Saturday, 30 November 2013

Logistics Management Relations with the Balance Sheet

Logistics can affect the business balance sheet in many ways.  It is important to improve the shape of the balance sheet through better use of assets and resources. Listed below are some balance sheets elements and how it links to the each of the relevant logistics management components.

Balance Sheet
Logistics Variable
Assets
·         Cash
·         Account Receivables
·         Order Cycle Time
·         Order Completion Rate
·         Invoice Accuracy
·         Inventory
·         Inventory
·         Property, Plant and Equipment
·         Distribution Facilities and Equipment
·         Plant And Equipment
Liabilities
·         Current Liabilities
·         Purchase Order Quantities
·         Debt
·         Equity
·         Financing Options for Inventory
·         Plant and Equipment

Friday, 29 November 2013

2014 Medical Cost Trends

medical
There are inflate and deflate medical cost trends that are expected in 2014. The deflate trends are:
  • Moving care outside of hospitals and to mobile health services and clinics in a bid to reduce costs.
  • Employers need to offer better health plans with more options when it comes to the deductions.  Consumers make more cost conscious choices when they are required to pay more for their healthcare
  • Waste is being focused on thanks to the federal government now giving penalties for readmissions. The penalties have seen waste in health care drop and this is expected to continue.
  • Walmart and big employers are contracting big name healthy systems to provide costly procedures such as heart surgery.
The inflate cost trends are:
  • It is expected that the increase in expensive complex biologics will increase spending trends.
  • Higher prices are expected in some of the markets in the health industry caused by consolidations and hospital mergers
  • Consumers are looking for value, and this is the same for consumers spending on healthcare.

Thursday, 28 November 2013

2014 Automotive Consumer Trends

auto
Here are the top ten automotive consumer trends that are expected to have a global impact in 2014.
  1. Random acts of kindness – consumers want the human touch so random acts of kindness are a great trend to watch. Providing a surprise gift is a great way to connect with consumers.
  2. Urbanisation is one the huge trends expecting to stick around for the next ten years. Urban consumers tend to be more daring and liberal; they are experienced and will try new vehicle brands eagerly.
  3. Pricing and social networking networks give consumers instant ways to find offers and discounts. They can do this even while out and about at a dealership. Take advantage of this trend by offering online discounts, flash dales and pricing based on real time supply and demand.
  4. Emerging Markets are drawing the attention of many American and European car companies. Consumer spending is growing and is expected to continue to rise.
  5. Online Status symbols such as online badges to use on social network profiles is growing as is location games, contests and achievements marking the progress of the vehicle owners.
  6. Transportation is no longer just about getting around; it’s about improving the quality of life of the consumers. Health apps being built into cars are a trend to watch and take note of.
  7. There are different automotive internet users, twinsumers and sociallites. Twinsumers have regular habits, similar likes and dislikes and a good source of recommendations on where to buy cars. Sociallites spend time broadcasting lots of information about the vehicles and their experiences.
  8. Consumers want to be flexible, they need instant transportation options open to them. Planned spontaneity is expected to rise in 2014 with consumers looking to sign up to transportation services so they can mingle as they please with friends and families.
  9. Green consumption is a major trend that consumers care about. Vehicles need to be functional, have excellent design and costs yet be eco-friendly.
  10. Car sharing and vehicle pooling programs are on the rise. Consumers want access to a car or vehicle but don’t want to have the full cost or responsibilities of full time care ownership using leasing and financing services.

Wednesday, 27 November 2013

Ways to Manage Your Inventory

inventory
The process of overseeing the flow of products and services as they move in and out of the company is called inventory management. The way you manage your inventory is up to you, you could use one technique or mix and match techniques that fit in with your business and organisation. Here are ten ways you can manage your inventory:

Get help from suppliers
Supplier managed inventory gives you the access to the inventory data of the distributor. The supplier is the one who creates the purchase orders to meet your needs. It can be a process that helps remove data entry errors and can be used to manage the timing of purchase orders.

Inventory Control
Hiring an inventory control specialist is an efficient method to choose. They merchandise the items in transit and on hand and can make the necessary adjustments, manage the returns, sort out the received merchandise and carry out the reporting.

Inventory Level Management
If you have high levels or inventory your expenses and overheads are increased. You can reduce these expenses by monitoring the levels of stock and cutting back on buying slow moving products.

Lead Times
The lead time is the time it takes you to receive stock once it’s been ordered. These times vary and you must develop your lead time reports so you know how quickly you can replenish your stock and when the orders need to be made.

Customer Deliveries
Measure the turnover and delivery turnaround times do you know how much you sell and how long it takes for your customers to receive it.

Inventory consultant
You can use the services of inventory consultants who help you manage your inventory systems. They will help you to ensure there are no mistakes, take control of the cycle counting, shipping and receiving and also manage the order picking.

Software for Inventory Management
Designing and investing in software to help manage inventory can be very worthwhile. You can develop the database to fit in with your company.

Tracking
Tracking is useful to monitor the turnaround delivery times and manage your inventory. Tracking systems do very but they all help to organise the levels of stock and take cycle counts in stock rooms or in your distribution centres.

Turnaround of Products
It is almost impossible not to have items that sit on shelves as they are slow to move. Set up a system that will help you identify the items that are quick sellers and work out which ones don’t move quickly a nd cost you money as a result.

Work in Progress
You can make use of other products by reworking it to create a new product. You need to track the work in progress materials and make sure orders are correctly adjusted before production is slowed down or the inventory level gets too high.

Tuesday, 26 November 2013

How to Open Your Own Clothing Line

retailbusiness
You have the talent and the passion to make clothing. You know your designs have a market so all you need to do is start selling them. You may see yourself attending runway shows and featuring in Vogue but before you reach dizzying heights you have a lot of hard work ahead of you. Designing clothes isn’t all that goes into creating a clothing line, but if you have the determination you can make your dreams a reality, and here’s how to get started.

Developing your Idea
You will need to work out what you want to achieve from your clothing line. Are you in it for fame, for profit or simply as a way to express yourself? Do you want your clothing line to become a full time career or do you intend to keep working and have your line as more of a hobby in the background?

Work on Your Vision
You will need to answer some questions in order to develop your vision:
  • What’s your style?
  • What should your designs say about your brand?
  • Who are your customers?
  • How much do you want to charge for your clothing?
  • Does your clothing bring anything new to the market and can it be marketed?
Discover Your Niche
Everyone needs a niche market if they want to stand out and not get lost in the crowd. Focus your brand on one key area for now, you can always expand with time when you have a loyal customer base, regular income and more money to invest in diversifying your brand.

Think up a Name
Picking a name isn’t easy as it needs to be something that will target your customers, be creative but not obscure, be memorable and work with your vision. Once you come up with the name it will be used in your logo, you’ll also need to:
  • Check the name is available
  • Register your trademark
  • Buy your domain name
  • Set up all your social media accounts
Starting Your Business
A clothing line is a business and you will need to set up your company. The laws differ between countries so you will need to discover the necessary procedures depending on your location. In most areas yo u’ll need to register with the government or state and obtain a tax ID and you may require a licence.

You’ll need a good business plan and work out all the set up costs, running expenses and projected profit. Additionally you may need to acquire funding such as grants or bank loans so you can start the ball rolling. Remember to do your research into your audience and make sure there will be a demand for your clothing. Once you’re up and running a lot of your time will need to be spent on marketing as well as designing and manufacturing your clothing and delivering to your customers.

Designing Your Clothing
Without designs you can’t have a clothing line so designing is obviously a vital part of your business. You will need basic design skills at least, and be able to design patterns, sew, sketch and have some textile and fashion knowledge. It can take up to 24 months to design an entire line, starting from the research process and ending with the manufacturing and marketing of your clothes.

You can hire a fashion designer if you don’t have the skills required to design clothing. You can find plenty of willing designers who are looking to use their talents. Make sure you pick one who has come from a prestigious fine arts school to help develop your credibility and make sure their talents fall in line with your vision for your clothing line, brand and target market.

Production Time
Once you have the designs they are sent to a pattern maker. You can do this work yourself but often this work is outsourced. The pattern maker will then be able to send the patterns to manufacturing and the manufacturers will send all the finished clothing to the shipping department. Shipping is the ones that will send out the orders or store the garments until they are sold.

Production Planning
You will need to know who is doing what, the costs involved, what needs producing and how many should be produced. The production plan will also include:
  • Thinking about who to hire such as seamstresses and technical designers
  • Using quality materials
  • Creating samples
  • Marketing using the samples to try and generate orders 
Hiring the Clothing Manufacturer
If you don’t have the means, time or skills to manufacture your own clo thing you’ll need to hire a manufacturer. They will use your designs and transform them into the final products for sale. There are loads of manufacturers out there; you just need to search for them which you can do by:
  • Searching for clothing and textile factories
  • Global searches on Google using the term ‘clothing manufacturer’
  • Alibaba clothing manufacturer global trade
  • California Department of Industrial Relations, the garment Manufactures Registration database
Before you choose a manufacturer you will need to establish if they’re right for you. You can do this by asking about the cost of what you need from them, their turnaround times and if samples are provided.

Marketing Your Clothing Line
You can do everything right in the designing, production and manufacturing departments but still fail if you don’t get your marketing sorted out. You have to find some free marketing strategies that you can use and consider spending out on strategies too. The free strategies include:
  • Word of mouth
  • Social networking
  • Writing blogs and press releases to distribute to papers, websites and bloggers
The strategies that aren’t free include:
  • Paying for advertising on and offline
  • Holding competitions offering free clothing
  • Sponsoring events
  • Marketing materials such as brochures, leaflets and flyers
  • Hiring a PR firm
Selling Your Clothing
You gave some options on how to sell your clothes. You may want a physical store or to sell your line to a retailer. If you are looking to sell your line you’ll need to book an appointment so you can show your designs and samples. You will need to be very organised as many retailers buy their goods up to two seasons ahead of time.

You can also sell online using your own website and trading websites such as eBay and Etsy and Amazon. You'll need to take excellent photographs and provide a lot of information to encourage online buyers to buy from you.

Working Out Your Pricing
When you work out how much you need to charge for each garment you must take the following information into account:
  • How much the materials cost you
  • The salaries you pay yourself and your employees or freelancers
  • Costs of advertising
  • Manufacturing costs
  • Expenses for your business such as equipment, utilities and supplies
It’s not going to be an easy task but don’t throw the towel in at the first hurdle. If you’re prepared to put the effort in and start getting your hands dirty you could one day be the next big name in fashion.

Monday, 25 November 2013

Accounting Department Six Best Practices

accounting best practice
Practice #6 - Multipart Invoices Reduction

Do you ever wonder why some invoices are similar in size of that of a small magazine? The reason for this is often because they have so many different parts. The top two copies normally end up being sent on to the customer while the remaining parts are filed away alphabetically and filed by invoice number. Another copy is then forwarded to different departments such as the customer service teams so they have a copy they can access if they are contacted about the invoice.

Having multiple copies of invoices is problematic and may cause printers to jam up due to the thickness and time required to file each invoice away. There may be errors in the filing system and multipart forms are also expensive to create. To avoid all these problems, simply reducing the amount of invoice copies you print off.

Create one copy for the customer and one copy to be retained within the company. By adopting this method the printer problem will decrease and the cost of each invoice is reduced along with the time it takes to file and send the other copies.

If you’re used to have many copies filed in various locations, the change to the new system can be daunting. However, it’s worth realising that the accounting department will appreciate the change as they will have less filing work to deal with. For the other department who need occasional access to these information, set up a read-only access computerised system so that they can access the invoice but in a more efficient and paperless way.

Sunday, 24 November 2013

KPIs for Reverse Logistics by Industry

Aerospace & Defense
• Total repair/refurbishment costs
• Time from defect detection to correction
• Total return/exchange costs
• Logistics costs per return or exchange

Consumer Goods
• Product returns/exchanges as a % of sales
• Logistics costs per return or exchange
• Total repair/refurbishment costs

High-Tech Manufacturer
• Total repair/refurbishment costs
• Product return /exchanges as a % of sales
• No fault found rate
• Logistics costs per return or exchange

Industrial Equipment Manufacturer
• Number of defects per new product
• Logistics costs per return or exchange
• Time from defect detection to correction
• Total repair/refurbishment costs
• Warranty claims processing costs

Medical Device Manufacturer
• Total repair/refurbishment costs
• Number of defects per new product
• Total return/exchange costs

Telecommunications / Utilities
• Total repair/refurbishment costs
• Time from defect detection to correction
• Number of defects per new product



Source: Aberdeen Group, January 2007

Saturday, 23 November 2013

Customer Service Measurement Metrics

The main purpose of customer service is to deliver a complete order, on time, without errors, and free of damage. There are several different metrics that companies can look into using to measure the overall customer service performance.  They include:

Complaints Handled:  The number of complaints measured against the total number of orders.
Customer Order Cycle-Time: The amount of time that a company needs to process and deliver an order.
Customer Service Cost:  The costs to receive and process customer orders relative to total sales.
Delivery/Transit Time:  The amount of time it takes from shipment to customer receipt.
Error Rates:  The number of errors on an order per a specified number of orders.
Freight claims:  The number of claims measured against total number of orders.
Inquiry Responsiveness:  A measure of how timely companies respond to customer inquiries broken down by phone, email, letter and online.
Inventory Turnover Rate:  A measurement of inventory relative to sales either in dollars, cases, or CWT.
Logistics Cost:  Total cost of all operations from customer order to delivery of products
On-Time Delivery:  Measurement of the amount of shipments that are delivered by the original specified due date.
Order Delivery Cost:  Percentage of costs to deliver product relative to revenue from sales.
Order Processing Time:  The amount of time taken to receive and enter an order into the system.
Order Shipment Cost:  Total cost to process and ship orders relative to total sales.
Product Availability:  A percentage measure of products shipped vs. products ordered by cases, lines, and total.
Product Damage:  Product damaged relative to total product shipped.
Shipment Processing Time:  The amount of time taken to assign, fill, and ship the order.
Shipments per Order:  The number of shipments it takes to complete an order.
Shipped on Time:  The percentage of orders that are shipped to the customer within the stated cycle time

Friday, 22 November 2013

Accounting Department Six Best Practices

Practice #5 - Eliminate Month-End Statements

The employees responsible for printing and sending invoices to customers each day also need to make end of month statements. The month end statement includes all of the invoices that have been issued but not been paid to date. The statements are thought of as being useful as a way to remind customers what they need to pay, but in truth many of the statements are ignored and often filed away or thrown out.

Account payable clerks who receive the statements usually will not have time to chase up any missing invoices that may be highlighted on the statement. Rather than chasing up the missing documentation often they simply wait for the supplier to contact them directly about their specific invoices. This usually resulting on time wasted on statement being sent out while forcing additional workload on the supplier and not the customer who is responsible for paying the account.

What can you do to avoid this problem? It’s simple, stop printing and sending out month end statements. Not only will you save time and effort but cost on a system that has very little use and activity with little value. You will also be able to reduce the workload of those involved in collections and reduce time on systems that simply will not provide you with the result you’re hoping for.

Thursday, 21 November 2013

Accounting Department Six Best Practices

Practice #4 -  Computerize the Shipping Log

When there are no computerised links leading to the shipping dock there are usually sequences of events that lead up to the creation of the invoice. These include:
  • Copies of the packing slip and order form and manually sent to the accounting department from the shipping dock
  • The information is used by the accounting staff to create the invoice
While the system can work, it does lead to some problems. One of the main problems with the manual system is lost documents leading to the accounting department failing to create an invoice. The other issue is the length of time for the customer to receive the payment can be delayed leading to longer waiting times for payments to be received. Finally data entry can be problematic as the accounting department need to manually enter the data onto the system and this increases the chances of mistakes being made, collection issues and incorrect shipping quantities.

The solution is to ensure the shipping department provides the direct data entry at the point of shipping so that it removes the risk of delays, loss of documents and the accounting staff making data entry errors. Computerise system are required in the shipping area for this to work. There may still be risks such as the shipping staff making errors in the data entry but the risks are reduced as they were the ones who dealt with the shipment.

Once the computers are networked with the company system and linked to the accounting department, all shipping staff will need to be trained on how to input the data and work through the system and use the software chosen by the company. This is a system that is easy to deploy in most cases, unless a complete overhaul and new introduction if technology is required. Even so with training and investment the method can be of great benefit and will greatly improve the way the accounting department and shipping department work to reduce errors in billing and help maximise their work efficiency.

Wednesday, 20 November 2013

Activities:Royale International Group at The City Ground, Nottingham

The city ground

Continuing our relationship with Championship football side Nottingham Forest FC, Royale International proudly sponsored the October 19th meeting between Nottingham Forest and AFC Bournemouth at the City Ground. The day’s events included a pre-match walk around the ground with a number of former players and staff. Royale International Director, John Fawcett, also had the honour of choosing the man of the match which was awarded to Forest centre back Jack Hobbs. The game finished 1-1 with Bournemouth scoring a very late equaliser but a great day out was had by all and we look forward to welcoming Forest over to Hong Kong again in May to participate in the upcoming Soccer 7’s tournament.

Accounting Department Six Best Practices

Practice #3 - Automatic Data Entry Errors Check

Data entries errors are problematic for everyone and can lead to quick escalation of problems. One problem for example is when incorrect invoice billing addresses are filled into the system, resulting in the collection staff to send a new invoice copy because the customer never received their invoice. Another problem is if the quantities or prices are entered incorrectly, the customer will have a good reason to avoid paying the invoice on time which will lead to requiring collection staff involvement to resolve payment issues.

Preventing data entry errors is therefore something that needs to be addressed in advance possibly by utilising computerised checking methods. These computerise method will set criteria that needs to be fulfilled during the data entry process such as having set fields allowing for only so many digits or fields assigned to set states and cities can be used or if prices that seem unusual, it will be highlighted and immediately flagged to be corrected before allowing going any further in the creation of the invoice. Some system also checks past customer’s records with newly inputted ones. 

Whether you choose to purchase a customised program accounting system that you can maintain in-house or a third party software’s that can be purchased, removing the need for the programming to take place in-house.   These computerised systems will require some significant programming process to get up and running but that doesn’t mean they aren’t worth investing. While the setting up of the system may seem like a lot of trouble, the value can be seen in reduced errors and improved cash flow from the successful invoicing and payments collection.

Image attributed to: freedigitalphotos.net cooldesign

Tuesday, 19 November 2013

Accounting Department Six Best Practices

Practice #2 - Send out Electronic Invoices

Traditional invoice processes are long winded and prone to mistakes and there’s always the risk of invoices being lost in the mail. You can improve your accounting by switching to push electronic invoicing instead. This involves sending all invoices to all customers via email.

In order to use this system you’ll need to collect the email addresses of each customer when the transaction is placed (or the verification of their current email if they’re a returning customer). An invoice form is used and the email address is attached to it. The invoice is digital and not based on paper, saving money and time. Once the invoice is created it can be sent directly to the customer immediately, without waiting for the postal service. It’s a fast system and may lead to much faster payments.

While electronic invoicing is much more efficient there are some issues to be aware of when adapting to this new system.
  • Customers changing email addresses
  • Accidental invoice emails erasing by customer
  • Only computer records are available with no invoice paper trail.  For those organisations where collections are based on paper records, they need to make use of the accounting database. 

The best way of dealing with these issues is by careful customer analysis. Flag any customers that consistently cause problems with the system and create a paper based system for them. You can also reissue emails which have no costs involved, just clearly mark all reminders to avoid customers feeling they are being changed multiple times.

Monday, 18 November 2013

Accounting Department Six Best Practices

Practice #1 - How to Avoid Missing Billings
Did you know that one of the biggest problems for the accounting department is missed billing. This is when a service has been provided or a product has been shipped and no invoice has been provided to the customer.

There are all sorts of contributing factors that can lead to such a simple yet costly mistake, but obviously the main one is a hole in the process that sends information from the sales department over to the billing department. If missed billing presents problems in your business here are few techniques you can use to minimise the issue:
  • Ensuring orders are entered in the standard system – Walking orders through to departments rather than using the system leads to errors. The computer has no record of the transaction and therefore billing is missed. Educate all sales teams to always use the computerised system to make official logs of sales.
  • Ensuring no changes are made to billable hours after the time has closed – Staff sometimes log on to change their billable hours once the billing period has ended. Set up your system to ensure logging in is not possible once the billing period is over.
  • Ensuring all timesheets are entered on time – Set up a system for timesheets to be handed in and make sure you don’t leave it to the end of the month before chasing up your employees.
  • Using automatic reminders – setting up automatic time keeping system to send email reminders  to anyone failing to enter their time sheets in on time.
  • Keeping shipping notices separate – Sometimes billing get stuck together or stapled together the notices can easily be missed. Batches need to be cross checked daily by second billing clerk to ensure shipping notices are not stuck together accidentally.
  • Formalising shipment authorisations – For free sample deliveries entries, get the marketing department to  issue sales orders through the order entry system for all free deliveries to make it easier for the accounting department’s documentation tracing.
  • Having a system for on-site pick-ups – Direct customer pick-ups to a shipping dock so the shipping department can handle the “customer delivery” process and avoid missed billing.

Saturday, 16 November 2013

Supply chain risk management stages of excellence

Dimension
Stage 1
Stage 2
Stage 3
Stage 4
Responsibility Level Functional or departmental skills
Business unit
Corporate (chief risk officer)
Extended enterprise (board level)
Scope of risk Market risks (foreign exchange credit, commodity)
Property or safety risk
IT security
Market risk
Property or safety risks
Operational risk
IT disruption
Easily quantified risks
All enterprise risks
Business continuity
Country risk
Key business processes
Day-to-day risks
Strategic risks
Operational resilience
Global business environment
Organisational or cultural component of risk management
Risk mitigation tools Financial derivatives, property insurance
Incident data and trend analysis
Supplier contract reviews
Self-assessment
Contingency planning
Scenario analysis
New business and new venture audits
Risk adjusted performance measures
Advance warning systems
Back-up of processes as well as data
Quarterly drills that include key partners
Motivation Follow regulations, reduce financial exposure
Avoid operational disruptions, avoid costs of accidents
Protect brand image, maintain earnings stability
Create competitive
advantage, generate
shareholder value
Update to risk plan Never
After major incidents
Annually
Quarterly
Supply chain Buffer inventories
Excess capacity
Alternative suppliers
Recovery plans – select
scenarios
Co-ordinated forecasts throughout supply chain
‘What if’ modelling
Agility: products and processes
Supply chain
transparency
‘War gaming’
Dynamic reserves of
critical components
Collaboration Focus Internally
Communicate policies to suppliers
Collaborate with suppliers, industry associations
Lead industry initiatives,
collaborate with
government


Source: Supply Chains in a Vulnerable, Volatile World. Copyright A.T. Kearney, 2003.

Friday, 15 November 2013

Creating a More Efficient Billing Operation

If you’re in need to improve your billing operations we have some best practices to share with you. The best practices are divided into three categories:
  • A group for accurate information for the invoice
  • A group that covers the efficiency of the invoicing operation
  • A group to establish the method of invoice delivery to the customer
  • By following the practices in these groups you can greatly improve your billing operations. By doing so you benefit by:
  • Avoiding late payments and missed bills
  • Removing inaccuracies that can result in late payments or unhappy customers
  • Increase cash flow
  • Improving customer service by delivering invoices to suit individual preferences
The best place to start is by looking at your current operations to discover any problem areas. While it’s a good idea to carry out the three categories of best practices, knowing where your weaknesses lie will certainly be advantageous to you. Next week we’ll be looking at the groups of best practices for accounting in greater detail, be sure to check in to see if you can benefit from our tips.


Thursday, 14 November 2013

Best HR Industry Practices – Part Two

Today we are looking at several HR practices that can be easily adapted to any company. By putting these practices in motion you’ll find your company creates an excellent workforce full of happy and motivated employees.

Knowledge Sharing
The more knowledgeable your employees are the better your company will be. Be prepared to provide plenty of training and ensure everyone is given the knowledge they need to succeed.  When you spot someone doing something right be sure to share their skills and ideas with the rest of the team so everyone is kept in the loop and obtains the right skills that are beneficial to the company.

Praising Success and Rewards
When your employees do something of excellence, achieves great results, smashes targets or comes up with great ideas make a big deal of it. Let the entire company know about the successful employee and show there are benefits to working as hard as possible. Use an in-house newsletter or notice board for this advertising of excellence.

Regular Meetings for Useful Discussions
Your employees will be full of opinions and ideas so you need to set up a system that will allow you access to these useful ideas. The best way to do this is by encouraging open discussions. You can do this by holding regular meetings within the various departments and by bringing everyone in the company together once a month so the different departments can mix.

Adding Some Surprise
The day to day boring activities of the company can be broken up by an unexpected surprise every now and then. Give a surprise reward to the whole office such as an outing or a late lunch or treat one person to a reward if you feel they deserve it or need motivating.

Wednesday, 13 November 2013

Best HR Industry Practices – Part One

There are some companies that manage to retain their employees while others have a fast turnover of staff. Aside from tracking the 20 common HR metrics, it takes some excellent HR management to ensure employees remain happy and wish to stay with one company rather than leaving and looking for pastures new. Here are some of the best HR practices that can be extremely useful when trying to keep the team motivated, productive and satisfied.

Improving the Work Environment
If the workplace is pleasant to spend time in the workers are going to feel happier about being there. Each employee needs to feel important and given the security they need. By improving the environment and the general feel in the workplace it’s less likely your employees will feel the need to move on.

Improving Management Styles
Employees hate to be kept in the dark so it’s beneficial to ensure the management is open and honest with the entire team. All aspects of the company and the work day should be laid on the table so there is a sense of trust developed. The added benefit of open management is to show each employee the vital role they play within the entire organisation.

Offering Incentives
Hard work needs to be appreciated and one way you can show your appreciation is by offering incentives.  It’s a good idea to customise incentives based on each employee in order to improve production rates. Not everyone is inspired by extra money in their pay packet so think up other incentives such as time off, vouchers or gifts or even access to the best parking space in the lot for a month.

Giving Feedback and Evaluation
You cannot expect your workers to give it their all if they have no idea what you think of their performance. Feedback is essential for helping employees to discover areas that they are excelling at and areas that need working on. Use the feedback to help everyone improve and offer tools and assistance to those that require it.

The evaluation of your employees is an excellent tool that tracks individual performance within the company. Each employee should attend a regular review where they are also given a chance to raise any concerns or ideas without risk. Return tomorrow for some more excellent HR practices.