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Revolutionizing Last-Mile Logistics: How Software is Changing the Game

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revolution of last mile delivery

Revolutionizing Last-Mile Logistics: How Software is Changing the Game

The last-mile logistics will be transformed by cutting-edge vehicles, as well as by mobile apps that will make it easier for companies to manage their inventory.  Delivering client packages to the last mile is a priority for last-mile delivery. The development of the last-mile delivery option has altered how logistics companies convey products from demand management to customers’ homes. 

A last-mile delivery logistics software solution is the only one of its kind in the retail world.  The entire delivery process must be overseen by you until the gifts are delivered to their recipients. It may now take longer to deliver the last mile using the usual method.

It is possible to improve delivery experiences by using last-mile delivery software. Last-mile delivery software stacks must include more than delivery management and scheduling tools. The majority of delivery companies have difficulty satisfying their clients, even with same-day contactless delivery. We will now discuss last-mile delivery, its importance, and the software that is used to manage delivery. 

Table of Contents

Why is last-mile delivery software important for your businesses?

Last-mile delivery systems are intended for sharing real-time data. Moreover, both businesses and customers will benefit from it. It keeps the customers happy and satisfied when on time delivery. Streamlining corporate operations requires a last-mile delivery platform. Transparency with customers must be developed. It can improve revenue generation and customer experience by automating manual processes. A last-mile delivery system helps logistic businesses make better inventory decisions and improve their supply chain. 

What is the future scope for last-mile delivery software?

This system outperforms expectations due to its quick and low-cost deliveries. Every customer now prefers companies that provide quick turnaround.  Nowadays, everyone expects to receive their deliveries on time. When discussing the future of last-mile delivery management software, we notice that people anticipate using a wide range of services. Tech-friendly software is driving the world, and with this urbanization, it is becoming increasingly difficult for any business not to implement tech-friendly software.

The logistics industry’s future is bright, and the only way to get there is to develop last-mile delivery software. It will motivate the company to connect a large number of online sites and warehouse centers.

People prefer to place more online orders in this digital age. Last-mile delivery is likely to become popular because people rely on convenience and comfort. However, the benefits of this delivery system extend beyond the e-commerce system.

Why is last-mile delivery software beneficial to businesses?

Having this delivery solution available would be ideal. The package will be delivered smoothly to its desired location using this option, which is one of the most reasonable options available. On-time delivery of the product is ensured. Customers will receive notifications about orders and delivery information if they use the mobile application of this solution.

A software development solution like this can help a company maintain a route planning and delivery strategy. In order to avoid missing deliveries, companies can use this software. It includes last-minute features for orders that require special attention.

This app includes last-minute reminder features for orders that require special attention. It sends notifications to businesses based on bad weather and high-traffic areas. This importance is given to products such as edibles and products that require careful handling.

These types of software applications are attractive to businesses since they enable users to post comments and feedback that will help with marketing. By using this software, companies are able to customize products based on their priority and order date. You can then reschedule deliveries and save time.

How does logistics delivery management software for the last mile affect the future?

In the midst of the pandemic, logistics and transportation companies have become more critical of increasing last-mile delivery capacity. Technology solutions can assist the firm in achieving profitability and taking it to the next level.

Sensor application

Logistics companies will increasingly use sensors to track items’ temperatures in the future. Logistics organizations will be able to monitor humidity and temperature during delivery.

Drone delivery

Drone delivery of critical things is another potential development. Most logistics organizations are already taking measures toward autonomous cars in order to expand last-mile deliveries. Clearly, such a trend will reduce logistics firms’ labour costs if it becomes a reality.

Architectural Intelligence

Shipping’s bright future is dependent on technologies such as artificial intelligence. In the near future, last-mile delivery procedures will be radically transformed by the use of such technology. 

Strategies used for last-mile delivery

Here are a few suggestions for improving the client experience during last-mile delivery.

1. Offer omni channel fulfillment

Having a range of fulfillment options is increasingly essential. You can pick up your purchases curbside, order online, or in-store, have them shipped or enjoy endless aisles that combine the best of both worlds.

2. Make a flexible delivery date available

The delivery date of a purchase is something customers want to be able to control completely. Customers should be able to order certain things weeks in advance, such as furniture or home décor, as well as receive same-day delivery.

3. Allow for real-time transparency

Customer satisfaction is highly dependent on real-time openness and communication throughout the order fulfillment process. In addition, they want to know when their orders are being prepared for shipment, when they are shipped, and when their loads are expected to arrive.

4. Make certain that delivery is contactless

The delivery process must be digitized as much as possible by retailers. For example, a customer’s front door can be left with groceries and clothing.

5. Promote cross-functional intelligence

Real-time intelligence must be provided to associates. By knowing what their customer’s demand is, merchants and third-party logistics partners can create trust and loyalty with them.

Conclusion

Last-mile delivery services must be ramped up during a pandemic. This is where cutting-edge technological solutions can assist in growing the company and generating revenue. Take advantage of the newest innovations in last mile delivery management software for your logistics company’s increased growth. The significance of last-mile delivery solutions cannot be overlooked, notwithstanding the COVID challenges. The final mile delivery option is still a helmet-to-head solution due to the present trends and future potential.

One of the most important parts of the logistics business is the last-mile delivery by demand management. This innovative solution is sought after by all logistical companies to improve customer retention and delivery processes. Achieving the company’s goals and increasing profitability are facilitated by it. When it comes to improving your delivery procedures, it’s time to implement an automated system. Make sure you offer your clients the appropriate software system and the ideal services in accordance with their budget.

Technology helps us manage the last-mile delivery process efficiently from collection to delivery.  Through this, the company can expand and become more flexible.

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Top CSR Trends You Need to Know in 2023

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Top CSR Trends in 2023!

Top CSR Trends You Need to Know in 2023

Corporate social responsibility (CSR) in India refers to a notion in which businesses opt to contribute to a better society and a cleaner environment. It is one of the noblest concepts from the company side to voluntarily incorporate social and other beneficial concerns into their business operations to benefit their stakeholders and society. Companies are expected to play a growing role in improving the world. Customers, employees, and investors are increasingly motivated to interact with companies working to address economic, social, and environmental concerns.

CSR is no longer an optional decision for organizations but a required commitment. New CSR patterns emerge as we react to a two-year epidemic’s effects. Projects related to activities undertaken by the Board of Directors to ensure all the ideas put forth by the CSR Committee. The company’s declared CSR policy covers the board, subject to the conditions that such a policy will cover subjects specified in Schedule VII of the Act. There are the latest trends to implement in 2023 regarding building CSR.

Corporations’ demonstrating responsibility in these areas has come under heightened scrutiny in recent years.

Companies increasingly recognize the need to prioritize corporate social responsibility, presenting a more appealing image to shareholders, consumers, and the world to raise their overall business profit and help society improve. As we enter the new year, companies have higher expectations for CSR add-ons. This article brings you the list of current trends in CSR companies will adopt in 2023.

Table of Contents

Digital Transformation and CSR Software

The impact of digital transformation can be seen across all facets of modern corporate operations, including CSR. Since CSR has a larger role in business decision-making, businesses are looking to invest in new tools to digitize their activities.

CSR software will change the entire face of the programs adopted by companies. It will allow businesses to automate their CSR efforts and manage, track, and report on established goals and actions. Effective CSR software provides more significant effects in less time, with the added benefit of lower expenses. With digital transformation, we can expect –

  • Employer Engagement: More employer engagement will further help companies grow and contribute to society.
  • Employer branding: Improving your company's impression, particularly among prospective employees, is a key component of CSR. Adopting CSR software will further improve your employer branding by improving your ability to demonstrate your impact and attract talent.
  • Customer engagement: CSR is becoming more of a consumer expectation. CSR will be a major player if you want to engage your business with the target audience.

Do you want your audience to engage with your brand and show long-term loyalty? CSR communication will be critical.

Measuring of CSR Impact

In the coming years, the primary trend firms will see in CSR is monitoring its impact on society and the firm. Employee engagement, social return on investment, and customer growth and retention are just a few of the measures that go into measuring a company’s impact, and constant monitoring of metrics will assist in the success of CSR.

With so many measures that might influence a company’s impact, it can be challenging to determine which ones have the most significant direct influence. If the measurement of CSR is high, the organization will keep contributing in the long term.

Involvement of Corporations in Current Events

Yet another CSR trend in 2023 will be the participation of businesses in initiatives that benefit their communities. Consumers prefer investing in brands that are involved in important global concerns.

According to a 2022 Deloitte Global survey on Millennials and Gen Z’s attitudes on social change, accountability, and influence, the current generation needs businesses and employers to contribute more to society. 

Furthermore, only 16% of Millennials and 18% of Gen Zs believe that the company’s employers are committed to improving society and the environment.

Focus on Sustainability

Moving forward, business owners may expect an increase in sustainability activities. Consumers and employees expect their favorite brands and employers to be more ethical and environmentally friendly, and sustainability programs are an excellent place to start.

There are several ways for organizations to become sustainable, from reducing pollution to safeguarding biodiversity.

More Employee Engagement

In comparison to the early years, we will see how important it can be in the coming years to encourage and support employee engagement in the workplace, particularly post-pandemic. The Forbes report mentions that employee engagement is an individual’s emotional commitment toward the organization and its goals. Running an organization with just a few rules and goals will not work. Businesses must act and demonstrate how they actively encourage involvement and support their employees’ success.

Employee involvement benefits everyone involved. Companies must invest in highly engaged staff to achieve higher client performance and talent retention. Given the growing importance of CSR in today’s workplace, implementing a CSR strategy is an excellent way to keep your staff engaged.

Creating Employee Volunteer Programs

Employee volunteer programs are a wonderful method for businesses to help boost employees’ overall morale and promote job satisfaction. It is a growing CSR trend that will certainly influence 2023.

Since COVID-19, virtual volunteering has risen tenfold, with many firms and their employees’ providing services to their communities, such as online tutoring and mentoring, live training sessions, or administrative services to non-profit groups. Volunteer programs may have a long-term, positive impact on our society. Now is an excellent time for organizations to take a broader look, ensuring they are the best fit for all parties involved.

Think Global, but Act Local

Acting locally is becoming just as vital as acting globally. As much as it is advantageous for corporations to engage in high-profile worldwide activity, there is a chance for firms to make a truly substantial influence closer to home, within the communities surrounding their various facilities. 

CSR is more than “big gestures”; however, it involves modest yet critical influence that may be produced inside local communities.

Immersive Customer Experience

Customers in 2023 will value better experiences from brands. However, this does not necessarily imply that price and quality take a back seat. Both impacts how we perceive the process of selecting, purchasing, and enjoying the items and services we purchase.

Traditionally, the job of technology in this context has been to streamline operations and reduce hassle from the consumer’s life. Consider recommendation algorithms assisting users in deciding the purchase options and online customer service portals handling difficulties and after-sales support. In 2023, under the CSR trend, the process will continue, but the game has developed, with the keywords for this year being immersion and interactivity.

Transparent Reporting

In CSR, reporting is an important activity in business since it allows organizations to track their actions and find development opportunities. There is a strong link between reporting and CSR, and there is a growing demand to produce clearer and more transparent reports.

Using data correctly and understanding the impact of digital transformation will help businesses achieve transparent reporting. Platforms like MIMOIQ provide tools that enable improved tracking and reporting, bringing together data throughout the organization, which will help in the long term with further planning of CSR.

Conclusion

Whether you are running a newly established company or a new venture, using modern trends of CSR in 2023 can bring maximum change to the business. Organizations seeking long-term growth should follow the right path of CSR strategy. With CSR being crucial in employee engagement, firms wishing to outperform the competition must double down on this essential strategy.

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How to Increase Survey Response Rates: 10 Actionable Tips

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How to Increase Survey Response Rates 10 Actionable Tips

How to Increase Survey Response Rates: 10 Actionable Tips

The survey is only helpful if you have a good response rate. However, having a reasonable survey response rate varies by business; you can do a few basic things to significantly enhance survey response rates, such as personalizing the survey. Personalization is one method that can assist in raising survey response rates.

Creating surveys is one aspect of the business, but obtaining sufficient survey responses is something you need to work on and is the major problem. The ultimate purpose of your survey is to gain a comprehensive understanding of your company’s health and where it stands in terms of customer satisfaction.

Table of Contents

What is Survey Response Rate?

A survey response rate is the proportion of persons who finished your survey versus those who got it. In most cases, response rates are presented as percentages.

Calculating Survey Response Rate

Use the following formula to get the survey response rate:

Response rate = several persons who completed the survey divided by the total number of people who received it multiplied by 100.

Assume you sent out a survey to 1200 clients, and only 720 responded. Your response rate would be 60% (720/1200 x 100).

Importance of Survey Response Rate for Business

When it comes to the survey response rate, there are no set criteria. So, it would help if you looked for higher survey response rates. Here are some compelling reasons why:

  • Top Quality Data and Accuracy- A low response rate indicates that just a portion of your target audience provided feedback. Since proportion may not represent the thoughts of the rest of your clients, the odds of inaccuracy are more significant.
  • The personal link between the company and the customer- Every customer wants their business to make them feel valued. A finely curated portfolio shows them that their ideas are valued and will increase their faith in you.
  • Collect useful feedback- When you have many survey respondents, you will have enough data to know what your customer thinks about your product or service. This data will help the business to make decisions.

A survey response rate of more than 50% is considered excellent. This number comes when there is a strong commitment between the client and the firm. Many factors can influence response rate, including distribution technique, survey invitation, industry, demographics, and even incentives.

Let us check how you can increase the Survey Response Rate -

1. Personalizing your Survey

Personalization is becoming a requirement, and clients and target audiences expect it from you. According to some surveys, 72% of customers step ahead to interact only if the survey or message is finely customized. Ask inquiries that are relevant to your respondent and address them by name. You may also brand your surveys to add credibility and an appealing appearance. 

Additionally, adapt the open-ended inquiry to boost involvement.

It can be time-consuming if done manually. As a result, you can use online survey solutions with comprehensive customization possibilities to help make things and the process simpler and faster.

2. Using Incentives

Customers love to get incentives or rewards from businesses, and adding incentives can be the best way to increase your survey success rate. Rewards and incentives help improve survey participation or increase the survey response and completion likelihood. Make the most of your incentive fund by following these suggestions:

  • A tiny reward for each respondent is preferable to a high incentive for a few respondents.
  • Raffles have a lower response rate than tiny incentives for each respondent.
  • Appeal to respondents' desire to feel important by describing how their comments will affect the current quo.

3. Sending Survey from the Company Domain

When it comes to the importance of credibility, you should not take any chances. Sending surveys through personal domains or disguising the sender’s email address will not result in getting an adequate email delivery rate. When you issue surveys from your corporate domain, it helps to add credibility and enhance your open rate, increasing survey response rates. Respondents get the feeling of security to answer questions from a respectable business.

4. Using Psychological Theory

Using psychological theory to boost survey response rates is an effective method. According to cognitive dissonance theory, minimizing dissonance is crucial in deciding whether to respond. In other words, you can encourage desired behaviors by framing meaningful surveys as being consistent with someone’s values and views about themselves.

You can appeal to a person’s values in a way that makes them more likely to reply while drafting a questionnaire along with the cover letter. Assuming that failure to answer is contradictory with a person’s self-perception of being a helpful person, or at the very least one who honors reasonable requests, failure to respond will result in cognitive dissonance.

5. Keep it Short and Simple

Which of a two-page survey and a one-page survey would you respond to? You should go for the one-page survey. People are busy, and everyone expects things to be brief and easy to comprehend, even your consumers.

The Survey data collection industry knows the importance of valuing customers’ time. Create questions that are easier to understand, and remember to let respondents know how far they have gotten through the survey with each question answered. 

It will motivate them to respond to all inquiries. For example, if the user finished three of the five questions, you might inform them that there are only two more to go!

6. Choosing the Right Channel

Send surveys across outlets where you will find respondents easily. As a result, selecting the appropriate medium is critical for enhancing survey response rates. For example, an email survey may reach more individuals and receive more responses than an SMS if it is a B2B survey. This is because more people are using the channel.

7. Being Honest with the Expectations

Inform respondents how long the poll will take upfront. A time of 5-10 minutes must be enough and mention the same. Customers give their response to more human text signals than to a progress bar during the survey. ‘Just a few more questions.’

8. Showing Gratitude towards Respondents

Consider the last time someone truly praised you for the work you did. You must have felt obligated and tried to give them more. That is how gratitude operates. The more you thank a person for the response or help you receive, the more you get the help. Take the time to thank your customers for their time and effort in completing your surveys. After users complete the primary survey, send automatic thank you letters or give them a modest gift.

9. Consider Self-Perception Theory

Self-perception theory, another tool from the domain of psychology, is the premise that people infer attitudes and knowledge about themselves based on interpretations of the reasons for their behavior. Self-observation is used to make interpretations. A positive attitude presented toward the survey response arises when a person’s decision to give a reply to the survey is connected with internal causes rather than external constraints.

These attitudes of self-perfection then influence your behavior. The self-perception paradigm is essential for the more general issue of online survey response. In other words, if you are keen to respond to a survey because you believe you will turn out to be a helpful person, you will respond again to reinforce that positive belief.

10. Sending Gentle Reminder

Your respondents may need to remember to react to your surveys or be unaware they have been delivered. You can send them reminder emails to ensure potential responses are received. It has the potential to increase your survey response rate by 36%. But, once again, do not worry them too much about it. It is acceptable to send up to three reminders.

Conclusion

You can significantly boost your survey response rates with the suggestions provided above. However, it would help if you had a professional hand, and MIMOIQ is the best that can do the job through an automated process. MIMOIQ allows you to construct relevant questionnaires from pre-built templates, deliver across numerous channels, customize your surveys, set up automated reminders, and automate the workflow.

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Survey Errors: Top 6 Common Mistakes and How to Avoid Them

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Survey Errors Top 6 Common Mistakes

Survey Errors: Top 6 Common Mistakes and How to Avoid Them

The survey data collection industry is huge and plays a vital role in organizations’ hiring candidates or offering services to their target audience. There is no denying that data is valuable. It provides profound insights into previous occurrences as well as future projections. Both these aspects make the survey a valuable resource for social and economic knowledge. However, data can only be beneficial if it is accurate and dependable.

Surveys are widely used in research to collect information from a pre-defined set of respondents, particularly in the social sciences. This procedure serves a variety of goals and is carried out by the methodology chosen. A survey comprises data collection using questionnaires, QR codes, or other social networks. However, there are cases where survey errors happen, which can bring information gathering to a halt. A lack of tools and ideas can result in survey errors.

Table of Contents

What do survey errors mean?

Survey errors might occur while developing, deploying, configuring the parameters, or targeting the audience. Different errors take place, and each is different. It might be anything from a typo, adding incorrect answer options to a question, or incorrectly evaluating the findings.

If you’re wondering how grave an error can be, consider this: A small mistake in targeting, ordering, or selecting questions, or even in how you construct questions, can irreparably harm the quality of your feedback data and, as a result, your analysis.

This article presents some survey errors and how you can get away with them to ensure you get the correct data.

1. Asking Too Many Questions

Including too many questions in your surveys will create a frustrating situation for respondents, regardless of your real and sincere desire to collect as much data as possible. There can be a situation where the respondent avoids answering the question. The best way to avoid this error is to finalize a sequence of questions that will provide detailed insights.

However, somewhere along the way, you lose sight of what to ask and add a slew of questions that make sense at the time.

However, they are only baggage for your overall survey, and you can get accurate feedback even if you do not include such questions. The best is to use skip-logic to guarantee that you only ask the appropriate queries to the appropriate clients.

If you believe all the survey questions are necessary and cannot be deleted, try breaking them into short surveys, making the respondent feel comfortable. You can include them at various times along the client journey.

2. Creating Single-Choice and Multiple-Choice Questions

When developing surveys, it is typical to create confusion between single-choice and multiple-choice questions (MCQs). There are several answer alternatives for single-choice questions, but only one correct answer. Multiple-choice questions, however, allow you to select more than one alternative. For instance, if you are running a hotel chain and want to introduce pet grooming services. So, you will need to create a survey asking customers different questions in single- and multiple-choice formats.

The best is to provide a multiple-choice question, having checked answers here so that customers with numerous pets can answer appropriately. Still, instead, you include a single-choice answer option with a radio button. Consider the responses you might receive once you have learned how to ask for specific input. It is easy to pick which type of answer is best for your survey question when you correctly anticipate the responses you may receive.

3. Using Complex Language

One of the companies’ major survey errors is using complex languages. Regardless of who is taking your survey, avoid using jargon or technical phrases that may confuse your respondents, and instead, use simple and uncomplicated English.

If you want to use complicated phrases, give clear descriptions and examples to help readers grasp them. It would be best if you spoke in a language your target audience would comprehend. For instance, consider the following questions. Increase the reply-to-ratio; the second question provides additional clarity for anyone who is slightly unclear about what the first question means.

  • Complex Language: Do you use any streaming services?
  • Easy language: Do you use streaming services? Like Netflix, Prime, or Hotstar

4. Going Overboard

It’s already challenging to attract more customers to conduct surveys and adding more than the needed open-ended questions only adds to the difficulty.

Example: Customers must provide extensive responses to open-ended inquiries. Assume you want to know what your customers think of your website and the overall experience of their navigation.

You would need a full description of each feature to understand how you treat your customers, but your customers need something else. More open-ended questions require more work and time to answer, which are signs of good surveys with a high completion rate.

The best you can do is collect in-context feedback by asking many close-ended questions followed by a follow-up question. You can also add a skip option so that clients aren’t forced to answer questions they don’t want to.

5. Including Survey Introduction

Try to avoid it, even if it’s as simple as leaving out the introduction to your survey. There are several causes for this. First, a good opening gives a taste of what and why this survey is the best way to get your audience’s attention.

Secondly, if you avoid introducing your survey, your respondents may feel uneasy or even suspicious about the purpose of your survey and opt out entirely. A clear and simple explanation of the purpose of your survey, in the beginning, will help get people interested and get them to read on.

6. Rushing out to get the survey done

It would help if you stayed calm when getting survey incentives. After you’ve spent time picking your questions, the last thing that happens is rushing to distribute your survey and running the risk of not getting the results you intended because the overall process needs to be corrected.

Even if you are an expert in the subject of your questions, it will be difficult to predict how recipients will respond to them without further investigation. However, you can take the right steps to get some results.

Rephrase your questions and suggest having a few co-workers verify them and tell you how they would respond. The best thing to do is to evaluate the survey questions created with your close friends. It could be anything from figuring out how your questions fit together and how long it takes people on average to answer each one to determine how your questions are put together and if anyone got them wrong.

Some other points to consider for avoiding Survey Errors

  • Keep your survey questions simple and relevant to your research objective.
  • Long survey questions distract respondents, causing them to answer questions at random. Keep the questionnaire short and to the point (with as few questions as possible) so that it can be filled out in just a few minutes.
  • The goal of asking open-ended questions is to gain insight into the person's mindset and thoughts. Ask only a few open-ended questions that make respondents feel like they are writing essays rather than filling out a questionnaire.
  • Use a digital platform to develop a survey that is easier to fill out and provides additional feedback and coupon codes to enhance the responsiveness of the respondents.
  • Conduct pre-testing on all questionnaires.
  • Seek assistance from professional survey agencies having tools and ideas to get things done.

Making the best use of Survey Methods

After going through all the above points, we hope you see how critical it is to get your terminology and questions correct, add an intriguing survey beginning, and avoid finishing your survey project.

Finally, if you have given yourself enough time to develop and evaluate your survey, you can identify anything essential to raising the effectiveness of the survey. MIMOIQ is helping companies gain access to audience mindsets towards products or services through our survey and data collection services.

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The Future of Recruitment: Top Trends to Watch Out

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The future of recruitment

The Future of Recruitment: Top Trends to Watch Out

The recruitment process is directly linked to the efficiency of your workforce and business success. With the rapidly changing business practices, hiring is also evolving constantly. Employee expectations are also revised; thus, HR managers always look for ways to improve the process.

Recruiting is a constant process in modern-day organizations, and so should its improvement. Hiring managers should keep up with the latest trends and techniques to enable an efficient workflow. The trends change over time and demand, so you must modify the hiring funnel and workflow accordingly.

To aid your search, we have listed some latest hiring trends here.

Table of Contents

Leveraging Social Media

According to Smart Insights, an average user spends around 2 hours and 29 minutes on social media. This can be an excellent opportunity for recruiters to connect with potential candidates.

By researching the candidate’s background, skills, interests, and experience, hiring executives can source qualified applicants from the start. LinkedIn is the most popular platform for gathering this data and building professional networks. Recruiters can easily reach out to different candidates and identify the right one for the job. With this growing emphasis on social media, job seekers are also optimizing their social media handles and sharing their professional details with managers.

Apart from the applicants’ data, hiring managers are also posting vacancies on social media platforms to make it reach a broader range of audience. Hiring candidates through social media enables various benefits for the organization. Let’s go through some of them here:

  • It increases your reach and engages better candidates.
  • It helps to boost your employer brand and attract top candidates to your business.
  • As the majority of the platforms are free, this method proves to be cost-effective.

Emphasizing the Quality of Hire

Instead of just filling out vacancies, hiring managers are now prioritizing the quality of hire. They leverage different techniques to evaluate the candidates’ efficiencies and know whether they will suit the company. They study the responsibilities and requirements of the job role before initiating the hiring cycle.

Recruiters assess the applicants and ensure they possess the required skills set for the position. They are constantly expanding the hiring criteria to make sure that the selected candidate is the correct choice. Usually, freshers are chosen based on their interests and soft skills. While positions that require experience are finalized through the lateral recruitment process to ensure the candidate justifies the role effectively. This way, it becomes clear that the chosen applicant will effectively perform the responsibilities of the role.

This way, hiring managers finalize the candidates that match the industry standards and are eager to learn and grow with the organization. Here are the significant advantages of emphasizing the quality of hire:

  • It brings continuous improvement in the company’s talent management process.
  • Work dedication and eagerness to learn leads the business to greater productivity.
  • Choosing the right person from the start can reduce employee churn.

Using Artificial Intelligence

The AI-backed algorithm performs various tasks on behalf of recruiters, saving them valuable time. It can source qualified candidates from job portals and social media platforms. Not just sourcing, technology revolutionizes the screening process also. It helps to segment the suitable candidates from a bunch of applications based on specific skills and experience. The recruiting chatbots can reply to candidates instantly and guide them throughout the process. AI also allows automated interview scheduling so that recruiters can save time on administrative tasks. The scorecard method helps the managers to finalize the most skilled applicant.

Artificial intelligence is not meant to replace humans in hiring, but it is a great assistant to save time from repetitive and time-consuming tasks. Below-stated are some of its key benefits:

  • It eliminates biases from the process and promotes diversity.
  • Technology helps to enhance the candidate experience and improve the employer brand.
  • It helps to stay ahead of the competition.

Promoting Diversity, Equity, and Inclusion

Many studies have proved that companies with diverse and inclusive workplaces have better productivity and profitability. And the modern workforce wants to work in a company that promotes diversity and inclusion, so organizations are making efforts in that direction.

As diversity, equity, and inclusion are becoming increasingly important in the talent market; HR professionals are constantly making efforts to optimize the strategies and policies to make a better place of work. They use the “blind resume” method that eliminates every personal detail of the candidate. It is an effective way to remove bias from hiring. Companies often arrange mentorship programs for staff and ensure that every member gets an equal opportunity to learn and grow. Additionally, they celebrate differences and train their managers to welcome new candidates effectively.

Workplace Diversity Attracts Top talent!

The DEI approach enhances the employer brand and helps to get skilled candidates for the openings. It also sets an impressive image of the business in the market, resulting in increased revenues. There are numerous advantages of diversity, equity, and inclusion in the workplace. Here, we have listed some key benefits:

  • Diverse teams are a great source of innovative ideas and work excellence.
  • It makes the employees feel a sense of belonging, reducing the overall staff turnover.
  • It boosts employee morale and loyalty.

Gamifying the Recruitment

Game playing helps to engage the candidates in the process and showcases an attractive company culture. You can make the hiring process more interactive and enjoyable with gamification.

According to Zippia, gamification results in 14% high scores on applicants’ skill-based assessments. Therefore, companies gamify the hiring process to get the most accurate results. Online and offline quizzes help managers assess candidates’ behavior in real-life conditions. Hackathons are the best way to reduce the time taken by the interview process as it effectively outlines the suitable candidates. A rewarding system motivates the applicants to perform the tasks and tests efficiently. So, managers provide points or badges to each applicant upon reaching a specific stage.

Gamifying the recruitment process helps to test a candidate’s skills, creativity, and time management. It provides hiring managers with a fair reflection of the applicant’s real personality. Additionally, it keeps the candidates engaged in the process, so the bounce rate of the hiring cycle gets reduced. The following are its other significant advantages:

  • Gamification helps the applicants better understand the company culture and their day-to-day responsibilities at the organization.
  • Unqualified candidates who have prepared for the interview get eliminated as stimulation helps to identify the genuine behavior of the applicants.
  • It makes the hiring cycle more interactive and exciting, attracting Gen Z candidates to the company; this results in making a workforce of the future.

Final Thoughts

Over the years, organizations have hired candidates based on their degrees, qualifications, and experiences. Whereas modern-day practices seem different. Talent has been prioritized more than qualifications and experiences. Companies are focusing on the applicants’ skills and widening their hiring criteria. They are constantly making efforts to improve the quality of hire. Managers perform pre-employment background verification to ensure the credibility of the person is accurate. On the other hand, job seekers are looking for employers that provide better employee experience and career growth.

In this ever-changing talent market, your company must stay updated with the latest demands and trends to remain competitive. The above recruitment trends play a supporting role and streamline the hiring process.

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Everything You Need To Know About Contact Point Verification in India

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Everything You Need to Know About Contact Point Verification in India

Everything You Need To Know About Contact Point Verification in India

Physical verification or contact point verification is the most vital part of verifying an individual’s information physically. There are banks, government offices, and companies that undertake contact point verification before offering any service or hiring a candidate for the job. Banks, NBFCs, and companies that provide post-paid services must invariably take preventive measures limiting all risk factors before finally delivering the product/service to the consumer. Field verification/ Customer Profile Verification is the most effective tool allowing enterprises’ technology to physically inspect the customer’s location. It further helps to determine the customer’s eligibility to reduce risk and improve the chances of recovering dues.

Financial organizations conduct these verifications by employing skilled agents with the tools to gather essential data about the customer before hiring or giving out the service. The institution continues with the credit approval process for a customer based on the verification reports.

Traditional Contact Point Verification (CPV) procedures encountered the issue of a CPV agency staff submitting a CPV report without executing the verification. As a result, the credit check was diluted, putting the institution in danger of fraud and default.

Table of Contents

How does CPV make things faster?

Record verification/ information provided by potential clients is essential in various businesses such as banking, employment, and telecommunications.

What makes this manual and labour-intensive field work avoidable is the numerous problems attached to it. CPVMS (Contact Point Verification Management System) by professional companies comes with various innovations to make processes easier and faster, and it boosts your business efficiency by offering complete tracking information.

This mechanism would ensure complete openness between banks/NBFCs and government entities.

To offer the best Background and On-field Verification Services, agencies have several tools, including an Android-based application allowing clients to monitor the activity of field executives, where you may get live information directly from the customer premises using our application. It is often seen that businesses use tools that are accessible easily on the market. These tools need to be more trustworthy and may even offer incorrect verification details.

Using specially built apps for contact point verification can offer accurate results. The program is fully customizable, and agencies will offer the same if a customer adds new fields or information required during the CPV process.

How does CPV Improve overall Field Investigation?

There are diverse ways in which CPV can improve the overall field investigation. Some of them are –

• Eliminate Errors

CPVMS is designed so users can pre-program options for an answer, its standards, relevant photos and documents, and obligatory answer areas, ensuring no vital details are overlooked.

• Reports Are Available

Completing the WEB Audit module allows you to save complete reports to an online database that your clients or internal team can view. Investing in custom reports and an online database enables you to take your company to the next level.

• Complete Offline

No proper network? No problem. CPV also has a mobile application so the field investigator can work on a site without network connectivity. When he enters the network area, it will synchronize the data.

• TAT Reduced

TAT is the most crucial aspect of the verification process, especially in field verification, and plays a critical role in determining the legitimacy of the verification process.

CPVMS is designed so that the process proceeds quickly and without interruption. Agencies using tools will be able to gather information like background information without much delay.

• GPS-based location identification

Even offline, the tool easily captures the verification site’s Latitude and Longitude. GPS coordinates are embedded in images captured during the visit for point verification.

• Previous Database

Using historical data, you can make better judgments faster. CPVMS allows you to judge cases fed into the system more quickly. By matching up the previous database, agencies can produce the complete report.

Choosing Professional Agency for Contact Point Verification

Background checks online or through CPV reveal the most valuable information about the person in question. A background check might comprise a range of services depending on the function and firm. For the verification of data authenticity, MIMOIQ, the leading background verification service, uses expert task associates and agile technology, which includes adverse monitoring, geotagging, quality management, and real-time data delivery. It helps companies, especially government agencies, conduct further hiring processes.

Contact point verification services by MIMOIQ help collect data or documents under quick TAT. You will get a complete audit trail, digitization of documents, and physical receiving of documents.

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6 Essential Background Checks that Organisations Should Conduct for New Hires

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6 Essential Background Checks that Organisations Should Conduct for New Hires

Employers’ most valuable assets are their employees, and finding new employees has become a daily task for businesses that want to do well. For example, how hard is it to find the best clothing store in town with the latest styles? Similarly, locating potential candidates with excellent technological knowledge from the LinkedIn pool is difficult. Employers always conduct background checks on applicants to avoid problems.

Background checks have been less emphasized before hiring someone, even though not doing them right can have more serious effects. Today, every employer wants to do a background or pre-employment background verification on the candidate, ensuring the potential employee is not a fraud and is clean in all areas. A background check entails more than knowing one’s previous or current employment history.

Table of Contents

What is a background check?

A background check involves researching a candidate’s past before hiring. It offers them a clear understanding of the candidate’s nature and abilities and assures them that the candidate is whom they claim to be. It also helps the candidate and the employer feel like they know each other and can trust each other. People always read other people’s reviews before purchasing a product, movie, or restaurant to ensure quality and stability. Similarly, keeping an eye on employment history, educational qualifications, and criminal and financial pasts is usually beneficial to the organization.

Even though employees give full information and references, it is the hiring team’s job to check carefully before hiring. The adoption of digitalization in public data in India, including voter IDs, driver’s licenses, PAN cards, police records, and court records, helped employees do the screening quickly. When so much information is available online for free or for a fee, there is a fine line between what you can do and what you cannot. Both the employer and the employee may become perplexed.

You want to be as thorough and careful as possible when hiring and selecting from a group of potential applicants. Connecting with the right partner that can conduct an employment background check using modern tools is vital and will help you find the right employee.

6 vital background checks you must conduct -

Check Candidate’s History

Employers do reference checks to avoid hiring someone who could be a burden or a threat to the company. According to an AuthBridge survey, one in every six job seekers lies on their résumé. A job candidate’s work history, education, medical history, driving record, and criminal record are all part of a background check. Authenticating candidates’ social media profiles has also become a reliable screening method. However, United Equal Employment Opportunity Commission (EEOC) introduced specific rules for background checks, including-

  • The background check process should be transparent to the candidate in writing. This document is distinct from the job application.
  • The applicant must give written permission for the background check.
  • The company must clarify in its written policy if pre-employment screening is required for hiring.
  • Employees should know about background checks on their reputation, history, or character.

Checking Criminal Records

Criminal background checks are vital for every employer to utilize background screening techniques, but they are also one of the most complicated processes. Severe and minor crimes are the two basic types considered when doing a criminal record check. As an employer, you must set the rules for your business and draw the line regarding hiring and screening employees.

A person’s criminal background affects not just the safety of a company but also their overall performance and duty towards the company if hired. For instance, when you look for a stock manager to manage the inventory and funds, check to see if the person has ever been charged with theft or fraud. If you hire the candidate without conducting a criminal background check, your company will suffer.

Check Credit Score

A credit or CIBIL score is considered when an individual looks forward to applying for a credit card or loan. Credit background screening assists in validating a person’s credit-to-debt ratio record. Check the credit history of people who work in several banking jobs where fraud and theft are easy to commit.

Furthermore, suppose the company rejects a candidate’s profile based on a credit report. In that case, the candidate has the full right to present the express rationale and contact information for the credit reporting. In this way, if there is misinformation, there is a high chance of setting things right and getting your job back.

MVR Reports

If an employer is looking for a candidate to drive vehicles, checking the MVR report is vital. The MVR (Motor Vehicle Report) presents complete information if the employee has a valid license and drives safely. Furthermore, employers are subject to laws. One should use the rules of the Department of Transportation and the Federal Motor Carrier Safety Administration for MVR screening.

What information does an MVR check reveal?

  • Driving record
  • Licensing, license class, and license status are all necessary.
  • License suspensions, revocations, and cancellations in the past
  • Vehicle offenses
  • Report on the Accident
  • Convictions for DUI
  • Citations for traffic violations
  • Unpaid summons and lapsed insurance

Personal Background

There are over 200 million court records in India, and businesses have developed their own AI and ML-powered search algorithms. The technology offers accurate results, leaving no doubts in the minds of employers.

Individuals can screen themselves to see what employers or financial professionals see when they perform a background check. This helps them find out where they have worked and if their name is in any public database of lawsuits, both civil and criminal.

Background checks are an excellent method to catch any mistakes and not miss a job, loan, or opportunity to establish a business.

Professional License and Educational Background Check

Any company that wants to hire someone for a job that needs a certain level of education or a license should check the candidate’s license and education. Some work profiles, including teaching, IT, accounting, or others, require a special degree or certification. Many candidates may forge details about their educational qualifications to get the job.

An employer will use this method to compare the information on the resume with the information on the check. Partnering services have tools that can make the process of research more convenient. Candidates may overstate their degree, breadth of experience, work duties, or even their real job title in their CV and cover letter, so double-check the information they have provided.

5 steps to Perform Employment Background Check

Conducting a pre-screening of candidates benefits the company’s reputation, but how? It is difficult to obtain information that aids in determining staff capability and eliminating the need to hire additional staff. Also, before you do the background check of the candidate, here are 5 steps to consider-

  • Seek Permission
  • Ensure you follow the legal aspect of the background check
  • Seek References
  • Performing Drug Test
  • Using Outsourcing Agency Service

Conclusion

Though conducting background checks is difficult, you have a variety of methods to assess the quality of the candidate. A background check helps keep the company’s reputation in good shape and keeps employees from leaving. It aids in raising staff productivity and improving recruiters’ hiring selections. It is your responsibility to stay safe rather than be sorry afterward. If you are using a background check partner, MIMOIQ is the leading company that will gather information using tools and offer you the report quickly.

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Blockchain: The Answer to an Efficient, Transparent Hiring Process?

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Blockchain: The Answer to an Efficient, Transparent Hiring Process?

Blockchain technology has recently changed how employers and employment agencies find, screen, and verify job candidates. The recruitment process has transformed massively, helping recruiters find the right candidate. Global MNCs are increasingly turning to decentralized ledgers because blockchain provides security for safeguarding data integrity, like job histories or academic credentials. In September 2021, Block data research found that 65 of the top 100 publicly traded companies actively worked on blockchain solutions.

This constant change shows that modern hiring methods have improved over time, even though resume screening has mostly stayed the same. Back then, LinkedIn led the pack as a platform for employment, making life easier for job searchers and employers by hiring six applications per minute. Now, several comparatively modern technologies—like cryptocurrency and blockchain—show promise for employment.

Although there is technology adoption, the overall hiring process is still complex. It’s a big bet that blockchain will be the only way to solve all the problems with recruiting. Nevertheless, database processes and the automation of hiring processes are unavoidable.

Table of Contents

What makes blockchain an ideal option for recruitment?

Blockchain is a decentralized, open ledger configured to record anything of value. It is a public record of economic transactions. To put it another way, it is used to keep accurate records.

Furthermore, you cannot alter the digital record, and it is impossible to steal, remove, or change data that has already been placed on the chain. The hiring process will be simple when personal information like a person’s education, career history, and other work-related details are securely kept and exchanged on a real-time public digital ledger or blockchain.

A blockchain allows a recruiter to get information about a potential employee’s training and work history quickly, accurately, and in full. Therefore, it is impossible to accept a resume at face value, contact references directly, or spend excessive time poring through the LinkedIn profile of the candidate.

How can blockchain help with the transparent hiring process?

Many people may find it surprising that blockchain is becoming relevant in the recruiting market, thanks to its process for dealing with the collection of data.

 

But blockchain will continue to revolutionize the employment market.

Although blockchain is still in its infancy, it already has the potential to alter the way recruiters find prospects. Let us check how blockchain helps in recruitment-

Candidates cannot lie on their resume

People often lie on their resumes about their qualifications and jobs they’ve had in the past. According to reports, some candidates who applied for a job in the last six months would think about giving false information about themselves on their resumes to land their dream job.

With blockchain, however, this kind of data manipulation is no longer possible because people can no longer lie and add fake successes to their resumes, like title changes, raises, etc. Because blockchain technology is completely open and doesn’t have a single point of control, recruiters can store any information on their ledger, no matter how far away it is. Additionally, because of the decentralized nature of the blockchain, it will be difficult for anyone to provide fraudulent information because any call entry will be automatically rejected. Also, the information will show why the candidate was fired from their last job. Reasons could be anything from moonlighting to inaccuracies in work. Since employee moonlighting is a common thing, recruiters need to be confident.

Accuracy

Credentials of employers, candidates, and agencies verified using blockchain are trustworthy due to their accuracy in creating records. Every digital information is kept up-to-date and in the form of a permanent record of the candidate’s data.

Saves Valuable Time for Recruitment Professionals

Today, work is no longer confined to a single area. Because of this, it is now hard to find a candidate’s work history and confirm it. Blockchain, however, can speed up the verification process. From employment background checks to other details, the data will provide complete details and save valuable time. Imagine that you have used the conventional hiring procedure to find the ideal individual. You must now finish the recommendations. How will you carry that out?

A few alternatives are available, including contacting the candidate’s former employers or lecturers to complete the referral. But with blockchain, you will have to spend less time finding and talking to the previous employers of the person you want to hire. You can get the information quickly, thanks to blockchain technology.

Does Background check

Undoubtedly, a blockchain HR system can speed up background checks and referrals, giving recruiters instant access to candidates’ work and school history, etc.

All information, like past addresses, credentials, work history, visa status, and payment information, can be kept in a single blockchain application.

Using blockchain, it is possible to access the verified records and quickly and safely check all the information a candidate has sent in. A recruiter can hire the candidate because they are confident that the information provided by the candidate is as accurate as possible. Blockchain can also aid in multidimensional or skill matching when used with AI.

Complete the Contracting Procedure

Blockchain can help speed up the hiring process by making it easier to sign contracts with candidates. It can be done in seconds, just like running a background check. When you hire someone or bring them on board, you need to give them different login information, details, passcodes, security access codes, etc. As a recruiter, you might have to walk back and forth between different papers and departments to get and confirm the information you need to finish the profile of your new hire and put it into your system.

However, blockchain hiring technology can eliminate the need for all these employee contracting stages. Smart contracts on the blockchain make it possible to input employee information, obtain their payroll number, and access their employment contract quickly and precisely. On the other hand, paperwork always has an opportunity for error.

Complete Security

The distributed, decentralized design of the blockchain makes pre-employment screening more secure and reduces the chance of identity fraud. The distributed ledger replicates and cryptographically secures the candidate’s verified credentials. The user is in charge throughout the process and decides exactly what information about themselves to share and with whom.

Recruitment through blockchain: How long will it stay?

Employment background checks are a vital part of recruitment, and with the blockchain enabling the process, things are quite handy. Blockchain recruitment is a new thing that will stay for a long time. Some recruiters are not big fans of blockchain recruitment technology. Some others even think recruiters may lose their jobs if businesses use blockchain for human resources.

When you are reluctant to try something new and allow indecision to guide your choice, you stunt development and lessen the likelihood of finding novel and innovative solutions. Indeed, blockchain has already impacted many sectors, including banking, insurance, real estate, and finance. Cryptocurrencies built on blockchain technology are already widely used in commerce. It is now getting into the recruitment zone and is bringing massive change.

Takeaway

Want to utilize blockchain in hiring to its fullest potential? Or do you wish to incorporate blockchain technology into your company? Using MIMOIQ’s service can help you with a background check on an employee and other things.

Using modern tools, MIMOIQ makes business recruitment simple by integrating cutting-edge and futuristic technologies like blockchain, AI, and face recognition into your company.

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What Background Screening Automation can do for Indian Companies?

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What Background Screening Automation can do for Indian Companies?

Background screening is the most critical part of hiring; companies screen candidates before sending the offer letter. However, earlier, the background screening process was done manually and involved paperwork, which was time-consuming. Thankfully, in the age of automation, things are easy. Background checks are improving with artificial intelligence (AI) and other innovative technology. Employee background check processes are now entirely automated, enhancing their effectiveness. Candidate data is also available in public databases, which saves physical resources.

The HR department is vital to the company’s ability to hire new employees. But it can take a long time to look at many applications and check the information given. Working with a screening service that combines best-in-class technology with expert advice and direction can help you get high-quality background check results and improve the overall effectiveness of your hiring process. Using technology to do background checks during the hiring process has several benefits. First, the way background checks are done has entirely altered thanks to modern technologies, which means hiring new staff requires considerably less manual labor. This article presents how end-to-end automation software helps with background screening.

Table of Contents

What are automated background checks?

An artificial intelligence (AI) program called Automated Background Checks runs background checks on prospective employees. A background check investigates a candidate’s past based on the rules set by their current or potential employer. A background check entails looking into a person’s work, education, criminal history, credit history, motor vehicle history, and license history.

How does automated background screening help Indian companies?

Reduces Double Entry with ATS Integration

Most recruiters already know that an applicant tracking system (ATS) is helpful because it makes it easier to track many resumes and other candidate details. When coupled with background screening technologies, the ATS can reduce double entry and provide talent acquisition professionals with information on where candidates stand in the screening process.

You can enter identical candidate information into two different systems if your applicant tracking system (ATS) and background screening procedure operate correctly. But when you put them together, your applicant tracking system automatically sends demographic information about applicants to your background check tool. It helps to proceed rapidly from one step to another and makes background screening easy.

Speedy Verification

HR staff members would only want to spend a little time on verification. The background check system has made screening and hiring new candidates quick and easy. Nowadays, all a business must do to request a background check on a job application, or recruit is emailing a screening request to the background check provider. Background checks in India are done by top companies using automation software that helps with quick verification. They can easily access the candidate’s data and get their educational background. This speedy verification process is what makes automated tools worth using.

Huge organizations frequently review the documents of hundreds of applicants. Just picture doing that by hand! Most utilize specialized technologies and safe internet platforms to speed up turnaround to a few days.

Handy and Accurate Information

Using reliable screening sources has contributed to gathering accurate information on candidates’ pasts. Earlier, when screening took place manually, even HR personnel were prone to miss information, especially when performing a criminal history or reference check. In-depth background checks are now available thanks to innovative technology. The results are also accurate and trustworthy.

Background checks are required for new hires and candidates by state organizations and agencies. The extent of the check will be decided by the organization.

Completely Automated Screening

One of the reasons Indian companies are moving towards screening software is its automated background-checking features. Candidates must initially fill out a form on the employer’s website. The data is then automatically filled in by the screening service. HR must keep an eye on the verification’s development and await the results. The results are immediately made available in response and require no further action.

HR staff gains enough benefits with technological progress. Property owners run background checks on prospective tenants to ensure they let a trustworthy person into their homes. They receive the results instantly, exactly like HR professionals do. Proprietors and property managers have access to screening equipment that deconstructs and electronically processes personal data to look into the histories of tenants.

Simplifies Drug Screening

Although scheduling a visit to a testing center is required for employment drug screening, it should be brief. You can give candidates access to a user-friendly portal where they can browse for testing centers nearby, schedule their test, and obtain their results once they are ready using mobile, paperless drug screening technology. 

Paperless drug testing also stores chain of custody information to save candidates from keeping track of paper documents when they take a drug test.

Data Protection

Many employers think twice before revealing information through a background check. Data sharing between HR staff members is made secure by background screening technology, preventing it from falling into the wrong hands. Even though background check technology does not completely replace risk management practices, it does ensure adherence to the highest security standards.

It can assist organizations in setting up security measures to protect data and traffic to servers that are not on their property. The company’s IT team or department must work on limiting data access to third parties.

Work Eligibility Verifications

Verifying a candidate’s right to work is the common routine under the hiring procedures. If hiring a candidate remotely, it may be impossible to complete in-person verification of job eligibility documents, such as a passport, birth certificate, or driver’s license.

You can virtually gather and verify documents and run an entirely paperless I-9 process by working with a background check company that provides electronic I-9 services. Additionally, you can integrate offline work processes with your background screening software to quickly spot people whose social security numbers do not match and receive alerts when someone’s work authorization is about to expire.

Transparent Work Environment

A significant benefit of using technology in hiring and screening is the improved working environment brought about by higher-quality recruits. Additionally, it frees HR staff members’ time to concentrate on other activities. Background checks can also reduce potential risks in the future. The degree of trust in the workplace can arise when a person consents to ongoing monitoring.

End-to-End Automation

Technology allows for the end-to-end automation of background checks. Prospective employees must fill out an online form on the company’s website with all their contact information. The screening platform will then automatically generate all the necessary data.

Finally, cutting-edge technology, like artificial intelligence and machine learning, helps analysts’ mental processes by finding connections, deciphering their context, and raising precautions as necessary. Online sources for data collection include media, legal records, and a wide range of other sources.

Staying Informed about the Workforce by Monitoring

Once the employee gets employed, background screening technology enables you to move on to the next stage of employment screening. Post-hire monitoring is a necessity for many firms.

By routinely checking government exclusion along with the debarment lists, workforce monitoring technology automates the process of confirming your employees’ employment eligibility.

Conclusion

Since we checked how end-to-end automation helps Indian companies conduct background checks before hiring a new employee. The computerized background check process will make hiring easy and clear for recruiters. It will hold any disturbances and help recruit the best talent.

By automating crucial procedures in your hiring process, screening technology can help you save time, increase regulatory compliance, and improve candidate experience.

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How to set up a Systematic and Efficient Cash Collection System

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How to set up a Systematic and Efficient Cash Collection System

One of the pains every entrepreneur goes through is collecting payments or getting invoices cleared. For business growth, it is vital to have a proper cash collection process that will also improve the cash cycle. Customers or clients will not pay you on the scheduled timeline, creating issues. Implement collection strategies and best practices for cash collections in your company to make it more likely that you will get paid on time or early. Even though late invoices are very typical for many firms, you can still battle them. The key here is following the right process. You can strengthen your collection procedures to speed up payments and keep control of your cash flow.

This article presents you with the complete cash collection system to follow in your business for easy flow –

Table of Contents

Adopt Cloud System

Keeping track of bills and unpaid invoices for an accounts department and knowing when cash is coming in is a big job. Cloud-based services store all your data in the cloud, and you can access it online. They are not only safer, but many of them have anti-cybercrime safeguards in place. Maintaining all your data in the cloud also provides security against stolen hardware, such as during a robbery.

Also, even if your operating system gets broken, you won’t lose any data and can keep working. Keep all your accounting data in the cloud, where it will be safe and accessible.

Seek Payment in Advance

You know you are on the right track when you begin a new task or project with the knowledge that your cash balance will not be negative.

The best approach to preventing having to track down clients who postpone payments is to get paid upfront.

Is it likely that your customers will make a deposit? It entirely depends on their level of confidence in you. They will pay you the advance if you have been delivering the work on time. Offering a discount for early payment as an incentive can set a positive example. The risk of non-payment is decreased by advanced payment, which gives you peace of mind. It enables better budgeting and allows you to reinvest the money. When they are enthusiastic about the idea, make the biggest request before you begin working.

Setting up the Retainer

It makes sense to bill on a retainer. It benefits both you and your customers. Clients can more easily plan their budgets and balance their cash flow thanks to a retainer program. Look at the annual payments from your existing big clients. To get a monthly amount, divide that by twelve. Send them a proposal with a list of the services they utilize in a calendar year. Include a scope document that lists the services they will get for the monthly fee and any extra services that need a work order that has already been approved.

Reviewing your Policy of Billing Dates and Procedures

Ensure that invoices are sent out on time and contain all relevant information. While sending the invoice, provide the complete payment collection terms set by your company.

Some businesses have gotten paid faster by switching from billing customers twice a month to once weekly. Invoicing early in the month is also a great idea. If your invoice falls outside a company’s once-monthly check run, you will have to wait 30 days to get paid.

Make Payment Collection Process Handy

If you expect faster cash collection, setting up an effortless process is vital. Provide all accepted forms of payment. Make sure your invoices’ contact details and mailing addresses are correct for remittance. It will help if you rent a payment envelope with the appropriate remittance address. Use detailed invoices so the customer can pay and maintain a record of the invoice and payment. Use MFI and the banking system to make the collection of cash easy.

Automated Collection Process

Cash collection software is the best way to make things easy for both parties. Using software that has the feature of payment reminders can help in a large sense. The key managers will receive a weekly email from the cash collection software detailing overdue payments from clients and which accounts you should keep an eye on. It displays the number of consumers contacted or issued reminders, giving you advance notice if your collection attempts fail.

When money is tight, most firms divide their bills into “must pay” and “like to pay” categories. Your bill will be placed at the top of the “must pay” pile if you are a company that calls after a bill is one day overdue. If one of your clients has a reputation for late payments, it signals the regular period for cash collection.

Reminding Clients days before the Due Date

Most folks only call once the invoice is 30 days past due. That is a severe error. You should call a client for the first time three to five days before the invoice due date. Present the call as a customer service call to see how satisfied the client is and ensure that the invoice was received and understood. Obtain a commitment regarding the timing of payment.

Be prepared to address any customer service difficulties. When you try to keep customers from giving you money, they will tell you what is wrong with your service delivery approach.

Setting up Helpful Notifications

We receive constant notifications when we use different tools, including email and social media. The constant pings and alarm pop-ups can be annoying. They disrupt your concentration and take your attention away from your vital job. As a driven entrepreneur, responding to the bulk of notifications wastes time and energy. Additionally, useless messages drain your employees’ precious energy.

Some notifications, though, can be advantageous and assist you in saving time rather than wasting it. You can create alerts for specific situations by using cloud-based software. It allows you to stop constantly monitoring and checking in and assume everything is going according to plan until you receive a notification.

Use App to Stay Updated about Payments

Does your company spend excessive time monitoring late payers, following up with clients, and dealing with cash flow concerns brought on by missed payments? If yes, you need to invest in an application or service that can manage the payment process and keep you updated.

You can easily keep track of your unpaid bills with the aid of apps or services like MIMOIQ. Features include offering tried-and-true templates, flexible scheduling to organize your follow-up schedule, and an enlightening guide to assist you in making decisions.

Conclusion

Getting evolved with the cash collection process will help you keep going ahead. Set aside time to carefully analyze your cash collection process if you are serious about expanding your business and ensuring your crew is operating at the highest level of productivity.

You can improve your cash collection management and administration by using cloud-based technologies. These technologies can automate many boring tasks, saving time and effort. MIMOIQ is the best service provider for cash collection and settlements and makes things easy in the long term. A good money flow with effective invoice clearance will help keep the business running in the long run. It will further help to free up time for you to concentrate on tasks that will aid in the expansion of your business, such as marketing and new product development.

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