Think you have the next big idea? Before you go taking out any business loans, make sure you have an air-tight plan in place. Too many entrepreneurs are overly anxious to launch their startup company and pull the trigger before thinking through every single detail.

More often than not, this type of oversight leads to costly consequences and forces business owners to shut their doors before they even had a chance at success. Beat the odds of failure and avoid becoming another statistic by having these five tenets in place.

• Business Plan & Projection

The most expensive mistake you can make as an entrepreneur is to skip the market research and analysis stage of business planning. In order to create a value position, you need to identify what makes your business unique. How does your product or service provide a solution to a need? Who is your target audience? Why would they choose your offering over the competition’s?

Keep these questions in mind while setting your price and creating your sales projection. Identify at what point in time you’ll start flipping a profit and pull enough revenue to offset startup costs, then present these calculations to investors when it comes time to obtain funding.

• Sustainable Funding & Marketing

Some entrepreneurs choose to launch their startup with their own capital, but this is a risky move. Should anything go sideways, then so too will your personal investment. Rather than placing your livelihood on the line, explore different funding options available to you, some of which are more sustainable than others.

From partnerships with investors in exchange for equity, to crowdsourced campaigns on Kickstarter, every deal will come with different terms—be sure to go with the model that makes the most sense long-term, not the one that provides the fastest solution to your problem. Usually, the easier it is to get funding, the higher the interest rates are on the loan.

Be sure that whatever funds you do obtain are carefully allocated between overhead costs and marketing initiatives. For example, you don’t want to spend too much money on direct mail marketing only to realize your audience is best reached through digital channels. Once you have the capital, make it last for as long as possible.

• Employee Recruitment & Retention Strategy

You need to hire the best employees you can find, so it’s wise to formulate a recruitment strategy that attracts the best applicants on the job market. Whether you post available positions on job board sites or head to a local career fair, the role description should highlight reasons why someone would want to work for you over the next company.

When you locate a potential hire, confirm that the candidate is who they say they are by running a criminal background check. What is a background check? Essentially, they can reveal red flags if your applicant has relevant criminal offenses in their history, suggesting they’re not the best fit for the job.

After making the best possible hires, increase their odds of them sticking around by creating an employee retention program. This helps reduce the cost of turnover while uplifting company culture and moral.

• Well-Built Website & UX

In order to attract business, you’ll need a website that’s built with search engine optimization (SEO) in mind. SEO refers to the strategies and practices used to boost your online presence by appearing higher on the search engine results page (SERP). Remember to claim your listing on local business platforms with contact information and hours of operation, regardless of whether you run a brick-and-mortar space or an ecommerce storefront.

Your site’s architecture needs to be properly indexed so that Google can crawl its pages, and the design should consider user experience to increase your chances of converting traffic into paying customers.

• Organized Bookkeeping & Accounting

Finally, it’s critical that small business owners adopt a meticulous accounting process to ensure no transaction, small or large, falls through the cracks. Falling behind on quarterly estimated tax payments can lead to large penalties and interest fees, and there will be very little margin for error within your business budget.

If you keep your company organized and your books balanced, your goal of a success will be within close reach.

 

If you have lived in or even visited the UK the chances are you are familiar with Boots – and likely the Boots Advantage Card. They are the market-leading pharmaceuticals company in the UK with over 2,400 stores. When we think of health and beauty we think of Boots, but how about their loyalty scheme? In this article we will delve into their clubcard programme, how it works, what sorts of benefits you can get from it. We will even consider how they treat customers, looking at how easy a Boots Advantage Card change of address is.

How the Boots Advantage Card works

The process is simple, and similar to most high-street loyalty cards. You collect points on your card every time you purchase something in store. With Boots you collect 4 points for every £1 you spend, which means you need to spend £250 to get your first 1,000 Clubcard points. And each point is worth 1p, meaning it’s effectively a rolling 4% discount. You can then spend these points in store for discounts on items. Boots do a great job of actually tailoring offers to you, so you will be able to spend your points on something that you personally like.

Interesting Features

As a brand that really wants to stand-out, Boots’ Parenting Club is great example of how they are constantly trying to improve the advantage card and people’s experiences. With the parenting club you actually receive 8 points for every £1 you spend, double that on regular purchases. Those 8 points per £1 applies only to ‘parenting products’, not everything though. Boots also offer rewards for over 60’s as well as a 10% discount for students. Boots also recommend that you download the app. It improves the user experience in the store but also enables you to be connected with personalised offers instantaneously. You also receive 200 free points (£2 equivalent value) just for downloading the app. Don’t forget, you can also scan you boots app to collect points when in store.

Delay Purchases

A great piece of advice is, where possible, to delay purchases so in wait for ‘big purchasing events’. Boots periodically run events in which if you spend over a certain amount of money you will get £5, £10 or more in free clubcard points. This can exponentially increase the value of your shopping if you take advantage of these offers. Of course, to do so it’s important to be checking the app and enabling notifications. Boots also send out a weekly email which contains great opportunities to increase your points.

Customer Service

When it comes to fixing problems or updating your address etc… the Boots team seem to be excellent on most accounts. In store staff have a reputation for being friendly and updating your address online is friction-less.

The Bottom Line with The Boots Advantage Card

All things considered, the Boots Clubcard is excellent. It’s rivalled only by something like Tesco’s or Nectar’s loyalty scheme. Boots seem to be a company who are genuinely invested in creating loyal customers and want to help and support their customer base. One of the draw backs is that unlike others, you can’t spend your points outside of Boots.

Author’s Biography

Hi, I’m Anna – the founder of SlothMove. We’re on a mission to make moving home simple, low-cost and transparent. We’re a moving home platform that helps people update their address across their accounts (including Boots) and set-up their new home. You can learn more about SlothMove here.

Many fresh graduates are now opting to apply for startup companies rather than well-established ones. It’s well worth noting that working for a startup has a lot of benefits if you want to build your tech career.

In this article, you will learn about some of the key reasons why working for a startup company may be the best decision which you will make this year.

Your skills will be in high demand.

Though startup companies often don’t have the same resources compared to established tech companies, since you are part of a small team, your skills will be in high demand. In working for a startup company, you can show off your skills, creativity, insight and drive to create successful tech based solutions.

You will climb up your career ladder quicker

Rather than working your way up the career ladder and accepting an entry level position at a large organization, you’ll be able to climb the career ladder faster by proving yourself at a startup company. Since startup companies have a small number of employees, climbing up the career ladder is easier as long as you’re showing that you deserve a promotion.

You’ll have more input at a startup company

One key reason why so many individuals choose to work for startup companies is that owners of startups are far more open to creative input. So if you’d like to use your skills, creativity and ingenuity to come up with innovative ideas, you’ll feel welcome at a startup company.

You’ll learn faster

As a result of having a bit of free rein, you should also notice that your skillset will quickly grow. Which will help you increase your chances of being offered your dream job at your desired tech company in the future.

You may be offered shares in startup companies

Another reason why it’s worth considering applying to work at a startup company is that you may be offered shares in the company. Many owners offer shares to their team members in order to motivate their members to work to the best of their abilities. When the company grows, their employees will directly benefit from the company’s success. So if you’re interested in building a passive income, it may be worth working for a startup company.

You’ll learn how to create your own startup.

If you see yourself as an entrepreneur, the best way to learn how to create a successful tech company from the bottom is to work for a startup. You’ll be able to learn how to go about building a skilled team and how to develop, design and launch industry disrupting tech products such as leading edge software and apps.

You’ll get to work with inspiring individuals

Individuals who work at startup companies are usually motivated, passionate and creative. So if you want to surround yourself with like minded individuals, who you’ll be able to create innovative solutions with, it’s well worth pursuing a job at an exciting startup. If you’re lucky, you may even meet individuals who you may be interested in working with you on your own projects.

Getting a job at startup companies can also kickstart your career and you will be able to hone your skills and grow your career in the future. So if you’re looking to take your tech career to the next level, it’s worth applying for a job at startup companies.

 

Are you looking to increase your income? Since most of the population lives paycheck to paycheck, it’s not a bad idea to give yourself more available cash for a bit of financial cushion in case of emergency or to boost to your retirement savings for a more secure nest egg. If you want to put a bit more muscle in your paychecks, then try one or more of the following methods if you feel stuck in an earnings rut.

Change Jobs

What are the advantages of changing jobs? You can get out of a boring, dead-end job. Your entire attitude can change when you do something that’s fresh and brings a different type of challenge into life. Higher pay is probably the most common reason people take on new careers and titles. What’s the downside? There are a few negatives, like the need to plan a careful course of action before quitting a current position and seeking a new one. It can be tough to do a thorough job search while you’re already holding down a 9-to-5 gig. Perhaps you’ll have to give up seniority, and the familiarity with your current workplace provides.

Get an Advanced Degree

A slower but surer technique for boosting income is to earn a college or advanced degree. If you need to take out a student loan to do so, it’s certainly worth doing. Education loans offer competitive interest rates and longer repayment periods. Plus, you can apply online quickly and easily and get a response right away. When you enhance your resume with a degree, your earning potential goes up. The bottom line on this strategy is to apply for a student loan and earn your college diploma or master’s degree while you can.

Ask for a Raise

Have you ever asked for a raise? It’s the simplest income-enhancement trick in the book, and one of the oldest. Most of us saw TV’s Stone Age working stiff, Fred Flintstone, asking his boss, Mr. Slate, for raises on multiple occasions. But even the socially inept Fred was successful about 50 percent of the time. All kidding aside, there’s a proper way to ask for a raise, and it involves preparation. Make sure your work is up to date and in good standing before you pop the question, make a reasonable demand, and be sure to appear open and patient. Many supervisors will be happy to grant your wish, or most of it, once the company budget allows.

Take on a Second Job

If the adjustment to your salary at work doesn’t work out, you can always look to a side hustle to fulfill your financial needs of more income. With plenty of opportunities from taking on extra hours at a retail outlet, or working from home as a content writer, or selling items around the house you no longer need, you can boost extra cash in no time.

Reduce Spending

It’s all in the math. Reduce spending and what’s left over from your paycheck continues to improve. Many look to reduce unnecessary spending by avoiding to go out to bars and restaurants and opt for grocery shopping and entertaining at home, while others cancel gym memberships and cut the cable cord to opt for streaming services.

Counter strike worldwide hostile is a generally fascinating and magnificent game to play it with your loved ones. On the off chance that you are an apprentice to play this game, at that point you can follow a few hints, for example, map control, shooting, crosshair situation and mouse settings. Assume you are happy to get magnificent gaming experience then you can exploit on the cs go help administration since it is offering brilliant quantities of advantages. This sort of the boosting administration may work by permitting standard player access to client account. Setting request is totally direct when you pick best boosting service provider.

Intriguing Tips to Pick Best CSGO Boosting Service Provider

Individuals can buy ensured boosting administration when you pick best boosting type and the best CSGO boost at the cheapest price. This sort of the administration can amplify your position just as you can augment your triumphant chance. Here csgo-boosters.com boosting service provider can offer tremendous quantities of the administrations to their customers like:

• Moment and quick CSGO boosting administration
• Genuine CSGO supporters as it were
• every minute of every day client care
• Situation matches

In the event that you are looking for generally advantageous and approved spot to purchase boosting service provider then you can visit for CSGO boost at the cheapest price “Csgo-boosters.com”. You may choose stream my lift, play with sponsor, one or more free win after lift, etc. This sort of the administration can go under your financial limit.

Astonishing Data About CSGO Boost

CSGO-supporters “csgo-boosters.com” utilizing bleeding edge advancement so player can without quite a bit of a stretch enhance their situating in counter strike overall antagonistic game. CSGO is continuation of prestigious first customer shooter game. By and by a day most by far of the adults and children are charmed to play this game because of its sensational continuous communication. Enormous amounts of the accessible weapons are open right now all guns are having particular subtleties. Matchmaking could be maintained for a wide scope of the electronic game modes which could be supervised by methods for steam programming and to thwart deceiving it can run on valve antagonistic to cheat.

Pick the Best CSGO Boosting Service for your Main CS GO Ranked Accounts

Positions in CSGO are the apex of what makes the game so fascinating and serious. A huge number of players over the world despite everything play for better positions, as winning or losing positioned matches is everything necessary to either go up or descend the rank stepping stool. This implies, on the off chance that you lose in a positioned coordinate, that too for a couple of times, at that point you will lose enough Elo focuses to really get downgraded to a lower rank. Notwithstanding, a similar way, you can likewise get elevated to a higher position than yours, by winning sequentially with great edges. Everything comes down to the successes and misfortunes, as those are what influences your Elo focuses, with respect to your exhibition in the game. In the event that you can’t really manage this, however you are not yet arranged to go for Shop Prime Ranked Accounts, at that point your next best wager is a CSGO boosting administration.

Utilizing a CSGO boosting administration, or the best CSGO boosting administration that you can discover at that, you can basically take the assistance of experienced, talented players in helping you ascend the rank stepping stool. You would not really need to purchase and play utilizing another positioned account, as that can have some sensible responses from your companions and others you know.

The advantages of picking a boosting administration for your CSGO Accounts will effortlessly exceed some other choice you should think about, over the long haul. For example, would not have to begin playing from another record. This is regularly looked downward on, and numerous players can without much of a stretch comprehend that you have bought another, positioned account.

By using a decent CSGO boosting administration, you can likewise adequately maintain a strategic distance from tricks and miscreants who would prefer to cheat you with a phony prime record, or a record of an alternate position. The boosting administration will concentrate just on your principle record, and you won’t need to carry yourself to the thought of disposing of it for a recently positioned account.

Along these lines, you can without much of a stretch utilize a boosting administration to help support your primary record to a higher, better position. The procedure is very straightforward, and reasonable in the event that you look over a portion of the CSGO Prime Accounts available to be purchased.

Navigating through tax debt with the IRS can lead to a collections process. The tax experts at Optima Tax Relief review what you can expect from the IRS’ efforts to collect on your outstanding tax debt.

Each tax season, millions of Americans look forward to the day they receive their much anticipated refund check from the IRS. But for just as many taxpayers, the end of tax season simply marks the beginning of a very different kind of journey – navigating their way through the IRS collection process. The tax experts at Optima Tax Relief reviews the IRS’ collection process so that taxpayers can understand what to expect along the way to rectifying their outstanding tax debt with the IRS.

When does the IRS’s Collection Process Begin?

For all taxpayers who do not pay their total due tax balance in full when their return is filed, the IRS will mail you an invoice that confirms the total amount owed. This document is the official start of the collection process, or the IRS’ attempts to collect any and all outstanding debt from the delinquent taxpayer. The collection process is not deemed over until the balance is either paid or the debt expires.

Do I have to pay interest or additional fees on top of what I already owe?

The straight answer is yes. Your unpaid balance is subject to daily compounding interest, as well as monthly late payment penalties. These can certainly add up quickly, and make rectifying your IRS even more difficult as the total amount due continues to rise. That’s why it is always prudent to pay off your tax debt to the IRS as quickly and expeditiously as possible, in order to mitigate the total amount due from rising.

What if I can’t pay it all in full?

The most important thing you can do is to be proactive. Contact the IRS to see if you can qualify for any of the tools they offer to help manage taxpayer outstanding debt. The IRS may offer you the option of an installment agreement, and even offer you additional incentives for enabling features such as autopay or direct debt to manage your monthly payments.

The IRS may even work with you to establish a partial payment agreement or an offer in compromise (OIC), as well as alternative arrangements for households that qualify.

What if I just ignore the debt?

The IRS can implement some very serious consequences as part of their debt collection process. These include but are not limited to:

• Filing a Notice of Federal Tax Lien
• Serving a Notice of Levy
• Seizure of assets such as wages, bank accounts, social security benefits, and retirement income.
• Seizure of property
• Seizure of tax refunds to offset the outstanding debt

For more information about making payments, online payment agreements, and offers in compromise, visit the IRS’ Payments page.

 

Guest Author: Darren Wilson

You spend about 35% of your life at work. So, what kind of workplace do you intend to spend this percentage of your life? One thing is for sure, no matter what the rage is in office space these days, such as the open floor plan and minimalist designs, desks will never be taken out of the picture. Desks come in different sizes, types, and designs to meet different office needs. Because of the advancement in furniture construction, choosing a desk for your workplace just became a lot easier.

How Are Desks Important in the Job Industry?

As an employer or business owner, you cannot control all the factors that determine the happiness of your employees, but you can control the kind of work environment they can thrive in. One of the effective ways to boost productivity is to create a workspace that is conducive to their happiness, and the office furniture is a good way to start.

The desk is one place wherein people spend most of their office hours. It is a platform that houses your computer, phone, gadgets, office supplies, and many others that are essential in running a business, as well as items that show an employee’s personality.

When people at the office are more comfortable, it helps them enjoy staying at their desks. So, take into consideration how the office furniture is going to make the employees feel when selecting new items for them. After all, the average employee in the U.S. will spend 1,896 hours of their year on it.

A Boost of Colour

Those working on untidy and cluttered spaces are likely to feel overwhelmed and stressed because of the mess. On the other hand, boring workspace causes inefficiency. Bland areas with dull colours can contribute to the decrease in happiness and productivity in the office. Therefore, it is essential to have a tidy and well-organized work area with bright coloured items and furniture to increase the positive effects in your office.

Communal Work Desks

You will need a communal work desk in the office, no matter what type of business you are running. This desk will be the designated space for staff meetings, transacting business with clients, and brainstorming among co-workers. With this, you are going to need larger desks to accommodate larger groups. Weekly huddles are important because the issues that are normally left on the back-burner will get the chance of resolution. It can also increase the camaraderie between workers.

Some offices decide to use the communal work desk as an alternative to the individual work desk. If you also want to go this route, think carefully about how important collaboration is in your office and how a few communal workspaces could help employee productivity.

Factors to Consider when Choosing a Desk

• Desk Size

You will want a desk that can simultaneously hold everything that you use multiple times every day, including your computer, while providing enough room for you to work.

• Technology requirements

Do you need a desk that comes with built-in openings to store multiple cords? Where do you want these openings, on the sides, on the top, or both? The placement of the computer and other electronics are essential too. Consider power outlet conditions as well as safety precautions.

• Drawer space

Storage is also an important aspect of desk selection. An office desk that has too many drawers tends to look busy and cluttered. On the other hand, the one that has too few or no drawers at all may be impractical and useless.

In general, desks are designed to adapt to your office needs. A spacious desk surface that has the right storage space can help you in many aspects. Several shallow drawers are perfect for storing smaller objects that could easily get lost in a sea of other items. It is easier to maintain, as well. Larger drawers are for storing larger items like files and folders. A desk with a combination of both sized drawers is ideal for keeping things tidy.

Desks are meant to be an employee’s home away from home. They would place pictures of their friends and family on it, personalise it with several aesthetics, and they would sometimes eat food on it. Comfort and solitude is its best quality.

Consider for a second your sensitive business records, expensive machinery, and hard-earned cash. How would you feel if you lost everything, and there’s no way to get them back? What about your staff and customers? Are they safe on your work premises? If your answer is no or you have doubts concerning your existing business security measures, it is time you revisit the subject.

Everything in your business needs safeguarding. From the devices that you use to the lives present, you are responsible for all of them. Hence, you should invest in the right business safety and security measures. Of course, you have to adopt relevant modern-day practices. Here are five smart ways you can boost your business protection this year.

1. Life insurance

As a business owner, you need life insurance for several reasons. For one, your family can claim your death benefits (monetary compensation) if you die. They can use the payout to support themselves financially, pay existing debts, or cater to the burial expenses.

Two, life insurance is necessary for signing a buy-sell agreement. Such an arrangement allows your business partners to buy your shares if you die, and the compensation either goes to your family or benefits the business. The situation could also be the reverse if it is your business partner who dies. In this case, you could buy his or her shares.

Also, you could opt for key person insurance where the insurance company pays the death benefits to the business when you die, and the money covers losses and expenses associated with your death.

2. Data security

Cybercriminals are becoming more rampant, and they are a constant threat to the survival and success of your business. For this reason, your sensitive data needs to be secure at all times. Some top data security tips you can employ are:

• Use strong, hard-to-guess passwords for all your devices
• Erase all hard drives that you want to dispose of before doing it
• Invest in the right provider for spam protection and antivirus solutions
• Install a premium quality firewall (hardware or software-based)
• Encrypt all your wireless networks
• Update your security programs
• Delete all business files from the cloud

3. Alarm system

The alarm system technology has improved a lot in recent years. These systems can sense imminent danger, decide about it, and act. They have the intelligence that humans lack, and this makes them exceptional. Modern alarm systems can detect motions and classify them as a possible threat before launching a response.

We have so many alarm system companies that you can approach for the installation. They can advise you on what solutions suits your business and what to do when there is a security threat. You, however, need to communicate your security needs clearly so that the installation can be customized to suit your business.

4. Security cameras

Security cameras play two critical roles in a physical business setting – investigation and prevention. The footages that you capture are vital when it comes to inspecting a possible crime or an accident that happened in your business premise. They are usually the first thing that detectives ask for when leading an investigation.

Additionally, live images can help you deter a possible attack from happening. By monitoring the footage, it is easy to contact the police. Knowing that most attackers, invaders, and spies are aware of security cameras, it may be worthwhile to consider hidden options. They allow you to monitor your business undetected.

5. Visitors’ Management Policy

More often than not, threats are from unauthorized persons who access sensitive places like the office, CCTV control area, and the document center. For this reason, you should have a strict management policy for all visitors who come to your establishment.

For a start, visitors should sign in and out at the gate or the reception. They also need to have a badge on them when visiting the offices. To ensure that your visitors’ management policy is observed, you should educate your employees about it.

Closing Thought

Security and safety are vital to the survival and growth of your business. Sometimes you have to spend money to protect your business, and at other times you only need to change a few things. Observe our ideas above to see what is implementable in your workplace.

 

Direct marketing is a type of marketing that delivers physically to the prospect’s mailbox. It is usually used for advertising purposes. For say, postcards, flyers or even promotional catalogs are some common examples of direct mail marketing. The whole idea derives the concept of the door to door communication. To let people be aware of the business in a very non-aggregating way. And also by these little flyers and catalogs, you get to know about many markets around you.

But since in this modern world of technology, the work of just papers is getting outdated. People are now more active on social media than on the regular social front, which has led the digital marketing strategies stronger and forward. But still, in this busy growing generation, direct mail marketing still works. On an everyday basis, we still find people distributing flyers and advertisements. Direct mail printing services has its own plus points, from the consumer point of view;

Less Competition

Since in this phase, digital marketing has taken over the other marketing strategies present now. In another way, it can be advantageous in other aspects. Very few traditional markets have been still using direct mail marketing. One of the best services is what direct mail marketing Cleveland provides. And as a pro, though this strategy, they are getting proper attention. As the flyers are colorful with attractive and captivating fonts. Which, in a way, attract people and drives their attention thoroughly.

Bigger Reach

If we see statically, direct mail marketing has the potential to grow larger. As it reaches to people directly, without any filter. Digital media also has more extensive coverage, but it has the reach of seen or not seen situations. But in the case of direct mail, for sure, the advertisement is seen and reacted immediately. This physical reach of advertisement is something assured and promising. Since with the limited deals and exciting offers, it becomes even more catchy and irresistible.

Less Expensive

When it comes to marketing, the budget can be a topic of debate. As it can get over the board. Through this marketing strategy, expensive cuts down to the lowest. The beneficial quality of this scheme is, it makes two things profitable at the same time. Printing advertisements are less expensive than putting up hoardings and even digital marketing. As the requirement is very minimal. The paper for such an advertisement is very thin in order to save money. So it is a mode which requires fewer expenses. For startups is the best way to promote on a larger scale. As internet access won’t be possible for 100% of the population.

Saves Time

It definitely saves uptime. As for this busy world, people usually prefer things handy. If the advertisement is written and mentioned in every single detail, then it is something people will admire. During busy hours people tend to be focused on one thing. Through a written flyer, we can acknowledge it peacefully and act on it. it is better to reach in mass. As it is a very efficient and less time-consuming and traditional way of promoting.

Direct mail printing services are efficient and reach many at once. It saves time and lets the consumer be informed in their own time. It is one of the effective ways of marketing. As the dealing gets face to face and for the consumer is getting easier to be demonstrated upfront. All the queries can be known at the time, on the spot. And the marketing receives a good response as the consumer reacts efficiently and quickly. So it’s a perfect way for the new markets to set up in the market and the only tradition still operated by some.

Employee turnover is the percentage of your employees leaving your organization and being replaced by new ones. This metric is helpful in understanding how employee-friendly your company is. Companies that are market leaders are always looking for innovative ways to reduce their employee turnover and maximize employee retention. There is always a tussle between employee attrition or turnover and employee retention. Before we move further and understand how to minimize employee turnover, let’s first learn to calculate it.

Is the employee attrition the same as employee turnover? While many experts say that they are synonymous, there are people who say that both terms aren’t so identical, after all. Employee attrition happens in the following cases:

1. Death of employee
2. The job that an employee is filling becomes redundant.
3. When an employee retires, and the job isn’t filled later on

Employee turnover is of two types:

1. Voluntary
2. Involuntary

Voluntary turnover refers to employees leaving companies on their own. Perhaps they do not like the workplace, the policies or the job itself, or they find a job much more interesting in terms of content and/or salary.

Involuntary turnover happens when the employee is fired because of performance issues or moral turpitude. Contrary to voluntary employees’ resignation, involuntary turnover does not happen from the worker’s end. Involuntary employee turnover happens because the employer isn’t happy with the now-terminated employee.

Employee turnover is calculated in many ways. However, the article focuses on the simplest way. Assume that a company hires 100 people in a calendar year. Due to various reasons, 10 employees leave the company in that year. So, your employee turnover is 10%. However, on a closer look, it is found that 5 people left the company in January, followed by 2 in May, and 3 in November, then there will be different monthly employee turnovers.

For the month of January, it is 5/100, which is 5%. For the month of May, it is 2%, and for November the employee turnover would be 3%. On average, the monthly employee turnover of this organization would be 3.3%.

So, essentially the simplest way to calculate employee turnover is to take the ratio of employees who left to the number of total employees of the company. The percentile format of this ratio is the employee turnover of that.

Understanding employee turnover is important because it helps in lowering hiring costs. It also helps in making us more competitive in the market place. There are several companies, which help in minimizing employee turnover. To understand more about this subject, visit this website. There are various ways to reduce employee turnover and here, we shall focus on the 5 most effective steps towards that.

1. Employer branding: Make your company desirable to your potential employees. Employer branding places your organization as a favourable employer. Some of the biggest employers in the world like Unilever present themselves as employee-friendly organizations.
2. Make Human Resource Department a critical part of your decision-making process: The HR team should not be relegated to just hiring and recruitments. Staffing people is a critical activity and should be treated as a strategic intervention.
3. Empower your employees: There are at least a hundred reasons why empowering your employees is good for your business. Not only does it help your reputation as a boss, but it also gives your people more reasons to keep their loyalties vested in your mission. Employees, when made the centre of business, feel motivated to excel. Delegate authority to your employees wherever it is possible. Make them a part of your decision-making matrix.
4. Reward your performers: Separate the wheat from the chaff. Identify your performers and give them important assignments. Make your organization a place where performance is appreciated and valued.
5. Jot down the Key Performance Areas as clearly as possible: Last but not least, be specific and clear! Write them down and ask every employee to understand it. Many organizations assume that their employees understand their respective KRAs. Nothing could be farther from the truth.

If we follow at least the above-listed tips, we can expect to reduce employee turnover significantly. At the same time, one should also understand that employee turnover is not just a statistic, it also tells the market about how our inner circuit works.