

Adaptable and Extendable

You do not want to choose a brand name that suits one product only and restricts you. A brand name must be versatile, adaptable, and extendable. It would merge well with other products you wish to introduce in the future. Suppose you introduce a new beverage line of cold drinks and name it COOL. After a few years, you expand your business and plan to add hot beverages to the line.

But, hot drinks from a company named Cool? Ironic, wouldn’t it be!

Positive Meaning

You may be surprised to know that sometimes brand names can backfire and leave a bad image of your organization. When choosing a name, make sure that it has a positive meaning and may not hurt anyone’s sentiments. The brand name should be politically correct.

Appropriate

Besides having a positive meaning, it should be appropriate for the product line and region and carry an appropriate meaning in all languages. At times, you may opt for a brand name that seems fine in your home country. But, it may not be appropriate when sold in other parts of the world. Make sure to do thorough research and avoid inappropriate names.

Legally Protected

Do you spend a lot of time deciding the perfect name for your brand, and another business pops up with the same name? It is terrible!

We understand that deciding on a brand name is not easy, and it requires lots of brainstorming, consuming quite a lot of time.

After deciding on a name, it is a must to get it registered. If you do not get your brand name registered, you cannot stop anyone else from using it. And you will lose the unique identity of your brand.

The Bottom Line

The brand name is your primary identity and leaves a long-lasting impression on the customers. Branding is important in today’s competitive market. Make sure to choose it for decades. A good brand name must be easy to read, attractive, unique, adaptable, and extendable. It should also depict the qualities of your product, so more prefer your products over others. Make sure to trademark your brand name after you have chosen one to make sure no one steals it.

FAQs

How to choose the right brand name?

Choosing the right name for your brand can be an effort-taking process. Yet, it is crucial to find the best name. Brainstorming ideas is the first step in choosing a brand name. Pick a few concepts, use clear words, add unique elements and pick the one that resonates with your brand the most.

What are meaningless brand names?

Meaningless brand names do not typically have a proper meaning in any language. You may also say that they are improper words. But, sometimes, they are used as brand names to depict uniqueness. Lululemon is an example that does not have a meaning and is intentionally difficult to pronounce.

What are some great brand names?

Gap, Pepsi, and IKEA are among the most popular brand names. Gap gets its name from the style gap between young people and the older generation. Pepsi originated from “dyspepsia,” which means indigestion. Whereas, IKEA is a combination of the initials of the founder’s name, his farm’s name, and his village’s.

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