Hiring the wrong person for a job can cost a company financially. Whether it be unproductiveness or incompetency, the wrong employee or employees can mean that a company loses out in the market.
Recruitment software is necessary in an age where there is so much information that needs to be tracked. For small businesses, it can be difficult to keep track of who you are going to hire, who has been hired and who has yet to be interviewed.
If the business owner or HR representative can’t keep the job candidates straight, a candidate could be offered a job that he or she didn’t apply for or wasn’t supposed to be selected for the job. That can create confusion and animosity between a job seeker and a company.
At a larger company, there could be hundreds of people coming and going daily looking for work or applying for positions. Without some sort of tracking system, it will be difficult to see what departments are hiring and who has applied for any particular opening.
The use of recruitment software such as Zoho Recruitment can save a company a lot of money as well as time. This helps smaller companies greatly because they might not have the money to spend on someone to keep track of the HR side of the company. Larger companies can also save a lot of money based on the sheer number of hours that can be reduced due to increased efficiency.
If you are in debt and are looking for ways to get out of them, y0u’ve come to the right place. Let me share with you 6 tips to manage you debts in a better way.
- Borrow or take loans only for productive purposes. Fancy a car and need to take a loan? Sure. But are you stretching yourself by buying a luxury car or something which will take you from one point to another at half the price? Likewise, if you are thinking of applying for a personal loan, will the loan be used towards generating income sufficient to repay the loan plus interests and still give you a surplus at the end of the day?
- Ensure that you are able to repay your loan instalments comfortably. Paying a loan instalment is one thing. Being able to pay it comfortably is another. By being able to pay comfortably, that means after paying your loan instalments, you still have surplus in your savings to bring forward to the next month and slowly build up your savings. If all the money that you earn are being used to pay your loan instalments, then you’ll need to question yourself whether the loan instalment can be restructured to something more manageable.
- Try not to pay more than 40% of your gross monthly income on loan repayments. A good rule of thumb to observe is to not spend more than 40% of your gross monthly income of loan repayments. Using more than that may put you at risk of having no monetary savings and may hit you hard when emergencies or big ticket purchases occur.
- Consider using surplus funds to pay off your debts. If your surplus funds are not earning you interests as much as the amount of interests that you are paying for your debts, then you should consider using those funds to pay off your debts first. Of course, if your surplus funds are invested in instruments which are earning you higher interests, that would mean that you are in a positive position financially.
- Adhere to the repayment schedule and avoid penalties. Be disciplined and pay off the instalments when due. Penalties in the form of additional interests and late payment charges can add up and are wholly unnecessary burdens to take on.
- Get good creditworthiness by being prompt in payments. Having a good credit scorecard helps in many ways including being able to obtain good financing, better rates, being in a better standing to negotiate restructuring of debts.
These are but 6 tips to help you to manage your debts in a better manner. They are not exhaustive but will help you a long way.