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Strengthen the Behavioral Competencies of Your Employees

Behavioral Competencies

Today, the employees are not just expected to have professional skills and knowledge but a good behavior. Certainly, in this world, everything works on links. There have to be proper links and only then a business can grow significantly. If your employees are not effective and good at behavioral competencies, it might be a setback for your business. After all, sometime or the other the staff members have to interact with the clients and business associates, and in these instances, if their behavior is not good, that would be a loophole in your organization.

Since it is the case, more and more organizations have started investing in Behavioural assessmentWell, you are not going to be the first small organization to wonder what really these behavioral competencies are and what relevance they might possibly have in your business. But before you terminate them, it would be good if you know them well.

What are behavioral competencies?

In simple words, it is all about how strong or weak your employees are in the working setup.  It can be the strength and powerful point of people in the working space. All the staff members you have possess different behaviors or skills. What if you can define what type of behavioral competencies your candidates have?

Exactly, once you assess the behavior of your candidates, you can easily bring the change in them you want.

You might already be searching your staff’s behavioral competencies that too without even knowing it. As an example, when you hire someone you usually draw up a list of wanted qualities you would like them to possess such as analytical skills or customer-facing skills. Various competencies will be more vital in some roles than in others. In case you have sales consultants, then a wonderful telephone manner might be much more relevant and crucial than strong organizational skills. Of course, organizational skills might be beneficial for somebody on a personal assistant designation.

Being a small to medium company, it might be challenging to track such types of behavioral competencies. It is simply because there is no unshakable method of gaging them. These are not at all quite as perceptible as targets.

However, these things play a vital role in recruitment, workforce planning, training, and development. It might interest you that behavioral competencies are mainly divided into different categories like individual competencies, motivational competencies, interpersonal competencies, analytical competencies, and managerial competencies.

When are behavioral competencies significant for your business?

There are plenty of instances where behavioral competencies can turn out to be really useful within your business.

Have a look below:

  • It is effective as a common language.  It means if you can describe the behavioral competencies that are significant to your organization in detail so that the employees can understand what you really want and what is required, then you would have a common definition. What it really means in practice is your staff can comprehend what is needed from them even if they begin to work in a different team or with the different set of colleagues because the competencies in the organization stay the same.
  • You have to work on the development of staff too. In case you identify successful qualities and competencies that are needed for outstanding performances by your staff members then you can form a list by which you can easily assess them. You can then scale your staff against those and make a plan for their development activities as per the areas they are weak at. It can be monitored through their daily appraisals managed using a good appraisal system.
  • Then there are objective types of recruitments too. On the basis of your experience of specific roles, you’ll know what types of competencies are required for someone in that role to be fruitful. You can then make a list those competencies that you need and use them in the collection process.
  • You can measure the potential of your staff. The way you can make use of behavioral competencies to assist with assessing where your staff members are at and where they require to improve, you can easily use them to measure their suitability for senior roles. In case you have a list of qualities needed for a specific post, you can easily measure your potential candidates’ abilities against that and if they would fit the role or designation or not.
  • Then behavioral competencies can even turn out to be helpful in forming the basis of a logical career progression by underlining the attributes staff must have to move into a fresh role. They can even help staff in identifying transferable skills. 

The vital thing is to not get much tied up in knots about behavioral competencies – there are chances that you are already taking them into consideration in the context of your employees. You just have to focus on the qualities and traits that you need for certain roles and make use of those as your behavioral competency benchmarks. When you would do the assessment of behavioral competencies in your business, you can easily find out what is there and where you have to focus. You have to be careful about everything and everybody. After all, each employee you have belongs to your organization. If they act in an ineffective manner, that would be a tint on your reputation.

A test would be helpful,

If you are curious about how to assess the behavioral capabilities of your candidates or employees, you can always employ a behavioral test in your organization. The first thing that you can do is you can use this test in your recruitment program. In this way, you would be able to assess the capability of the candidate right at the beginning of the recruitment. Otherwise, if you have promotion time then too you can use this test to assess the behavior of your staff members so as to choose one out of them for the next designation.

Conclusion

Thus, you should think about the behavioral competencies of your employees and your business would surely progress with double speed.

 

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How to Register and Become an E-Commerce Seller on Flipkart?

Flipkart Seller Registration

Having a business but still not convinced with the profits? What if millions of users can see your products without shifting the location of your shop or anything? Now you can increase your business with less-efforts without any loss and extra money expenditure. Noteworthy improvements in technology and the fast speed of growth in the e-commerce sector have increased the number of people buying products online. Among many e-commerce websites, Flipkart tends to provide a great deal for sellers to open up their business. Flipkart Seller registration, Your local business can become nationwide. When you will have an online store, which will be open for business 24/7. Flipkart has an automated order and payment processing system, and sales can happen at any time, and customers can place an order as per their convenience.

How to sell on Flipkart?

Anyone who wants to start an online business product can sell it on Flipkart or can become a Flipkart seller. At first, you have to register your Company to kick-start your business. Company registration and GST Registration are the essential requisites to register and start your online business with Flipkart.

Initial Steps to become a Flipkart Seller

Step 1: Registration of Business Entity

  •  You can register your business entity in Private Limited Company or Sole Proprietorship or any other suitable form of business entity. In Private Limited Company, registration of PAN and TAN is included with the Private Limited Company registration.

Step 2: Registration of Tax

  •    Once you have registered your Business or Company, GST Registration is mandatory to proceed further.
  •    GST registration will provide a unique GSTIN.
  •    GSTIN is compulsory and will provide further benefits.

Step 3: Create a Bank Account

  •   It is compulsory to have a Bank Account in the name of Company or organization to get registered as a Seller on Flipkart.

Procedure to register on Flipkart Seller Portal

Once you have registered your Company and Bank Account is created, you will now have to register on Flipkart Seller Hub. Flipkart Seller registration process is straightforward and can be initiated from the Flipkart Seller portal or can access from this link – https://seller.Flipkart.com

Flipkart Seller Registration Process

The process of Flipkart seller registration has three steps.

Step 1: Visit Flipkart Seller Hub to open an Account on Flipkart Seller Hub or click here https://sellers.Flipkart.com/. You will be redirected towards Flipkart Seller Registration page, there you have to enter your name and email address and submit it. After which you will receive a confirmation email from Flipkart.

Step 2: Confirmation of Details

Check your mailbox for the confirmation mail from Flipkart. In the e-mail, there would be a confirmation link given, click on the link to confirm it. After that, you are required to verify your mobile number for which you will have to provide a complete address with pin code of the place from where you prefer Flipkart to pick your products. When you complete the process, you will get redirected to a new window.

Step 3: Seller Information

You are required to enter information that has been asked by Flipkart for registration. These details are mandatory. You have to give some details to complete the registration process.

  •    Business Details
  1.     Business Name: In this field, you have to enter your business name.
  2.    GSTIN: In this field, a scanned copy of your GSTIN No. is required to upload.
  3.    TAN: Provide TAN no. if you want to claim TDS or else select option “I don’t have TAN.”
  •    Bank Details

Account Holder Name: Account holder name by which you operate your company’s transaction.

Bank Account Number: The account number by which you operate company’s transaction.

Retype Account Number: Retype the account number.

IFSC Code: IFSC code is necessary which is mentioned on the cheque of the account or asks your bank if you don’t know.

Bank & Branch: Fill the name of the Bank and Branch of the company’s account.

PAN Card: The scanned copy of your PAN card is needed to upload.

  •    Store Details

Display Name: The store name of your company should be entered.

Store Description: Write a little introduction regarding the store and the products you wish to sell.

Flipkart takes a declaration if the trademark is not registered or applied, by the seller. If someone else uses and has asked for the trademark, the brand registration will be provided to the other person. It is advisable to register your products under a brand name or trademark to protect yourself from further legal entanglements as once you have established your shop and started making profits then there may be a chance that your brand logo or brand name might get copied or can be used by another person. This might affect your business.

Also Read: How do I become a seller on Flipkart and Amazon?

Flipkart Seller Pricing

Flipkart makes the fastest payments. They have three-tier systems of payments based on the performance of the seller. The payment is made within the 7-15 business days from the date of order dispatch. For Gold Sellers, it’s 7 business days and Silver Sellers it is 10 days, whereas, for Bronze sellers, it takes 15 days. Sellers decide the price of their products they sell and Flipkart charge a small fee on the successful orders.

The settlement amount is determined after the deductions made for marketplace fee, GST on marketplace fee, shipping fee, a commission fee, collection fee and a fixed fee on the value of the item ordered.

Settlement Amount: (The amount that will be credited to the seller’s bank account within 7-15 business days of successful dispatch) = Order Item Value (Selling price and Shipping charge paid by customer and excludes discount offered by Seller) – Market Place fee (Includes shipping fee, fixed fee and selling commission) – GST on marketplace fee(18% of Marketplace Fee)

Conclusion

Registering on Flipkart Seller and selling your products online became very easy after easier access to the internet. Make sure not to indulge in unfair practices and to get yourself registered. Just get the documents that are required by Flipkart. The discriminatory practices can even lead you to get blacklisted by Flipkart under Flipkart Seller Policy. Now gear up, register yourself and start selling.

 

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Why is Private Limited Company Advice for Startups and Entrepreneurs?

Private Limited Company

Are you studying about getting into the business? There are lots of information out there on what you should do before you start a business, but you have to come up with a good idea; you have to know what kind of business entity to form and many other things. Startups and entrepreneurs nowadays get various benefits under the business entity they choose with this we have brought you articles which will familiarize you with multiple interests of the private limited company registration. If your business has an ambition for going international, then it is best to start a private limited company as it can be operated on the international level. For startups to have a strong foundation and raise funds in future Private Limited Company is a stable option.

The critical key point for a private limited company to keep in mind for startups is as follows:-

  1. Private limited company shall have a minimum of two directors.
  2. Maximum 200 and Minimum 2 members are required in Private Limited Company
  3. There is no requirement for minimum capital.
  4. The Maximum number of directors required for Private Limited Company is 15.
  5. If a member of a Private Limited Company age is under 18, the registration document must be signed by a guardian or a parent on their behalf.

Following are the advantages of the Private limited company for startups and entrepreneurs:-

  1. Separate Legal Entity: – An entity means something which has a real existence. A company is a juristic person and legal entity established under the Company Act. A juristic person is a person who is not a human being but a person created under law how can take legal action. The private limited company has the extensive legal capacity which can own property as well as also incur debts.
  2. Limited liability: – The Liability of shareholder or member are limited. No personal assets are at risk as the company itself is fully liable for its debt. If the Private Limited Company makes a loss, shareholder won’t have to pay the loss beyond their Unpaid Share Capital.
  3. Perpetual Succession: – Any change in member or directors does not affect the existence of the company. The longevity of its members does not determine a company’s life.
  4. Borrowing capacity: – A company enjoy better avenues for the borrowing of funds. Many sources of finances are available which increase the source of funds. In turn, increasing credibility which helps the company to grow. Financial and banking institutions prefer to render substantial financial assistance to a company.
  5.  Easy transferability:- In private limited company transfer of the share is easy with no long process. The ownership of a business can be easily transferred by transferring the shares.
  6.  Taxation:- Due to GST, the process of integrating all taxes, the process of paying tax and many more process related to tax has been simplified by Government of India to easy down the burden of tax and to promote startups as this saves the time and energy.

Following are Step to register Private Limited Company for Startups:-

Step 1:- Procure a digital signature certificate

A digital signature certificate is a first step in the registration of the private limited company. The digital signature certificate is commonly known as DSC which is issued by certifying authority with the validity of 1 or 2 years.

Document required for DS:-

  •    Passport size photograph of the applicant
  •    Self-attested Address proof of the applicant
  •    Self-attested PAN Card applicant

Step 2: Obtain Director Identification Number

Director Identification Number is also known as DIN is a unique number assigned by the Ministry of Corporate Affairs to the individual making an application for allotment of DIN with lifetime validity.

Document required for DIN:-

Passport size photograph of the applicant

Self-attested address proof of the applicant

Self-attested PAN Card of the applicant

Step 3: Name Approval

We can file the form for name approval after DIN and DSC are obtained. We have to mention one name and maximum of six names in name approval. It will take 4-5 days for the day of confirmation of name then it is valid for 20 days.

Step 4: Company Registration and Incorporation

For ROC Filing, we have to prepare some Documents and forms. Then file the forms to ROC after getting name approval. This process of preparation and filing of form and get the permission of incorporation from MCA will take approx 5-7 days.

Conclusion

To enter a startup-friendly Indian market a large number of entrepreneurs would incorporate their entities which are expected in the coming years. Any startup would need its very own company and for these Private limited companies are a boon as it has various advantages which makes it a better option for startups as well as for entrepreneurs. After the amendment in the Companies Act, the government is providing more opportunities to the startups to enter in the market by simplifying the rules and regulations. Due to GST the process of integrating all taxes, the process of paying tax has become simple that has to save a lot of time and energy of entrepreneurs and startups for managing the various taxes which has easy down the tax burden. Hope this article helps to understand the advantages of a Private Limited Company.

 

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All The Documents You Require For A Business Loan Application

Business Loan Application

When you start a new small business, there are certain hopes and aspirations that you want to fulfill. It could be to achieve tremendous success, earn lots of money, provide a comfortable life for your family, or earn a reputation in the market. With these dreams in your eyes, you start your journey towards becoming a successful businessman and put in your blood, sweat, and money into it.

You work wholeheartedly to make your business venture a huge success, but it is imminent that after a certain period, you require to infuse new funds into the business. It could be for business expansion or for payment of expenses, whatever the reason might be, the reality of the matter is that your business requires fresh funds on a regular basis.

But what if you are facing a cash crunch at the same time? What can you do? Thinking about scaling down your operations? No, this is not the way forward. Thankfully, you have now the option of availing small business capital loans from various financial institutions operating in the industry. These financial institutions offer you small business loans for a variety of purposes and are an excellent option to supplement your finances. With the rising popularity of smartphones and internet access, small business owners in India are now preferring online lenders that offer instant business loans up to Rs. 5 Lakhs, over other financial institutions.

Rising Popularity of Online Lending Companies

With the rising popularity of smartphones, it was high time for businessmen who wanted to take the pain out of the entire process of availing unsecured small business capital loans. The endless visits to the bank, waiting outside the manager’s cabin, an endless list of documents and questions would just drain out all their enthusiasm and they would be spending most of their day completing the formalities of the bank, rather than focus on their business.

This is where the online lending companies sense an opportunity and took the initiative. Online lending companies have launched their mobile apps which allow the business owners with a turnover of more than Rs. 10 Lakhs in a year to avail unsecured business loans up to Rs. 5 Lakhs with a few taps on their smartphone.

Online lending companies have transferred the power to the hands of the business owners, who can now avail instant loans of up to Rs. 5 Lakhs with a repayment tenor of up to 24 months for any business-related requirement of theirs. All they need to provide is their basic KYC and financial information. With the paperless and flexible procedure employed by these companies, the applications for unsecured business loans are approved and disbursed within a few working hours.

Documents Required for Business Loan Applications

With all the financial institutions striving for transparency in their loan processing operations, the eligibility criterion for a business loan has become very straightforward. You just need to provide you are basic financial and KYC documents for processing the application. The specific documents required for a business loan application vary according to the lender, but there are certain documents that are absolutely necessary.

Here is a list of the essential documents that are required by lenders for processing your unsecured business loan application:

  • KYC Documents: These documents are required to establish your and your business’s identity and address. Aadhar Card, PAN Card, Voter Id, GST Registration, VAT Registration, Rent Deed, Electricity bill, etc. are some of the documents that are required.
  • Income Tax Statements: Most lenders require 3 years of your personal ITR along with business ITR to ascertain your income level. ITR acknowledgment must be accompanied by a computation of income statement for the convenience of lenders.
  • Bank Statements: You would need to provide your savings account as well as current account statement for the last one year. This is required by lenders to check your banking behavior as well as your turnover. It helps them understand the financial strength of your business.
  • GST Returns: Earlier you had to provide the VAT and CST returns but these have now been replaced by the GST returns. If your business falls under the threshold of GST (turnover of more than 20 lakhs), even if under composition scheme, you need to provide your GST returns for last one year.

Also Read: How MyOnlineCA Build Your Legal Brand

  • Business Financials: You would also need to provide financial statements for your business, such as Balance Sheet, Profit, and Loss Account, and Capital Account along with all the necessary schedules and annexures.
  • Other documents: If you have availed some existing loans or using some credit card(s), you need to provide their running account statements along with the repayment schedule.

So, now that you know which documents you would need to provide to the respective financial institution, it would be ideal if you could prepare them in advance and keep them handy at a safe place.

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