Tales from the Corporate Frontlines: Providing Career Opportunity

This article relates to the Career … … commonly … in employee … surveys. It explores issues such as internal growth … … for … car

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This article relates to the Career Opportunity competency, commonly evaluated in employee satisfaction surveys. It explores issues such as internal growth opportunities, potential for advancement, career development importance, and the relationship between job performance and career advancement. It examines whether your employees believe they have a chance to grow within the organization. Studies show that lack of career opportunity is one of the top reasons why employees leave an organization.

Also, continually hiring open positions from outside the organization can be detrimental to morale when a qualified candidate is available internally. Topics covered in this competency are: perceived opportunity for advancement, existence of a career development plan, and organizational commitment to staff development.

This short story, Providing Career Opportunity, is part of AlphaMeasure’s compilation, Tales From the Corporate Frontlines. It illustrates how employers can offer career opportunity to their employees using a well-planned career development strategy, and reap the benefits of a knowledgeable and dedicated workforce.

While searching through the employment ads in my local newspaper, I noticed that several companies made a point of adding the line—-”we promote from within”. Those are definitely the companies I would apply to – if I were on a job hunt.

But, the fact is, I am currently working for one of those companies. That’s not to say that we never hire from the outside; sometimes it’s unavoidable. If an employee leaves the company with a unique level of skill or training, it may have to look outside for a replacement. The point is that whenever possible, our company offers a career opportunity to a current employee.

This advancement doesn’t happen magically. Employees have to be on the lookout for career opportunity within the company, and prepare for it. Our company helps them by operating a structured career development program. Managers are entrusted with the duty to help employees evaluate their skills and performance on a regular basis and create a plan for the future based career goals.

Departments also form career development teams. They meet regularly and help employees to define their goals, provide feedback about applicable training programs, assign duties to employees to help them gain new skills, formulate job descriptions and generally make sure that employee career development programs are on the right track.

As for my own career development, I’ve been promoted three times over the past five years. Once because of an opening left by a retiring coworker, and twice into new positions created due to expansion. A few months after I was hired, my manager sat down with me and began to work up a career development program. He was very helpful in evaluating my current skills and finding ways to learn new ones that would help me to advance. He evaluated me honestly and encouraged me to alleviate any shortcomings and examine problems before they grew into major issues.

I can’t imagine working for a company that doesn’t offer its employees substantial career opportunity. It takes more than just posting job openings, it’s a lengthy process that takes time, effort, organization and planning. Companies must be willing to invest the effort and money to cultivate their workforce. It’s a worthy effort, in my opinion. I’ll stay where I am – and those classified ads that I mentioned earlier? I’d be willing to bet that those positions are filled quickly – with no shortage of qualified applicants.

Invoice Discounting For E-Commerce & Retail Industry

India has experienced remarkable growth in both retail and e-commerce industries over recent years. India was predicted in 2017 that revenue generated for these sectors would increase from US$ 39 billion in 2017 to US$ 120 billion by 2020; marking 51% annual growth. No other country can boast this achievement!

India has one of the highest penetrations rates for online retail market segments, but customers are now showing greater preference towards purchasing other products through e-retail platforms – leading to an increase in products to meet customers’ various demands.

Retail and e-commerce industries face many obstacles in managing daily operations and clearing unpaid invoices, necessitating quick access to working capital. Invoice discounting provides quick relief by freeing up cash sitting in unpaid invoices – retailers and e-commerce alike need products from their suppliers, while suppliers often wait 30 to 90 days for payment; other hurdles could include upfront payment to sellers, delayed receivables, prolonged and delayed payment cycles, high overhead costs and operational inefficiency that might further complicate matters further.

What is invoice discounting?
Vendors or merchants that receive bills receivable from clients usually honour them after an agreed upon period, creating a time lag between delivery of goods and payments being received. To combat this situation, vendors can take their approved bill receivable to any participating bank or financial institution to get discounted or sell at a discount for cash up-front.

Invoice discounting is the process by which businesses leverage receivables to secure short-term funding needs. Small and midsized companies issue invoices against larger corporations (blue-chip companies), often for services provided or products supplied, to avoid delays. They bring these invoices directly to one of several invoice discounting service platforms where within 1-2 days they are converted into funds at a discount rate that varies based on risk analysis, market acceptability and tenure (typically 30-150 days).

How does invoice discounting benefit retail and e-commerce companies?

Invoice discounting services provide multiple advantages to retail and e-commerce industries.

Unlock trapped cash by clearing unpaid delivery invoices: Enjoy hassle-free working capital within 24-72 hours of clearing unpaid invoices, increase cash flow with no collateral policy, and keep inventories updated by making optimal use of unpaid invoices.

Manage Your Supply Chain Efficiently: By fulfilling orders quickly with access to working capital at all times and running an efficient supply chain from retailers to suppliers resulting in improved customer satisfaction, your supply chain should function at peak performance.

Use quick access to liquidity to accelerate business expansion: Increase orders through timely payments leading to more orders, which in turn increase sales resulting in business expansion, whilst simultaneously expanding your reach by connecting with larger retailers or online marketplaces that fulfil orders more efficiently.

How does invoice discounting work?
Retailer raises an invoice of the customer payable within 30 – 90 days

The unpaid invoices are uploaded on the Falcon Invoice Discounting platform post KYC and verification.

The retailer gets fund credited to the account within 24 – 72 hours.

How are invoices settled, and why is this necessary?
Deferred credit transactions have become an increasingly common way of conducting transactions. For instance, when businesses sell goods or provide services to their clients they often offer payment terms of 90-120 days as part of an invoice agreement. Businesses often outsource invoice payments to third-party financing companies that buy the accounts receivable from them. On acceptance, the finance company agrees to pay a specified percentage of the face value (often 80 percent) less interest charges for credit periods (such as 60 days). When customers make their payments, any balance due will be returned back to businesses by deducting a service fee and issued exchange vouchers in accordance with the Negotiable Instrument Act 1881.

An invoice discounting financing solution provides a way to bridge the credit gap between small and large enterprises by making it simpler for SME’s to access export finance without providing hard collateral or business financials as security.

Features and benefits of invoice discounting:
No collateral required. You just have to present the raised invoice to the lender.

The seller retains invoice ownership.
Get as financing of 90% of the invoice amount.

Get financing offline or online.
Financing amount’s quick disbursal.
Lenient eligibility criteria.
Low-interest rate.
.

Methods involved in invoice discounting:

With Recourse: Lending institutions conduct an intensive round of verification on the documents submitted by sellers and submit them for validation by their bank. If the bank determines that there has been a default on payment by either of them, they could become responsible for any potential debts owed by either of them.

Without Recourse: The lending institution does not conduct any verification on invoices and documents provided by sellers, nor do they check with their bank accounts.

What are the factors on which invoice discounting depend?
Company’s financial turnover.
Financing amount needed for the business.
Total amount of the invoices.
Business customer base.
Visibility of the business.
Why to prefer invoice discounting?

Invoice discounting provides businesses with the means to continue operating without worrying about cash constraints or lengthy loan applications. With this short-term financing solution, cash can be secured without collateral requirements; alleviating invoice backlog and providing you with extra funds for everyday business expenses. Customers don’t need to chase you for bill amounts any longer! Instead, let them manage their finances freely while still having enough money on hand for ongoing costs.

Does this financing method suit newly formed and small businesses?
Yes, lenders in the market welcome applications from newly formed small businesses and finance their invoices. Lenders take into consideration your current sales volume and potential for growth when considering whether to approve financing for your invoices.

Conclusion:
Falcon Invoice Discounting has made invoice discounting investment possible for individuals by providing multiple platforms to facilitate investment depending on risk and other considerations. Minimum investments vary with each platform and could start as low as Rs. 25,000 for minimum investments on some platforms. Invoice discounting platforms provide verified vendors and enterprises with investors seeking returns. Businesses use invoice discounting platforms to list unpaid invoices that need working capital, while investors provide instant cash assistance and then reap returns within 30-150 days of investment. Investors could include anyone from individuals living in India, HUFs/proprietorships registered in India, institutional investors like banks/NBFCs/other financial institutions as well as NRIs.

6 Best Data Analyst Projects for Portfolio

Aspiring data analysts face a common challenge when trying to enter the job market: the need for experience. Many job listings require candidates to have prior experience in data analytics, making it difficult for newcomers to break into the field. This is where the importance of projects comes into play. Building a portfolio of data analysis projects can showcase your skills and experience, even if you haven’t had a data analytics job before. In this article, we will explore why projects are crucial for data analysts and highlight six of the best projects to include in your portfolio.

Why Projects Matter for Data Analysts
Demonstrate Skills: Projects allow you to showcase your skills in data analysis techniques, tools, and programming languages. Employers want to see evidence of your ability to manipulate data, conduct analyses, and derive meaningful insights. By working on projects, you can demonstrate your proficiency in these areas.

Real-World Experience: Projects provide an opportunity to work with real-world datasets, simulating the challenges and complexities you may encounter in a professional data analytics role. This experience will give you a taste of what it’s like to work with messy data, make data-driven decisions, and communicate your findings effectively.

Problem-Solving Abilities: Data analysis projects require you to identify problems, formulate hypotheses, and develop analytical approaches to address them. These projects showcase your problem-solving abilities and demonstrate your capacity to think critically and analytically.

Communication Skills: Data analysts must be able to effectively communicate their findings to stakeholders, including non-technical audiences. Projects give you the chance to practice presenting complex information in a clear and concise manner, enhancing your communication skills.

Continuous Learning: Data analysis projects provide opportunities for continuous learning and skill development. As you work on projects, you’ll encounter new challenges and learn new techniques, expanding your knowledge and expertise.

6 Best Data Analyst Projects for Your Portfolio
To help you build a strong portfolio, here are six of the best data analysis projects for beginners. These projects cover a range of data analysis techniques and can be completed using popular programming languages such as Python and R.

1. Exploratory Data Analysis (EDA)
Exploratory Data Analysis (EDA) projects involve exploring a dataset to understand its structure, uncover patterns, and identify relationships between variables. EDA allows you to ask questions about the data, visualize it, and gain insights that can drive further analysis. Choose a dataset that interests you and apply various EDA techniques to analyze and visualize the data.

2. Web Scraping and Data Cleaning
Web scraping projects involve extracting data from websites and cleaning it for analysis. Choose a website or multiple websites with interesting data, and use tools like Python’s Beautiful Soup or Scrapy to scrape the data. Once you have the data, practice cleaning and preprocessing techniques to ensure its quality and consistency.

3. Sentiment Analysis
Sentiment analysis projects focus on analyzing text data, such as customer reviews or social media posts, to determine sentiment or emotions associated with certain topics. Use natural language processing techniques and sentiment lexicons to classify text as positive, negative, or neutral. This project demonstrates your ability to analyze unstructured data and extract meaningful insights.

4. Predictive Modeling
Predictive modeling projects involve building machine learning models to make predictions based on historical data. Choose a dataset with a target variable and apply regression or classification techniques to build a predictive model. Evaluate the model’s performance and interpret the results to make data-driven predictions.

5. Data Visualization
Data visualization projects focus on presenting data in a visually compelling and informative way. Choose a dataset and use tools like Tableau, Google Charts, or Python libraries like Matplotlib or Seaborn to create visualizations that effectively communicate insights. Showcase your creativity and storytelling skills by designing engaging and interactive visualizations.

6. Data Dashboard Creation
Data dashboard projects involve creating interactive dashboards that provide a comprehensive view of data and allow users to explore different aspects of the dataset. Choose a dataset and use tools like Tableau, Power BI, or Python libraries like Dash or Plotly to build a user-friendly dashboard that summarizes key metrics and enables data exploration.

Bottom Line
Data analysis projects are essential for building a strong portfolio and demonstrating your skills as a data analyst. By working on these projects, you can showcase your abilities in data manipulation, analysis, visualization, and communication. Choose projects that align with your interests and goals, and remember to document your process and findings to create a compelling portfolio.

Get Started with Tutort Academy Data Science Courses
If you’re looking to enhance your data analysis skills and gain practical experience, Tutort Academy offers a range of data science courses to help you get started. Whether you’re a beginner or an experienced data analyst, Tutort Academy courses cover a wide range of topics, including data cleaning, exploratory data analysis, machine learning, and data visualization. Start your journey today and unlock unlimited opportunities in the field of data analytics.