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quantzigblogs · 9 months

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Overview of the Insurance Procurement Function

Originally Published on: SpendEdge | Insurance Procurement Function

Insurance procurement is unique due to its risk-spreading nature and preference for selling products to large corporate customers through brokers. Insurers must set aside reserve funding to meet future claims costs. To effectively procure insurance, steps include framing accurate risk profiles, improving coverage, delivering high-touch customer experiences, removing unnecessary costs, and emphasizing the role of insurance brokers as intermediaries.

Insurance procurement is crucial for delivering value.

•Putting a number to how much risk a company is willing to take:

Assessing business risks and inventorying them on a scale of "most important to least important" is crucial for insurance procurement. Risk profiles vary across functions and facets, such as operations, finance, legal compliance, workplace health, and reputation. Identifying and measuring risks is essential for informed decisions in insurance procurement, and insurance analytics and AI can help.

•Making the organization's financial safety net adequate:

Businesses choose risk coverage based on their risk profile, with marine risk cover offering broader coverage against damage or loss. Failing to choose the right cover or top-up insurance can deprive cargo shippers of financial protection. Businesses seek multiple risk coverages to protect themselves against assets' loss or liability, which can be challenging in insurance procurement services.

•Managing the insurance cost crisis:

The insurance industry's rising cost of commercial insurance is causing concern among customers. In late 2022, claims for every $100 of premium income reached $100.70. Factors like inflation, natural calamities, and pandemics contribute to the increase. In 2023, umbrella coverage policies will likely cost a quarter more, while property and auto insurance plans will be dearer by 9-10%.

•Addressing the gap between customer expectations and business insurance:

CPOs require timely data on business insurance policy status and gaps to enhance risk coverage without high premiums. Insurers should provide accurate information on policy status, claim settlement, and risk coverage. Commercial insurance faces challenges in closing customer service gaps, making insurers' high-touch customer experiences a key consideration in insurance procurement services.

•Developing operating models that are more effective:

Insurers struggle to control runaway costs due to factors like diverse product lines, legacy IT systems, and lack of communication. This leads to higher sales costs and significant cost implications for insurers and claim processing companies. Understanding key cost drivers can help CPOs understand the true cost of insurance products and negotiate better deals.

Best strategies for buying insurance

•Create a thorough risk profile for the company:

Businesses face various risks, including fire, theft, natural hazards, accidents, litigation, and cyberattacks. Enterprises and insurance consultants use risk assessment tools to identify and assess the severity of each risk type. These critical risks can significantly impact a business's operations and reputation. Insurance protection is crucial for insurance procurement services.

•Based on actual need, choose an insurance policy:

Businesses typically purchase property, general liability, vehicle, worker's compensation, and product liability insurance. Umbrella policies bundle these coverages at discounted prices. It's crucial to avoid over or under insurance, and consider add-on covers for enhanced protection against natural disasters, human-created disasters, data thefts, and lawsuits.

•To reduce the cost of business insurance, use these modest but effective strategies:

CPOs can lower commercial insurance premiums by reviewing insurance policies, avoiding unnecessary loadings, and considering higher deductibles. Procurement teams should read the fine print, consult with lawyers, negotiation companies, and insurance consultants to find better coverage and lower premiums. Procurement plays a proactive role in insurance.

•Pick the insurance companies with the best customer experience metrics:

Insurers are increasingly focusing on improving customer experience due to the rise of sophisticated insureds with better understanding of their insurance needs. Companies like a leader in motor and travel insurance have switched to AI-based evaluations, reducing claim processing costs and settlement time. CXOs should choose insurers that offer superior customer interactions, AI-based processes, and a high touch.

•Improve the lean cost model:

Insurers face competition from digital insurers, focusing on reducing costs and rejigging revenue models. Traditional insurers have sold off run-off businesses to more efficient ones, while insurers are consolidating back-offices and migrating to lower-cost destinations. Straight-through processing (STP) is cutting out manual intervention, while insurtechs like Lemonade are disintermediating the insurance sales process for direct customer sales via websites and mobile apps.

One-stop shop: How might SpendEdge help modernize the insurance procurement process?

Provide supply-side risks:

Procurement specialists assist insurers in identifying and managing various risks, including financial, operational, strategic, environmental, social, and governance. Their supply-side risk management framework covers analytics, AI, actuarial services, and procurement, including health insurance procurement.

Reduce supply chain expenses while improving performance:

Insurance sector clients collaborate with procurement specialists to improve visibility of industry costs and manage direct and indirect spend, unlocking investment opportunities with optimal ROIs.

Improved procurement discussions:

Negotiations with supply chain partners can be exhausting and lead to poor outcomes. Our experts can use up-to-date data on supplier organizations to negotiate better pricing and payment conditions. This allows clients to focus on core business, providing financial protection and generating surplus.

Success Stories: How SpendEdge's procurement intelligence assisted an insurance customer in reducing risk

A North American property and casualty insurer faced significant cost overruns due to its outdated IT system and poor data quality. This led to lost sales, customer turnover, and increased IT costs. To address this issue, the client engaged insurance procurement experts in June 2022 to develop an analytics-driven solution. The experts suggested centralizing back-office tasks, automating procurement activities, and reducing transactional data sharing. This improved communication, visibility, and operational flexibility, ultimately reducing costs and enhancing overall efficiency.

We will reduce compliance costs and promote digital enablement with our procurement solutions that are specifically adapted to the insurance industry's as-yet unmet needs. Contact us right away for further information.

#insurance #procurement #companies #supplychain

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politijohn · 5 years

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Bernie 2020 - Criminal Justice Reform

End the destructive “war on drugs,” including legalizing marijuana.

Eliminate private prisons and detention centers.

End cash bail.

Abolish the death penalty.

End all mandatory minimums and reinstate the federal system of parole.

Prevent employers from discriminating against applicants based on criminal history by “banning the box.”

Make prison phone calls and other communications such as video chats free of charge.

Audit the practices of commissaries and use regulatory authority to end price gouging and exorbitant fees.

Incentivize states and localities to end police departments’ reliance on fines and fees for revenue.

Remove the profit motive from our re-entry system and diversion, community supervision, or treatment programs, and ensure people leaving incarceration or participating in diversion, community supervision, or treatment programs can do so free of charge.

Rescind former Attorney General Jeff Sessions’ guidance on consent decrees.

Revitalize the use of Department of Justice investigations, consent decrees, and federal lawsuits to address systemic constitutional violations by police departments.

Ensure accountability, strict guidelines and independent oversight for all federal funds used by police departments.

End federal programs that provide military equipment to local police.

Create a federally managed database of police use of deadly force.

Provide grants for states and cities to establish civilian oversight agencies with enforceable accountability mechanisms.

Establish federal standards for the use of body cameras, including establishing third-party agencies to oversee the storage and release of police videos.

Mandate criminal liability for civil rights violations resulting from police misconduct.

Limit the use of “qualified immunity” to address the lack of criminal liability for civil rights violations resulting from police misconduct.

Conduct a U.S. Attorney General’s investigation whenever someone is killed in police custody.

Establish a federal no-call policy, including a registry of disreputable federal law enforcement officers, so testimony from untrustworthy sources does not lead to criminal convictions.

Provide financial support to pilot local and state level no-call lists.

Ban the use of facial recognition software for policing.

Establish national standards for use of force by police that emphasize de-escalation.

Require and fund police officer training on implicit bias (to include biases based on race, gender, sexual orientation and identity, religion, ethnicity and class), cultural competency, de-escalation, crisis intervention, adolescent development, and how to interact with people with mental and physical disabilities.

Ensure that training is conducted in a meaningful way with strict independent oversight and enforceable guidelines.

Ban the practice of any law enforcement agency benefiting from civil asset forfeiture. Limit or eliminate federal criminal justice funding for any state or locality that does not comply.

Provide funding to states and municipalities to create civilian corps of unarmed first responders, such as social workers, EMTs, and trained mental health professionals, who can handle order maintenance violations, mental health emergencies, and low-level conflicts outside the criminal justice system, freeing police officers to concentrate on the most serious crimes.

Incentivize access to counseling and mental health services for officers.

Diversify police forces and academies and incentivize officers to live and work in the communities they serve.

Triple congressional spending on indigent defense, to $14 billion annually.

After a review of current salaries and workload, set a minimum starting salary for all public defenders.

Create and set a national formula to assure populations have a minimum number of public defenders to assure full access to constitutional right to due process.

Establish federal guidelines and goals for a right to counsel, including policies that reduce the number of cases overall. Create a federal agency to provide support and oversight for state public defense services. Authorize the Department of Justice to take legal action against jurisdictions that are not meeting their Sixth Amendment obligations.

Cancel all existing student debt and cancel any future student debt for public defenders through the Public Service Loan Forgiveness Program.

Rescind former Attorney General Jeff Sessions’ orders on prosecutorial discretion and low-level offenses.

Appoint an Attorney General committed to public safety and creating a more just and humane criminal justice system.

Limit “absolute immunity” for prosecutors, which is used to shield wrongdoers from liability.

End the practice of jailing material witnesses.

Place a moratorium on the use of the algorithmic risk assessment tools in the criminal justice system until an audit is completed. We must ensure these tools do not have any implicit biases that lead to unjust or excessive sentences.

Stop excessive sentencing with the goal of cutting the incarcerated population in half.

End mandatory sentencing minimums.

Reinstate a federal parole system and end truth-in-sentencing. People serving long sentences will undergo a “second look” process to make sure their sentence is still appropriate.

End “three strikes” laws. No one should spend their life behind bars for committing minor crimes, even if they commit several of them.

Invigorate and expand the compassionate release process so that people with disabilities, the sick and elderly are transitioned out of incarceration whenever possible.

Expand the use of sentencing alternatives, including community supervision and publicly funded halfway houses. This includes funding state-based pilot programs to establish alternatives to incarceration, including models based on restorative justice and free access to treatment and social services.

Revitalize the executive clemency process by creating an independent clemency board removed from the Department of Justice and placed in White House.

Stop the criminalization of homelessness and spend more than $25 billion over five years to end homelessness. This includes doubling McKinney-Vento homelessness assistance grants to build permanent supportive housing, and $500 million to provide outreach to homeless people to help connect them to available services.

Issues List

#Bernie 2020 #Bernie Sanders #criminal justice reform

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orbemnews · 3 years

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Larry Fink’s New Climate Goal Larry Fink’s letter has landed The BlackRock chief’s annual letter to C.E.O.s is going out this morning and Andrew has a copy, which he writes about in his latest column. Mr. Fink’s letter has driven the conversation inside corporate America’s boardrooms for years — such as his proclamation that companies must have a purpose beyond profit, which preceded the Business Roundtable’s statement on stakeholder capitalism, and his call for corporate climate disclosures, which was followed by a raft of climate pledges by companies. Now, he’s pushing out the goal posts on climate action, asking companies to “disclose a plan for how their business model will be compatible with a net-zero economy.” He defines this as limiting global warming to 2 degrees Celsius above pre-industrial averages and eliminating net greenhouse gas emissions by 2050. With nearly $9 trillion of investments, BlackRock has a lot of influence. Last year, the firm voted against 69 companies and against 64 directors for climate-related reasons, and it put 191 companies “on watch.” BlackRock is planning to create “a temperature alignment metric for our public equity and bond funds, where sufficient data is available,” and Mr. Fink added that the firm would start new products “with explicit temperature alignment goals, including products aligned to a net-zero pathway.” This could have the same effect for investors as a calorie count on a menu for diners, a nudge toward making more informed choices. In the future, big public pension funds and other investors could have firms like BlackRock create custom indexes for them based on such data. Critics say that Mr. Fink isn’t moving fast enough and still owns $85 billion of assets tied to coal. But much of that investment is in passive index funds that it can’t divest; the firm said it was working behind the scenes with coal companies to encourage them to adopt cleaner technologies. What about investment performance? Mr. Fink said that sustainability-oriented funds outperformed market benchmarks last year, especially during the worst of the pandemic downturn. “The more your firms are seen to embrace the climate transition and the opportunities it brings,” he wrote to C.E.O.s, “the more the market will reward your firms with higher valuations.” HERE’S WHAT’S HAPPENING Janet Yellen is confirmed as Treasury secretary. The Senate approved President Biden’s nominee in an 84-15 vote, making her the first woman to hold the position (when she became Fed chair, she was the first woman in that role, too). European leaders take center stage at the World Economic Forum. Panels at the virtual summit today will discuss stakeholder capitalism, climate change and a post-pandemic world. Featured speakers include Ursula von der Leyen, the president of the European Commission; Chancellor Angela Merkel of Germany; and President Emmanuel Macron of France. New York City’s biggest pension funds will divest fossil fuel stocks. Two funds voted to divest an estimated $4 billion in energy stocks from their portfolios, while a third is expected to approve a similar move soon. Moderna and Pfizer-BioNTech rush to protect against new Covid-19 strains. The drug manufacturers said they were studying ways to alter their coronavirus vaccines after news that the treatments were less effective against a new variant found in South Africa. In other Covid-19 news, Merck withdrew its vaccine candidates after disappointing trials. Silicon Valley donors’ new focus: recalling California’s governor. Top executives like Doug Leone of Sequoia have given thousands of dollars to a once quixotic campaign to unseat Gov. Gavin Newsom, amid dissatisfaction over his handling of the pandemic and tax policies. Another frequent critic, the financier Chamath Palihapitiya, just announced that he is running for governor. Epstein ties cost Leon Black his C.E.O. job Leon Black, the billionaire co-founder of Apollo Global Management, said yesterday that he would retire as chief executive by July 31. The announcement follows an internal investigation into The Times’s revelation that he had paid the convicted sex offender Jeffrey Epstein millions in consulting fees. Mr. Black gave tens of millions more to Mr. Epstein than previously known. The company’s investigation into the two men’s relationship, conducted by the law firm Dechert at Apollo’s request, found that Mr. Black had paid Mr. Epstein $158 million from 2012 to 2017 for tax advice, double what The Times’s previous report had found. Mr. Black also lent Mr. Epstein, who died by suicide in jail in 2019, over $30 million. The report asserted that there was no evidence Mr. Black took part in any of Mr. Epstein’s criminal activities. What Mr. Epstein did for Mr. Black: The biggest project, according to the Dechert report, was helping Mr. Black with so-called GRATs, trusts that let families pass wealth to future generations without paying any estate taxes. (The Times has previously explained how the Trump family also made use of the tactic.) Over all, Mr. Black reckoned that Mr. Epstein’s work saved perhaps $2 billion in taxes. The relationship created a rift between Mr. Black and a longtime partner. Josh Harris, another of Apollo’s founders, argued that the ties to Mr. Epstein showed “poor judgment,” and he tried unsuccessfully to convince fellow board members that Mr. Black should step down immediately, citing the risk of reputational damage to Apollo, Matt Goldstein and Katie Rosman of The Times report. It’s unclear how much will change. Apollo’s new C.E.O. is Marc Rowan, the firm’s third co-founder, who built Apollo’s $300 billion insurance business but had largely stepped away last year. Mr. Black is staying on as Apollo’s chairman and will keep his seat on the firm’s three-member executive committee. Apollo announced moves that could dilute Mr. Black’s power, including adding four independent directors to its board and eliminating the firm’s super-voting stock, giving each investor one vote apiece. “Too many people have fought too hard in too many places for freedom of speech to be suppressed by this awful woke orthodoxy.” — Rupert Murdoch, whose media empire includes Fox News, in a speech accepting a lifetime achievement award. Exclusive: Billion-dollar golf carts Ingersoll Rand has tapped Goldman Sachs to run a sale of its Club Car golf cart unit in a deal that could fetch more than $1.5 billion, DealBook has learned. It’s already begun to talk to corporate buyers about a potential deal. Representatives for Ingersoll Rand and Goldman declined to comment. A focus on industrial equipment. The private equity firm KKR is a large shareholder in Ingersoll Rand, an industrial giant with a market cap of about $18 billion that specializes in compressors, pumps and power tools. It has owned Club Car since 1995, when it acquired the business through a $1.3 billion deal for its parent company, Clark Equipment. Ingersoll Rand is now exploring a sale of Club Car to focus on its core industrial businesses. “Personal utility vehicles.” Georgia-based Club Car produced the first golf cart with a steering wheel in the 1960s. Its carts, which sell at $7,000 to $25,000, can be decked out with features like Bluetooth speakers and GPS technology to measure the distance to the pin on a golf course. The golf cart industry, worth $1.2 billion annually, is expected to grow at an average of less than 2 percent over the next few years, according to Ibis World, with cart makers looking for new markets, like gated communities and campus security. ‘The law is frozen’ Ben Cohen — of Ben & Jerry’s ice cream fame — is fired up about a judicial doctrine called qualified immunity, which shields police officers from liability for wrongdoing with few exceptions. “It’s a clear example of injustice and contributes to a lack of trust in police,” Mr. Cohen told DealBook. “In any other organization, everybody is accountable for their actions.” Qualified immunity was created by judges. It’s not written in a statute but developed in Supreme Court precedent, starting in 1967, ostensibly to balance between police accountability and protection. The doctrine severely limits victims’ ability to hold officers accountable for even extreme misconduct. Since the killing of George Floyd raised public attention to police brutality, a coalition of business leaders, artists, athletes, activists and advocacy groups have joined a movement called the Campaign to End Qualified Immunity. Today, they are launching a 100-day awareness effort aimed at pressuring lawmakers to end the legal protection. “The law is frozen,” Mr. Cohen said. It’s a rare issue that puts progressives and conservatives on the same page. Mr. Cohen — who is planning to release a book about immunity with the rapper and activist Killer Mike — said he was pleasantly surprised by the diverse alliances around the issue, uniting groups like the libertarian Cato Institute and the liberal American Civil Liberties Union. Last year, Representative Ayanna Pressley, Democrat of Massachusetts, joined with Justin Amash, then a Republican-turned-Independent congressman from Michigan, on a bill to eliminate qualified immunity. It didn’t survive. “With momentum and support for ending this unjust doctrine evident nationwide, we must meet the moment and show the political courage to get it done,” Ms. Pressley said in a statement to DealBook. THE SPEED READ Deals Qualtrics, a survey software provider, is seeking a valuation of up to $15 billion in its I.P.O., nearly double what SAP paid for the company two years ago. (Reuters) The owner of the Boston Red Sox has reportedly called off talks to sell a stake to a SPAC founded by the financier Gerry Cardinale and the former Oakland A’s general manager Billy Beane. (Axios) Politics and policy The Treasury Department resumed efforts to put Harriet Tubman on the $20 bill, reviving an initiative that President Donald Trump had halted. (NYT) Republican operatives are reportedly considering pushing company executives to give money to political candidates personally to make up for a potential drop in corporate funds. (CNBC) Tech A growing number of companies are finding ways to use blockchains to avoid relying on a central authority, making them harder to shut down. (NYT) The most prominent unionization drive among Amazon workers will take place next month in Alabama, a state not known for union-friendly laws. (NYT) Best of the rest Instead of airing ads during the Super Bowl this year, Budweiser will help fund public-service ads promoting Covid-19 vaccines. (NYT) The C.E.O. of a casino company who jumped the line for a Covid-19 vaccine has resigned. (Bloomberg) The World Economic Forum isn’t being held in Davos this year — and skiers and locals are grateful. (WSJ) We’d like your feedback! Please email thoughts and suggestions to [email protected]. Source link Orbem News #Climate #Finks #goal #Larry

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jomeyers83 · 4 years

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What is Cultural Fit?

Google defines cultural fit as when the core values, beliefs, and personality of the candidates match those of the company.

However, it is believed that cultural fit is a ‘myth.’ When hiring a candidate, the most important thing to check is his or her knowledge and exposure. A candidate lacking from a western country with expertise in the same domain will fit better in your company rather than a native guy with poor skills.

“Culture fit” as a term is defined as how well someone “fits in” to the organization by hiring managers and firms. Moreover, when you talk about “fitting in,” it is easy to relate that term the same way we think about “fitting in” socially—hence many companies think the best way they can do is hire candidates they can chill around with. This definition of “culture fit” is mostly flawed and can lead to bad hiring practices.

“Culture fit” is just about one thing and one thing that should only matter to you is- how well the individual will do their job within your specific organization. Furthermore, your organization is much more than just happy hours and social gatherings.

However, It is important to make cultural fit checks in the candidature before you hire them and invest your time in them. It is more relevant for the employee and the employer if their values, beliefs and personality match. However, basing your decision wholly on it will be a bad idea. In this piece, we will analyze both sides of the coin and will leave it on you to take a call.

Employee wellness

A positive environment in the workplace helps retaining employees for a more extended period and improves employee self-esteem, which results in high production and decreasing recruitment cost. The healthy environment in the office improves employee’s confidence in employers and creates healthy competition among employees. Well, all of that is possible only if you have a ‘cultural fit’ candidate, and there are no inner conflicts of interest between the employees.

“We have clients that range from 40 people to 70,000 +. They vary wildly between business type, industry, and technology. The one unifying factor is the need for a unified culture. I have seen a lot of unique hiring processes, but companies mainly focus on culture. In the recruiting role I get to speak with dozens of individuals every day and hear about their job search and experiences,” said Andrew Rangel, an IOS developer trainer, who deals with new candidates all the time.

“We specialize in IT recruiting, so skill is very important to the role. We have several individuals that fit the skill set and the job description to the “T”. They were perfect fits for the opportunity. They went through the rigorous three + stages of interviews but were not given offers. Why? They simply were not good fits for the culture. Even though IT is in high demand and currently their unemployment is in the low 4%, companies are still willing to turn down individuals that do not fit the culture,” he added, explaining how sometimes cultural fit can be so important.

False pretention

When the market is largely down, and the country is dealing with a high unemployment rate. It usually happens that the candidates end up faking and making things up, which does not go with their personalities during an interview. However, you think it’s a match based on their views and values they told you about them in a 30 or maybe 40 minutes interview, and you end up believing in that.

Fake pretending ‘cultural fit’ can end up causing extra harm to your organization than you expected from the team of cultural fit employees. It is a fact that employees whose ideologies do not match with what of their employer, usually end up leaving the job, which directly and indirectly affects both the parties. The fewer similarities between employee and employers in what drives them

Monotonous Work life

Diversity at a workplace is essential. People from different backgrounds and age groups bring variety to the work, and each serves a new dish on the table with their diversified perspective. Hiring people with the same mindset, values and work ethics is similar to employing one person, over and over again. This not only brings monotonous rhythm in the work environment but also affect employee engagement. The main problem with hiring for cultural fit is, people tend only to hire people who look and sound alike. Instead, a team should be of differing perspectives but shared values.

Hire and exchange value

No one is born with cultural values. We adapt it from the environment we live in, and we shape ourselves that way. An employer when hiring an employee should be open to change in order to add assets to its team instead of bringing in a ‘cultural fit’ liability. The culture in business changes depending on the need of people in the business at any time — it is not static. Instead of matching candidature to an existing employee, HR should look more closely at the communication style, values, and interests that might contribute to an organization.

Hire based on their academic credentials, professional experiences and references, or maybe technical skillset? Those certainly offer a great starting point rather than ‘cultural fit’.

Slow growth

According to Forbes, focusing on cultural fit leads you to hire in a bunch of candidates who think in a similar way as your existing staff. Reports have proven that once a company goes public, employers that hire on cultural fit actually grow slower than others because they struggle to bring innovative ideas on the table. The company, instead of hiring for people who fit the culture, should rather ask themselves what is missing from their plate, and select people who can bring that in the team. Also cannot ignore the impact on team morale and loss of productivity.

However, one can smartly think about cultural fit when hiring, but that does not mean you should be hiring clones of your current team or one “type” of a candidate. Diversity is necessary, and your culture can include lots of different personality types.

‘Team fit’ not ‘Cultural fit’

The candidate should be a team player. Moreover, when I say team player, it does not mean he should have told you that in his biography, instead of test it by various examine skills. Wether be Start-ups or a Full-grown firm it becomes impossible if you do not work well with the teammates.

Instead of being in trouble by hiring “fit”, companies looking to make more teams with diverse background are better off thinking about “culture add”. What can a person bring to the table that will add to your company culture and help you make a right move in the right direction?

This paves the way for organizations to engage with candidates from diverse backgrounds and demographics and lets them think outside the box when they are building out various teams.

Culture Fit Matter?

Yes, it does matter, but we believe your decision should be partly based on it because you hire someone for working and really not for dating. Now, why is it essential- An employee spends a substantial portion of their lives dedicated to the workplace. If they do not love the work they are doing and the environment, people they are working with, that can quickly spiral into an undesirable work environment.

If you are looking to build, it should be done with intention and your current culture in mind. Otherwise, you might take the risk of a bad investment and hire someone who would be a liability.

Points to keep in mind when hiring ‘Cultural fit’

Hiring someone is a significant investment; make sure you get it right for the first time. Run through rigorous training and test the skills using different tests instead of relying on words.

No hurry! A lousy fit can ruin your current employee morale and team momentum. Make sure you do all the check before letting someone in your company.

Try to talk more about their experiences rather than sticking to formal questions. Make them comfortable so they can talk their heart out.

Explain to them your company work culture, do not hide anything- at the end of the process, you gonna be in the same building you cannot escape.

Look for a counterpart, look for something that is missing in the team. Just like all the spices make a perfect curry, your team needs to be diverse but united when putting together.

Do not hire a clone of your current employee. If you eat the same food daily, you will end up hating that food for the rest of your life. Everyone is different, try new stuff, bring on creativity.

Ensure you have set your values and the candidates meet the maximum of it, if not all.

Ensure to have a solid one to one induction process where the employee can understand the company, instead of sending them to a random table with computer and unknown people around them.

Everyone appreciates a followup- once an employee joins, try taking feedback on how they are settling in.

Feedback just not from the new joinee, but your current team is equally important- their views definitely matters, keep them in a loop like a team.

It is very important to hire candidates you think will be happy working at your organization, and whom your current employees will enjoy working alongside- in the end they are equally responsible for your success. However, it is easier said than done. It seems that a fool-proof approach does not exist- what does exist, is good advice from experienced people in the field. Hopefully, the insights in this article have given you a clarification on whom to hire and what to take care of.

We are always open to feedback and queries, would be happy to help if we can, in any way. Please comment or reach out to us via the contact section on this site. Share within your HR network and let everyone know what to hire?

#Financial Wellness Platform #Employees Financial Wellness #Financial Stress #Employee Retention Guide #Financial Planning Guide #Financial Wellness Guide

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kimgates07 · 4 years

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What is Cultural Fit?

Google defines cultural fit as when the core values, beliefs, and personality of the candidates match those of the company.

Employee wellness

False pretension

Monotonous Work life

Hire and exchange value

Hire based on their academic credentials, professional experiences and references, or maybe technical skill set? Those certainly offer a great starting point rather than ‘cultural fit’.

Slow growth

‘Team fit’ not ‘Cultural fit’

The candidate should be a team player. Moreover, when I say team player, it does not mean he should have told you that in his biography, instead of test it by various examine skills. Whether be Start-ups or a Full-grown firm it becomes impossible if you do not work well with the teammates.