Month: August 2018

Avoid Miss-Hiring to Boost Performance

If you’re owning and managing a business for a long time, you might have come across at least one situation when you felt, “I wish I’d never hired him/her.” Looking back, you might recognize a lack of experience or skills, however, you released the offer for ending the cycle of CVs, interviews and phone calls. For convenience, you might have rationalized the hiring decision feeling optimistic that he/she might just require few training sessions to nail the work. Does it work out?

Organizations are as good as its employees, however, hiring a suitable candidate is difficult and on several occasions not well done. For an organization hiring a right individual is the most important task. There are several reasons for mis-hiring which happens in companies and to generalize isn’t easy, as every job is different as is every company. Additionally, the stakeholders and ecosystem in every organization are different.

Hiring comprises a lot of guess work. CVs range from exaggerated ones to blunt lies. Most people who finally make the cut quite often do so by defeating the screening process, and you’re left predicting who can do a decent job based on subjective preferences and instinct.

As the unemployment drops, employers find it hard filling the vacancies. Possibly there aren’t sufficient resumes, or the pool of candidates doesn’t match your requirement. It is very enticing to hire the best available candidate and move forward as you require people. However, if you mis-hire, it would cost your business lot of money, hurt the morale of existing good employees, and you might find yourself tangled in the legal web which accompanies un-hiring.

It also includes the negative productivity caused by injecting the poor performers into the organization. The existing employees need to help the struggling newbie, spend the time to fix the mistakes, mend relationships with the customers, and at times apologize to the vendors. There’s no benefit in settling for someone who cannot get your job done.

 

Looking closely at the following could improve the outcomes:

Compatibility:  Organizations today are clever enough in hiring smart candidates with good educational credentials, intelligence, track record and adequate experience with good organizations. Though, at times it results in miss-hiring due to compatibility issues of candidates with the new ecosystem, culture, and frame of mind of the stakeholders in the organization. At times, there’s a complete mismatch because of inadequate attention is given to the all-important compatibility of a candidate with stakeholders and whether such candidate’s DNA would be compatible with the boss and the organization as a whole. It is crucial to apprehending what sort of a person would work best with the major stakeholders, particularly the candidate’s boss, for determining not just the relationship but also the end result. Incompatibility could be disastrous for the candidate and also for the organization.

 

Avoiding Absurdness in Job Description:  Job descriptions more often than not nothing more than just a paper with a list detailing the duties. Most of the times, these job descriptions would be outdated or would have been picked from duties of the last person handling such job instead of the key deliverables which are relevant now. Focusing on key stuff in the job description would yield better results rather than making it bulky and vague. Hence, organizations must invest time for getting clarity on key deliverables and also prioritize them.

Understanding the CV:  CV is a crucial document which helps the hiring manager in understanding what a candidate could offer. It’s advisable to insist on a three or four page CV. A short CV with career objectives and adjectives wouldn’t help. It is also equally important to meet a candidate at least twice to understand him/her better.

 

How recruitment agencies can help you in avoiding miss-hires

In most of the cases, employers require a specialist to support their hiring strategies. Employing a recruitment agency for identifying and attracting talent, and negotiating terms could relieve the company from a huge amount of work pressure. This approach could assist organizations in finding the right set of people they require for moving forward, arrange interviews, and get them onboard within budget.

The advantage of employing a recruitment agency is that they work both with the professionals hunting for career opportunities as well as employers searching for the right talent. As such, HR consulting firms are ideally placed bridging the gap between these two parties. The understanding and expertise recruitment consultants hold about how to avoid mis-hiring could be very valuable; they have their own database of candidates looking for work along with the necessary details. Once the employer creates a vacancy and has established the roles, HR consultants can go about finding right people for such position. Recruitment consultants have strong networks and concise ideas of where to find such individuals.

If you’re looking for best HR consulting firms employ the one which has broad knowledge about the individual segments of jobs market and talent which is available in specific localities. HR consultants also understand the employers’ goals and requirements. It means they’re in a good position to source skilled and proficient individuals capable of doing the required job.

When interviewing applicants, the advantage of using recruitment agencies is that they could conduct interviews on behalf of the employer, which could save money and time. Top HR consulting firms like Interactive Recruiters follow a process which reduces the time for both candidates as well as the employers.They initially provides screening of the candidate, mostly over the phone. This narrow down the pool of applicants. The HR consultants go through the shortlisted candidates after the initial screening and exclude profiles which are unsuitable for the overall process. They also conduct background verification of the selected candidates, implying that the HR department of the employer doesn’t have to do so. A recruitment agency could also advise the employer about what questions to ask during the interview.

Recruitment consultants spend all their day working to offer staffing solutions for various organizations across a wide range of sectors such as financial services, finance and accounting, technology, office administration and interim management. As such, they’re equipped with significant expertise and market insight, nationally, internationally, and locally, which the employers could tap into when they plan for their recruitment strategy.

HR consulting firms understand the needs of the employer and expectations of the candidate which means they can help employers in avoiding mis-hiring and making educated decisions that would have a positive impact on their bottom line. Employers don’t have to do all alone when it comes to recruiting. Recruitment agencies can help organizations and businesses access their experience and skills they require, in time, without breaking their bank.

Finally, running a business successfully requires jumping of hurdles every day. Management could make their business a little easier if they could avoid creating further hurdles with regrettable decisions with respect to mis-hiring. It is a well-known thing that proficient employees are the building blocks of every successful organization. The progress of the organization is directly proportional to the talent which it acquires. In today’s competitive business environment, an ideal candidate could turn out to be a crucial asset that an organization could use as a stairway to success and credibility.Contact any specialized startup and management consulting firm who could guide your business and HR processes.

Take a FREE Online Consultation here if you are thinking of starting a business in Thailand and get essential tips by downloading this e-Book on how to startup in Thailand

The post Avoid Miss-Hiring to Boost Performance appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Business in Thailand – How Different It Is From Rest Of The World

Let’s say you’ve an interesting concept for a business and you are looking for an ideal location for launching it. You prefer Thailand since you’ve visited Thailand before and you enjoy the climate, lifestyle, food and people in general. However, you’re pondering whether starting a business in Thailand makes a sound decision.

There’re two different views to look at this. The first is to think through how good a location is for offering an environment for allowing you to do your work and develop the product for bringing it to the end market. The second thing worth considering is how encouraging is the country’s taxation and legal framework are for you to base your business’s entity there.

It makes absolute sense in selecting a location which would offer a longer runway while creating the product. In case you have USD $10,000 left in your kitty, you can easily survive for 6 to 12 months in a country like Thailand. Whereas in case you’re based in San Francisco or New York you should be extremely lucky to have something left by the end of first 3 months.

 

Cost of living mustn’t be your only concern, however. Syria, Damascus might currently be the cheapest cities to live in the world, it isn’t recommended to move to a war-torn country in lieu of saving a few bucks. Besides personal safety and political stability, you also need to consider the quality of infrastructure in your chosen location. Whether the location is prone to frequent power outages? How reliable and fast is the internet connectivity? In case you would be doing most of the work online, it’s something you should really think through. Getting visas is also an important issue. Is it easy to get a visa for staying longer in the country? Learn more about Visas & Work Permits in Thailand and consult a startup specialist to help you with a FREE Online Consultation here if you are thinking of starting a business in Thailand.

Apart from these considerations, some other important things which you need to get familiar with are the corporate income tax rate, company registration fee, indirect taxes, foreign ownership of companies and laws regarding employment of foreigners. There are specialist firms like Startup in Thailand who can provide various options for you to setup your business in Thailand.

 

Thailand as compared to the rest of the world

Singapore

The government of Singapore is trying actively for stimulating startups in the country. Taxes are relatively low, the cost to register a company is only $1, and Singapore also offers special visa for entrepreneurs called EntrePass.

The downside for startups in Singapore is the high cost of living. You might need to spend approximately double as you would in Thailand to enjoy the similar quality of life. Most of the entrepreneurs chose Singapore for incorporating their business but operate out of a cost-effective location such as Thailand or Malaysia.

 

China

At large the cost of living is around 20 percent higher in Beijing as compared to that in Bangkok. Housing in specific is costlier around 60 percent more for rental of similar apartments. The vast pool of skilled labor locally available is one of the pluses for setting up a business in China.

 

Malaysia

Malaysia is quite friendly towards entrepreneurs looking to establish their own business in the country. Malaysia offers 1-year business visa for those looking to launch a new business in the country. The cost of living is about at par with Bangkok.

 

India

India is quite appealing to entrepreneurs who wish to keep the costs to a bare minimum while bootstrapping their business idea or extending their runway. India offers an abundant supply of developers prepared to work for low pay. Hiring cheapest available workforce may not provide you best results, however, there’re also plenty of highly-skilled and competent workers available at very affordable prices. The key downsides to India are the slower internet, frequent power blackouts and high levels of pollution.

 

Germany

Berlin is among the most cost-effective cities in western Europe. Overall, the cost of living is about 20 percent more compared to Bangkok. It’s a good place to live like a digital nomad, however, not the simplest to incorporate a new startup. Being a foreigner, you would be required to prove that the business you’re planning would produce at least 5 new jobs in the country and that you’ve access to minimum €500,000 in form of investment funds. In case you’ve graduated recently from any university in the country, however, you’re exempt from such requirements.

 

Why Thailand is a better choice

There’s a buzz in Thailand which wasn’t there a few years ago. This kind of buzz is emerging from a completely new environment which is set to explode. With the arrival of information age which is taking over right now, the stir in Thailand is driven by a huge Startup Asia revolution and it appears that Thai startup migration isn’t a force to be reckoned with.Never ever before it’s been that easy to live in a country while operating for businesses across the globe. And Thailand is just bringing this perfect opportunity for millions of people for doing just that.

The business community in Thailand is very welcoming to foreign companies and investments looking for expansion in Thailand. The Thai government has been focused on the growth of ready-made infrastructure for supporting exponential growth, together with advancements in technology.

Get essential tips by downloading this e-Book on how to startup in Thailand

 

Recent Growth and Development

The number of entrepreneurs starting a business in Thailand is bursting. In the year 2014, there were around 300 startups where it grew to 2500 in 2015, with the major growth markets being primarily tech-based, along with travel & finance, logistics, and real estate.

There’s always a pleasant climate which environs the expedition of such radical growth. Various factors working together as was the scene in the cities like San Francisco, Palo Alto, and New York.Thailand rests strategically in the heart of Southeast Asia, is the second largest economy in Southeast Asia after Indonesia, and has a rich store of natural resources.

 

Ease of Connectivity

There’re 11 international airports in the country and with traveling via air becoming more accessible and most of the top airlines now regularly flying into Bangkok, the connection to key global consumer markets for product-based startups has become extremely simple and has enabled cheap transportation solutions.

Affordable Living and Working

Bootstrapping startups have found the working and living costs in Thailand enormously beneficial helping them to launch and develop. For a startup based in Thailand, it provides the best cost of development/ life ratio as compared to most of the countries world over.

Renting office space to scale a startup is as affordable as the housing rentals. For startups still in the incubation stage, cafes and co-working spaces with fast and reliable internet have enabled cheap and easy alternative for working, communicating and networking with rest of the world. Scaling could also be done much faster, and the test products have a large audience in such inquisitive and open nation with a huge population.

Flow of Venture Capitalists and skilled Professionals

While Thailand provides affordable working, and living conditions for bootstrapping startups, overseas funding is driving the impetus of startup culture in Thailand.

Thailand offers a steadily rising flow of highly qualified professionals and digital nomads flowing through Thailand at a consistent pace. Today, business travelers and digital nomads have brought an extensive variety of business ideas and skills into Thailand which is set for massive growth.

The momentum doesn’t look like it’s going to slow down anytime in the near future with the co-working spaces being established all across the country, conferences on tech startup aiming to educate startup enthusiasts, together with several government-led educational programs.

Transitioning to Thailand

There are several startup consulting firms in Thailand, that helps in facilitating the transition easily to work and live in the country. These startup consultants in Thailand offer assistance with the development and transition of startups in the country, employing professionals to help with documentation and relocation, allowing new entrants to focus on their startup and business development and help them settle into a new life.The startup Thailand setting is alive and provides an explosive blend of new ideas and professional skillets.

Finding the right talent has been one of the key challenges for growing a startup quickly in the country. However, with the advancement of several recruitment agencies in Thailand, a vast network of capable professionals is available with these HR consulting firms which would help you in finding the right people for opening a business in Thailand.

Get essential tips by downloading this e-Book on how to startup in Thailand

Conclusion

A startup ecosystem which is thriving comes from an exclusive blend of welcoming and open community, creative collaboration, progressive and focused governmental facilitation programs, evolving and ready-made infrastructure, and advance communication systems. With all this in place, it appears that Thailand has all the right constituents to be recognized among next big startup capitals in the world.

The post Business in Thailand – How Different It Is From Rest Of The World appeared first on StartUp in Thailand logo.

Source: Asian Correspondent