How HR compartment Banking on the Digitalization flap

One cannot run a successful business without a driven and highly motivated team, which makes it imperative for the organization to retain such power packed teams. It is not a fairyland out there, retaining the desired employees is a tricky job. It is a long road for the companies to ensure that the talented workforce stays put. One of the chief reasons professionals quit their jobs is that they do not get the benefits that are crucial to them. In the conventional sense, organizations focus on doling out monetary benefits, not realizing that the employees want more and it ultimately works in the favor of the former.



Gone are the days of including attractive base salaries and incentives, organizations have come to a realization that it is not enough and they need to reward their employees with non-monetary benefits as well. So now the new methods to retain employees ranges from discount plans, health schemes and other corporate benefits. In addition to monetary benefits as well as non-monetary guides, tangible and non-tangible add-ons in the mix make the organizations the hot spot for employee search and they wouldn’t want to leave too soon.

Employees want to feel engaged and connected, add on benefits help. A recent survey by Glassdoor concluded that around 79% of the employees want more benefits other than salary hike.  This urge is more in younger counterparts and the female workforce.

There are numerous non-monetary benefits that organizations indulge in to retain employees – it could be discount plans, vouchers for children, cycle availability to work, carpooling facility, car parking amenity, providing mobile phones, valuable employee assistance, health plan education, saving on household expenditure with vouchers, online shopping voucher codes, high street discounts, reloadable gift cards, SMS vouchers and cash back offers, corporate gym memberships, health club discounts,  the list just goes on.

The availability of these benefits can be a good influencing factor; however, management of such provisions could be challenging for the organizations that have a greater strength of workforce. In order to remove the obstacle, companies tend to gravitate towards technological perks like mobile and web applications. For example, analytics are driven by the employee data that provide intelligent insights on the topic of employee motivation. These specific insights can be fruitful in coming up with effective strategies to deliver employee benefits that can prove to be the best for employee retention. The art of digitization of employee management systems in order to retain them lists out a number of benefits that can be achieved by the company for desired productive results.

Management of enrollment and administration techniques can be fast -paced and error-free by automating administrative function. It boosts productive, too as employees can get tangible and intangible benefits and their work life gets hassle-free and they feel less stressed to attain their goals in office.

In 2016, YES BANK, known for its exemplary financial dealings in the banking sector made alliance with a Fintech startup NiYO to encourage the employee benefits culture in India.  The startup has come up with a fantastic solution that includes a Multi-Pocket Card, a Mobile App and a digital account that comprises of multiple wallets. The partnership has given birth to YES BANK NiYO Benefits Card. This new age initiative capitalizes on the latest in technology sector of  mobile technologies and  works on the IndiaStack initiatives that would have eKYC by UIDAI and Unified Payments Interface (UPI) launched by NPCI.

Not only this in the digitization world, replacement of old technology and practices in the HR arena will happen soon.  It is safe to say that a large number of companies would want to move from traditional licensed HR software to modern, cloud-based systems. More than 150 million employees have included cloud-based HR systems and this number will only increase in the coming future.  The apps are on mobile devices now, so as expected, mobile platforms would be the next switch.

Investment capital has proven to be a boon here as easy-to-use cloud-based networks for payroll and core HRMS, performance and talent management, online learning, employee engagement, wellness and employee communications is readily available now. It is good news for external recruitment processed and job posting providers like LinkedIn, Indeed, Glassdoor, Careerbuilder as they can pace up their recruitment strategies dramatically. The cloud based systems are the most sought after trusted networks by enterprises since many years now.

The added bonus is the wave of amazing new technology and functionality they have brought to the market.

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GST is transform face of Indian logistics industry

India’s greatest tax reform — replacing an array of provincial duties with a nationwide goods and services tax — is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say. The advent of organised retail and e-commerce began modernising warehouses in India a decade ago, but most firms still rely on musty, dilapidated godowns, as storehouses are known colloquially.

The unified tax system is expected to bring change on a far grander scale, removing distortions created by differential taxes and duty structures imposed across India’s 29 states and 7 union territories.

When we moved from one state to the other, it felt like moving from one country to another, said Ramesh Agarwal, chairman of New Delhi-based Agarwal Packers and Movers.

From July 1, the new Goods and Services Tax, or GST, introduced by Prime Minister Narendra Modi’s government, will change all that, with the biggest tax reform seen since India won independence from British colonial rule 70 years ago.

Companies that have previously based storage models on tax efficiency can move to the much more cost efficient, demand-based hub-and-spoke model used globally.


Anticipating the change, Agarwal’s firm, for example, has carved India into five regions and is setting up one massive warehouse in each. There’s no tax arbitrage to be gained. So decisions on manufacturing, warehousing and selling will be purely driven by the real costs of manufacturing and going to market, that is the single biggest advantage of GST, said R Subramanian, Managing Director at DHL Express in Mumbai.

Subramanian still anticipates bureaucratic headaches, notably from GST’s e-way bill system, requiring vehicle details from pickup to delivery, which he reckons would generate 90 million entries daily for the express delivery sector alone.

But, the reform, along with the gradual shift in India’s service dominated economy toward more manufacturing, has paved the way for ultra-modern storage sites with automated conveyers, RFID-enabled tracking and IT-enabled warehousing management systems. The potential growth, and investment needed for modernisation has spurred a slew of deals between Indian firms and major global private equity players and pension funds.

In the last two years alone, as Modi made GST a priority, these investors have put $1.5 billion in the warehousing business.

GST is not only a tax reform, it is also a business reform as a whole, and a lot of businesses are now restructuring their supply chains, said Rohit Jain, a partner with Economic Laws Practice in Mumbai.

Canada Pension Plan Investment Board last month committed to spend $500 million in a joint venture with India’s IndoSpace. Other foreign firms putting money in the sector include Carlyle Group, Warbug Pincus and Fairfax India Holdings .

JSW Steel, India’s biggest domestic steel producer, is also mulling a plan to bring down the number of its 20 plus warehouses across the country to five, and many more companies are following suit, said a company executive.

Reliance Retail, the retail unit of Reliance Industries , which has around 100 distribution centres across the country, also plans to optimize some, said a company executive.

Mahindra Logistics is exploring an initial public offering, or a sale to a foreign partner, while rival Future Supply Chain Solutions is looking to do likewise, according to media reports.

With 45% of India’s gross domestic product concentrated around seven major cities, Arif A Siddiqui at Coign Consulting, specialising in supply chain management, expected investment in warehousing to focus on Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and New Delhi. Singapore-based logistics company Ascendas-Singbridge has just signed a $600 million deal with Firstspace Realty, based in the south Indian city of Bengaluru, to create 14 million square feet (1.3 million square meters) of industrial warehousing space across six major Indian cities.

Manufacturing, modern retail and the pharma sector were already driving change in Indian warehousing. GST has just fast-tracked the growth rate in logistics, said Aloke Bhuniya, Chief Executive of Ascendas-Firstspace.

He reckoned that GST has boosted the industry’s annual growth rate from 12-15% to 20-22%, and saw plenty of room for a lot more modernisation.

Out of the logistics industry’s 980 million square feet (91 million square meters) of captive, agri-based and cold storage warehousing, Bhuniya estimated 85 percent were old godowns and traditional structures.

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Improve Your Inventory Management

If the notion of folding flying drones into your warehouse inventory management approach sounds far-fetched, think again. In August, Massachusetts Institute of Technology (MIT) revealed a new way to combine drones and RFID technology to improve stock-keeping processes. Dubbed RFly, the system enables small, safe, aerial drones to read RFID tags from tens of meters away while identifying the tags’ locations with an average error of about 19 centimeters.

MIT researchers envision the system being used for continuous monitoring, to prevent inventory mismatches, and to find the location of individual items in large warehouses. By incorporating drones and RFID into the stock-keeping process, shippers may be able to more effectively optimize inventory levels, reduce stock-outs, improve stock visibility, track orders, and reduce the possibility of human error.

In 2016, the U.S. National Retail Federation reported that shrinkage—or loss of items in retail stores—averaged around $45.2 billion annually, Fadel Adib, the Sony Corp. career development assistant professor of media arts and sciences, whose MIT Media Lab group developed the new system, told MIT News. By enabling drones to find and localize items and equipment, this research will provide a fundamental technological advancement for solving these problems.

Drones not your thing? Try this instead
Of course, solid inventory management doesn’t require an unmanned aerial vehicle and individual RFID tags. In fact, there are several best practices and technologies that, when used on a standalone basis or combined with other platforms, can significantly improve inventory management for today’s warehouses and DCs. Following are six of them.

1.) Before you invest, explore your current systems. Inventory management doesn’t have to be overly complicated, says Norm Saenz, managing director at the supply chain consulting firm St. Onge Co. In many cases, for example, it can be as simple as having an inventory management system that incorporates bar-coding and, in turn, enables real-time visibility of inventory.

You can get this without having to invest too much money, says Saenz. In fact, most legacy software packages and enterprise resource planning (ERP) systems incorporate some level of inventory management. It’s not like you need a Tier One system to get good inventory management systems and support.

2.) Start by establishing bin-level inventory controls. It sounds simple enough in theory, but Ian Hobkirk, president at Boston-based Commonwealth Supply Chain Advisors, says that this is a step that many shippers overlook. Focus on knowing exactly what’s in every bin in the warehouse in real-time, all the time, Hobkirk says, noting that a warehouse management system (WMS) is the best tool for the job.

By using a WMS for bin-level controls, everything that come out of the bin gets tracked in real-time, adds Hobkirk. When you can achieve this, then you can start to move to cycle counting instead of having to conduct full physical inventories, the latter of which are usually huge events that hog resources and kill productivity.

3.) Fold demand management and inventory optimization into the mix. For customers to be happy, inventory has to be in the right place at the right time. Carry too much of any SKU in the wrong place and you could wind up losing money and negatively impacting customer service.

To achieve this balance, Steve Banker, vice president of supply chain management at ARC Advisory Group, says that shippers can use traditional inventory management tools plus demand management and inventory optimization solutions. Together, these three pack a powerful wallop that shippers can use to address their inventory management challenges. When you can get your demand management right, says Banker, you know to have your inventory in the right place and at the right times.

4.) Consider adding GPS technology to your inventory management lineup. Most often used for vehicle navigation, satellite-based navigation systems are also being used to manage inventory in the supply chain. Saenz says he recently worked with a battery distributor that was using the technology to track inventory in its supply chain, and that the GPS system reports on the status and actual performance of inventory for the company.

They wanted to know where their rental units were out in the market, says Saenz, and also the charging statuses and probability of failure for those units. After testing out an RFID system that didn’t meet its needs, the company started using GPS instead and is happy with the results. We’re seeing companies like Geoforce introduce solutions that can help track inventory out in the supply chain, says Saenz, where visibility isn’t always easy to achieve.

5.) Give wearable scanning devices another second look. Wearable computers are helping today’s warehouse and DC workers become more mobile, hands-free and accurate in a world where smaller, more frequent orders are making their jobs more challenging than ever. But even with the proliferation of wearable scanning devices on the market, Hobkirk says a lot of logistics professionals are overlooking the technology’s true value.

These devices help with accuracy and control, but we don’t see them being used as widely as they could be, says Hobkirk, who sees a high volume of shippers using handheld scanners for inventory management. Because operators have to physically pick these devices up—and then look at them and put them back down—companies miss out on the benefits that hands-free technology provides.

Handheld devices are clunky and often lead to errors or situations where workers simply aren’t tracking all the transactions that they could be tracking, Hobkirk says, noting that the cost of wearable scanners are now in line with those of handheld devices. There’s really no reason not to use them anymore.

6.) Start thinking about artificial intelligence (AI) and machine learning. ARC’s Banker says that he’s beginning to see AI (computer systems that can perform tasks that normally require human intelligence) and machine learning (AI that gives systems the ability to automatically learn and improve from experience without being explicitly programmed) applied to demand management solutions—a trend that could help improve forecasting for select time periods.

For example, if a warehouse or DC operation lacks the necessary level of SKUs for every supplier, these advanced options could help make more intelligent stock allocation decisions. He points to Terra Technologies, which was acquired by E2Open in 2016 and one of the early pioneers in such technology. In a world where a lot more companies are running segmented supply chains, says Banker, when they’re short on something, those companies want the stock to go to their best and most profitable customers.

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IMPROVE YOUR CHANCES AT INTERVIEWS

An art in which almost all the performance is unscripted and dialogue is spontaneous

STEP INTO THEIR WORLD

The focus is not about you - it's about building the scene. In improv, this rule is called step into their world. It's meant to get you to focus on other people and the setting rather than making you the centre of attention.

In an interview, you're also in a new scene that's larger than yourself. Even if it feels like you're the centre of attention, remember you're there to show how you fit into the whole picture. What role can you play How can you contribute to a part of the scene

LISTEN WELL

It may seem like a good idea to have some clever one-liners ready for your moment on stage.

But a prefabricated set of lines is the kiss of death for an improv scene. Instead, a performer must truly listen to his partners, understand what they're trying to convey, and respond appropriately.

In your interview, pay attention to the questions being asked. Do not cut the person off or answer without fully grasping his question. Listen actively with your facial expression turned on. Not only will this help you, it also shows that you're fully engaged.

SAY YES VERBALLY, PHYSICALLY AND MENTALLY

Another improv rule is saying: Yes, and…. That is, give examples and keep the momentum going after answering a question. Make your yes visible in your body language, attitude and words.

All things being equal, the candidate who demonstrates that he or she is passionate about a role will usually be hired.

Set yourself apart by saying what you admire about the company and why you want to work there. But don't be phony: Ask yourself why you are applying, beyond the salary and benefits. Be sure about your reasons and your answers will reflect that conviction.

BE READY FOR THE GOTCHA QUESTION

It is Why should we hire you over others.

Avoid overselling yourself in relation to the rest. You don't know what they bring to the table and saying that you are superior only makes you come off looking arrogant.

Rather emphasise not just your skills but how you want to use them to meet the goals of the organisation.

Tell a personal story - rather than repeat bullet points from your resume, tell a story that demonstrates how your education, evolution and journey intersects with the job.

Others may have similar skills, but your story belongs only to you.

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Way to Handle Stress Throughout Job Interview

a certain amount of stress can actually help you ace the interview and that there are some effective responses you can use to keep your stress levels down.

Because a job interview isn’t something that we encounter very often, it’s important to fully prepare for it. Consider some of the standard questions your interviewer may have: What do you already know how to do? What do you consider to be your strengths? What might be a weakness that you’ve had to address?

Practise your responses: Your stress level will be manageable and can even provide the energy you need to respond to unexpected requests from your interviewer.


While you can’t ask for a do-over, corrections can be made. When you realise that you forgot to say something important, you can still correct the omission. If you’re still in the interview, it’s always possible to say: I just realised that I hadn’t mentioned

When your stress levels skyrocket during an interview and your mind goes blank, here’s what you can do:
Take a deep breath and take a moment to compose yourself. It’s okay to reply with, Ah, let me think about that for a moment or Could you rephrase the question

Regain some confidence by remembering that you are interviewing the organisation just as much as it is interviewing you. You do have some control over the conversation and can (and should) ask questions of your own.

 If you tend to sweat it out literally or figuratively, make sure you’re dressed comfortably, in clothes and shoes that allow you to breathe easily and to focus on the subject at hand.

Anxiety

If you’re freaking out before the interview, remind yourself of your value and ability to learn additional skills. If you tend to suffer from anxiety, consult a career couch or a counsellor. Remind yourself that you might not necessarily get the job, but you’ll know that you’ve done your best to ace the interview.
Finally, remind yourself that stress in an interview is not only normal, it’s necessary. Take the edge off through practice beforehand and by successfully managing your stress in real time.

Having nailed down what you want to say, you’ll be ready to take that deep breath and manage any unexpected challenges.

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WAY OF ACCOUNTING CAREER

All of these areas require a bachelor’s degree, status as a Certified Public Accountant, expert-level knowledge of Generally Accepted Accounting Principles (GAAP) and, in most cases, a few years of experience. Other needed certifications are noted in each category.

Forensic Accounting

Those who go into forensic accounting combine accounting expertise with the investigative skills of a detective. The need for such a skill set is enormous. The average company loses 5 percent of revenue each year to fraud, according to a 2016 study from the Association of Certified Fraud Examiners. The study found the total loss of revenue reached $6.3 billion worldwide.

Forensic accountants typically gain experience as a general accountant for several years before making the move into a forensics department. They are employed in a variety of organizations. Those include certified public accountant businesses, government departments, insurance companies and law enforcement agencies.

Those wishing to go into forensic accounting can also benefit from education in law enforcement. They require familiarity with a number of financial-related crimes. These include white collar crime, insurance fraud, money laundering schemes, contract violations and securities fraud. Most also earn designation as a Certified Fraud Examiner.

Business Valuation

Savvy accounting firms have increasingly moved into business valuation in recent years. As the United States population ages, more people require an accountant to properly value assets to aid with estate planning, wills and transfer of businesses to family members. All this requires an accountant familiar with evaluating businesses, assets and the pertinent tax codes.

Business valuation also plays a critical role in valuing assets for larger organizations, particularly during a merger or acquisition. Business valuation accountants must have expert-level knowledge in assigning value to sometimes hard-to-define assets. They also need expertise in interpreting financial statements, cash flow models and determining the sale value of a company.

Most accountants specializing in business valuation also have years of experience as a general accountant. Many also seek certification from agencies such as the American Society of Appraisers and the National Association of Certified Valuation Analysts.

Managerial Accounting

Accountants who specialize in managerial accounting work with top executives and focus on extracting actionable information from an organization’s finances. They provide information on both past financial activities as well as models to project future profits and expenditures.

Much of their focus typically is on modeling financial projections based on strategies under consideration by top management at an existing company or an entrepreneur starting a new business. For example, managerial accountants provide information that helps business leaders decide what to sell, how much inventory to keep on hand and the proper price point for a product or service.

Those who enter the field typically obtain Certified Managerial Accountant designation. Equally as important is in-depth knowledge of how a business functions and the overall market conditions of an industry. They also need an understanding of the decision-making process underpinning capital investment, structure of operations and risk assessment.

Soft skills also are important in this area. Because they work with executives who are typically outside the accounting field, managerial accountants need to excel at communications and clear, concise methods of reporting findings.

Financial Accounting

This area involves work that is most often associated with the accounting profession. Unlike a managerial accountant, who works internally with executives in the decision-making process, financial accountants prepare public reports on a business’ activities.

These include the four major financial statements: cash flow, balance sheets, statements of retained earnings and income statements. For publicly held companies, these reports are filed with the Securities and Exchange Commission and made public.

Expertise in tax codes and government regulations is a must. Financial accountants must also have skills in the different reporting strategies (accrual method and cash method) and, if a company does global business, with International Financial Reporting Standards.

All four of these areas provide a potentially stable and lucrative career path for accountants.

No matter how much technological advances are brought into play in business, cash flow and money management remain the life blood of any organization. That simple fact means accountants will always be needed. And those who specialize in important areas may well find themselves in demand.

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Develop Your Body Language for a Successful Interview

Preparing for an interview is one of the more stressful events for any professional, regardless of experience level or job title. You've been told to research the company in advance, practice your answers and prepare good questions. Another aspect of the interview to pay attention to is your body language; it's important not to cross your arms, slouch or avoid eye contact.

While it's critical to say the right thing in an interview, it's also important to realize that your body language will communicate an enormous amount about you. It will demonstrate your level of confidence in yourself, your interest in the position, even your ability to perform in the new position. With this kind of pressure, and so many elements to consider during the course of the interview, it can feel overwhelming to have to consider your body language, as well. Here are a few tips that will help you attend to your nonverbal communication while you're selling yourself during your next interview, performance review or even client sales call.

Practice makes perfect. Start paying attention to your body language now, don't wait for the interview. If you are currently working while you job search, pay attention to your body language when you talk with co-workers, superiors and employees. Notice how you sit during meetings and what you do with your hands and arms during business occasions like dinners. Are you sitting up straight or do you tend to slouch? Do you speak in a confident tone with direct eye contact or do you tend to look down instead? If you are currently unemployed, pay attention to your body language with your family and in social situations. First, notice how you're coming across and even better, ask for feedback. Find out how friends, family and co-workers perceive you by asking those close to you that you can confide in and trust.

Then practice improving your body language, as often as possible, in every situation. For example, if you find that you don't like to make eye contact, make an effort to meet someone's eyes when talking to them. Of course you don't want to stare, but brief moments of eye contact show that you can connect with others and that you are sure of what you are saying. If you normally slouch, sit up and sit forward when making an important point to show you're confident and engaged in the conversation. And if you have a habit of crossing your arms, make an effort to unfold them and leave them at your sides. If that feels strange, try gesturing instead. If you're a woman and tend to play with your hair when you get nervous, hold a pen instead during a meeting.

Whatever habit you may have, if it belies the fact that you're nervous, you come across as less confident, and less believable, as a result. Have a close friend or family member help you with your body language when at home, as well. Practice your interview questions with several people, attending to your body language. Get their feedback. The key is to train yourself to always have body language that indicates you are open and confident.

Prepare in advance. When you have prepared well for a job interview, including your research, responses and questions, that makes it easier to make a good impression with your nonverbal communication. When you have prepared your responses well, you will feel more at ease and confident. If a question catches you off guard, you'll be more comfortable pausing for a moment if you've prepared. If you find yourself getting nervous, take a deep breath to keep your nerves at bay and ground yourself again. Taking a breath to get grounded in your body again will help you remain calmer and present. It will also give you a better demeanor overall which will improve your body language.

Be organized. It is important to prepare your answers, but it is also important to prepare and organize your materials. You should have everything organized and easily accessible, including your resume, your reference list or even your presentation, so you're not scrambling around to locate them.

Imagine that you are rummaging through your portfolio trying to find your resume in the waiting room or even worse, during the interview. What would your face and body language look like? Not positive. If the hiring manager sees this, it most likely would not be a stellar moment, and you wouldn't be making the first impression that you want to get the job. As part of preparing for the interview in advance,

collect and organize your items at home before you leave, in a way that you can easily reach for what you want at the right moment.

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