Month: February 2021

Categories
MSME

Tamil Nadu Unveils New Industrial, MSME Policies To Boost Industrial Growth and Create Employment in the State; All You Need To Know About the New Policies

Chennai February 17: With an aim to boost industrial growth by attracting more investments, the state government of Tamil Nadu launched new industrial and MSME policies. The new policies are aimed at providing further impetus to the growth of industries in the state by attracting more investments and also offering sops for development in the industrially backward districts. Tamil Nadu  Chief Minister K Palaniswami launched new industrial and MSME policies on Tuesday. Under the new Industrial Policy 2021, the Tamil Nadu government targets to attract Rs ten lakh crore investments in four years and create employment opportunities for 20 lakh people by 2025 in the state.

All you need to know about the new MSME policies in Tamil Nadu:

  1. The MSME (Micro, Small & Medium Enterprises) Policy targets new investments worth Rs 2 lakh crore and job opportunities for 20 lakh people by 2025.
  2. The Chief Minister said that the MSMEs capital subsidy will be increased to Rs 1.5 crore from the present Rs 50 lakh, adding that the state has attracted a total investment of Rs 6.85 lakh crore in 10-year period.
  3. Apart from achieving an annual growth rate of 15 percent in the manufacturing sector during the policy period, the policy has set a target to increase the contribution of the manufacturing sector to 30 percent of Gross State Value Added (GSVA) by 2030.
  4. The scope of projects extends to industrial units, sunrise sectors, R & D projects, industrial park developers, warehousing and logistics, and FDI investments (relocation projects).
  5. Among the numerous benefits, the policy encourages investors to choose their structured incentive package model providing higher flexibility Apart from encouraging balanced regional industrial development, it encourages higher participation of women, differently-abled, and transgenders in the workforce, according to the policy document.
  6. Speaking on the occasion, the Chief Minister said the Industrial Policy would further reinforce Tamil Nadu as an ideal global investment destination while the MSME policy would give a further fillip to entrepreneurs in the next five years.

Adding further, Palaniswamai said that several concessions including land at 50 percent discounted price, will be provided to the entrepreneurs starting ventures in the 22 industrially backward districts, including the southern districts, Dharmapuri, Perambalur and Nagapattinam.

Meanwhile, the chief minister laid foundation stones for six industrial estates of TANSIDCO in various districts that would help generate employment to 13,300 people, besides SIPCOTs four new industrial parks on an extent of 3,977 acres at Manapparai, Manallur, Oragadam, and Dharmapuri.

As many as eight completed projects were inaugurated eight with an investment of Rs 3,377 crore and employment potential for 7,139 people, an official release said. Totally 46 projects for an investment of Rs 33,465 crore that would ensure jobs to 2,19,714 people were launched.

Also, MoUs for 28 projects entailing an investment of Rs 28,053 crore were signed, it said. These projects, including a Rs 4,684 crore project to manufacture mechanical enclosures for mobile phones by Tata Electronics project in Krishnagiri, announced earlier will create employment for 68,775 people, the release said.

Categories
HR & People Management

4 Employee Engaging Factors to Retain Top Performers in a Company

Employee Engagement

Employee Retention! While hiring the right talent in the organization helps it to grow, retaining the same talent helps a company to attain its goals. As millennial have become a major part of the workforce, employee retention has become paramount for most of the organization.

According to a survey report published in Forbes, “60% of millennials were open to a new job, while 21% had switched jobs within the prior year”.

“Approximately 50% of the organizations admit to encountering difficulty in retaining employees, and 70% have trouble replacing the former employees who leave” according to the survey.

Today, top performers are just a LinkedIn message away from finding a new job in a rival company. Employee turnover is costly and leaves a negative impact on the organization.

If your company is also struggling with the retention of employees, here are 3 essential employee retention factors that you might be ignoring:

  1. Work Schedule Flexibility

The old clock-in, clock-out is the concept of the past. With the recent pandemic situation, the companies have realized that an equal amount of work can be done remotely as well. Employees today value flexibility and the employers must prepare themselves for a new workforce`s sense of individualism.

  1. Health & Wellness Benefits

Not only free coffee and food, today, but employees also give more preference to workplace wellness. More than 60% of waking hours are spent at the workplace. So, the workplace has a huge impact in shaping employee lifestyle, overall health, and eating habits.

Hence, a gym membership reimbursement or a health spending account simply shows that employers care about their employees` health and well being

  1. Appreciation & Recognition

When milestones or targets are achieved, are your employees rewarded or recognized for their contribution? Rewarding an employee for his immense contribution throughout the year will make them feel appreciated.

However, most of the managers forget to often do that. The reason behind it is not only ignorance but also the poor employee management system. So, it leads to an environment where the top performer doesn`t feel like going the extra mile.

  1. Employee Engagement

Most of the HR personnel feel that employee engagement means organizing an event filled with fun activities on weekends. Though that too is a good idea, it doesn’t help in the long run. Assigning your workforce with creative assignments or projects is what promotes employee engagement.

Giving monotonous projects or work that lacks creativity is the best way to have a top-performing employee looking for an exit.

With the surge in demand for highly-skilled employees, hiring managers need to be realistic about working smarter and harder to retain their valued employees. The grass is always greener on the other side, especially when employees are getting more flexibility, money, or interesting projects.

Want to know how you can enable your HR department with deep knowledge and insights that will help you retain your prized employees? Take our Problem Solving Courses. Click here to know more: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Business motivation

4 Planning Tips for Events with Small Budget!

Planning-1
बिज़नेस प्लानिंग

Events come in all shapes and sizes. Some events have bigger budgets, while others come with restricted budgets. Most people believe that to make an event successful, a whopping sum of money is required. However, they could not be more wrong!

Events that have smaller budgets are no less impactful and successful, provided the planner knows how to plan, smartly. Even with a tight budget, you can make a strong impression and get your message across, loud and clear to your audience.

If you are struggling to plan a low-budget event and worried about how to begin, here are some key guidelines on how to plan it:

  1. Book your Venue Early

Venus is the most important item on your check-list. And, if you are planning a low-budget event, selecting a venue plays a crucial role. Finding a suitable venue is considered to be the hardest thing, and with a limited budget, it becomes trickier.

To avoid extra expenses for an event, book your venue early. Plan smartly and find out if off-season dates can work out for your event. You can get a good bargain by choosing less popular dates.

  1. Food & Beverages Costs

Unless the event is a culinary event, you can reduce the expenses by providing food & drinks that are good but not-so-fancy. To organize an event with limited budgeting requires out-of-box thinking. So stay away from the conventional approaches and think more about cost-effective ways.

  1. Use your Bargain Skills

With low-budgeting events, there is one thing that comes in handy- your bargain skills! By keeping your budget in mind, try to negotiate with your suppliers. Think about the long-term business opportunities and offer them opportunities to extend the business beyond just a one-off-event.

  1. Make your Event Tickets Easy to Buy

Maybe you are organizing a charity event or an event for fundraising. So how will you ensure that it is attended by people in great numbers? By making it easier for your target audience, to purchase the event tickets from the comfort of their home. You can also use your website to sell out the event`s ticket.

If you are planning a new event, there are multiple ways to make it successful. With our “Everything about Entrepreneurship” course, you can learn how to start your own event management company with a small investment budget.

Do not miss out on this opportunity to become financially independent by becoming a successful entrepreneur. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Startup

4 Tips For Selecting a Powerful Business Name for your Startup!

business name

“What`s in a name?” is a beautiful quote said by none other than William Shakespeare. But, he didn’t know at that time how important a role a name plays in one`s life and especially in the business world.

Ask the entrepreneurs, and even Shakespeare will have to agree that choosing the right name is extremely important.

Entrepreneurs often struggle when it comes to picking up the right business name. The wrong name can do more harm than good to your business. It can play a major role in the disconnection between a customer and your business.

In contrast, a powerful business name can be extremely helpful in building your brand`s image. So if you too are having a nightmare about picking up the wrong name for your business, here are some magical business name tips just for you:

  1. Select Easy-to-pronounce & meaningful names

Yes, having a fancy business name might sound cool and all. But, if your potential customers won`t remember it, will it serve the purpose? Not really!

You do not want your target audience to get confused when they look for your business name online. Hence, keeping it simple will not only provide more visibility to you but will also ease the search process for your customers.

  1. Pick a name that is as diverse as your business growth

Imagine if Jeff Bezos had picked the name “EBooks” instead of “Amazon.” So, always pick a name that aligns with your business growth and expansion. You might be starting with one product, but if you have the vision to go into a distinct range, the name should be in the alignment.

Avoid choosing a name that could limit your business to a particular product or a particular city, as it may cause you problems down the road.

  1. Research well!

No one would like to get into legal hurdles at the beginning of a startup. Entrepreneurs avoid legal hurdles like a plague! So, if you have zeroed-in on a business name, do a web search on it. Generally, you may end up finding someone who is already using that name. While that won`t be a total showstopper, you might get time to do some more research to avoid conflicts.

  1. Domain Name

When choosing a domain name for your business, always pick “.com” rather than alternatives such as .net, .org, .biz, or other domain extensions. If you are thinking about the reason behind it then customers tend to associate a business website with the “.com” domain with a more established business.

Customer perception plays a crucial role in the success of a business. Hence, getting your business name right is the first step to building a powerful brand. Come up with 5 to 10 names and ensure that the name sounds good when said aloud.

With our “Everything about Entrepreneurship” course, you can learn what else is required to ensure the success of your startup. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
MSME

Champions: MSME Ministry’s Grievances Redressal Portal Resolves 26,693 Complaints in 9 Months

MSME Ministry (Photo Credits: Wikimedia Commons)
MSME Ministry (Photo Credits: Wikimedia Commons)

Champions, Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength, the online portal started by the MSME Ministry to resolve and redress grievances pertaining to the Micro, Small and Medium Enterprises has been able to resolve over 26,000 complaints in a span of nine months. Through the online portal 26,693 issues were resolved uptill January 31, 2021, MSME Minister Nitin Gadkari recently said in the Parliament session. The redressal forum was launched in May last year. Its was undertaken to function as a a grievance registration and management system for MSME issues pertaining to finance, raw materials, labour, regulatory permissions, among others especially after the COVID-19 outbreak and the subsequent lockdown.

The web portal allows various micro, small and medium enterprises, its employees, associates and other stakeholders to register their complaints, suggestions or seek information around the support provided to MSMEs. Grievances that are registered by MSMEs either on the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) or any other portal of the MSME Ministry automatically gets taken up by the portal at- champions.gov.in. MSMEs in Haryana Get Major Boost! Products Manufactured by MSMEs in the State To Get Global Market, Talented Artisans To Benefit.

The grievances registered on this portal are then diverted to relevant government office, agency depending upon the nature of the complaint and are attended within three days. The matter “should not remain inconclusive after seven days” the MSME Ministry’s Secretary AK Sharma had said during the launch of Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength in May 2020. For unresolved complaints, the “top leadership of the MSME Ministry” will “pro-actively take up,” he had added. Credit Guarantee Trust for MSEs: Over 8 Lakh Entrepreneurs Get Credit Guarantee Under Scheme Run by MSME Ministry and SIDBI.

Enhancing the usage of portal, the MSME Ministry had also integrated its ideas.msme.gov.in portal to the redressal portal. It was done to share ideas and innovation for public reviews for vetting before sharing them on the Champions portal. Along with it, the ministry had set-up a Champion Control Rooms at MSME Development Institutes across India to handhold MSMEs in accessing support available through the portal.

Categories
Marketing

Social Media Marketing: Follow These Low Cost and Effective Tips to Promote Your Small Business on Facebook

Facebook Marketing| Representational Image (Photo Credits: Pixabay)
Facebook Marketing| Representational Image (Photo Credits: Pixabay)

Businesses, in the present scenario, are highly dependent on social media on promoting its product and services, and also ensuring wider reach. As a huge section of population is on various online networking sites, digital marketing has become an utmost important component on any firm’s overall marketing and promotional strategy. It has become easier to interact with potential customers over the social media platforms. A business can effectively engage in one-to-one communication with people, understand their preferences and ensure quick response to their queries. It also helps a firm to receive immediate feedback from the customers about its product and service, thereby providing quick redressal to their grievances.4 Breach-Proof Ways to Protect your Company`s Sensitive Data against the Cyber-attack!

One such highly popular and used social media platform is Facebook. People from almost all the age groups use it on a regular basis. Promoting business on Facebook can increase the firm’s reach mani-folds and build itself into an online brand. There are various strategies for small business to promote their business on the platform and earn customers. Here are some low cost and effective tips for promoting Small Business on Facebook :

Make a Facebook Page for Business:

The first step of promoting the small business on Facebook is by making its page on the platform. Firm should post all information of its product and services, including features, cost, description, usage among others on the page. It should also post attractive pictures of the offering on the Facebook page. Discounts, rebates and other sales promotion schemes offered by the business should be regularly updated on it. Businesses should try and make the page as attractive as possible. 5 Steps Companies should take to Improve Diversity at Workplace!

Post regularly on Facebook:

The age old saying on ‘Out of Sight, Out of Mind’ works equally well on the social media platforms as well. Businesses should regularly post about themselves, their product, services and offers on Facebook. It helps to create a place for the brand in the people’s mind, who might convert into actual customers.

Use Multimedia Posts:

One should keep experimenting with the posts on social media. Firms should not stick only to text or images but also use different multimedia elements. There is a wide range of varieties to chose from. This includes audio, video, visuals, GIFs, text, infograms, interactive data tools, 3D pictures among others. It helps to attract attention of the customer to the product.

Engage with the Followers:

Most important thing on all the social media platforms, including is Facebook, is engagement with the followers and creating a presence. Firms should post interactive content including polls, contest, events, online interaction among others. They should also ask customers to review their products and services online. If a customers comments on the post, immediately give a positive reply to it. All these makes customers valued.

If the small business has a sound budget it can also go for Facebook Ads and paid promotions online. Facebook and other social media platforms provide a golden opportunity for businesses to promote its products and services and have a wider reach. Firms should totally cash on it.

Categories
Technology

4 Breach-Proof Ways to Protect your Company`s Sensitive Data against the Cyber-attack!

cyber attack

As work-from-home becomes the new normal, businesses are restructuring their work-from-policies to ensure the security of client data.

From the hacking of the 2018 Winter Olympic games to the recent scam with NDTV`s well-renowned journalist Nidhi Razdan, it`s clear- digital domains are the new battlefronts. Though the companies are taking the required preventive measures, the cyber threats on global brands like Delta Airlines, and Best Buy proves that no matter how large or small, companies are still vulnerable to emerging cyber-attacks.

According to the report of CSO`s State of Cybercrime 2017, ‘by the year 2021, the cybercrime damages will cost the businesses around the world $6 trillion annually as the unfilled cyber-security roles will have tripled. ‘

The key findings from the report clearly state that in the coming years every Tech business will actively protect their businesses against cyber-security threats.

So how can you ensure the privacy and security on the internet for your business? Let`s have a look at the most successful ways to protect data in an organization that will ensure data security:

  1. Update Latest Security Patches

The best way to protect your company`s data is to ensure that your tech professionals are keeping up with the latest hardware and software patch updates. To complete tasks in time, your employees may not update their software because they do not want to be interrupted. Hence, to ensure online privacy protection, you must implement an updated patch plan.

  1. Encryption of Data

From encrypted hard drives, phones, USBs to data encrypted before its transfer to a cloud system, data encryption has become an integral part of the protection of sensitive information. Businesses in today`s world have become vulnerable due to the rise of remote work. With devices frequently leaving the safety of secured networks, encryption ensures that the data remain inaccessible in case of theft or loss.

  1. Invest in Emerging AI solutions

AI or Artificial Intelligence is growing and expanding its branches with each passing day. Integrating AI with security plans can provide you with many benefits.

  1. Create a Response Plan

A cyber-attack or a data breach can prove a lot costlier than we can anticipate. Hence, creating a breach response plan will ensure that your tech professionals how to deal with the situation, in the worst scenario. A response plan will help companies adequately store their data, fix vulnerabilities, and also notify the tech professionals.

With the rise of many startups and small businesses, India is experiencing a ‘data revolution’. Protecting sensitive information has become more essential than ever. By applying the above-mentioned tips, you can ensure the protection of your company`s data.

Apart from the data protection, businesses might throw some uncertain challenges that can catch you unprepared. Find business templates meant for entrepreneurs just like you. Manage many aspects of your business with the minimum investment of time and money with our Everything about Entrepreneurship course. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
HR & People Management

Latest Amendment in labour laws: Employee Compensations May See Major Changes!

labour law

India, which is one of the most labour-intensive countries in the world, has finalized rules under the four labour codes, or laws that will take effect from April. The country has finally taken a leap-of-faith and codified 29 of its national-level labour laws into 4 codes.

The Ministry of Labour and Employment will complete the process of bringing the latest amendments in the four new labour codes soon that will provide the companies with the flexibility of four working days in a week. However, there will be a maximum of 48 hours of work in a week.

Most of the labour laws in India are almost 70-80 years old. The economy of India has changed considerably since then. Hence, this is a bold and progressive move by the government as these age-old labour laws in India needed to change.

According to the latest amendments in labour laws the new definition of ‘wage’ will exclude pension and PF contribution, statutory bonus, HRA, conveyance allowance, overtime and gratuity. If these exclusions result in more than 50% of an employee`s CTC, the excess amount will be added back to the wage for calculation of social security benefits.

Once these codes will be implemented, the companies will have to restructure the employee compensation packages or CTC. The companies will also have to modify an employee`s CTC because under the new rules, all travel allowances such as house rent, leave travel, overtime, and conveyance, have to be capped at 50% of the CTC.

The Code on Wages was notified by the government in 2019. However, the remaining 3 codes- the Industrial Relations Code 2020, the Code on Social Security 2020, and the Occupational Safety, Health and Working Conditions Code 2020, were approved by the government on September 29, 2020.

The newly introduced codes appear more as an act of consolidation rather than reform. The codes mentioned in the new reforms will bring several changes that employers in every sector, location and size will need to scrutinize closely.

Want to know how you can restructure the payroll through an effective HR management? Take our Problem Solving Course that will help you to understand the in-depth knowledge related to Human resource management. To know more about this course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
HR & People Management

Employee Performance Evaluation: What is it & Why it is necessary for an Organisation?

Employee Performance Evaluation

As 2020 winds down, employees all across the world are gearing up for their annual performance reviews. The past year has been like no other in human history.

Covid-19 has made certain targets unattainable while presenting a lot of challenges for both employers and employees. This has also forced employers and employees alike to adopt creative ways to stay relevant and productive. As a result, 2020`s performance review must also put the past year into consideration while reviewing employee`s performance.

Why employee performance management is necessary?

Performance management, if applied constructively can establish a channel of continuous communication between employers and employees. The main goal of effective performance management is to increase the overall employee productivity and efficiency to attain organizational goals.

With some simple tweaks in the process and mutual honesty, employee performance evaluation can become a valuable tool for managers and team members, equally. Here is how you too can adapt and improve employee performance:

  1. Set Performance Standards

Setting out clear performance standards for employees in a specific role can provide a clear understanding to employees about their roles and responsibilities. The same standards should apply to every employee who holds the same position.

Always ensure that all the performance standards should be achievable and they should match with the person`s job description.

  1. Set Specific Goals

Unlike performance standards, specific goals should be set for each employee by keeping their capabilities into consideration. Goals are specific to the strengths & weaknesses of the individual employee. They can further help them to enhance their skills or can encourage learning new ones.

  1. Focus on Employee Potential

While evaluating an employee`s performance, always focus on the future and the potential that an employee holds. Avoid criticism of past mistakes as the lessons learned from them are invaluable.

  1. Avoid Comparing Employees

The purpose of an employee evaluation is to provide feedback to every staff member against their Key Performance Indexes (KPIs). Comparing one employee with another will not only lead to unhealthy competition, but it can also lead to employee dissatisfaction.

Creating a productive environment for employees is essential for the development of an organization. Always ensure that an employee evaluation is a two-way street in which both the evaluator and the employee can exchange their perspective.

However, feeling a bit overwhelmed with employee performance management is common. Get adequate knowledge related to Human Resource Management that will help you increase employee engagement, efficiency, and productivity as well. To know more about our HR Problem Solving Course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
HR & People Management

Steps For Human Resource Department Of A Company To Handle a Harassment Complaint At Work

harassment

The human resource department has to deal with a lot when it comes to satisfaction of a company’s employees. Helping the employees solve their issues while adhering to the company norms especially makes the task challenging at times. One such particular situation which is very fragile and demands very careful considering is harassment against the employees. This becomes even more complex when the issue is related to a case of sexual harassment at the workplace. In spite of having company laws towards the act, the HR department is expected as well as supposed to act in a very fair and just manner, so that relevant action is taken. It is best to break down the entire procedure into several steps to ensure the needful is done at the best of the capability of an organization at the earliest. Here is how a successful HR manager can handle sexual harassment cases:

Considering and recording a complaint: Be it official or unofficial, the HR department should consider every case related to sexual harassment to be recorded. Sometimes an employee might not be comfortable in communicating the issue via mail but instead choose to communicate verbally. In some other instance, the HR department may get to know about the incident through a second person, most probably a colleague or friend of the person who has faced harassment. The HR department must in such cases register and record the issue as a complaint of sexual harassment without any second thought.
Creating a safe environment: As soon as the complaint is received, it is crucial to create a safe environment for the person who has been harassed before any investigation begins. Moreover, there may be other people who have been harassed by the same alleged harasser but couldn’t come up. Thus, it is the first and foremost responsibility of the organization to put the alleged harasser at a distance from the person who has been harassed. Some of the ways of doing this could be to work from home, leave without pay, or shift the harasser to another location.

Informing both the parties: Both of the parties involved i.e., the person who has been harassed and the person who has been alleged for harassment must be informed about the steps the HR department will be taking in order to proceed with the investigation.

Investigating: It is important for the HR department to have an impartial perspective throughout the investigation. There is a need for the HR Department to have a fair look at both sides of the coin. This not only prevents missing an important part of the conversation but also prevents any false accusations.

Getting to a conclusion: Depending on the investigation, the HR and organization need to take very strict action so that it sets an example of zero-tolerance against any such activities. Make sure you take an action according to both the company norms and the laws set by the local government on the issue. These may include termination or pursuing a legal case against the harasser.

Communicating results: While the harasser will know the result as the organization takes an action against it, the HR department needs to keep the person who was harassed informed about the steps that have been taken to ensure the safety of that particular employee, other employees, and ensure no such incident occurs in the future.

Following up: Regularly follow-up with the employees including the complainant, victim (if both are different) to ensure that they are feeling safe at the workplace and if no such issue is being continued.
Sexual harassment is a delicate issue and needs to be handled very carefully. In such a case, the HR Department is required to work responsibly. HR department often faces challenges in relevance to the satisfaction, safety, and happiness of its employees. The Human Resource Problem Solving Course guides organizations on how they can fulfill their role. To know more or to register https://www.badabusiness.com/psc?ref_code=ArticlesLeads