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The Paycheck Protection Program Comes as a Saviour for Small Businesses in the US

The Paycheck Protection Program Comes as a Saviour for Small Businesses in the USIn February 2020, the US President set up the Coronavirus Task Force and appointed Secretary Mnuchin to head it. The taskforce and Treasury worked together to provide direct and fast relief to one of the worst-hit sectors of the US, the small business sector. The aim was to provide the small business owners with some fund relief that would help them pay off their employees and keep the business afloat. With this in mind and with the thought of helping American families, businesses, and workers, the U.S. Department of Treasury, along with the Coronavirus Task Force, launched the CARES Act that authorizes $2.2 Tn spend to support the cause.

The CARES Act

The Act is covered by 800-pages that contains numerous provisions, all aimed to provide financial relief to millions of American families and businesses who are suffering the implications of the current pandemic situation. The Act is primarily aimed to:

• Keep American workers employed and paid by providing Small Business Retention Loans

• Help American families with their tax obligations by providing them with rebates, credits, expanded unemployment insurance, and by providing economic impact payments

• Assist in stabilizing the overall American economy

• Provide Coronavirus Relief Fund for Tribal, Local, and State governments

The Paycheck Protection Program

A quintessential part of the CARES act that addresses the needs of the US small business sector, specifically, is the Paycheck Protection Program.

This program is aimed to serve millions of its citizens who are currently employed by small businesses. The program has authorized a spend of $349 Bn which is aimed to be spent towards payments to small business employees and other expenses crucial to keep the business afloat.

Eligibility for the program

• Small businesses

• Sole proprietors

• Individual contractors

• Veterans organizations 501(c)(19)

• Tribal businesses (with less than 500 employees)

• Eligible non-profit organizations 501(c)(3)

The above-mentioned entities are eligible for the Paycheck Protection Program, provided they meet the size standards laid down by the program. Each entity can apply for just one loan against their TIN (Taxpayer Identification Number).

What the Paycheck Protection Program entails?

Through the Paycheck Protection Program, the SBA is encouraging small businesses to keep their employees on payroll and keep the business going. They are doing so by providing small business owners with 100% federally-backed credit through June 30, 2020. This includes up to 8 weeks of forgiveness for sole proprietors, eligible non-profit organizations, and small businesses. These loans are forgivable only if the business owners who take these loans out, retain their employees at comparable pay to what they were paying before the pandemic.

The Paycheck Protection Program also waives all kinds of SBA fees and has allowed deferral on loan repayments for a period of 6 months to 1 year, to reduce the pressure of financial obligations for small businesses.

Small businesses that have been impacted by the Coronavirus pandemic from February 15 – June 30, 2020, are eligible to apply for the Paycheck Protection Program loans. The loans will be available until the stated date of June 30.

How to know how much loan you can apply for?

While the sum of $349 Bn seems like a large one, but given the fact that over 99% of US’s total of 29 million firms are small businesses, the Treasury needs to set strict standards for how much loan can be withdrawn by any applicant.

Therefore, they have categorized the loans as per the duration for which the business stays operable during the timeframe of February 15 to June 30. Each such organization will be eligible to receive 250% of their average monthly payroll spend, during the abovementioned period. Here is a detailed glimpse of this arrangement and how it will pan out for you if you own a small business:

· If you are in business for the complete period as specified by the program, i.e., February 15 to June 30, then you are eligible for the maximum loan bracket of 250% of your average monthly payroll spend for this complete duration.

· If you are in a seasonal business that operates say from, March 1 to June 30, then you will receive 250% of your average monthly payroll spend for this specified period.

· If you are not in business during these months due to the seasonality of your business, or if you went out of business before February 15, then you will be able to apply for a loan that equals to 250% of your average monthly payroll spend, for January and February.

Initially, some businesses opted for the Economic Injury Disaster (EID) loan for the period between February 15 – June 30. These businesses, too, can refinance their EID loan with a Paycheck Protection Program loan. They can also add any other outstanding loan amount to that of their payroll amount and apply for the loan.

Following are the expenses that are eligible to be included in your Paycheck Protection Program loan calculation:

• Overall compensation (wages, salaries, cash tips, commissions, etc.)

• Payment for medical or sick leave, family leave or vacation

• Allowance for employee separation

• Payments towards employment retirement benefits

• Payment for insurance premiums and group healthcare benefits

Further, the following are the expenses that are not included while calculating your loan amount for the Paycheck Protection Program loan application:

• Compensation above the sum of $100,000 per employee

• Compensation for employees whose primary residence is outside the US

• Taxes imposed by the Internal Revenue Code:

• Payroll taxes (chapter 21)

• Retirement benefits and Railroad taxes (chapter 22)

• Income taxes withheld on wages (chapter 24)

• Loans utilized for similar purposes of yet another SBA loan that has already been claimed by the applicant

• Qualified family or sick leave for which credit has already been allowed under the FFCRA (Family First Coronavirus Response Act).

If you are an eligible small business owner who has received the loan, here are the expenses for which you can use the loan and be in compliance:

• Payroll costs

• Rent

• Utilities

• Employee salaries and compensations

• Group healthcare benefit

• Any family leaves for employees

• Insurance premiums

• Interest on other loans accrued before February 15

The SBA will forgive the Paycheck Protection Program loans fully, only if the following three requirements are taken care of:

• Loans received under this program are used exactly for the purposes established by the Act.

• Loans are used to pay no more than 8 weeks of payroll expenses that are eligible.

• Loans provided to businesses are used to pay employees comparable salaries that have been receiving before the pandemic.

For any amount spent that does not meet the abovementioned requirements, the business will be required to pay back the loan matching the same amount. For this amount, the SBA provides businesses with a repayment window of 10 years, at an interest rate of 4%, sans prepayment penalties or loan fees.

To calculate which costs qualify to be included in ascertaining the loan forgiveness amount, you can use the following formula:

Forgivable loan = Payroll costs + Utility payments + Mortgage interest payments

If you would like to be approved for loan forgiveness, then you must contact the SBA or any other approved lender and submit your application complete with documentation that verifies the number of employees you have on payroll, their compensation, and other documents that reflect your payments towards mortgage and utilities.

Please note, that once you claim a Paycheck Protection Program loan, you will no longer be eligible for Employee Retention Credit or deferment in payment of employer payroll taxes till 2021.

While the Act has stirred the market with small business owners wanting to apply for the Paycheck Protection Program loan, as early as possible, the pressure is growing on authorized lenders to study the loan applications and grant funding from the allotted amount. The task is not only demanding but could also lead to human errors given the short amount of time and the thousands of applications flowing in every second.

Lenders working with the SBA to grant loans to small businesses during this hour of need, can automate the process of underwriting and approving loan applications, which will help them churn out loan applications quicker and with higher accuracy.

LendFoundry has added the SBA Paycheck Protection Program workflow in its lending platform and will now allow lenders to originate and service these loans. The LendFoundry platform is now available for immediate deployment.

Contact us to set up your demo of the LendFoundry platform

.

Conclusion

The CARES Act takes a huge and important step towards ensuring public wellbeing by providing individuals with rebates and reliefs to the tune of $1200 for single taxpayers and $2400 for married taxpayers and ensuring that small businesses, that account for 99% of businesses in the US, are not forced to shut down operations and relieve their employees, thus, ensuring income stability to an extent. By taking care of up to 8 weeks (2 months) worth of payroll expenses, the SBA hopes to provide some breathing space to businesses that are trying to keep their operations running while ensuring their revenues are not severely affected.

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6 Important Tips For Effective Logistics Management

In supply chain management, a combination of an efficient workforce, automation of particular workflows, and perfect coordination between various functions is critical to a smooth functioning supply chain.

Above all, there is always room for improvement and boosting business. Each time your business witnesses growth, the key is to proactively look for ways to improve the output by leveraging the resources at hand.

This article looks at some crucial tips that can enable you to manage your logistics more effectively.

Here’s a list of essential tips for logistics management and resource optimisation: Accurate planning:

The first step towards boosting efficiency is planning well. Planning is an umbrella term encompassing multiple factors such as procuring the goods, managing storage facilities, prompt delivery of the cargo to the right destination, etc.

The other crucial factor is the cost involved in carrying out all the processes. A good starting point to plan well is chalk out a detailed flow chart of your end-to-end supply chain operations. The goal of proper planning is to get more work done in the least possible time while simultaneously, driving cost savings and maximising profits.

When we speak of prompt planning, it can be regarding a product, an unprecedented situation, an internal disruption or a disruption caused by external factors such as last moment cancellation of an order, natural disasters and the like.

It’s best to have an emergency plan at hand, which can be executed efficiently in times of distress.

Automate workflows:

Automation technology has transformed how supply chain management operates and is an excellent enabler of supply chain efficiency. These solutions can play a vital role in driving process optimization. Today, several logistics management software that automate multiple workflows have been developed and are widely used.

For instance, these systems can provide automated updates on your cargo’s movement, negotiation rates for you and highlight errors in your operations through advanced analytics.

The software can notify you when goods are dispatched from your storage facility, they attain important journey milestones, face a delay due to some disruption and much more.  

This eliminates the need for manual interference and saves a great deal of time and effort while assuring accuracy.

Similarly, logistics resource management software facilitates a well-integrated supply chain, which means that every party involved in your operation can access the same set of information at all times from anywhere. These are just some of the many reasons that companies are actively embracing automation technology-based platforms.

Relationships first:

Your team is an integral part of your organisation’s growth. It’s the quality of service of every person involved in your supply chain that will ultimately determine your business’s efficiency.

It is imperative that you proactively invest in employee engagement and training. Training workshops at regular intervals can be a great way to keep your employees updated with everything within your organisation and the industry. Remember that you can attain exceptional customer service only via a well-trained and efficient workforce.

Logistics managers with dynamic personality can go a long way in ensuring efficiency for your business through the thick and thin. There are times and situations where all your business needs is a person who can stay calm and make informed decisions. So, invest in developing such employees.

Warehouse facility management:

Effective warehouse management is critical to efficient logistics management. The intricacies in your warehouse management naturally will depend on the nature of your goods.

For instance, perishable goods will have special requirements such as dairy products that may need refrigeration facilities, and food grains will require a moisture-free environment.

A right approach will be to plan your production cycle well so that you have just the right amount of inventory at the right time with minimum wastage of warehouse space.

An important goal is to maximise the storage capacity of your warehouse facility. You can even employ software to optimise space utilisation by sequencing the products well. It will also make it easier to locate goods and minimise the time and effort involved in the process.

Effective transportation:

To cut down on logistics costs and increase profitability, you can analyse your transportation expenses. You can consider revamping your systems and processes to make transportation faster and more cost-effective. Here are some factors that can be considered for enabling efficient transportation:

Route optimization that is determining the best and shortest route possible for each shipment. This will help save time and money.

Proper packaging that allows you to keep the costs low while maintaining the quality of service. Packaging can be optimised in a way that it occupies minimum space and keeps the weight low.

Measure your performance:

It’s crucial to put a number on certain things. You cannot measure or improve your logistics operations’ efficiency without analysing relevant numbers and considering feedback. Every time you adopt a new solution or approach, it’s vital that you effectively measure the results. This is the only way you would know whether a strategy has worked or not worked for you and to what extent.

Your future business goals heavily depend on your ability to measure your performance in the present. So, it is worth investing in a solution that automatically tracks the performance of various aspects of your supply chain and dies the number crunching for you.

Metrics such as which vendors offer you the best rates, which carrier provides the most reliable service, etc. can be tracked. It is only with these measurements and feedback that you can make improvements. Continuously generating new ideas and seeking inputs on the systems in place can help reveal loopholes and uncover hidden opportunities as well!

In conclusion…

To trump over your competitors, you must keep evolving with the industry and leverage the latest technological advancements. While the list of suggestions we have seen in this piece may not be exhaustive, they’re a good starting point for building an efficient supply chain.

The ultimate aim of effective supply chain management is to drive savings and profitability while ensuring exceptional customer satisfaction.

If you wish to learn more about how GoComet’s innovative automation technology can help you implement a cost-effective and agile supply chain, reach us here.

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Reducing Transportation Expenses with Logistics Software

For companies with an import-export oriented business, reducing transportation costs has always been a critical priority. While traditionally cutting down on transportation costs was quite a challenge, various technological advancements have made it possible to manage costs better and drive savings.

Today, there is a wide range of ways in which you can optimise transportation costs, enhance your supply chain procedures and save money for your company.

Strategies for shrinking logistical expenses can range from streamlining inventory levels, optimising warehouse space, mapping shipping networks, optimising shipping routes, investing in improving relationships between suppliers and other stakeholders etc.

A key ingredient in reducing logistics costs is to leverage the latest technology available in the best way possible, and increased efficiency and savings will follow.

Reducing costs with a logistics software

The emergence of automation technology, mobile devices, robots and a spate of other technological advancements are rapidly changing how goods are shipped from one place to another.

Companies are increasingly turning towards various supply chain solutions to leverage the opportunities that have come to life through these innovations. These solutions are playing a vital role in modernising and optimising logistics operations.  

One such solution that is transforming the supply chain industry is logistics management software. These cloud-based systems are helping companies streamline their operations and build cost-effective and resilient supply chains.

This article explores how logistics software can help you reduce transportation expenses while simultaneously revealing growth opportunities.

Why do you need a logistics management software?

Traditionally shippers have been relying on emails, spreadsheets and phone calls to manage their supply chains. However, these traditional practices are not sufficient to get ahead in the market with ever-evolving trade environments, increasing competition and customer demands and rising freight costs.

A logistics management software gives your organisation a toolset that enables you to make smart, informed decisions concerning everything from creating enquiries, negotiating freight rates, routing, carrier selection, shipment consolidation to shipment tracking and more.

Above all, the system eliminates human error scope and enables you to drive high performance with significant cost savings.

Key benefits of a logistics software

Let’s look at how a logistics software can help you save money and operate with more efficiency and agility while carrying out your logistics operations.

Drive savings via process automation

Process automation is one of the most critical innovation in the supply chain industry. It refers to the automation of existing functions via a combination of advanced algorithms and data analytics.

Most logistics software deploy automation technology in various forms to automate functions such as RFQ management, container tracking, warehouse space management, invoice processing and more. This enables you to improve the efficiency of all these supply chain functions and drive savings along the way.

Cut down on shipping and admin expenses

Many companies face the problem of not having enough control over their freight spend. A well-built logistics management software offers insights into where all can you possibly cut down expenses.

The system allows you to view all your supply chain-related costs, contracts, vendors and carrier options and other information regarding your shipments on a single integrated dashboard. This makes it possible for you to gain visibility over where exactly your money is going. Besides, it creates scope for you to figure out where you can save your money.

An excellent logistics software also enables you to benchmark freight rates facilitating better negotiations. Above all, automation of various tasks and functions saves significant time and admin costs.

Ship faster and more efficiently

A logistics software simplifies carrier selection, shipment execution and tracking, load management, dealing with claims and more. As the system enables integrated supply chain management, every person can easily access supply chain-related information. This, in return, helps all your stakeholders stay updated about the location of your goods in real-time.

With the help of insights gained in the process, you and your team can effortlessly clear bottlenecks along the way.  With your transportation operations streamlined, you can stay in touch with your customers, vendors and carriers around the clock and explore new opportunities. All of this, in return, can and will help you drive savings and boost profitability.

Assess performance easily

Lack of transparency over your supply chain management goes beyond simply enhancing processes. Every company with a supply chain is potentially a data factory that generates vast amounts of data at every step.

The best way to drive your operations forward and boost your bottom line is to use the data at hand effectively.

A logistics management software auto-captures data related to every single supply chain function and the logistics analytics dashboard analyses this data for you. It allows you to access detailed analytics on carriers, vendors, customers, drivers, SKUs and more on an integrated dashboard.

The dashboard allows you to define and track various metrics and KPIs. This makes it possible to make informed decisions which facilitate cost-effective results.

A logistics software equips you to monitor driver performance, get real-time updates on traffic and port congestions, access the live location of your shipment. Besides, it helps you manage inventory, optimise routes and enables high performance via increased opportunities for reducing costs.

How can GoComet’s Logistics Resource Management platform help you manage your freight expenses?

We would love to show you what our logistics management platform can do for you! We have built an all-in-one, user-friendly and customisable solution to help shippers like you better manage your costs, streamline operations and drive double-digit savings.

To learn more about GoComet’s innovative logistics management platform, get in touch with us here.

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Importance of Customer Service in Shipping & Logistics

One of the best ways to ensure that your business keeps growing is to work towards improving your customer service. Be it shipping and logistics or some other industry; good customer service is critical to the growth of your business.

When offering a logistics solution, both the parties involved must benefit from the deal. The customer should be provided service that results in nothing, but satisfaction and this should be the case irrespective of how big or small, new or old the customer is. Besides, in shipping and logistics, exceptional customer service would mean consistent good service till the time you work with a particular client.

While exceptional customer service could encompass a lot of things, at its core, there are three critical elements to ensuring efficient customer service; those are as follows:

Clear and open communication

The very foundation of customer service in shipping, logistics, or any other kind of business is clear communication between the customer and the service provider. Especially in the case of logistics, where the customer is dependent on the service provider to know the status of their goods, there must be open and consistent communication.

Open communication in logistics would mean sharing prompt updates on the movement of the goods, informing the customer about when the goods will be delivered, giving updates in case of any delays and disruptions and more. Generally, the level of communication expected by the customer is set right from the beginning. It simplifies the communication process between the parties and eliminates scope for confusion.

Thorough understanding of the industry

One can offer exceptional customer service in the most real sense only when he is equipped with enough knowledge to address each query a customer may raise. Moreover, a mere understanding of the logistics industry is not enough. As a logistics service provider, one needs to study and thoroughly understand the sector of the customer as well.

It is crucial to bear in mind that every industry is unique in its way and that certain goods require extra precaution while in transit. There is no way that you can help your customer with a suitable solution without fully understanding his product and industry. As an expert, it is your job to do your homework and ensure that the best service is provided.

Learn from past experiences

When it comes to offering efficient customer service in logistics, the idea is to minimise unpleasant experiences or disruptions. When offering logistics solutions, it’s essential to assign a dedicated account manager; it helps ensure consistency.

Moreover, it makes sure that all the customer service related to logistics and shipping comes from dedicated contact. This helps build a bridge between you and your customers. It makes it possible to foresee problems and address them efficiently without letting them adversely affect business.

You can always learn from your past mistakes and improve your service. Naturally, more the experience you gain, more refined your service becomes

Remember, customers are your brand makers

Good customer service helps you boosts your company’s brand image. Satisfied customers tend to give positive reviews and feedbacks, which consequently enables you to discover new business opportunities and gain more customers. Undoubtedly, exceptional customer service is the key to running a successful business.

In summary…

Many elements contribute to successful customer service in logistics and service. But above everything comes the willingness of your team to address the queries that your customers may have proactively.

If you are a shipper and would like to know how Go Comet’s Logistics Resource Management software can help you drive savings while building an agile and resilient supply chain network, reach us here today.  

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What is Alternative Credit Scoring & Why is it So Popular?

What is Alternative Credit Scoring & Why is it So Popular? In the finance and banking industry, lenders prefer thick credit files. The thicker the files, with more historical data about the applicants' borrowing history, better are their chances of getting their loan sanctioned, and if they have a good score, they even stand to get a better interest rate.

But what happens when a loan application does not have any credit history? This could be a case when the application is from a fresh applicant, who could be a student, homeowner, retiree, anyone who does not have a proper credit history to reflect. This directly impacts their

credit score

, which does not allow them to apply or be eligible for loans and hence, they are incapable of fixing their credit scores.

This vicious cycle is, unfortunately, one of the best examples of the chicken-egg story. The lack of credit scores of the less and underbanked sector led to traditional banks to refuse their applications and cater to the loan requirements of applicants with thick credit files. This instead led to a major gap in the lending industry. A potentially large segment of the population, across the world, cannot access credit due to the lack of credit score. The

number of unbanked people in the world crosses a staggering 1.7 Bn

which shows that this market holds a lot of potentials if served. The arrival of fintech slowly changed this scenario. In fact, it was as early as the 1990s when alternative credit scoring emerged for the first time. Before that credit scores were generated by data furnishers, like collection agencies and lenders who would share their borrower’s credit information with the credit bureau. The credit bureau would then update this information to the borrower’s credit report. So, when this borrower would again apply for a loan, the new lender would then buy the applicant’s

credit report from the credit bureau

, for their underwriting purposes.

In this entire process, there was no way for the loan applicant/borrower to add any other accounts that could reflect their creditworthiness.

Fintech saw the gap in this process and the rigid credit scoring system and found a way to provide credit scores to even first-time borrowers or people who don’t have a borrowing history for a long time. They did so by introducing alternative credit scoring.

What is alternative credit scoring?

As mentioned earlier, credit scoring was very rigid in olden times with lenders and credit bureaus referring solely to the applicant's borrowing history to ascertain their creditworthiness. This not only makes applicants with zero-credit history ineligible for a loan but also makes them pay higher interest rates on loans they do manage to get, after all.

Alternative credit lending addresses this issue by using current, relatable and easily available data about applicants to ascertain their creditworthiness, such as their digital footprint.

Alternative credit scoring helps people who were incapable of entering the credit system, by giving them easy loans and access into the system, thereby providing them with a much-needed break to start establishing their credit scores. On the other hand, it helps lenders gain access to the underbanked sections of the population, by using alternative credit scores to extend credit to this new target group. This brings down risks for alternative lenders, as well as, lowers the interest rates for borrowers, based on their alternate credit scores.

The core of alternative credit scoring is based on 3 tenets:

• Ability

• Stability

• Willingness

When using factors other than credit scores from past loans, credit scoring companies use the applicant’s social and digital data to ascertain the above three factors, i.e., their ability and willingness of paying back the loan and if they are stable financially to ensure complete repayment.

To put together an alternative credit score, credit scoring agencies use tools that run the following kinds of data through AI and ML-powered algorithms:

• Utility bill payments

• Bank account details

• Telecom payments

• Rental and lease payments

Payments towards these bills and services show the applicant’s intent and ability to pay their monthly dues in a disciplined manner. Often, this portrays a person’s creditworthiness in a much better manner than a traditional credit report would.

This is because the credit ratings reflected on traditional credit reports tend to last for 2-3 years. During this time, the applicant’s financial discipline could have changed for better or worse. Somebody who might be showing a good credit score might be having trouble paying their bills at the current date, and hence they might receive loan approval. On the other hand, a person without a credit score, who’s able to and intends to pay all their bills on time, isn’t able to get a loan because of the lack of credit score.

However, the real-time data, mentioned above, along with business models that deftly analyse the applicant’s behavioural information based on their social media engagements, provide a more reliable credit score for the applicant, than could be measured ever.

The social credit system is a reality in China and the US has largely adopted alternative credit scoring, already. However, in the US alternative data took some time to become a part of the data used for alternative credit scoring due to anti-discrimination laws. But, of late, credit rating agencies have been partnering up with fintech firms to use more valuable and reliable data to create better assessments that deliver accurate results.

Lenders are more likely to gravitate towards those credit rating tools that are known to give the best and most accurate results. This, in turn, will lead to the strengthening of the lending industry and coverage of otherwise unbanked masses.

Keeping this in view,

various agency leaders of the US government openly stated that credit rating in the US has now officially moved beyond the usual traditional factors and methods

, during the December, last year.

What are the benefits of alternative credit scoring?

Alternative credit scoring is extremely beneficial for the lending industry specifically and the finance industry, in general, given the immense opportunities it offers to both lenders and borrowers. Here’s a look into some of the other factors that make alternative credit scoring such a popular concept.

- Improved assessment

Alternative credit scoring is focused on current parameters more than historical data. This makes it a better option for applicants with no credit score, as their report can be generated based on their current financial discipline and habits, as well as, their social interactions which provide a better view of their ability, stability, and intent of paying back the money they have borrowed. As such, alternative credit scoring emerges as the clear winner when it comes to accuracy, as compared to traditional scoring methods.

- Increased market reach

Given the absence of credit scores, a large portion of the unbanked population, along with people with access to banks, but no prior credit record, cannot apply for loans. Even if they do, chances of their loans getting sanctioned are relatively less, as lenders do not want to increase their risk by lending to applicants whose credit history, they are unaware of. Alternative credit scoring has opened up the marketplace for such applicants and lenders who would be eager to lend to this particular target group based on their payment discipline and alternative credit score. This not only opens up a new market for lenders but also provides applicants with more credit options and competitive interest rates to choose from.

- Enhanced customer experience

By using automated alternative credit scoring processes, lenders can minimize loan origination costs and transfer this benefit in the form of lower interest rates to applicants. By using automated processes for underwriting loans, lenders can also significantly reduce bias and errors that are common in manual underwriting.

- Better deals for existing borrowers

Existing borrowers who received loan approvals based on limited past credit information might be subjected to higher interest rates, as they are perceived risky by lenders given their limited credit history/data. But with alternative credit scoring with real-time data using their behavior on past eCommerce purchases, bill payments, bank transactions and more, existing borrowers stand a chance to refinance their loans at better interest rates. Therefore, this not only helps borrowers but also lending firms who use alternative credit scoring, as they can receive additional business in the form of clientele choosing their services over that of traditional lending firms.

- The future of alternative credit scoring

Alternative credit scoring is already a well-accepted model in the US and has helped both fintech-powered lenders and new borrowers a lot by making credit accessible. Industry influencers have predicted that alternative credit score is all set to change the lending landscape in developing countries like India and China. The scope for its growth and adoption is even higher in India where a large part of the population remains unbanked. While lending firms in metros have already embraced alternative credit scoring to provide quick short-term loans to applicants, such as payday loans, tier 2 and tier 3 cities are yet to benefit from the ingenuity of alternative credit scoring.

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Ensemble Performances In A Pandemic

There is no question that the pandemic and the lockdown has taken a mental and physical toll on artists. It has also provided an opportunity for them to come up with innovative ways to keep those creative juices flowing.

Pre-pandemic, the True School Pro Night was a special event that the entire school, especially the students looked forward to. The students spent the 3 months of the term working with their peers and creating original material that they would present to the entire school during the pro night. The Auditorium used to be packed and the energy of the school that night would be something that would be difficult to put in words. As faculty members/ the staff, we would be filled with a sense of pride seeing our students perform. Its a special kind of joy seeing an artist grow in front of you.

The pandemic took this experience from us, however, it did not stop our students from being creative. Obstacles breed innovation and a new type of Pro Night evolved in this phase.

As with most things during this phase, a transformation of the offline to online took place. The Auditorium was the shared screen on our zoom session, the interaction with peers was the chat room and the applause was the zoom reactions. We also managed to do a live performance for one of the songs that did not have a video. We realize that it’s not the same – human interaction cannot be replaced by the virtual world but its what we have right now and we truly cherish and thank technology for aiding us.

Here are some notable ensemble performances of the last term:

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Is employee retention inevitable? Yes, in most cases. Get started on the why. It can help fix niggles in your business operations.

Understanding Employee Retention

Employee retention meaning and definition

The bane of an organization is talented employees leaving it. When an employee decides that their tenure in the company is up and state their decision to move on, it is up to the Human Resource personnel, the line and staff managers, to find out the reasons for the step. This activity, in which the middle to senior management makes efforts to convince the employee in question to continue offering their services to the organization is called employee retention.

For a better understanding of employee retention, read the blog: Employee retention meaning and definition

Employee retention can be defined as the process, including negotiation efforts and resources deployed, to prolong the employee’s association with the organization so that it may progress on its mission.

Does an employee deciding to leave spell doom for a corporation?

In a single word, the answer is no. Employee retention begins with finding out the reasons for the employees turning their backs.

The reasons for leaving could be many. Relocation, personal reasons such as drastic changes in life stages, health concerns, family emergencies or any other. The most common reason is better pay being offered elsewhere, better working conditions, the chance to influence bigger decisions… and the list goes on.

A simple and common example of women leaving the workplace is the incidence of pregnancy. Women with young children might be hesitant about finding their way back into the workplace, especially if the organization does not have new-parent friendly policies for their workforce. When this is the case a clear selling point of a job for such an employee is the child-friendly workplace or one that offers child-care options. Flexible timings, thoughtful managers, and planning can go a long way in convincing new parents to come back to the corporate space.

Another common example is when employees over a certain age come to be regarded as senior employees, and they find it hard to convince employers to value their skills over, say, someone who has entered the workforce more recently and has comparable skills. The resultant disillusionment in which an employed might feel like they have been edged out of the workplace based on ageist factors and replaced by younger employees can cause them to find their way out. As younger people move into managerial echelons, they must find ways to make team members of all ages feel engaged and valued.

Does employee retention have a foregone conclusion?

It helps to carry out employee retention in a kind and mutually beneficial manner even in the event it does not succeed. This is because it is worth going the extra mile to show the employee that their efforts have been valuable to the organization. Employees who separate from the organization on good terms are likely to share their good experiences with their new coworkers and friends. This can attract fresh new talent to the organization and work as a good example of positive word-of-mouth.

Such a state can ensure that the company only has to dip into their reserve of cold-calls, cold-emails, and applicants who come in unsolicited without the HR recruitment cell having to send out messages and recruitment calls. From a man-hour and expense perspective, this is like money in the bank.

This is a prime reason among many others to ensure that employee retention is carried out mandatory and in good faith. However, it helps to remember that the outcome of employee retention itself is not a foregone conclusion. Irrespective of the outcome, it can help in building better awareness of market conditions when employee retention is carried out with active listening. The interviewer must also keep an eye out for what the employee might not be saying, and use knack to draw them out.

Retention is an activity that can go either way. But it is only possible (and recommended) that an employee should be retained only if both the organization and the employee continue to be satisfied by the steps taken. Both parties should benefit from the continued association.

Employee Retention – not as simple as pulling a switch

Retention is not a short-term solution or a ploy to keep a performer from advancing. It is about keeping a value-generating resource inside the organization and showing them that they are valuable participants in the business entity. It can make the employee feel recognized, especially if they had come to doubt the significance of their role in the revenue-making machinery.

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Role of HR in Employee Wellness | Koppr

HR is involved in educating or administering employee wellness programs for the well-being of both, the employee and the organization.

Why does an organization need a wellness program?

Before trying to know why an HR has to contribute or what is the role of an HR in employee well being, let us understand, why an awareness program is recommended for an employee.

Not just from the perspective of the health and wellness of an employee, there are other jargon that can affect your small or large businesses. Employees are major assets of a company, who need more care and awareness on how to handle work and personal life.

To be concise, the wellbeing of an employee is the wellbeing of the entire organization. The wellness programs indeed help employees to make the right decision at work.

There are certain elements in a typical wellness program which include meditation, the right nutrition, consistency, and curiosity over fitness schedules, and it goes on. But most of the time, it is misunderstood by the common health insurance plans and other medical benefits and policies of the organization.

Now let us study what actually is human resource?

What are Human Resources (HR)?

The Human Resource is the key department of an organization that really understands, finds, screens, recruits and trains a job applicant. They are also involved in educating or administering the employee benefit programs for the well-being of both, the employee and the organization. HR also plays an important role in helping the organization as it moves to a faster-growing environment.

Here are some of the major roles of a human resource:

A department that is associated with the company or organization which helps to find, screen, recruit and manage job applicants.

They involve compensation benefits, recruitment, and firing, staying updated with the laws that disturb the company and employees.

In recent times people have switched from in-house administrative to outside vendors as they benefit the organization.

The Human Resource department helps companies with their core values and ethos.

These features make the GoodBudget app so popular among users not just in India, but all around the world.

Defining Human Resource:

As mentioned earlier the Human Resource is the key or even the critical resource of an organization. They focus on employee productivity and ways to improve its standards. They also protect the company from issues that threaten its growth and sustainability.

The Human Resource of the organization takes care of the entire compensation benefits, recruitment and firing processes and keep the organization authorities updated with the judiciary laws that need to be maintained and followed to run the company smoothly.

The following are the key responsibilities of the HR that adds more value to the organization,

Handle and care for the employees of the organization prudently

Develop skills that build individuals as well as the organization

Improve innovation, creativity, and flexibility to improve competitiveness

Involve new approaches to the workplace, career development, and internal organization

These factors complete an entire human resource. All of these improvements and processes do not occur instantly, but they happen over time. And that is why it requires a lot of patience for the organization; hence they hand it over to the human resource to handle them.