Zigsaw Blog

Author: Madhurjya Chowdhury

  • Five digital trends that are urging the evolution of HR

    Five HR digital trends that are urging the evolution of HR

    Even though the pandemic has slowed development in several industries, the field of HR technology is looking promising. With some exciting innovations on the horizon for 2022, HR’s usage and relevance of HR technology is more prominent than ever—procedures like telecommuting and virtual training are now standard. Technology must smoothly integrate into the everyday world of work from the first point of contact with a possible employee, eventually allowing the employee to provide better performance in a digital workplace.

    Here are some of the major HR technology trends for 2020 to 21 that would help you achieve the productivity and efficiency of your HR department in the following years.

    Five HR digital trends that are urging the evolution of HR in organisation
    1. Heading Towards Productivity Systems with Core HR Platforms

    Core HR solutions are an essential element of the HR technology ecosystem, with a market value of over $8 billion. As per Bersin’s study, Core has grown even more helpful for workers over the previous decade, with devices that allow users to manage their data, benefits, and different activities utilizing a unified platform employing self-service capability. Furthermore, in addition to the primary HCM system, many companies now want an app market.

    Darwinbox is India’s most complete HRMS platform, allowing you to customize the whole organizational structure to make it much more relevant and structured. You also can connect it with ORAPPS and other similar systems to gain a completely different perspective on the data.

    2. Employee Engagement and the Employee Experience Industry

    Employers are changing their mindset from routines and transactions to encounters that count, as per Josh Bersin. To put it another way, businesses no longer merely seek easy-to-use platforms, and they want to invest in systems that can provide employees with simple, treasured memories. They seek a system that can assist them in analyzing case management, concurrency control, service management, and ensuring their workers’ safe return to work following the pandemic.

    A representation based on Deloitte’s Simply Irresistible Organizational structure is shown below. These are complicated workflows in and of themselves, which all employees face at different times throughout their careers.

    3. Contingent and Gig Work Management Has Turned Into A Marketplace

    The remote working environment has become a must-have for several organizations, and innovation plays a big part in that. Everything would be handled utilizing HR Technology, from the most fundamental operations such as tracking employee leaves and attendance to more essential ones such as talent acquisition and managing payouts and tenures.

    According to Bersin’s research, only 8% of respondents feel their firms are prepared to handle gig or contract employees properly. At the same time, 65% now regard it as vital, and 41% say gig and independent contractors represent a substantial part of their labor force. However, according to the Deloitte Human Capital Trends study, HR is only involved with this workforce approximately half the time or less from outside recruiting, interviewing, and choosing individuals. This “shadow labor” is not being handled well, necessitating significant advancement in necessary tools to make it simpler.

    4. Augmented analytics will be around for a long time

    The worst blunder one can do to speak about tech without clearly addressing the worlds of analytics, AI, and mental functioning. People analytics is a prevalent issue in HR, and it is presently the fastest-growing sub-domain of the industry. Companies that integrate data and analytics into their operations outperform their competition in efficiency and profitability. It is correct since this data can eventually assist in making better judgments by depending on patterns rather than intuition.

    The analytical examination of candidates, devoid of human prejudice or mistake, is an extra benefit in the field of HR software. Employers may now delve into employee data to learn about essential elements of their employees’ lives, such as attrition rates and causes, performance, and the general efficacy of leadership techniques. Companies may better detect talent indicators and hazards that may develop due to new hiring and leadership techniques using predictive analytics.

    5. Artificial Intelligence is now powering more processes than it has ever been before

    The transition to machine learning is a crucial trend in the technology sector, and HR software is no exception. AI systems can ingest large volumes of data, use techniques to discover patterns, and utilize the results to draw connections, draw conclusions, or aid decision-making.

    We think that intelligent bots, such as Darwinbox’s changes in the world, may function as self-service platforms, allowing HRs to concentrate on the more complicated and urgent concerns that need to be addressed. Regarding video-based applicant screening, it may also play a big part in determining whether or not the applicants are guilty of any wrongdoing by evaluating the ambient noises and facial expressions. AI will simplify transactional operations, including leaves, punctuality, and surveillance teams to a slight glance or voice control on the individual employee’s mobile device.

    Conclusion

    It’s difficult to dispute that innovation has been changing traditional HR procedures for the past couple of years, and 2020 seems to be no different so far. It is correct to conclude that everyone’s future in business is already shifting and will continue to change in generations. Whether that’s the constant organizational performance approach, improving comprehensive training opportunities in the industry, or even using machine learning to monitor their applicants.

  • What Are Pre-Employment Assessment Tests? How to prepare?

    Pre-employment exams are a systematic, objective method of collecting information about candidates throughout the recruiting process. All professionally created, well-validated pre-employment exams have one common factor: they offer a quick and accurate way to learn about a candidate’s talents and personality qualities. Pre-employment evaluations, based on the type of exam used, can provide useful information about a job applicant’s capacity to execute in the work environment.

    What are Pre-employment assessment tests?

    In recent times, pre-employment exams have grown in popularity to filter and manage large applicant streams. The Internet has made it simpler than ever for job searchers to apply for employment; according to one research, every corporate job posting receives an average of 250 applications. Some job searchers, dubbed “resume spammers,” send out mass email blasts with their applications, disregarding needed credentials or job fit. With candidates spending just 76 seconds to complete reading each job requirement, it’s no surprise that recruiters find that more than half of job applications do not satisfy the position’s fundamental requirements. Consequently, most hiring managers lack the time and resources to properly evaluate each student’s application, with recruiters allegedly devoting just 6.25 seconds on average reviewing each CV.

    pre-employment-tests

    Types of Pre-Employment Tests

    Pre-employment examinations come in a variety of shapes and sizes. We’ll go through five different sorts of assessments: aptitude, character, emotional maturity, risk, and skills exams.

     Aptitude Tests

    Rational thought, problem-solving, and the capacity to acquire, assimilate, and apply new knowledge are assessed via aptitude tests. In essence, cognitive aptitude tests are used to evaluate a candidate’s general intellect or mental capacity. As per one research, 70% of companies sought individuals with problem-solving abilities, while 63% sought analytical abilities. These skills are tough to judge merely based on resumes and interviews, where aptitude tests come in handy. Aptitude exams may be utilized in virtually every employment setting, although they are most effective in mid and senior-level positions. Aptitude tests the most important skills for workplace success in a wide range of professions, so it’s no wonder that it’s the most consistent predictor of job satisfaction.

    In contrast, research shows that mental aptitude tests are considerably more effective in predicting work success than other conventional hiring factors, with aptitude tests being twice as accurate as job interviews, three times as accurate as experience, and four times as accurate as educational level.

    Personality Tests

    Although personality tests are growing more popular among Hr managers, there are still some misunderstandings regarding what they are and how hiring managers could leverage them.

    Personality tests are designed to answer the following questions: Will the candidate be happy in this position? Is the candidate displaying the behavioral qualities that have been related to job success? There are no right or incorrect answers on questionnaires, unlike aptitude exams. Rather, these assessments assess the degree to which persons have behavioral characteristics that are generally stable across time. By assessing if a candidate’s behavioral patterns are a perfect fit for both the role and the business culture, these qualities can help employers anticipate job fit.

    Personality tests can assess various qualities, but the “Five Factors” or “Big Five Model” is the most often used personality test paradigm. Sociability, Conscientiousness, Assertiveness, Openness (to Knowledge), and Stress Tolerance are the five personality traits that regularly appear in empirical studies. The idea of personality “traits” is now broadly acknowledged. It has largely replaced Carl Jung’s earlier paradigm of character “types,” which was based on a theory of personality that classified people into each of two distinct types, such as loner or outsider, thinker or feeler, Form A or Type B. Growing evidence suggests that a tight dichotomy between two different kinds does not adequately represent the complexities of human personality; therefore the characteristics model is gaining traction in personality research.

    Emotional Intelligence Tests

    Emotionally intelligent tests are a relatively new evaluation area. Emotional maturity, or EI, is a relatively recent phenomenon that gained popularity in the 1990s. The idea of emotional maturity has become increasingly relevant in the workplace throughout time.

    According to research, transformational leadership has been linked to crucial job outcomes like specific biochemical, collaboration, motivation, and decision-making. Deep emotional IQ has also been linked to organizational development. As a result, employers are becoming more interested in evaluating EI throughout the recruiting process.

    Risk Tests

    Risk assessments fundamentally assist businesses in reducing risk. The risk may take many forms, and different evaluations are used to assess various risks. A hazard assessment’s major value is that it aids businesses in reducing the danger of employees engaging in risky or unproductive work practices.

    Skills Tests

    Skills exams assess job-related abilities, such as verbal, numeracy, interpersonal skills, and more specific abilities such as typing and programming knowledge. These are abilities that applicants have gained via their schooling and work experiences; they do not necessarily represent fundamental ability but rather accumulated knowledge, whatever the applicant currently knows how to accomplish based on prior experience.

    How to prepare?

    Relax

    Please remember that pre-employment testing results are simply one of many criteria that employers consider when determining whether or not you are qualified for the position. The impressive résumé you made is still important!

    Set the stage

    Many businesses need candidates to take the test before moving on to the interviewing process. Calculate how long it takes you to finish the exams if you are taking them remotely rather than at an employer’s office, and then restrict any distractions during that period.

    Read the instructions

    Skipping through directions is by far the most common error made by test takers. You may read and comprehend them in as much time as you like!

    Get Familiar with the Tests

    Personality, aptitude, and skills exams are the three major types of pre-employment exams. To feel more relaxed, familiarise yourself with the sort of test you’ll be taking.

    Conclusion

    In this climate, pre-employment exams may be quite beneficial to companies looking to hire the best people. Companies of all sizes may better manage the huge pool of candidates seeking available positions by incorporating pre-employment evaluations into the candidate selection procedure. While tech may be to blame for the rise in applications, it also offers a solution by making pre-employment testing easier to incorporate into the recruiting process.

  • 10 Ways to Set Up Video Interview Process in Right Way

    10 Ways to Set Up Video Interview Process in Right Way

    First and foremost, collaborate with your whole hiring team to create a written plan. Also, do a few practice interviews with the team to verify that everyone knows how to use the video and audio options, silence themselves, share their screen, and communicate throughout the interview. Go the extra mile and look into the problems other software users might have encountered to rehearse remedies for typical blunders. Request that applicants complete a survey questionnaire after each interview so that you may learn from them.

    Let’s learn how to set up a video interview in the right way.

    10 Ways to Set Up Video Interview Process in Right Way

    How to Set Up a Video Interview Properly?

    1. Keep your body language in mind.

    Just because you’re separated from the applicant by a screen doesn’t mean you can’t provide basic courtesy. Nonverbal communication accounts for 55 percent of the conversation, with the tone of voice accounting for another 38 percent; your words account for only 7%.

    In fact, in a conference call, the way you put yourself is critical. Make direct eye contact, sit upright, and nod to demonstrate that you are paying attention to what the person is saying. 

    2. Dress appropriately 

    Dress professionally, even if you’re not at the workplace. If you show up to the interview in sweatpants and a t-shirt, the applicant will assume the talk isn’t significant unless it’s standard workplace clothing for your company. Wear a shirt and tie if that is the most acceptable attire; you may change after the interview.

    Dressing professionally offers the prospect a sense of your company’s culture and makes a recorded interview feel more like an in-person interview. Of course, your clothes are generally only seen from the shoulders up, so a shirt, collared shirt, or beautiful sweater would suffice.

    3. Emphasize your organization’s image

    Candidates won’t experience your corporation culture model conceptualized during a conference call, so emphasize it throughout the conversation. Emphasize your company’s fundamental values and goals, tell tales about team excursions, and discuss how your workplace is organized and why.

    You can give a detailed description of what it was like to work for your firm. Above all, bring your company’s culture into the interview by demonstrating your fundamental principles and treating the applicant as a coworker.

    4. Examine previous interviews and take notes

    Analyze your notes from prior interactions with the candidate before the video interview so that the next one is as effective as possible. During each interview, take some notes on what the applicant says, how engaged they appear, and their overall manner. It’s critical to let the interviewee know that you’re taking notes for future references but that you’re still paying much attention to the talk. They have no way of knowing what you’re composing, and it may appear to them that you’re not paying much attention.

    Conference transcripts are generated by most systems, making it easy to capture the full dialogue and share it with other parties.

    5. Be thoughtful and caring

    Reduce background music and distractions to show your applicant the recognition they deserve. Yet, life occurs — especially at home — and interruptions are inevitable. Before you get started, take a minute to thank the applicant for their flexibility in changing the interview to a video call and requesting their tolerance if any issues arise. Also, don’t hold it against applicants if the same thing occurs to them.

    6. Ask the same questions every time

    Regardless of the interview style, you must ask all candidates the same set of questions. There’s no need to remake the wheel; keep asking the same questions during in-person and site meetings.

    You’ll be more prepared to assess and compare applicants based on the value of their replies if interruptions occur, which are frequent during video interviews. Additionally, utilize an interview score to keep your evaluations impartial.

    7. Take into account pre-recorded interviews.

    When scheduling video interviews is challenging due to time restrictions or a lack of resources, probably ask participants to fill a pre-recorded interview. Go to them for a restricted number of questions to answer and keep in mind each answer’s length. Adhere to a few more in-depth questions while asking them.

    Applicants will record their responses and upload the video clip of the interview. This may be done using email or a secure content-sharing site. Some sites even support this type of conference call. Make sure to provide the file size, type, and any time constraints. Prepare.

    8. Have a backup plan 

    Even if you check your recorded interview software several times, issues might arise. Have a failsafe in place if video or sound functions fail, internet connectivity becomes unreliable, or the environment becomes unsuitable for an interview. Whether you choose to do the interview over the phone or via FaceTime, make sure you have a backup plan.

    You can consult with the candidate to see what works best for them. They may need to resort to a phone conversation if internet connectivity is a problem. Nevertheless, if nothing works, you may need to postpone the interview or resort to a pre-recorded interview.

    9. Turn off your phone notifications

    When doing video interviews, give applicants your entire focus and turn off the rest of the population. Warning noises can be picked up and amplified by your phone’s built-in speakers, resulting in a highly annoying interruption. Furthermore, it is impolite and inconsiderate of your interviewee’s time. Remember that this is a moment to analyze a candidate’s suitability for the position and pitch your firm as a possible employer, so approach them with the care you deserve.

    10. Log on early

    Don’t let your applicant wait around, unsure if they’ve arrived at the correct time or attended the correct meeting. Arrive five minutes early for your video interview and turn off your camera while you wait. This simple discipline will guarantee that you arrive on time for the meeting, but you may work or tidy your workspace while waiting. Your applicants will appreciate your readiness and timeliness.

    Conclusion

    The interview method via video may be a refreshing change of pace, and it can open doors for a wide range of applicants. There are benefits and drawbacks to all interview techniques, so it’s critical to have your video interviews set up and running correctly to get the most out of the procedure.

  • 11 Things to Consider While Working in a Family Business

    11 Things to Consider While Working in a Family Business

    As per the Family Firm Institute, family firms account for 2/3rd of all businesses globally, making them critical for productivity expansion and employment creation.

    While family companies are a key economic engine, only 30% survive to the 2nd gen, only 12% survive to the third generation, and just 3% survive to the fourth.

    What is the key to running a successful family company? We’ve compiled a list of eight suggestions to help guarantee that your family business, or the one for which you work, survives the generations.

    What is considered a family business?

    Those engaged understand that the features of a family business differ from those of a larger corporation. Understanding who owns what and what actions should make such an individual vital for the firm and family to stay in peace. If the firm is still in the creator’s stage, it is simple for him to have authority over and select how the organizational assets will be distributed. However, if the second wave matures and expresses an interest in staying with the firm, all parties’ duties must be clearly defined.

    11 Things to Consider While Working in a Family Business

    11 Tips for a successful family business

    • Communicate

    Families have their communication style, which isn’t always the greatest, as many therapists will tell you. Break the mold and make open, frequent communication a priority in your family company. When you notice a communication problem, address it straight immediately.

    • Evolve

    When it concerns durability and the prosperity accompanying it, every business, especially intergenerational family companies, must change with the changes. A family-run company, the people who run it, irrespective of age, develop or avoid offending both customers and employees. Whether that’s abhorrence to new technology or opposition to changing social practices, a family-run business—and the people who run it—must evolve or end up alienating both customers and employees.

    • Set boundaries

    Setting limits is important to creating and maintaining success, as leaders of thriving family-owned companies know. Establish and maintain a clean line between family and business. To put it another way, keep family matters off the board and work in the workplace.

    • Practice good governance

    In the administration of family-owned enterprises, boundaries are also created. This type of monitoring, which top family companies use all over the globe, usually takes the form of a professional, advisory, or managerial board made up of non-family members with a small number of families.

    • Recruit from the outside

    It’s critical to recruit beyond your family for both personal and leadership roles, just as it’s critical to create governance with non-family individuals at the head. There are plenty of skills available. For talents and knowledge that family members lack, successful family businesses draw into this pool of talent.

    • Treat employees like family.

    Everyone is treated like family in a thriving family-owned firm, whether they are related or not. Customers are frequently subjected to this behavior. This “redefining family” strategy is used by recreational vehicle maker Jayco, which has been family-owned for more than 40 years. According to Jayco CEO Derald Bontrager, it pushes workers and leadership to “lift the bar as far as value is given,” according to Jayco CEO Derald Bontrager. Rather than depending on industry norms, “you should ask yourself, ‘Would you do something like this if that was one of my family members?’”

    • Make it optional

    A good family company does not use coercion or guilt to entice relatives to join the company. It allows employees to choose whether or not to work for the firm. Employees enthusiastic about the firm and their position within it are essential in every business, whether it is family-owned or not. Encouraging family members to come to work on their results in happier employees and a better bottom line.

    • Plan for the future

    Family companies that succeed don’t just let the cards fall wherever they may. They prepare for the future by developing family company succession plans well ahead of time. They also recognize potential in workers, both inside and beyond the family, and engage in them quickly to catch future leadership success.

    • Mutual respect

    A firm foundation of understanding and respect, like any strategic partnership, goes a long way. Acknowledge your parents’ past accomplishments and where they went before you joined them in business. Respect the wisdom and information they’ve gained through time. Parents, be proud of what your kids bring to the party, both in youthful enthusiasm and abilities, and unique qualities.

    • Know yourself and each other

    Personality traits and temperaments differ considerably. I propose that any children and parents who are starting a company together spend some time getting to know one another. The more you know about each other’s skills and shortcomings, as well as what makes them click, the more successfully and efficiently you can collaborate.

    • Recognize the stages

    When it comes to parents and children collaborating, there are several stages to go through. There will be an evident mentor/mentee relationship when the youngster initially joins the adult in business. After the parent has given their knowledge to the kid and the youngster has professionally grown into their own, this will eventually shift into an equal relationship. Finally, the parent may begin to slack down, leaving the kid to shoulder more of the burden and duty. Understand that these phases are normal, and learn to recognize which one you’re in and when you’re transitioning between them. Remember that all of these changes are made easier with a foundation of trust.

    What are the advantages and disadvantages of a family business?

    Advantages of a family-run business are:

    • Stability
    • Commitment
    • Flexibility
    • Long-term outlook
    • Decreased cost

    Disadvantages of a family run business are:

    • A lack of family interest
    • The conflict between family members
    • A lack of structure
    • Nepotism
    • Succession planning

    Conclusion

    Every family business will have its own set of benefits and disadvantages. However, to remain effective, company leaders must use these advantages and conquer these obstacles to prevent being one of the 70% of firms that fail after the first generation.

  • Is it right to go remote permanently? Advantages & Disadvantages

    The Covid-19 epidemic caused a significant change in the global work economy in 2020. While working from home used to be a benefit offered by certain organizations, it has become the standard for most. 70% of the workers will be remote working at least five days per month by 2025, according to estimates. While 2020 may be seen as the year of working remotely, we believe it is only the beginning since the trend is expected to continue in 2021.

    Let’s head on to the sections below to learn about the advantages and disadvantages of working remotely after the pandemic ends.

    What are the advantages of working remotely?

    Is it right to go remote permanently? Advantages & Disadvantages

    Here is a list of factors that work as advantages of working remotely:

    • Flexibility and agility: Working from home gives you greater flexibility and agility in your work schedule. Workers may be better positioned and more ready to work flexible work hours, such as sooner or later in the day, Or even on weekends if they are no longer bound to an office. The flexibility might assist you in meeting specific company demands, such as dealing with clients in a different time zone.
    • Improved employee retention: Employees may be more likely to stay at work if they have the option to work from home since it allows them to fulfill child care demands, minimize travel time, and integrate their work into their personal lives. Allowing workers to work from home builds trust in the company, leading to increased employee loyalty.
    • Attract new talent: Working from home may be provided as an incentive to continue working for you, assisting you in attracting fresh talent to your company. Allowing workers to work from home can let you have a competitive advantage over companies who don’tdon’t allow it.
    • Increased productivity: Because there are fewer interruptions than there would be in an office setting. Workers may also work more hours since they can use the savings made from traveling to begin work sooner, later or both.
    • Increased staff motivation: Workers will feel more respected by their company if they work from home. The professional relationship isn’t as tightly watched, and employees are given more latitude to get on with their tasks. Employees will also be happier if they can establish a home working schedule that suits them better, which will help them feel more driven to do their best job.
    • Better work/life balance: Working from home may help employees achieve a better work-life balance. For example, individuals who would have had to travel can now utilize that time for themselves, resulting in a better work-life balance. Staff may also incorporate home tasks into their workday, allowing them more free time in the evenings, such as loading and unloading the washer or cooking supper during their lunch break.

    What are the disadvantages of working remotely?

    Here is a list of factors which work as disadvantages of working remotely:

    • Doesn’t suit everyone: Working from home isn’tisn’t for everyone’s temperament or skill set. Some employees may enjoy the regularity and structure that comes with working in an office setting. Some employees prefer face-to-face connections with coworkers and believe that face-to-face coaching from their boss is highly useful in assisting them in completing duties and achieving their objectives. It would help if you also considered personnel with disabilities. Working remotely may have an adverse effect on the assistance they require to do their duties. Working remotely may not be suitable for everyone’s lifestyle. For example, some individuals may have small children who are oblivious to limits and cause disruptions during the workday. Some may not have the necessary physical space to set up a distinct workplace.
    • Staff feeling isolated: People who work from home may experience a separation from their coworkers and the company as a whole, which is natural in an office setting. Employers might solve this issue by ensuring that communications are more consistent. Staff is given additional opportunities to feel connected and part of the team by organizing brief catch-ups via phone or frequent staff meetings via other tools like Skype. More casual and social gatherings may also help to reduce feelings of loneliness.
    • Difficulty monitoring performance: It may be challenging to manage and oversee the performance of home employees. Monitoring may have a good or bad impact on distinct characteristics. You may consider creating measurable objectives and targets for your employees so that if they don’tdon’t meet them, you can spot and address any performance concerns early on. See how to effectively manage workers who work from home by looking at how to manage organizational effectiveness.
    • Home distractions: while working from home eliminates workplace distractions, if a person does not have a sufficiently quiet devoted working area at home, they may be easily distracted by domestic noises or other people in their home.
    • Potential burnout: Working from home, where an office offers a clear physical difference between work and family life, might cause employees to lose sight of the divide. Workers may find it challenging to decide when to leave work, resulting in longer hours, higher stress, and, eventually, burnout. Employers should urge their employees to take breaks regularly and remind them of the significance of doing so.
    • Cost of working from home: Initial training expenses include the provision of appropriate equipment, such as laptops, cell phones, and other IT tools. You’llYou’ll also need to think about making changes to fulfill health and safety regulations.

    Conclusion

    Working remotely was on the rise before the coronavirus epidemic, as many firms recognized the perks to their businesses and better work-life balance for their employees. Although if you don’t feel working remotely will benefit your firm, employees with six months of service have a legal right to seek flexible work schedules, such as working remotely, and you, as a supervisor, must seriously review such applications.

  • What can you do if you don’t want to work anymore? Why are you losing motivation?

    Are you feeling low lately? Are you tired of working in the same old position? Are you looking for some motivation? Well, read on to discover what you can do if you don’t want to work anymore.

    Below are some key points you can follow when you feel like you don’t want to work anymore.

    1. Change your mind

    It’s sometimes just a question of faking it until you make it. You have the ability to alter the way your brain functions. You may improve your attitude just by attempting to do so. Begin by considering your job as more than simply a source of misery. This is still your work and you must perform it until your two weeks notice is received. Restart your thought process. Find a part of your job that you enjoy. If you can’t, start planning your next career move.

    2. Reward yourself

    Allow yourselves an iced coffee with a coworker once you’ve completed that one assignment you’re dreading. Encourage yourself to take a special day and do something pleasurable if you complete a large assignment. Keep your email clean for a week and treat yourself to supper!

    3. Think about the future

    It might just be a stumbling block or a dull period. Consider speaking with your supervisor about moving forward, maybe by taking on a more exciting job or transferring to a different area. Now is the time to start planning the meetings that will help you achieve your goals. If you’re certain, it’s not simply a phase. Start thinking about what you’ll have to do to get yourself into the position you desire.

    How to start encouraging yourself to work again?

    Start thinking about your future actions after you’re certain it’s the job but not you. The worst idea you can do is depend on a job you despise merely to remain afloat or because you’ve given in to lethargy. Find a career that allows you to live a life that you truly like. Here are some things to consider.

    1. Rethink your relationship to money

    Money isn’t just a piece of paper. It’s a matter of time, freedom, and potential. It’s a family affair. It’s time to go. Decide if money or time is much more essential to you. You’ll never be able to escape the hamster wheel if money is your first concern. If time is an issue, it’s time to start prioritising the important things. Why not save that extra cappuccino or luxury purse for a loan or a family vacation instead? Material items may trap you in a cycle of need and need that no amount of effort will ever be able to break you free from. Also, keep in mind that the less you earn, the lower your tax bill will be!

    2. Cut corners

    By dining at home, you may save money and eat healthier. Consider your automobile not as a prestige symbol, but as a means of getting from point A to point B securely. Consider having a picnic instead of going to the movies if the weather is pleasant. Instead of buying concert tickets, have a movie night at home. Instead of paying for a gym membership, try running. Consider each cost as a piece of your life that you will have to give up. Spend time with care.

    3. Choose work you care about 

    This is the most crucial point. Believe in what you’re doing and take responsibility for it. Find a method to combine your personal passions into your working life. Don’t worry if you haven’t arrived yet. Let’s get this party started. Begin the effort that will be required to get there.

    Why are you losing motivation?

    1. Too Busy

    Being busy is generally viewed as a status symbol in today’s workplace; it indicates that you’re in great demand and trusted with a large number of responsibilities. While this affirmation is beneficial for your self-esteem, devoting your whole waking day in “job mode” might leave you exhausted and unmotivated.

    Many individuals believe that working to their full capacity entails working longer hours and taking on more tasks than is required. While this might provide immediate benefits, it can also be quite exhausting.

    2. Hard Time Getting Started

    Trying to get started on a task when you have no idea where to begin is a huge demotivator. We’ve all noticed that the toughest thing of starting a major assignment or a difficult job is getting started, but once you get into the groove of things, the whole thing may seem a lot less scary.

    3. Separating Work From Your Personal Life

    Leaving your work at the workplace was the norm before cell phones took over our lives, and carrying work home with you needed extra effort and forethought. We are still mentally and physically linked nowadays since we have accessibility to our email account on our wallets.

    When we’re not in the workplace, it can be tough to disconnect from work, particularly if we’re working on a major project or have a load on our schedule.

    4. Emotionally Exhausted

    If you cognitively check out at the office and can’t recall a single thing when you get home, you’re definitely emotionally detached from your job.

    5. Your Personal Time

    After such a long day of being busy , it might seem tempting to fully shut down your mind and take to Youtube for the rest of your day. While being a total couch potato during your off-hours might be pleasant, it may also sap your drive to return to work the very next day.

    6. Mentally and Physically Exhausted

    When we’re completely exhausted, it’s difficult to work to our best capacity. Occasionally we just need to get a vacation after working for several days straight, particularly if we’ve been engaged on a particularly difficult assignment.

    Conclusion

    If you don’t want to work, you might be tired of working all day. Or you must have gotten bored of the job role. A good night’s sleep and a nutritious breakfast will help you stay motivated. Try going to bed an hour prior, giving yourself extra time to prepare a healthy lunch, and getting exercise throughout the day. Try utilising a time management system, such as the Pomodoro technique, which schedules short and lengthy breaks across the day.

    Best wishes!

  • Startups & How to Pitch the Investor for Funding?

    Startups are small businesses that were formed with the goal of creating a one-of-a-kind product or service, bringing it to market, and making it appealing to customers.

    Startups are built on innovation, fixing flaws in existing products or inventing completely new categories of goods and services, causing entire sectors to change their methods of thinking and conducting business. Startups in Big Tech, such as Apple, Google, Facebook, Netflix, and Microsoft (together known as FAANG stocks), are well-known, but firms like WeWork, Peloton, and Beyond Meat are also considered startups.

    If you want to start a new business, this guide is the holy grail for you.

    How Does a Startup Work?

    A group of employees works together to create a product that customers will want to purchase. Regular businesses just repeat what has already been done. A potential restaurant manager can license an existing business. Such that, they operate according to a pre-existing template for how a business should function. A firm, on the other side, tries to create an entirely new template.

    How Are Startups Funded?

    • Bootstrapping is a preliminary round in which the founders, their colleagues, and family invest in the company.
    • After then, “angel investors,” or high-net-worth people who invest in early-stage firms, provide seed capital.
    • Then there are the Series A, B, C, and D fundraising rounds, which are primarily headed by venture capitalists and involve investments of tens to hundreds of millions of dollars.
    • Finally, a business may elect to go public and raise money from investors through an initial public offering (IPO), a specific purpose acquisitions company (SPAC), or a direct registration on a stock market.

    Types of Startup Funding 

    • Small business loans

    When it comes to financing options, small company loans are the bread and butter. Small company loans are similar to personal loans in that you’ll be authorized for a certain amount of money with a specific interest rate.

    Banks and financial institutions, some of which may be located through the Small Company Administration, can help you acquire a small business loan (SBA). Remember that, just like a home loan, you’ll need good business credit. This will enable you to obtain a larger loan with a cheaper interest rate, lowering the total cost of the loan.

    • Funding rounds

    Many businesses may go through many financing rounds or periods in which they seek various forms of investment. Series A, Series B, and Series C investment rounds are divided into three categories, each matching the company’s stage. Money is often swapped for business shares in every financing round, implying that investors expect a payback.

    Funding rounds may be required to get your business off the ground, engage in critical marketing, or assist in getting your product to market.

    • Venture capitalists

    A venture capitalist (VC) is a sort of private investor who invests in potential new businesses. Members of a bigger venture capital company frequently venture capitalists. These corporations frequently have boards that deliberate on certain companies to support.

    If the venture capital firm chooses your startup, a VC will contact you with a financial offer. Usually, venture capitalists purchase stock in a firm with the expectation of receiving payment in some way if and when the company succeeds. However, if your company fails, the VC has made a poor investment and will get nothing in exchange.

    You could be a suitable candidate for venture financing if your business is past the idea stage and has a minimal viable product. Venture capitalists are businessmen who don’t take needless risks. Startups need to be prepared to offer their service or product to the public but lack the cash to do so in order to attract venture capital investment.

    • Angel investors

    Angel investors are wealthy individuals who invest in startups and budding entrepreneurs. Angel investors, unlike venture capitalists, usually work alone and are not part of a board or business.

    Angel investors, like VCs, anticipate a return on investment because they’ve bought some kind of stock or ownership in your firm.

    Angel investors, like VCs, might be left high and dry if they make a terrible investment. As a result, they are a safer alternative to typical company loans. But keep in mind that you’re selling stock in return for cash. Since a result, you may no longer have total control over your company, as you will be required to meet the needs of your investor.

    If you’d like to engage angel investors, make sure your company is well-organized and that you have a strategy in place. Angel investors are generally regarded as part of the initial round of investment, which means they offer cash to startups. As a result, angel investors are an excellent fit for startup companies with only a concept.

    Angel investors, like geniuses, are difficult to come by and aren’t necessarily as well-organized as a venture capital company. Angel investors might be relatives or friends. As a result, they’re a bit of a wild card. Someone you know who has money may be a prospective angel investor.

    • Crowdfunding

    Crowdfunding is the way ahead for many people with a company concept but little or no capital. Crowdfunding is a kind of fundraising in which private supporters (individual investors) buy your goods or services before it is released to the general public. This allows entrepreneurs with a good concept to raise funds for their venture in exchange for offering a product or service to its backers.

    Crowdsourcing may be done in a variety of ways, including hosting local or online events, although it’s increasingly popular to use crowdfunding sites like Kickstarter or Indiegogo. Users may quickly browse hundreds of ideas on these sites and back the ideas they’re enthusiastic about.

    You could be a good candidate for crowdfunding if you offer a consumer-oriented good or service. You’ll need a strategy for using any money, as well as a thorough map of the funds needed and how they’ll be spent. To offer openness to your investors, several sites, like Kickstarter, require you to put out your financial targets or stretch goals.

    • Equity crowdfunding

    Equity crowdfunding is similar to crowdsourcing in that it involves raising money from a large number of individuals. You are not selling your goods or service, with the exception of traditional crowdfunding. Equity crowdfunding entails the sale of stock in your firm. This entails selling a variety of holdings in your firm, such as stocks, revenue shares, and so on.

    Suitable for: Equity crowdfunding is better suited to enterprises in the early stages since it entails selling equity rather than a marketable product or service. Stock crowdfunding may be a wonderful method to get your firm off the ground if you’re confident in selling stock and have a good business plan.

    • Incubators

    A business incubator, sometimes known as an accelerator program, is a group committed to assisting new firms in getting off the ground. Incubators are typically created and sponsored by other businesses that wish to assist new businesses to achieve their full potential. Incubators frequently provide workspace for businesses, as well as money and coaching.

    There are a variety of incubator groups to choose from, so if you’re interested, do some more research to find local and worldwide possibilities.

    An incubator may help almost every early-stage company or entrepreneur. Those with a strong company concept and the team will gain the most, but even companies that are just getting off the ground might tremendously benefit from the appropriate incubator.

    How do you pitch a startup?

    Your startup pitch is crucial to your success, and understanding how to pitch a business is crucial. If you can’t find buyers for your company, no matter how inventive, well-thought-out, or possibly profitable your product concept is, your company will have a tough time scaling up and attaining widespread success. Raising financing, of course, offers a particular set of problems that many entrepreneurs face. Your potential investors won’t just take your word for it that your firm will succeed; you’ll have to show them that financing in your startup will give them a decent return on investment. Obtaining funding demands putting together a great, engaging proposal that persuades investors to support your firm.

    1. Keep your startup pitch short and sweet

    When pitching your business, the most crucial thing to keep in mind is that investors are bombarded with investment offers. Startup activity has continued to rise above pre-recession values, giving investors a wide range of options for where to put their money. That implies you must explain your company idea and strategy to provide investors with a return on investment in a clear and concise manner.

    Begin with a quick description of your business concept that expresses your vision and purpose right away. Describe the problem that your startup is seeking to address and why your company is the best candidate to solve it. Outline how your company intends to make money. Above all, don’t get mired down in little details that detract from your main point.

    2. Maintain control over the timing of your startup pitch

    It’s essential to make the most of the time you have to present your company pitch. Nothing irritates investors more than a protracted pitch; on the other hand, you don’t want to spend the precious time you have by being too short. That either you or your potential investor sets the time limit for your pitch, stick to it and time your speech so that you don’t have to rush to the conclusion.

    Additionally,

    • Manage your rhythm during the pitch to avoid running over or, worse, floundering and running out of things to say in the first few minutes.
    • Remember that slides are only a tool for you to utilize, not a crutch. To put it another way, never directly determined from a slide but never spend longer than 3 minutes on a single presentation.
    • Keep a steady pace and avoid hurrying. You want to keep your audience engaged without overloading them with information or giving them too much time to reflect on anything else other than your delivery. It’s an indication that you’re moving too slowly if your listener is fantasizing.
    • Allow enough time for inquiries. If someone is going to invest in your business, a successful pitch realizes that a discussion is required. After all, you want possible potential investors to share your enthusiasm for your business, just as you do with anybody who would listen.

    3. Tell your startup story

    When delivering a pitch, it’s easy to become mired down in statistics, figures, and spreadsheets, yet this material will nearly always fail to pique your investors’ interest. Instead of treating the chance as a sales pitch, utilize it to teach prospective investors about your company’s history. This kind of narrative will create your pitch far more memorable and entertaining for your viewing public. If your client needs actual data, they can always request it from you.

    It’s as easy as this to tell a story:

    • Developing a professional demeanor yet being emotional and enthusiastic.
    • Looking around the room. Know when to crack a joke and when to move on to a more serious subject. You may go to the same place in any method, but only one will connect with your viewers.
    • Just in as a support framework for your startup’s story in a subtle way.
    • Making something that is both memorable and distinctive to your startup.

    4. Stay focused

    However, don’t lose track of the purpose of your pitch while you tell your narrative. Honoring the schedule of your clients should always be at the forefront of your attention. To prevent having lost in unimportant tangents, make sure your pitch’s main parts are clearly developed and highlighted when writing it.

    5. Demonstrate how your startup’s product or service is distinctive

    One of the most important aspects of attracting investors is demonstrating how your service or product differs from others on the market. It isn’t enough for your startup to be able to address an issue; it must be able to tackle a specific issue in a way that no other company can, and you must be able to demonstrate this in your pitch. It’s a good idea to point out any patents or licenses your product possesses, as well as any big buy orders or distribution arrangements, to back up your claims.

    6. Allow potential investors to get a firsthand look at your product.

    Allowing investors to see and feel your product personally is another great method to demonstrate the unique characteristics of your product. Images or photos of your product might help investors visualize it, but if at all feasible, allowing your audience to grasp it or check out a live demo can boost your effectiveness.

    7. Determine who your intended audience is and why they are important to you

    Investors are interested in knowing what your product is, but they also want to know who will use it. Using data about your target audience to build a map of your ideal client can assist investors to see that your company’s new product has enough need to warrant their investment.

    Whether your business is focused on a product or service, one thing seems certain: you must have an intended audience if you want to earn money. To target your core demographic, use psychographic and demographic information. Explain why these people are your target market. Use relevant statistics to back up your assertions and demonstrate the profitability of focusing on a certain demographic.

    8. Know your numbers

    You’ll still need to talk about the main statistics that investors care about when telling your business’s story: how much capital your startup needs to raise, what your present overhead is, where you need to get to be successful, and what your schedule is for getting there. While providing too many statistics in your pitch might detract from your focus, incorporating a few key data in your pitch will help you to show that you are ready and understand what is important to your company and industry.

    Top 6 Crowdfunding websites in India

    • Indiegogo
    • SeedInvest Technology
    • MightyCause
    • StartEngine
    • GoFundMe
    • Patreon

    Can I start a startup while working?

    Many businessmen start their businesses while working full-time for another company. This arrangement allows them to receive a wage while also allowing them to concentrate on their business. While this is an ideal scenario, it is tough to manage. It necessitates a careful balancing act. When most workers begin working, they sign employment contracts. These agreements might range from basic secrecy or non-compete contracts to full-fledged employment contracts with numerous limitations. Outside of typical office hours, operate your startup. It’s challenging, yet many businesses have succeeded. 

    Entrepreneurs have a habit of telling everyone they know that they own a firm. They frequently brag about their accomplishments to particular coworkers. This is not a good idea since it might backfire. Taking pride in one’s accomplishments may frequently invite unfavorable attention. Colleagues may develop a negative impression of you. Supervisors may be skeptical of your work ethic or commitment to the firm. It’s never a happy ending.

    Conclusion

    If you’re a business owner, you’ll need to know how and when to pitch your idea. Even if you don’t intend to seek investment, having a strong elevator presentation demonstrates that you understand your company through and out, which will come in helpful if and when you opt to seek funding.

  • What does HR do all day? List of day to day responsibilities

    Every business needs a capable and professional human resources department. Many individuals are unaware of how important human resources are to a company’s success. Many people want to learn about the daily tasks of an HR manager because these professionals are the ones who pull strings in the background of a company.

    It’s an excellent question to which the best response is that it depends. HR’s specific function varies based on the company’s size and scope. In a big corporation, HR professionals will specialize in one or more areas. In a smaller firm, however, an HR professional may be in charge of numerous duties at the same time.

    Let’s take a look at the responsibilities of HR.

    What does HR do all day?

    If you ask any individual what an HR department is, they’ll tell you it works with the most unpleasant elements of the job: HR infractions, layoffs, and termination. Human resources, on the other hand, exists to assist employees. It is, very literally, a human resource.

    Here are some of the daily duties that your HR department is working on.

    1. Recruit candidates

    When recruiting for new roles, HR must first identify the company’s needs and ensure that those

    needs are satisfied. It’s not as easy as posting an ad. You’ll need to conduct market research, interact with stakeholders, and manage finances.

    Then, once the position has been posted, more research must be conducted to ensure that the best candidates are drawn and presented. Recruiting is a massive and expensive task; the perfect candidate may reinvigorate a whole business, while the incorrect applicant can throw everything into disarray.

    2. Hire the right employees

    Human resources are responsible for scheduling interviews, organizing hiring activities, and integrating new hires. They’re also responsible for making sure that all of the documentation associated with employing someone is completed and that everything runs well from the first day to the last.

    3. Process payroll

    Payment is an entity unto itself. Taxes and time must be estimated and collected on every payday. Expenses must be paid, and increases and incentives must be included. Imagine being in HR and having to make sure taxes are properly withheld each paid month if you think paying taxes once a year is a headache.

    4. Conduct disciplinary actions

    This is possibly why HR has such a poor reputation. When handled incorrectly, disciplinary measures can result in the loss of a key employee, as well as lawsuits and a tarnished image. However, when handled correctly, disciplinary action may lead to an employee’s success.

    For example, if a firm sees that a specific employee is frequently late and continues to be late despite receiving many warnings, HR may intervene and examine the cause of the tardiness. It might be a chance to provide additional advantages to the employee, such as counseling, or to provide additional resources to help the person learn to be on time. Rather than incurring the expense of dismissing and then hiring a replacement for that person, it may be viewed as a learning experience that will help that individual advance in their career.

    On the other side, disciplinary action isn’t always the wisest course of action, and an employee may need to be let go. Human resources managers with the finest track records recognize when a worker isn’t a good match for a firm and would be happier elsewhere. Often, as terrible as it may seem at the time, it is in the employee’s best financial interest to be let go. HR must establish a strong enough connection with superiors and subordinates to determine a team’s cohesion and health.

    5. Update policies

    As the company changes, policies must be revised (or at the very least evaluated) every year. It’s HR’s responsibility to keep policies up to date and recommend modifications when they’re no longer serving the firm or the employees. As a result of an incident, a policy may need to be modified. HR should be involved in and advised on these choices at all times.

    6. Maintain employee records

    The keeping of HR records is required by law. These records aid businesses in identifying talent shortages, as well as analyzing demographic data and complying with legislation. Every employee’s personal information and emergency contacts are also included.

    7. Conduct benefit analysis

    When it comes to attracting the finest people, being competitive is critical. If the advantages are more appealing, a prospective candidate may pick a different firm with a lower salary. HR should look at similar firms on a regular basis to determine whether their perks are compatible. For example, your company may think about providing cat insurance in its benefits package.

    What are the skills of an HR?

    In order to be effective as a human resource manager, you’ll need to have the following skills:

    • Interpersonal skills: Human resource managers must be able to talk, write, and present on training to both staff and employers in a straightforward and effective manner. They must also be good communicators, acquiring knowledge about each party’s requirements in order to establish the most successful working tactics and partnerships.
    • Ability to lead: Specialists in this position lead colleagues and corporate employees in maintaining hiring, onboarding, and risk assessment programs and processes. They also supervise teams to ensure that everyone is doing their job and meeting their duties to the company.
    • Technical skills: These executives should be abreast of new technology and trends that might help them simplify and automate operations to boost productivity.
    • Organizational skills: HR managers should be able to handle a variety of tasks, including talent scouting and recruitment, staff training, workplace conflict resolution, and salary and benefits administration.

    Conclusion

    The human resources department has a significant impact on a company’s culture: if HR is poisonous, employees will be disheartened and less inclined to seek help from HR, whether for professional or personal reasons. If HR truly cares about workers’ well-being, though, the culture is among openness and progress.

  • Is it right to go remote permanently? Advantages & Disadvantages

    The Covid-19 epidemic caused a significant change in the global work economy in 2020. While working from home used to be a benefit offered by certain organizations, it has now become the standard for most. 70% of the workers will be remote working at least 5 days per month by 2025, according to estimates. While 2020 may be seen as the year of working remotely, we believe it is only the beginning since the trend is expected to continue in 2021.

    Let’s head on to the sections below to learn about the advantages and disadvantages of working remotely after the pandemic ends.

    What are the advantages of working remotely?

    Here is a list of factors that work as advantages of working remotely:

    • Flexibility and agility: Working from home gives you greater flexibility and agility in your work schedule. Workers may be better positioned and more ready to work flexible work hours, such as sooner or later in the day, and also on weekends if they are no longer bound to an office. This might assist you in meeting specific company demands, such as dealing with clients in a different time zone.
    • Improved employee retention: Employees may be more likely to stay at work if they have the option to work from home since it allows them to fulfill child care demands, minimize travel time, and integrate their work into their personal lives. Allowing workers to work from home builds trust in the company, which may lead to increased employee loyalty.
    • Attract new talent: Working from home may be provided as an incentive to continue working for you, assisting you in attracting fresh talent to your company. Allowing workers to work from home can let you have a competitive advantage over companies that don’t allow it.
    • Increased productivity: Because there are fewer interruptions than there would be in an office setting. Workers may also work more hours since they can use the savings made from traveling to begin work sooner, later or both.
    • Increased staff motivation: Workers will feel more respected by their company if they work from home because the professional relationship isn’t as tightly watched, and employees are given more latitude to get on with their tasks. Employees will also be happier if they can establish a home working schedule that suits them better, which will help them feel more driven to do their best job.
    • Better work/life balance: Working from home may help employees achieve a better work-life balance. For example, individuals who would have had to travel can now utilize that time for themselves, resulting in a better work-life balance. Staff may also incorporate home tasks into their workday, allowing them more free time in the evenings, such as loading and unloading the washer or cooking supper during their lunch break.

    What are the disadvantages of working remotely?

    Here is a list of factors which work as disadvantages of working remotely:

    • Doesn’t suit everyone: Working from home isn’t for everyone’s temperament or skill set. Some employees may enjoy the regularity and structure that comes with working in an office setting. Some employees prefer face-to-face connections with coworkers and believe that face-to-face coaching from their boss is highly useful in assisting them in completing duties and achieving their objectives. You must also consider personnel with disabilities. Working remotely may have an adverse effect on the assistance they require to do their duties. Working remotely may not be suitable for everyone’s lifestyle. For example, some individuals may have small children who are oblivious to limits and cause disruptions during the workday. Some may not have the necessary physical space to set up a distinct workplace.
    • Staff feeling isolated: People who work from home may experience a separation from their coworkers and the company as a whole, which is natural in an office setting. Employers might solve this issue by ensuring that communications are more consistent. Staff is given additional opportunities to feel connected and part of the team by organizing brief catch-ups via phone or frequent staff meetings via other tools like Skype. More casual and social gatherings may also help to reduce feelings of loneliness.
    • Difficulty monitoring performance: It may be challenging to manage and oversee the performance of home employees. Monitoring may have a good or bad impact on distinct characteristics. You may consider creating measurable objectives and targets for your employees so that if they don’t meet them, you can spot and address any performance concerns early on. See how to effectively manage workers who work from home by looking at how to manage organizational effectiveness.
    • Home distractions: Whilst working from home eliminates workplace distractions, if a person does not have a sufficiently quiet devoted working area at home, they may be easily distracted by domestic noises or other people in their home.
    • Potential burnout: Working from home, where an office offers a clear physical difference between work and family life, might cause employees to lose sight of the divide. Workers may find it challenging to decide when to leave work, resulting in longer hours, higher stress, and, eventually, burnout. Employers should urge their employees to take breaks on a regular basis and remind them of the significance of doing so.
    • Cost of working from home: Initial training expenses include the provision of appropriate equipment, such as laptops, cell phones, as well as other IT tools. You’ll also need to think about making changes to fulfill health and safety regulations.

    Conclusion

    Working remotely was on the rise prior to the coronavirus epidemic, as many firms recognized the perks to their businesses and better work-life balance for their employees. Although if you don’t feel working remotely will benefit your firm, employees with six months of service have a legal right to seek flexible work schedules, such as working remotely, and you, as a supervisor, must seriously review such applications.

  • What is the procedure to register your business & Generate GST Number?

    All people and businesses selling goods or services in India must register for GST. When the total value of a supply reaches Rs.20 lakh, GST registration is required. To make tax reporting easier, the Ministry of Finance (MoF) streamlined the GST registration process. If the worth of the business reaches Rs.10 lakh per year in a special category state, GST registration is required. Let’s take a look at who qualifies for GST registration in this post. 

    Let’s move on and discuss the steps in detail.

    How to register your business? Step by step Guide

    Step 1: Incorporate your Business

    You must first form a Private Limited Liability Company, a Partnership Firm, or a Personal Assets Partnership to start your business. You must follow all of the standard steps for registering a business, including acquiring a Certificate of Incorporation or Partnership Registration, a PAN, and other legal requirements.

    Step 2: Register with Startup India

    The company must then be established as a startup. The entire procedure is easy and may be completed online. All you have to do is go to the Startup India website and fill out a form with information about your company. Next, input the OTP that was provided to your email address, as well as additional information such as the startup as the kind of user, the name and stage of the company, and so on. The Startup India profile is generated when this information is entered.

    Startups may apply for different acceleration, incubator or mentorship programs, and other competitions on the website after creating a profile, as well as get access to the resources like the Training and Development Program, Fiscal Incentives, State Policies for Startups, and pro-bono activities.

    Step 3: Get DPIIT Recognition

    The Department for Industrial policy And promotion Trade (DPIIT) Recognition is the next stage after setting up an account on the Startup India website. This recognition allows startups to take advantage of benefits such as access to the highest property rights facilities and benefits, the tranquility of public procurement rules, self-certification under labor and environmental laws, ease of company getting stuck, connect directly to Fund of Funds, tax exemption for three years, and a tax break on investments above fair market value.

    Step 4: Recognition Application

    The page titled “Recognition Application Detail” appears. On this screen, go to the Registration Details tab and tap on ‘View Details.’ Fill out the ‘Startup Recognition Form’ and hit the ‘Submit’ button.

    Step 5: Documents for Registration

    • Incorporation or Registration Certificate 
    • Details of the Directors
    • Proof of concept like a pitch deck
    • Traction or scaling stage startup
    • Patent and trademark details 
    • PAN Number

    Step 6: Recognition Number

    That concludes our discussion. As long as you register, you will be assigned an identification number for your business. The certification of recognition will be provided when all of your documents have been examined, which generally takes two days after you input your information online.

    However, use caution when submitting documents. If it is discovered after further verification that the needed document was not submitted, the incorrect document was posted, or a fraudulent document was uploaded, you will be fined 50% of the startup’s terms of investment, with a minimum punishment of Rs. 25,000.

    Step 7: Other Areas

    Patents, trademarks and/or design registration: You may readily approach any of the government-issued facilitators if you require a patent for your invention or a trademark for your firm. You will only be responsible for the statutory fees, resulting in a charge savings of 80%.

    Funding: Access to capital has been one of the most difficult issues for many companies. Entrepreneurs are unable to attract investors leading to a shortage of experience, security, or current cash flows. Additionally, many financiers are put off by the high-risk nature of startups, which fail to take off in significant numbers.

    Work and Labor Laws Self-Certification: Startups can decrease their compliance expenses by self-certifying under labor and environmental regulations. Businesses can use self-certification to reduce their regulatory burden and emphasize the main business. Startups have three to five years after the date of formation to self-certify their compliance with six labor regulations and three environmental statutes.

    Tax Exemption: For the first three years, startups are tax-free. However, they must be recognized by the Inter-Ministerial Platform in order to get these benefits (IMB). Startups that were formed on or after April 1, 2016, are eligible for an income tax exemption.

    How to generate a GST number?

    • GST registration can be done at a local GST Seva Kendra or online through the GST Portal. 
    • Go to the GST official website and choose the ‘Services’ option.
    • Tap on ‘New Registration’ after hovering over the ‘Registration’ button.
    • ‘I am a’ appears in the drop-down option. select a taxpayer
    • Then, choose your business’s region and district. Then input the company name, PAN number, phone number, and email address.
    • An OTP will be sent to your registered phone number and email address. Enter the OTP and double-check the data.
    • Select ‘Proceed’ from the drop-down menu. You will be issued a Temporary Reference Number and directed to the next step in the registration process, Part B.
    • Make a mental note of the Temporary Reference Number. Then check in with this number and the verification code on the New Registration homepage. Click the ‘Proceed’ button.
    • Additional OTP will be sent to your email address and registered cellphone number. Select ‘Proceed’ after entering this OTP.
    • Your registration status is visible on the next page. Select the ‘Edit’ icon.
    • The next page will be divided into ten sections. Complete the blanks. You must submit the following documents: business address proof, photos, the authorization form, bank account details, IFSC code, bank name and location, and the taxpayer’s constitutional.
    • Go over to the ‘Verification’ page after that. Make a declaration in the statement box. For firms that wish to register, you can use an EVC (Electronic Verification Code), an E-Sign technique, or a DSC (Digital Signature Certificate) to submit the form.
    • You will notice a success message saying once you have completed these steps. Your ARN will be delivered to your email address and cell phone number.
    • By entering onto the GST site with your ARN number, you may check its status.

    Conclusion

    The GST number is highly important for any firm since it appears on all invoices. If you already own a business, you’ll be familiar with the concept of an input tax credit. You’ll be able to legally register your business, which will boost your reputation. You may get the certificate of registration after signing on the official portal.