Category: employee

The employer-employee dynamic has evolved and progressed over the year and has come a long way. Once upon a time, the employer used to be an intimidating power who could make or break your career with strict profile evaluation and background checks. But today, employers can be easily researched by potential candidates using the power of the internet. This does not mean that the value of the employer has diminished, this just means that the candidates can now level the previously existing status quo. The employers however need to take measures to attract the best of the best for their company and to do that, they need to build their brand! An employer brand strategy could get you the best quality of candidate pool for your organization which would go a long way in creating the overall company brand as genuine and uncompromising. So let’s get started!

What is employer branding? 

Branding stands as the mark of market value, customer service, and products or services that a corporate organization offers. We have many a time used the phrase, “It may be costly but at least it is ‘branded’.”  This is the reliability and trust of a consumer on a product from a well-known brand about its longevity and usefulness.

So, much like corporate branding, employer branding is something along the same lines. When building your brand as an employer, you essentially influence the minds of job seekers, potential candidates, existing employees, higher management, and stakeholders of the company about your ingenuity as an employer. In simpler terms, it is what the above-mentioned group of people think about you as a professional. It is your personality and the image you have created as an employer that people talk about with their friends and family in your absence. 

Now employer brand cannot be controlled or owned because it is not something you have with you despite it being your brand! You can influence the way that the brand progresses but can’t own it because it exists in the thoughts and perceptions of everybody you interact with as an employer. These people have an opinion about you which you may or may not agree with but it is their own. 

What is the importance of employer branding?

As mentioned above, employer branding is extremely important to your image as a professional employer and in the long run, reflects on the brand of the company you work for. The concept of employer branding has been around for quite a few decades but it didn’t become quite prevalent until the first online jobs were launched into the market. Almost abruptly, a huge number of candidates had access to millions of job opportunities from across different countries. This reduced the pressure on the employees to stick to one job for financial stability. With the advent of the world wide web and the revolutionary internet, employees, job seekers, and potential candidates could research their employers and form a perception of the kind of person you are with the work you have done! But the story doesn’t end with the image of the employer. This image goes on to attract and keep the good quality candidates within the company, attracts and keeps hence improving the quality of work.

1. A huge number of candidates look at your reputation as well as the company’s brand image while considering career opportunities and growth in your organization. 
2. Several job seekers look up your culture and values while looking for a job, mostly to see how you handle diversity as an employer.
3. A large number of candidates have no problem turning down a job offer from a branded company with bad employer branding. This way, the company is losing on potential quality candidates. 
4. Statistics show that companies with poor employer brands must increase their wages to attract job seekers and candidates, which could be financially devastating for the company in a long run. 
5. Studies also show that a company with good employer branding is more likely to retain talented employees without a pay raise than companies with a bad employer brand. 
6. Additional survey sources show that a majority of the young adult population would forgo a well-paying job position in exchange to work with a company that has good employer branding, mainly for gaining experience and professional growth.
7. Less than 50% of a workforce of a company with weak employer branding would recommend the company to friends and family, which could be damaging, as employee referrals are one of the greatest sources of job applications. 

All in all, your employer brand could make or break the employer-employee relationship that defines the quality of work at every organization.

What is the process of building an employer brand?

1. Familiarize yourself with the company. Understand its USP (unique selling point), its values and ideals that it stands for, and how to integrate yourself as an employer in its fabric. An employer must keep in mind that their brand must be a reflection of the company’s brand for the coherent growth of the organization as a whole. 
2. Research your employer brand and analyze where it is lacking. You may be well-versed with your company’s current standing in the market or how well your products and services are doing. To round it all up, conduct surveys and audits with your existing employees to understand their perception of the brand and fill the gaps wherever necessary. 
3. Engage your current employees and make them feel comfortable. As an employer, you must be a figure that they can trust and confide in, rather than a person of intimidating and unapproachable power. Celebrate their successes with them and lift them in a downfall. Encourage them to update their professional skills and update their profile. Incentivize the tasks that you give to them to motivate them to put their best foot forward!
4. Ask your employees to write honest reviews on social media pages or job listing sites about the company and share any open positions or vacancies among their circle. This will improve the authenticity of the organization in the eyes of the common public. If your employees are happy, there is bound to be an inflow of applications of candidates who are genuinely looking forward to working with you and your company. 
5. While onboarding an employee, make sure that they are comfortable with the induction process and the team that they are allotted. Studies show that the first 90 days of any new job is critical to retain the employee for a long-term run in the company. You could arm the recruit with instructions and tools that would help them start and settle in their new role smoothly.
6. As senior personnel in the organization, your employees would look up to you for guidance. In such cases, you could offer them seminars and training sessions to help hone their skills. You could also offer professional certifications as a company package which would propel their profiles to a great extent and help them explore several avenues professionally. This would also renew the interest of your employee coming to work every day!
7. Finally, while listing out job vacancies, make the job description interesting and catchy. This would pique the interest of potential candidates and would look up the company brand eagerly. 

How to improve an existing employer brand?

1. Market your brand value and the work culture and ethic instead of the money you would pay to potential candidates. While many of the applicants would be money-driven, good quality and potential candidates would mostly be the ones looking for work experience and professional growth as opposed to the compensation package they would be offered by a company. 
2. Use social media to market your brand strategy and start a company blog. These platforms are ideal to voice your views and opinions and make the managerial panel more approachable and relatable. These platforms can also highlight policies and ideals which are unique to your company and can conduct programs to show to the public that you as an employer are insistent on employee well-being. 
3. Show off your workspace using high-quality videos and pictures. You could record a video from the CEO or the director to welcome new employees, or conduct staff interviews to show the public a normal workday at the company. Allocate a separate budget for this program while planning your finances. 
4. Last but not the least, keep your workforce diverse. Include every ethnicity, color, and, gender without any bias. Encourage ideas from each one of your employees equally. This not only promotes a healthy work environment but at the same time, shows that your company can push boundaries and build on them productively. 

Employee branding is a slow process, but if done correctly, the results are staggering. It isn’t easy, and rushing the process would get you nowhere. Once each of these steps and strategies is employed meticulously, the employer brand grows into something more organic and self-evolving! Good luck!

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.

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.