Rupesh Dhiwar published Bitcoin Halving: All You Need to Know in Submit Content 2020-07-01 00:35:59 -0700
What is Bitcoin Halving?
Bitcoin Halving is the amount of coins miners get to add new transactions to the blockchain cut in half.
How Bitcoin Halving Works?
Halving bitcoin functions like this, the incentive for mining new blocks is halved, meaning miners earn 50 percent fewer bitcoins to validate transactions. It is done by restricting the supply of new coins because if the demand stays high, prices will increase.
Although this has happened in the months before and after previous halves causing the price of bitcoin to rapidly appreciate the circumstances around each halving are different and demand for bitcoin will fluctuate widely as it always has a fair number of times.
When is Bitcoin Halve done?
There is no specific date when a block will cut in half the reward for mining; it has been said to depend on the mining of the 210,000th block since the last half. That said, the first half occurred in 2012, the second half was in 2016 and the last half occurred in May 2020.
Rupesh Dhiwar published Applicant Tracking System: A Complete Guide in Submit Content 2020-06-19 08:46:59 -0700
An Applicant Tracking System is defined as software for tracking and managing candidates and for reducing the time spent on administrative tasks. ATS program searches for keywords, almost like a search engine, and offers the resumes a score based on how closely related the candidate's resume is to the job description keywords. The aim is to filter out irrelevant resumes and leave only those candidates closely in line with the job's specific requirements.
How do Applicant Tracking Systems work?
Job posting with One Click
Resume submitted, scanned, and reformatted
Selection and Onboarding
Reporting and Analytics
Why use an Applicant Tracking System?
ATS is used to shorten the time-to-hire and simplify the recruiting process by eliminating repetitive processes, and this decreased time contributes to lower vacancy-related costs and increased efficiency through quicker and more frequent placements.
The software prevents the need to do repetitive, time-consuming tasks that take too much time as well as adds an additional punch to traditional resume sorting filters and techniques. For example, instead of simply posting a job description and a few qualifying questions as the most frequent.
Get to know more about the Application Tracking System by TechFunnel
Rupesh Dhiwar published HR Compliance Checklist for Business Owners in Submit Content 2020-06-18 00:45:56 -0700
2020 is a year where many businesses are seeing periods of change and growth. For this reason, management of its business structure is important. Human Resource practitioners and company owners are designing HR compliance checklists to ensure the smooth operation of HR audits.
The 2020 HR Compliance Audit Checklist
Wellness & Safety Section
Get to know more in deep about the HR Compliance Audit Checklist in the article by TechFunnel
A digital identity is the body of information about an individual, organization, or electronic device that exists online. It includes all the unique identifiers and uses patterns that enable the detection of individuals or their devices.
Why is Digital Identity Important?
Digital identities and management are crucial for your business growth and expansion. Historically, identity management has often concentrated on an enterprise's internal users such as staff, contractors or others inside the supply chain. It was about ensuring that these users had the right access levels required to perform their jobs.
However, in this age of digital transformation, the ability to grasp and leverage the influence of external digital identity is crucial to effectively scale businesses. Businesses are now relying heavily on external, user-centric identity systems that provide the infrastructure for the multi-channel creation of robust customer profiles.
How Digital Identities Can Help Businesses
- Gaming & Gambling
Get to know more about Digital Identity in this article by Techfunnel.
Rupesh Dhiwar published What is Cloud Computing Architecture? in Submit Content 2020-06-12 03:57:45 -0700
Cloud computing architecture can be defined as the various components that have been designed to maximize the functions of cloud resources in terms of applications, software capabilities, databases, etc. with a view to providing long-term business solutions.
Reason Why to use Cloud Computing Architecture?
Access to The Latest Technology
Data Backup and Restoration
Systematic Integration of Software
Scalability and Flexibility
Read to know more in deep about Cloud Computing Architecture by TechFunnel
Rupesh Dhiwar published Best Video Marketing Tools in 2020 in Submit Content 2020-06-11 00:40:58 -0700
These days, video-marketing tools are an important marketing component. Every business — large or small — is heavily banking on its content to help it achieve its business and financial goals.
Top Video Marketing Tools and Software Available in the Market
- Audio Buzz
- Camtasia & SnagIt from TechSmith
- Common Craft
- NFusz — Now Known As Verb.
Get to know more best video marketing tools and their features in this article written by Techfunnel.
Cloud-based ERP helps automate and assist the effectiveness of connecting and collaborating with teams across the enterprise. It helps bridge the gaps between these teams, as they streamline processes for easy access. This provides a matched experience for all the teams in a company, enabling them to access data that can help for their tasks from perspective.
Through having this device to reside in the cloud, local data storage at the organization can be freed for other information that is more important and business-sensitive. This would allow workers to access these systems remotely and at any time while using the cloud, thereby giving them an advantage in making informed decisions quickly.
How Does Cloud Based ERP Software Works?
Cloud-based ERP operates as a service that lets corporations give their workers access to online shared-resource software applications. This is a program that allows teams to better collaborate on processes and to streamline operations for the entire company. Typically, all businesses have their own specialized software that is unique to them but it can be important to have an ERP that is universal and accessible to all employees.
Read more Source: Techfunnel
Rupesh Dhiwar published Top Online Meeting Software to Know in Submit Content 2020-06-05 07:59:32 -0700
What is an Online Meeting?
An online meeting, also known as virtual conferencing, is a communication method that allows multiple parties to meet and interact in the same space without being physically present. Through electronic device channels such as Internet service, projectors (for large teams), reliable audio sources, laptops, tablets, webcams, etc., business employees and senior executives can communicate with each other back and forth using various virtual meeting platforms.
Here is the list of Best Virtual Meetings Platforms
Get to know more virtual meetings platform and its benefits.
Rupesh Dhiwar published Best Employee Time Tracking App in 2020 in Submit Content 2020-05-07 03:57:32 -0700
The growing businesses need to find the best time tracking apps that are easy to use, intuitive, and productive.
The time tracking app is an essential time management tool which helps to increase employee work activity, communicate progress better, it also provides transparency and improves the process of documenting employee payrolls. Here are some best employee time tracking apps that can really beneficial for your organization.
Time Doctor, it gives companies the capacity to pay workers digitally through platforms such as PayPal
DeskTime has numerous key features which include tracking employees, monitoring & work management, and examining productivity. These key features help to help to split down on behaviors that are considered “unproductive” based on time employees spending on different websites.
When I Work app can be downloaded on desktop, smartphone, and tablet. The users can adjust the work schedules with the time clock and send payroll documents to different platforms like ADP, QuickBooks, etc.
There are many more employee time tracking apps available to know about them and their features read this article written by Techfunnel on Best Employee Time Tracking App.
One basic branding concept is that it's the act of creating your brand. Any acts taken to help the logo are branding. This could range from designing a logo to hosting an event for the community. One example that happens during the holidays when greetings-themed advertisements from certain companies air season have nothing to do with their product.
Importance of branding
-It helps your business receive recognition from potential customers.
-It helps you stand out.
-It tells people about your business.
Type of Branding
-Product Branding and image
Rupesh Dhiwar published How Artificial Intelligence Can Drive Customer Intelligence in Banking in Submit Content 2019-10-14 04:38:31 -0700
Artificial intelligence is providing more insight and better automation for businesses of all sizes in all industries. It is proving itself as a powerful tool to reduce repetitively, eliminate money and timewasting tasks, as well as increase what businesses can learn from their customer data.
What are the applications of artificial intelligence in banking?
NCR says that AI can do more than just automate tasks for banks. “…Banks should be looking at the bigger picture – how AI can not only save costs, but also open up new opportunities to design and deliver next-generation services, and revolutionize customer experience? Rather than being perceived as a replacement for people, AI can be deployed to do simple, monotonous jobs that don’t require the human touch. Consequently, the human resources within an organization are given the time to focus on more complex, nuanced jobs that could ultimately prove much more valuable, such as engaging with customers and designing new products.”
Customers who interact with banks digitally create a lot of data for banks and financial institutions to gather, analyze, and act on. Using artificial intelligence and machine learning techniques can help businesses track and understand what the needs and wants of their customers are, ultimately using this data to create better products for customers and enhancing their overall experience with your business.
Customer intelligence, as defined by Aspire Systems is “the process of gathering and analyzing information regarding customers, and their details and activities, to build deeper and more effective customer relationships and improve decision-making. CI helps businesses create an ideal customer profile, predict their wants and dislikes and engage customers at an emotional level. It also gives a better insight into the customer persona thus enabling improved targeted marketing and better analysis of customer complaints.” Ultimately. AI works to make it faster and easier to make smarter business decisions, using the plethora of business data available. This customer intelligence data can grow your business, give you a competitive advantage, and help you remain innovative.
Artificial intelligence in banking to improve the customer experience
Is using artificial intelligence in banking a good use of your business resources? Here are some of the customer experience benefits that AI can drive in your business and use customer intelligence data to improve the banking experience for customers.
1. Better personalization for a better customer
Banks aren’t retail, but they do sell products like loans, accounts, and investment services, so they need to be turned into customer data to find out how to personalize their offers to customers. Showcasing your additional abilities and products to existing companies can help drive your revenue, and using AI to help you not just understand what the smartest recommendation is but also how to develop the most personalized content that can be delivered at the right time.
2. Improved trust and customer loyalty
The Royal Bank of Scotland has 17 million customers and like most businesses, particularly banks, used upsell tactics with existing customers in order to build revenue. Some customers found this too aggressive and weren’t turned off by their efforts and marketing communications. AI helped businesses transform their customer outreach. In this particular bank’s case, this meant reaching out based on customer behavior and creating conversations that mattered, such as reaching out with advice to customers who continuously overdraft their accounts.
Rupesh Dhiwar published How to Create a Content Marketing Strategy with 3D Virtual Reality? in Submit Content 2019-10-11 04:44:24 -0700
Have you ever wondered why virtual reality is so popular and how renowned brands have made VR their primary marketing strategy?
Why Is Virtual Reality Popular?
- It improves our lives through full sensory immersion.
- It is going to commence the rise of virtual social networks.
- It augments the ability to learn complex things.
- It provides ground for difficult circumstances.
- It augments accessibility through a lower-price budget.
Marketing has always been a crucial part of any business. Whether you own a business start-up or a renowned personal brand, you’re always trying to devise effective content marketing strategies using cutting-edge technology. Those days are long gone when traditional marketing was enough to take your business to its full potential. Now, marketers are taking one step further and using the 3D virtual reality and augmented reality to create effective content marketing strategies.
Your content marketing strategies need to be captivating and convincing. The real question is, “How can you make your content marketing strategy captivating and convincing?” Through real-time experience and real-time experience can only be leveraged through 3D virtual reality.
Create Killing Content Marketing Strategies Using 3D Virtual Reality
Generally, there are four Virtual reality experiences that you can create. Several programming languages are used to create an innovative virtual reality experience. Before learning how to create a 3D virtual reality content marketing strategy, here are the four 3D virtual reality applications that we’d like you to get familiar with:
Leverage Live Videos:
By creating an action video live in virtual reality, you can allow your consumer to see the virtual reality videos from your perspective or from a unique selling point of view. This creates the illusion that your consumers are there in the videos, hence improving the marketing strategy.
Live Photos Works:
Live photo sessions now serve as a winning marketing tactic among different marketing scenarios. Marketing your products in 360-degree photos really put a lasting impression and are one of the best ways to engage more users without spending much on production.
Make 3D Virtual Reality Videos:
3D Virtual Reality Videos is animating or creating services and products that you can use further to market products in a better way. It basically allows the user to see the product or the impact of the service in a 3-dimensional plane giving a real-life demonstration. Your consumers definitely need 3D virtual reality videos to understand your products’ concept and to evaluate your services from a first-hand consumer point of view.
Rupesh Dhiwar published 7 Free Marketing Automation Tools for SMBs | TechFunnel in Submit Content 2019-10-11 03:27:32 -0700
Modern marketing contains so many pieces – digital ads, print, radio, social media, SEO, email campaigns, and more. Your business might not use every one of these channels, but chances are you use a mix of several. Keeping track of each arm of your marketing strategy is key to understanding the success of your efforts and in helping you shape additional strategies.
Marketing automation helps businesses and marketing leaders manage their campaigns. From planning and publishing content to analyzing performance, automation enables businesses to make smarter decisions and more effectively launch and manage branding building activities.
In fact, 80% of marketing automation users saw an increase in the number of leads using marketing automation software, and 77% had an increase in conversions.
Ultimately, marketing automation can help you run your marketing more efficiently while saving your business time and money. Here’s how:
- More effective: Small businesses, in particular, are often strapped for resources, and so the ability to get more done, reach more customers, and quickly fix issues is a huge benefit.
- Less repetition: Marketing automation means that some of your marketing can run on autopilot. Instead of using man-hours to manually upload social media posts or send out emails to every customer for particular actions, you can batch on the front end and let things run and you can set up email campaigns to go out automatically when a customer makes a purchase, signs up for your newsletter, requests a quote, and more. This gives you more time to be creative and conduct customer research that helps you build the best content possible.
- Better reporting: Marketing automation can give you a better handle on understanding all the different parts of your marketing campaigns and gives you better insight into how your customers are reacting to each of the different facets across channels.
What are the best marketing automation tools for small businesses?
Rupesh Dhiwar published Top 7 Content Marketing tools in 2019 | TechFunnel in Submit Content 2019-10-10 06:33:39 -0700
The right content marketing tools can help you shape every part of your marketing campaigns from planning a content strategy to managing workflows and deadlines to scheduling and monitoring social media to increasing search page ranking.
Here are some of the best tools that help content marketers do their best work.
- WordPress: WordPress powers some of the internet’s most popular marketing content. In addition to being able to host and design webpages, it helps businesses publish blogs and has tons of built-in tools to help manage social media updates, increase SEO, and more.
- Zapier: This tool helps content marketers by integrating their existing apps – like Twitter, Gmail, MailChimp, and dozens of other tools – so that they can better manage their workflows and have more accurate all-around data. If you have contacts in a Google Sheets document, you can use Zapier to easily add your subscriber list to MailChimp.
- BuzzSumo: With BuzzSumo, you can discover high-performing content to curate and share with followers. You can also use their analysis to help you plan your own content and identify influencers who might be interested in partnering with you.
- Hootsuite: Hootsuite helps you plan, automate, and analyze your social media channels, all in one place. It helps you customize your social channels and personalize your user conversations.
- CoSchedule Headline Analyzer: This tool helps you create headlines that will get more clicks. It looks at the length, word and character count and previews how your headline will look in Google search results and email subject lines. Headlines are crucial to the success of your content, from search results to blog posts to emails and social media.
- HubSpot: HubSpot is one of the best all-in-one content marketing tools. It can help you attract more visitors to your website, convert more leads, publish relevant blog content, send email campaigns and A/B test communication.
- Mintent: Mintent is a tool that helps you manage your entire content marketing process. The content marketing platform helps users create, manage, publish, and measure results for all projects. Their SEO platform helps marketers understand what the actionable next steps are to increase engagement and conversions.
Finding the right tools depends on what your business needs. If you want to focus on creating the most relevant social content, you might want to combine Hootsuite’s scheduling power with BuzzSumo’s set of tools to generate content ideas and connect you with social media influencers.
Rupesh Dhiwar published Why Banks Want to Participate in E-Commerce in Submit Content 2019-10-09 05:44:09 -0700
Wireless technologies, globalization and wireless collaborations have led to competition in the market. As a consequence, commercial or public banks want to adopt the use of e-commerce products and services in their delivery of services to their valuable customers.
Today, thousands of banks have already adopted the use of e-commerce in their services. However, many people are not taking significant advantage of this innovative collaboration.
Many research studies have also been carried out regarding the participation of commercial banks in e-commerce.
In recent studies, it was revealed that despite using a meaningful and simple structure of adoption of e-commerce, many banks face various challenges in adopting the use of e-commerce in their products and services. A similar study in Kenya showed that the mean of online banking in Kenya was as high as 4.43 despite the fact that they do not use e-commerce as much.
In fact, e-commerce is one of the rising trends in the banking world.
E-Commerce Banking is a Thing
E-commerce in banking generally refers to a commercial activity that deals in trading services and goods through an electronic communication medium. The general activities of e-commerce in banking might include informational communication, payment management, trading and negotiations of financial instruments and transport management.
E-commerce in banking is a part of the electronic banking business and the utmost reason why banks want to participate in E-commerce is that it generates enough profit and revenue. E-commerce, in general, has improved business processes. While banks are currently facing e-communication challenges, it is crucial for them to participate in e-commerce for smooth banking processes.
Reasons Why Banks Want to Participate in E-Commerce
Here are some of the reasons why commercial and public banks want to actively participate in e-commerce to gain e-commerce services and products for their banking processes:
Improved Customer Service
Customer service is important to any business – including banks where the main motive is to gain revenue out of safe-keeping the money of the public. Banks are generally ranked according to their services and customer services. For instance, when a bank entails cutting-edge technology for quick banking processes, it is likely to be more approachable by the public. Great customer service matters when it comes to banking and handling the financial matters of the public.
However, e-commerce upgrades or improves the customer service of the banks, the main reason why banks want to actively participate in e-commerce.
E-commerce improves the payment management systems, information communication system, trading, and negotiation system, financial instruments and transport management system of a bank. With these services improving, the customers and consumers will have great experience with the bank. It would not only improve the internal business processes but customer service of the bank as well.
Read more: https://tinyurl.com/y49lq5oc
Rupesh Dhiwar published How Does the Internet of Things Work? in Submit Content 2019-10-03 06:29:10 -0700
Technology moves extraordinarily quickly and it can seem like there is something new coming out every week or every month. New technologies are often driven by visionaries, people who have inspiring ideas for new technologies, but who don’t necessarily have the means to develop them whether that be because of a lack of skills or funding. It is not uncommon for these new technologies to fail almost before they even get going.
One of the main reasons for this is because they are so ahead of their time that the mass market would not fully understand how to use the new technology or have not yet discovered the need for this new technology. A good example of this is electric cars. Electric cars were first being developed as far back as 1828 and people are only beginning to adopt this technology now in the masses.
One such technology that has been successful and that is being integrated into people’s lives more and more every day in the Internet of Things. In some cases, is it so engrained that people do not yet know that some of the devices they are using is powered by or is using the Internet of Things?
What is the Internet of Things?
The Internet of Things is part of what makes devices ‘smart’. Devices that make use of the IoT may have an IoT sim that enables them to connect to the internet and to a network. Examples of devices that may be connected to the Internet of Things include TVs and refrigerators.
In reality, if something can be connected to the internet then it can be part of the Internet of Things. Devices that are connected are able to talk to each other. The data that is transferred between these devices can be collected, analyzed and used to help make people’s lives easier or to help tasks get done quicker.
An example might be a refrigerator that is connected to the Internet of Things. Some refrigerators will be able to tell when you are running slow on supplies and place an order for groceries without any assistance or prompt.
Privacy and Security Concerns
Although the Internet of Things is still really in its infancy, there are already a number of concerns that are being raised around privacy and security. Essentially the smart devices in your home rely on the collection and analysis of data to do their job. Who owns this data, where this data is stored, and whether companies should have access to it are all questions that are currently being debated.
Privacy is another key issue that people are wrestling with. The internet has many great benefits but it can also be very easily misused. Some cases of this misuse have been where people have installed security cameras into their home. Hackers may be able to gain access to these cameras, watch you in your home and know when you are at home and when you are not.
Although the Internet of Things seems like a great and useful tool, key issues like these need to be considered before diving head-first into the world of IoT.
Read more relevant article: 5 Things to Know About IoT Security
Rupesh Dhiwar published Top 6 Ways E-Commerce and Banking Organizations will Benefit from Chatbots in Submit Content 2019-10-03 04:49:15 -0700
It may sound strange, but e-commerce and banking organizations almost work on the same principle. If they don’t get back to their customers soon enough, they’ll most likely lose the customer to the ever-increasing competitors. Thereby, it is important for both e-commerce and banking organizations to be available for their customers 24/7 at any cost.
As per a survey, about 44% of U.S. customers prefer chatbots over humans as customer support.
Chatbots have been around for only a few years and they’ve already gained enough popularity that more and more online businesses are using them to resolve the customers’ never-ending queries. Most of all, chatbots are cheaper and can save up to 30% cost on resolving customer requests per year.
1. Enhance User Experience
Let’s discuss an example: You’re an entrepreneur who spends most of his time traveling. You’re into some products an e-commerce store sells online but you have some queries. Would you wait for 3-5 business for the answers if you mail them? Definitely no!
At the same time, if you have an option to talk to a chatbot and ask about delivery duration, charges, product, and any other thing you’d want to know, you’re most likely to become a regular customer. That’s how chatbots are revolutionizing the user experience in e-commerce stores. For the same reason, the use of chatbots in banking has increased over the past few years.
2. Generating More Leads
Those days are long gone when cold calls or newsletters were enough to take your online business to its full potential – be it an e-commerce store or banking organization.
The advent of innovative chatbots has revolutionized the customer support phase – evolving your e-commerce or banking website into a less-frustrating platform. Whether you’re a finance manager or e-commerce manager, you’re always on the verge to stay one step ahead of the competitors. Thus, now is the right time to add a unique feature which can help in generating more leads.
3. Frequent Feedback Collection
The advancement in the natural language process and computing has given rise to the more generic chatbots which are able to handle more convincing conversations. In fact, AI integrated chatbots are able to handle dozens of customers’ queries that are redundant.
For example, if you get over a hundred questions about delivery charges or duration per month, you can simply program your chatbot to answer accordingly.
Moreover, if you’re looking to enhance your bank’s service and eliminate the downsides, the use of chatbots in enhancing the customer experience and asking for feedback at the end of the call has shown considerate outcomes for many banking organizations.
Rupesh Dhiwar published How Important Is Performance Management in Achieving Organizational Goals? in Submit Content 2019-09-30 04:45:14 -0700
When HR team recruit employees, they focus on several things to identify the best candidates for the job. From company and cultural fit to how the experience will translate into a specific position and help elevate the business, HR has an important responsibility to hire the kind of employees who can and will work collaboratively and successfully towards the goals of their position and the mission of the business. Businesses and HR teams are also smartly turning to performance management processes and tools to help them increase the effectiveness of their employee performance and maximize their contributions. A better performance management system has been linked to better employee retention and companies reaching more of their business goals.
Why is performance management important in accomplishing organizational goals? A modern performance management process takes a 360-degree view of performance management, not just focusing on the performance appraisal or annual review, but integrating feedback and goal review throughout the year. This helps boost employee productivity and morale, as well as gives businesses a chance to continue to align how an employee’s contributions with overall business goals.
The importance of performance management in accomplishing organization goals
Here are several ways that effective performance management can help businesses accomplish more of their organizational goals.
- Employees who are recognized and rewarded for their performance are more likely to be invested and engaged in their jobs and responsibilities. Regular performance management that spans the day to day can keep employees motivated, which will drive them to be more productive and invested in their tasks, all of which roll up to supporting organizational goals.
- Performance management helps to empower employees. Managers and supervisors who connect with their employees about business happenings and goals give their employees a better sense of where they fit into the big picture. This kind of perspective can drive performance. When employees know why their job matters and how it fits into the overall goals of an organization, they are often both more motivated to perform better and also in ways that help the business reach milestones or align better with goals. For instance, if a finance professional knows that their job isn’t just to examine expense reports to prevent fraud and because that’s was required of the role, but also because greater fiduciary responsibility allows businesses to reinvest in technologies that could lead to business growth, promotions, and bonuses, that finance employee may be more motivated towards excellence in their role.
- Continued and ongoing performance management gives managers and supervisors an opportunity to regularly assess how an employee is being used within the business. Asking questions like “are these job responsibilities the best use of this employee’s time and skills or are there other tasks they can pivot to create more value for the business?” and “are these job responsibilities necessary to move us closer to our business goals or are they just a continuation of doing things the way they’ve always been done?” Regular performance management can help employers understand if their employees have the right skill sets to be moved into more value-adding positions and also refine positions to better reflect work that helps to better meet the overall business goals.
- Ongoing performance management can support better employer-employee relationships. More 1-on1 discussions can improve a boss-employer dynamic more than meeting once in a while or just annually to discuss an annual review and raise. Better relationships can lead to more engagement and also encourage employees to reach out to their boss if they have a question or want to make a suggestion — both of which can lead to the more effective realization of company goals.
- Employees and managers who meet regularly to discuss employee goals and overall business objectives are able to define not just what the organizational goals are but also strategize around how the employee can best meet their goals — which in turn support company goals. Overall, effective employee performance management helps to better align how individual employees work together and in tandem to support organizational goals. If there is a question as to how an employee or role is effectively supporting company objectives, that’s usually a sign that HR and leadership should have a larger conversation regarding employee and roles.
Performance management plays a huge role in the overall success of a company, not just an individual’s career. Remembering why performance management is important in accomplishing organization goals is an important step in being able to continue business growth and ensure long-term success.
View the Related article: Top Performance Management Techniques and Benefits You Should Know
Rupesh Dhiwar published 5 Best Performance Management Practices HR Managers Should Know in Submit Content 2019-09-30 03:32:16 -0700
As an HR manager, performance evaluator, or HR director, many people misunderstood the true meaning of performance management. If you think that performance management merely means to assess your employee’s performance against the assigned task, you’re probably wrong. In fact, performance management is a whole system rather than a task.
According to the 2018 CEB calculation, a company employing over 10,000 people spends about $35 million a year on performance reviews alone. That is a huge number, isn’t it?
Best performance management practices include management practices that are focused on helping your employees in two ways:
- Take their expertise to its full potential
- Increase their satisfaction
Have you considered these two objectives while trying to streamline your performance management tactics as an HR manager? The answer is probably NO. Perhaps, you have left one out of the overall process or system.
Best Performance Management Practices
With its never-ending benefits, more and more enterprises are now upgrading and focusing on their performance management system. It is important to analyze the frequency with which employees are evaluated, training of hiring manager, desired goals, alignment, and actual output.
A Human Resource Management Study in 2014 found that more than 50% of HR managers rated their company B or C+ in performance management. 23% of HR managers gave C grade while only two percent of HR managers gave their companies A.
Looking for a change? Well, here are 5 best performance management practices HR managers should know:
1. Different Shift in Feedback Frequency
Those days are long gone when the performance management process was limited to annual feedback reports and more. The advancement in the IT sector has given rise to performance management systems that help in streamlining the employee performance management process.
More and more companies are now abandoning the annual performance review — replacing it with a real-time performance review. Best performance management practices allow organizations to keep track of real-time, regular feedback by HR managers, customers, and co-workers.
It’s not the only way around. While HR is busy evaluating the best out of the crowd with real-time stats, employees also have the option to report to HR for any complaints. In simple words, a performance management system is used for constructive criticism, immediate feedback, and actionable insights.
When combined, this data can serve as a huge deal to address employees and groups issues and address them accordingly.
2. More Conversations
There is a great need for redesigning the annual or quarterly exercise of performance reviews. This time of the year comes with a lot of inducing negative emotions of HR managers and employees for each other. In fact, both sides end up having some really bad experiences as the evaluation process ends.
Thus, it is in the best interest of the organization, HR, and its employees to get rid of the annual review system. In doing so, managers must find adequate ways to speak with their employees.
For a better assessment, it is best to talk to the struggling employees more often before marking the feedback. Again, frequent feedbacks work best to increase HR interaction with employees — leading to productivity and growth of employees.
3. Effective Management Training
Newly hired HR managers and performance evaluators struggle when trying to understand the organization’s product, service, goals, and aim. In fact, best performance management practices are directly associated with the training of HR manager per company’s goals.
It means that managers also need to be trained well and taught leadership qualities to help employees succeed. Yes, it’s not only about struggling employees — but managers also matter!
Rupesh Dhiwar published Continuous Performance Management Software: A Buyer’s Guide for HR Professionals in Submit Content 2019-09-27 03:19:21 -0700
If you’re looking to give your modern organization a competitive edge, you will likely look at the efficiency of your performance management system. You’ll also need to research relevant HR performance management software to complement the running of this system.
Purchasing performance management software represents a serious investment. You want to find the right solution to help you boost engagement, improve employee performance and facilitate communication. To streamline the process, we have compiled this HR buyer’s guide to continuous performance management software.
Why Your Company Needs Effective Performance Management
Due to outdated performance management tools, such as the annual performance review and stacked ranking , performance management doesn’t always enjoy the best reputation. But effective performance management is critical to the success of your company in terms of employee engagement, productivity, performance, and morale — not to mention organizational growth.
Performance management techniques, such as regular performance coaching conversations can keep employees on track and motivated to achieve their SMART objectives. With the right performance management system, these SMART objectives will support and complement organizational goals, meaning the entire company thrives. To truly benefit from performance management, however, companies must ensure they are forward-thinking and progressive while keeping up with the latest and most promising performance management trends.
You Need Performance Management Software to Support Your Processes
As companies become more agile and fast-moving , you need the right technology to facilitate growth and keep you competitive. The proper performance management software can help you track, manage and analyze employee performance while promoting in-the-moment feedback and communication. If you’ve been relying on pen and paper to support your performance management system, it is high time for an upgrade.
You should consider investing in continuous performance management software for the following reasons. CPM software can:
- Improve business outcomes.
- Help to develop employees by tracking employee development objectives.
- Provide the ability to give and receive real-time feedback.
- Help you align individual SMART goals with company objectives.
- Make work more meaningful for your employees.
- Support regular performance conversations to improve employee-manager relationships.
- Provide instant reports to keep you updated with the performance of your employees and teams.
- Identify opportunities for employee advancement and succession planning.
Analyze Your Company’s HR and Performance Management Needs
- Analyze Your Company’s HR and Performance Management Needs
Before you can decide what continuous performance management platform to invest in, you need to address and analyze your company’s unique HR and performance management needs. Your research could take the form of a comprehensive survey to highlight and uncover pain points. Make this survey company-wide to show your employees everyone’s feedback is valued and important.
You can ask your employees questions, such as:
- Do you understand what’s expected of you at work and in your role?
- Do you know how your particular goals support company objectives?
- Do you feel you receive constructive and consistent feedback?
- Do you have an honest, authentic and transparent relationship with your manager?
- Do you feel your feedback is valued?
- Do you think you are being kept up to date with the goings-on of the company?
- Do you think you are improving and advancing in terms of your skills?
- Does the company provide the right support for training and development?
- Are you happy with your opportunities for advancement, while understanding how to advance?
- Do you feel appreciated and acknowledged?
- How do you feel about the current status of performance reviews in terms of frequency and efficacy?