While many people aspire to be their own bosses, few actually make the move to incorporate their own businesses and commit to the life of an entrepreneur. It may seem easy in the eyes of most people, but the truth is far from reality. After meeting and consulting various CEOs from diverse industries throughout my writing career, I begin to distill certain essential traits common to all of them. They are by no means prescriptive, but I believe that they serve as useful indicators for prospective entrepreneurs.
Beyond costly monetary benefits, you can keep your employees happy and productive at the workplace by knowing the underlying factors that induce motivation. Daniel Pink, the renowned author of “Drive” book, highlighted that the three elements of motivation include purpose, autonomy, and mastery.
Applying these elements realistically, here are the three key ways to keep your employees efficient and happy:
1. HAVE A SOCIAL PURPOSE
Having a meaningful cause larger than oneself drives the deepest motivation. Generation Y employees, in particular, want to feel that their work is making a difference. This is why they are drawn to work or patronize products of TOMS. TOMS is company that equates their sales into helping people in developing countries. For example, whenever they sell a pair of shoes, a new pair of shoes will be given to a needy child.
Even if your company does not include a direct social mission in the system, you must do your best to practice altruism. Have the social responsibility to donate to charity whenever possible.
2. MAKE ROOM FOR EMPLOYEE AUTONOMY
I am sure that no one enjoys being micromanaged especially in a small business! Employees work happiest and most efficient when they have personal control over the situation as they can freely express their creativity and solve the problems by themselves. When employees feel that they are able to make tangible impact to the company through regular brainstorming, they are more likely to give their all for the company.
3. GIVE EDUCATION AND FEEDBACK
Mastery is formed when there is a comprehensive knowledge or skill built in the company. Employers can hone mastery by encouraging further training or education as well as conducting regular performance feedback. A sense of progress in oneself contributes to the inner workplace motivation. Allow your employees to grow by empowering a new responsibility. Everyone wants to feel that they are getting better at things.
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Having a flourishing business sounds well doesn’t it? But, for a business owner who has not planned about growth, it is possible to find himself or herself in the crossroads – not knowing where to go next. Furthermore, the challenge rises when the perfect employee for the job is asking for a competitive salary.
Employers must calculate the hiring budget and the total cost of hiring a new employee. Additionally, they can find new ways to gain the help they are looking for on how to keep hiring costs low.
COST OF HIRING A NEW EMPLOYEE
Since the workforce of Singapore consists of a diverse mix of employees in terms of age, gender, and ethnicity, employers are strongly advised to practice fairness especially in the matters of talent recruitment.
This fairness expands to the general obligations of the employers. For instance, the cost of hiring a new employee includes the taxes issues for foreign employees and the Central Provident Fund (CPF) contributions for the local employees. CPF is mandatory for all local employees including Singaporean citizens and Permanent Residents that earn more than S$50 a month. And, the maximum CPF contribution rate for the employer is 16%.
Aside from this, the recruitment process can cost you if you are planning to pay for a job advertisement. Fortunately, you can post cheap or free position Ads online through various websites that are available here.
Once you select the perfect candidate, you may have to accommodate to their needs such as purchasing new desk, computer, writing materials, and other tools. Lastly, the hourly wage or the base salary heavily affects the cost of hiring a new employee.
ALTERNATIVE WAYS TO GET HELP
After analyzing all the factors that contribute to the cost of hiring a new employee, you may come to a conclusion that you are still low in hiring funds. This is when creativity and alternative ways to get help comes in.
1. ENHANCE YOUR CURRENT EMPLOYEE’S SKILLS
Instead of hiring a new employee, enhance your current employee’s skills to meet your company’s needs. As the business grows, relatively increase the level of responsibility and the amount of salary. By doing so, you can enhance the current employee’s productivity, effectiveness, and loyalty to your company.
Upgrading your employee’s skills does not necessarily equate to burning your pocket. You can search for a variety of affordable workshops that Groupon.sg offers. Here are just some:
2. HIRE PART-TIME EMPLOYEES FOR YOUR TEMPORARY NEEDS
If your company’s needs are temporary only, hire a part-time employee, as it is more cost efficient. A sense of flexibility, in both the salary and employment benefits, is undeniable when hiring part-time employees. The working hours of these employees are less than 35 hours a week.
Image Credits: Alex France via Flickr with Creative Commons Attribution-ShareAlike
With all these in mind, ask yourself this: “Is Hiring A New Employee Worth It For Your Booming Business?”
3. Outsourced Staff
Of course, if you’re truly in need of the assistance and short of human resources staff, you can always rely on a good old recruitment agency to help you out.
It has become a trick of the trade for most companies to hire a Philippine, Indian or China recruitment agency. Should there be a temporary vacant spot in the company’s roster, companies choose to outsource a temp instead of having their current staff pick up the slack. This also guarantees that everyone in the company stays focused on their core tasks.
Although you are eager to venture on the business scene in Singapore, you must first be aware of your chances. In 2012, a research showed that 3 out of 4 start-up businesses fail.This is why it helps to know and learn from the usual mistakes that previous business owners have made.
These are just four of them:
1. GETTING OFF ON THE WRONG FOOT
It is paramount to choose the right partners, team, co-founders, or investors to start the company with. Not only does your skills have to balance but also your values must be aligned too. What is even more difficult than having unsuitable partners is having a lone founder. Well, your chance of succeeding is slimmer when you do it alone because of limited access to resources and funding.
2. HAVING TOO MUCH OR TOO LITTLE MONEY
Raising bountiful amounts of money can make you appear more successful but it shifts away the real focus of the business – the clients. You must give more time and energy into making your product appear impressive for all the consumers to patronize.
On the other hand, having scarce funding because of underestimating the start-up costs can lead you to using your own savings just to meet the business’ monetary needs. You can either use your retirement savings or borrow money from friends and family. This is not always a good idea! Furthermore, you will not be able to optimize your product to its full potential.
3. MISTAKE IN TIME
Jonathan Wegener, the founder of ExitStrategy and Timehop, told Mashable that a common mistake that companies make is wasting one of the most valuable currency on Earth – time.
He then said this: “The biggest mistake I see is companies waiting too long to release the product. It’s easy to let the scope of what you’re building get out of hand. But equally importantly most startups build much more than they truly need to, but this is often only realized in hindsight”.
4. PAYING NO ATTENTION TO THE PRESENT OR FUTURE CONSUMERS
Engaging in activities that enable you to reach out to your potential clients earlier on can help you reach success. Get feedback from the present consumers to examine the demand for your product and the uniqueness of your brand. Then, target your future consumers by using social media.
As the cost of higher education catapult over the years, undergraduates around the world have one thing in common – they are susceptible to an enormous pile of debt. The Tuition Fee Loan Schemes and total student debt vary globally.
For instance, in Japan, about US$5 billion in student debts were past due last 2011. In America, the college students’ debts summed to over US$1.2 trillion in 2013. Looking no further, in Singapore, one-third of the local students who graduated last 2005-2007 had an average debt of S$20,000 per student.
With these overwhelming numbers, it is surprising to know that some countries are offering free or low-cost tertiary education – in English! If you are willing to leave the Lion City for your studies, here is a concise list of those countries:
1. FINLAND
Regardless of your nationality and level of studies (i.e., diploma, degree, or Masters), tuition fee is free in Finland. But, you are expected to cover your personal living expenses that cost about 500 Euros or S$746 per month.
Image Credits: Miguel Virkkunen Carvalho via Flickr with Creative Commons License
2. GERMANY
9 months ago, Germany has implemented a rule that enables all students to enjoy no-cost fees for undergraduate studies. Yes! International students are included. Currently, 900 programs are available in English to attract foreign students, as they are experiencing shortage in skilled workers. Like Finland, living expenses in Germany cost about 500 Euros or S$746 per month.
Image Credits: Moyan Brenn via Flickr with Creative Commons License
3. NORWAY
Norwegian students and foreigners studying in the country can go to undergraduate studies, Masters programs, and Ph.D. programs at no cost! Be informed, however, of the harsh weather conditions and the high cost of living. A single student’s living expenses will equate to about NOK 7,500 or S$1,261 per month.
Image Credits: Edward Dalmulder via Flickr with Creative Commons License
With all these information at your reach, you have to understand that debts are not only rooted from school fees but also from living expenses. In fact, U.K. students have borrowed about US$10,200 per student to cover tuition fee and living expenses in 2011-2012. So, before you pack your bags, calculate whether the total cost of your education and living expenses are less here or there.
