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FIND THE RIGHT JOB
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The Benefits provided by a company may vary based upon the job description and the type of organization the employee works for. Providing benefits to employees not only increases their productivity, but also increases their engagement within the company. The right kind of benefits can go a long way in enhancing work performance and efficiency.
Flexible working hours
Giving employees the option of having flexible working hours as against fixed timings comes with its own set of benefits. since employees are given control over how best they should utilize the time given to them, it fosters a sense of independence and autonomy among the employees. They are more likely to put in their hundred percent if they have the freedom to choose when to complete a particular task instead of it being thrust upon them. Flexible working hours also reduce the amount of time spent on getting to work, so that employees can avoid the tiredness that comes with long commutes and just focus solely on their work.
Offering health insurance as a part of your benefits package can contribute to employee retention as well as attract new employees. Employees who have an health insurance coverage are more likely to seek preventive health care which will result in healthier employees and reduced absenteeism.
Vacation/ paid time off
Giving employees some paid time off is essential for them to relax, de-stress, and unwind. Punching in long hours day after day can get exhausting, and without an opportunity to get rest, employees might face burnout at work, bringing down their productivity and efficiency. Taking a short break from work can help employees relieve stress and recharge themselves for the upcoming days of work.
Maternity and paternity leaves are essential if a company is looking forward to retaining resourceful employees. Offering paid maternity and paternity leaves also attracts new talent. It gives off the impression that the company looks at their employees as more than just labour and values their well being, which can increase their loyalty towards the company.
Offering workplace perks to employees is an extremely fruitful practice that companies should adopt. These perks can come in the form of free snacks, meals, or even free hobby classes like cooking classes and so on. This ensures that the employees aren’t fixated on their work in an unhealthy manner, and get a break from their work from time to time. When a company takes the extra step forward to ensure the welfare of its employees, it projects the employers in a positive light and encourages the employees to return to the organization.
A company cannot function effectively if it does not have the necessary financial backing for it to carry out its activities. Without having a set of people who are dedicated towards ensuring that the company can undertake its tasks effectively, a company can easily turn into a lost cause. The finance team is thus that body of individuals who are responsible for ensuring that the company remains financially stable. It looks into gathering funds for the company, handing those funds and strategically planning the ways in which these funds are to be spent.
The most fundamental function of a finance team is to engage in bookkeeping. It is their responsibility to make note of the day-to-day financial transactions in a company, studying them and analyzing them for the company’s growth. They observe and track all kinds of expenses and purchases that are relevant to the company.
The finance team collaborates with the managers and the administrators of the company to prepare a budget for the company and to give financial forecasts. This data helps the administrators plan for the upcoming year and assess their staffing requirements, need for expansion, and their financial status.
REPORTING AND ANALYSIS
The raw data collected by the finance team needs to be transformed into meaningful data that can be understood by those it is relevant to. The team provides the management with a summary of all financial undertakings whose analysis is imperative to the success of the company. They also advise the administration about more efficient ways to ensure the financial stability of the company and make profit. The team also refers to past records about the financial situation of the company to analyze its progress and predict further growth.
ASSISTING MANAGEMENT IN MAKING KEY DECISIONS
The finance department also assists the administration in making important company decisions. The team has an important say in matters relating to potential investments or upcoming projects. A green signal from the finance department is a must for the company to go ahead and pursue desired projects as only the finance team can determine the feasibility of a particular project and the likelihood of its success.
Every company has to pay taxes, and the finance team is tasked with this duty of handling the tax payments of the company. It is extremely essential for the finance department to adhere to the policies and laws framed by the government and to execute task payments in accordance with them.
SOURCING LONG-TERM FINANCING
Apart from focusing on the day-to-day financial needs of the company, the finance team also examines potential sources for long-term financing of the company. This may be done through a bank or debt from a private lender. If the company wishes to attract venture capitalists, the finance department must take up the responsibility of preparing all the documents and data needed to put up a good presentation to potential sources of funding.