Benefits of Outsourcing Staff Services and Platforms in the Hotel Industry

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StrategyDriven Managing Your Business Article | Benefits of Outsourcing Staff Services and Platforms in the Hotel IndustrySome facilities cannot afford to spend money and time on the recruiting process of staff members for each department. Hotel business owners must find the best candidates for the various roles in a hotel. Here are reasons why you should consider services from platforms such as www.abovehospitality.com:

To maintain a lead among competitors

The trends in the hotel sector are evolving. It is a direct response to the fast-changing business world. A hotel strategy should be synced with modern-day needs, ranging from the increase in costs to customer demand and expectations. The hotel business is headed for a revolution: the growing need for clients and pressure from the harsh economic state. With this, you ought to consider relevant support services and guidance. Hotels are therefore seeking ways to deal with industry-specific changing requirements and dynamics. To provide business solutions, some firms have assisted hotel owners in getting the best candidates to employ to enhance the level of proficiency without affecting the costs of operations.

It is economical

It has become essential for hotels to uphold competitiveness and promote the growth of other options for obtaining staff members. To promote better output and increased profits, it is advisable to get staff outsourcing services. The service providers assist your enterprise to have a competitive edge by leading and managing better transformation and transition in the new trends in the industry. This helps businesses to remain economical in the provision of products and services. This also enhances the capability of operating while maintaining an effective cost compared to the immediate competitor.

Efficient management of processes

To create, support, and manage the operations and processes in your hotel efficiently and effectively, you ought to get the right skills and expertise for the roles at hand. It is vital to have a team that can identify the challenges your clients can face in your hotel operations: the employees should determine appropriate ways to handle situations at different levels depending on the area of expertise. The good news is that, on top of enjoying the right candidates, hotel owners also enjoy simple access to the services.

Saves you a lot of time

It is vital to undertake a proper and successful hiring process within the shortest duration possible. With this in mind, you have to choose the best approach to get your employees for your new hotel or replace employees who may have left your business. It may be difficult to determine the right skills on your own: not every investor in the hotel sector knows much about the various professionals in the hotel industry. The services offered by companies that connect employers to employees in the hospitality sector have made work easy and less time-consuming.

To obtain a productive and conducive work environment in the hospitality sector, it is vital to ensure you get the right skills. There are several departments in a hospitality setting. You can enroll for the services regarding help with connecting you to the right employees at the comfort of your home, office, or any other location. You can sign up for the services through the company websites. This brings added convenience to your staff needs as you do not need to physically visit the offices offering the services.

Choosing the Right Fintech Partnership

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StrategyDriven Managing Your Business Article | Choosing the Right Fintech PartnershipWithin banking and financial circles, fintech partnerships have become more common. Organizations have realized partnering with fintech companies will help them achieve more than if they try to work alone. When it comes to the banking industry, a partnership with a fintech company is a good idea. It lets the banks focus on what they do best while allowing a fintech company to provide extra value to customers.

In recent years, innovation in the fintech field has been growing consistently. New technology has been a welcome asset in all businesses despite their sizes. For instance, solutions that aim to advance technology in various fields, such as artificial intelligence, have been hitting the market in increasing numbers. Since they offer significant potential, a partnership allows access to financial institutions like banks that may lack the expertise or knowledge to develop such technologies themselves. In addition, this outsourcing gives banks insights offered by fintech companies. It is clear that banks can benefit hugely from such partnerships. However, how can a bank choose the right company to work with?

Pick a Partner That Is Established

Before a bank chooses a fintech partner, they need to understand the power that a brand name holds. If they partner with a fintech company whose name lacks credibility, that could be the beginning of their downfall. The bank should also factor in its history and reputation as it chooses a partner. To avoid damaging their name, the bank should ensure whatever the fintech company has said they can do, they have the capability of doing it. As advised by Cane Bay Partners, if they want to get the most from these partnerships, they should choose a partner with credibility, longevity, and the ability to meet the demands of the bank.

Innovative Technology

The advancement of innovation and technology witnessed in the past years is something that most banks have struggled to match due to the lack of expertise and knowledge in-house. That is why a bank needs to partner with a fintech company that offers them the edge they require to improve customer experience. When looking at the technology platforms offered by fintech companies, the bank also needs to ensure that the technology offered is compatible with its ERP solution.

Banks can benefit hugely from using technology platforms offered by fintech companies. For instance, a bank does not have to invest in the development of in-house technology. In addition, the bank gets access to current technologies that benefit customers as well.

Improve Customer Experience

Partnering with the right fintech company should give the bank an opportunity to understand the needs of the customer well to enhance the customer experience. One of the significant ways that fintech is shaping financial services is by increasing focus on a customer. Therefore, a bank should look for a fintech partner that gives them a better understanding of their customers. The fintech partner also needs in-depth knowledge of the regulatory requirements of the industry. This means they have standards in place that comply with the law.

Ability To Deliver

Another thing that banks should look at is that the fintech company can deliver. Just because the company has a shiny vision and roadmap, that does not mean you automatically partner with them. They should be able to accomplish whatever they claim in their vision.

In the end, choosing a good fintech partner allows a bank to tap into a sea of expertise, knowledge, and technology innovations that most of them lack. This gives them the opportunity to focus more time on their strengths while developing a more robust platform for offering products and services. By doing that, banks can enjoy the latest technologies, ensuring they are not left behind in an industry that is moving very fast.

9 Things Your Business Needs for Protection

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StrategyDriven Managing Your Business Article |Business Protection|9 Things Your Business Needs for ProtectionRunning a business in 2021 is not an easy task. Apart from the everyday functions of successful operation, there are numerous satellite issues that every business needs. The many facets of business operation revolved around protection. Protection doesn’t only refer to financial insulation but legal protection for employees and your business.

In addition, the 21st-century proliferation of internet-connected systems makes any business a target for malicious hackers, the damage from which can be disastrous. Recent times have also brought to light many issues related to race, sexuality, and gender. It would be best to tackle these issues head-on, and it is necessary to educate all employees at every level.

Nine of the most critical protection issues in modern-day business include:

  1. Quality Legal Representation
  2. Accounting Strategists
  3. Cyber Security
  4. Multiple Insurance Policies
  5. On-Site Medical Aid
  6. Medically Trained Staff
  7. Emergency Exit Procedures
  8. Employee Training Programs
  9. Employee Awareness Seminars

Implementing one or more of these strategies into your company is guaranteed to help your business, yourself, and your employees when related issues arise.

Quality Legal Representation

Love them or loathe them, lawyers are an immense help in almost every aspect of a business. Apart from criminal law, there are multiple aspects to the discipline that most people will never use. A personal injury attorney can expertly represent your case when you have suffered injuries in the workplace.  If you have been injured on the job, you must get a company with good workers comp attorneys to help you with your case. Keep reading and find out more about how an attorney can help you get the compensation you deserve. In addition, business lawyers are incredibly knowledgeable when it comes to liability issues. For example, if you are a doctor, it could come in handy for your practice should you come under pressure or a face suit from a medical negligence lawyer. In addition, business lawyers are incredibly knowledgeable when it comes to liability issues. For example, if you are a doctor, it could come in handy for your practice should you come under pressure or a face suit from a medical negligence lawyer.

Accounting Strategists

Good accountants are necessary for optimal business. Apart from their well-known skills when it comes to taxes (which you need as a business), experienced accountants and financial planners will advise you on all aspects of your company’s finances. The expertise of accountants includes investment strategies, insurance decisions, and auditing. Auditing is a specialized technique that aims to highlight all expenses of a business.

Cyber Security

Protecting your business from malicious hackers has never been more critical than it is now. The year is just halfway through, yet the UK has suffered almost 10 million record breaches so far in 2021. Additionally, ransomware attacks are on the rise at the cost of approximately $6 trillion per year to companies worldwide. Consequently, one in five small to medium businesses fold within six months of a devastating breach. It would help if you considered managed IT services.

Multiple Insurance Policies

Probably the most vital protection your business needs is insurance. Good insurance doesn’t only protect your company, but your employees as well. Property insurance, liability insurance, and worker’s compensation insurance are a good start.

  • Property Insurance: provides compensation for any property lost or damaged inside the business.
  • Liability Insurance: pays for damages incurred from a lawsuit as well as related fees and expenses.
  • Worker’s Comp Insurance: pays the salary and medical expenses of employees injured while at work in your company.

On-Site Medical Aid

At the very least, essential medical treatment should be available at your company. Such on-site treatment includes first aid boxes and specialized care such as eyewash stations in industrial areas where shrapnel or chemicals are a risk.

Additionally, you could consider on-site defibrillators that employees can use in cardiac arrest or heart attack situations. Defib machines can be purchased for as little as a few hundred dollars/pounds and can save lives.

Medically Trained Staff

In addition to on-site medical aid, you can further protect employees by hiring on-site medical staff or training existing staff in medical procedures. For the most part, you may want to pay for a small number of employees to be trained in first aid procedures. But should there be a significant risk to employees, you could consider hiring an on-site nurse or physician. It’s also common for companies to hire therapists for treating those in stressful jobs.

Emergency Exit Procedures

Disaster could strike your company premises at any time. Acts of God, terrorism, and mass shootings are real threats in the modern world, and organized evacuation procedures are essential for minimizing potential damage. Regular drills are an excellent way of ensuring everyone knows what to do in an emergency as is installing security devices, fire suppression systems, and keeping emergency exits clear of obstacles.

Employee Training Programs

You should adequately train all your employees in their job. Poor job performance is dangerous and puts everyone at risk. For example, the current shortage of truck drivers means that companies are hiring unqualified drivers. Many of these contribute to the 121,000 bus and truck accidents each year in California alone. Additionally, should you employ an incompetent person for any role, you are liable for any negligent incidents in which they are involved.

Employee Awareness Seminars

Issues in the workplace have always been there. But the last couple of years have brought them to the fore. Movements such as #MeToo and Black Lives Matter are socially significant as they serve to highlight injustice and repugnant practices across society and in the workplace. In response, you have a responsibility to ensure the safety of all persons in your employ. A tried and tested method of this is to hold awareness seminars. Educational programs like this can help inform employees what is acceptable and what’s not while at work.

Conclusion

As an employer, you have numerous responsibilities. In addition to owning and operating a successful business, there are a variety of meaningful actions that you can take to keep yourself, your business, and your employees safe. While these mainly extend to legal issues, fiduciary aspects, and cyber protection, they also include medical and societal issues.

Legal representation, accountants, and adequate insurance policies provide excellent meta protection. This kind of cover will insulate your business against legal and financial issues and provide satisfactory solutions to employees in your duty of care, as will adequate evacuation and safety procedures.

Duty of care protection also includes medical-related issues where the risk of injury is probable. On-site nurses, doctors, and therapists are excellent solutions to any medical problems that can arise and only serve to increase protection for everyone involved in your business.

Why Rules-Based Automated Underwriting is the Right Choice

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StrategyDriven Managing Your Business Article |Underwriting|Why Rules-Based Automated Underwriting is the Right ChoiceUnderwriters have one of the most important roles in the lending process. They must ensure that their quotes are both attractive to prospects and lucrative for the company.

An underwriter collects a candidate’s information to set the amount, interest rate, and time period. This means that they need to go over data, statistics, laws, and regulations before making an offer.

Needless to say, this is a demanding and time-consuming job.

The solution? Rules-based automated underwriting.

Automated underwriting solutions give lenders the ability to make fast and accurate decisions, which are necessary for improving customer experience.

Automated underwriting platforms are able to process an application in mere minutes, shaving off days that would normally take a human underwriter.

Issues with Manual Underwriting

As the name suggests, manual underwriting requires a human underwriter to complete the process. Apart from the fact that manual underwriting is more expensive than automation, there are several other problems with this approach.

In order to give an accurate quote, the underwriter has to sift through huge volumes of documents. As a result, it could take days before a decision is reached. This makes it very difficult for lenders to respond to real-time demand when the underwriting process is so lengthy.

Also, since manual underwriting is performed by a human it means that the process isn’t error-proof and that the risk of inconsistent decisions is very real.

These are only some of the most common problems with manual underwriting that can have a disastrous effect on an organization.

Manual Underwriting Does Have Its Role

Every lender needs a human underwriter who’s going to assess difficult or unique applications. For instance, you would need the expertise of a human underwriter in cases where the client information is incomplete or seemingly contradictory.

However, while manual underwriting has its role to play, lenders are using automated underwriting platforms to quickly advance qualified applicants.

How Does Automated Underwriting with a Business Rules Engine Work

An automated underwriting system that uses a business rules engine to process loan applications first collects basic data such as addresses, social security numbers, employment status, and earnings details. Then the automation software uses this information to fetch more actionable data, such as the applicant’s credit score.

The automated system only needs a couple of seconds to do all the heavy lifting. Once the algorithm comes up with a risk assessment, the underwriter quickly reviews the result before issuing a formal offer.

Operational Efficiency

Automated underwriting streamlines the first stage of the underwriting process — it has the ability to instantly generate decisions that can take days to complete manually. In many simple cases, there’s no need for any human supervision.

Another advantage of automating the underwriting process is that there’s little human input. A business rules engine follows clear instructions that define each stage in the process. This means that the risk of mistakes is significantly reduced.

Conclusion

As long as the system has correct data, its decision will be accurate. Businesses don’t have to worry about things like transposition mistakes that can produce false assessments.
Automated underwriting is one of the best ways for lenders to become more competitive.
Automation can be used to underwrite a wide range of loans. Automated underwriting solutions are widespread and are available to both smaller startups and large established banks.

3 Simple Ways to Grow Your Business

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StrategyDriven Managing Your Business Article |Grow your Business|3 Simple Ways to Grow Your BusinessTo guarantee your success in the business world, it is imperative that you grow your company in a sustainable way. It is sometimes the case that a business will try to grow too soon, and this can, unfortunately, contribute to failure. By first establishing your place in the market and then seeking stable opportunities to expand, you can begin to thrive in your industry.

When you are genuinely confident that your business is stable, the time to think about growth has arrived. If you are unsure where to get started, then the following three tips will help you on your way.

1. Get a Virtual Receptionist

A professional virtual receptionist from Telephone Answering is an amazing way to drive your business growth.
Your customer service is an essential component of your success, and the person answering your business calls will take much of this responsibility. When you entrust these tasks to an expert agency, you can be sure your customers are getting the service that they expect with each and every phone call.

A virtual receptionist can also help with other tasks that will enable you to focus more on growing your business. For example, you can outsource your diary management, switchboard handling, and your website live chat function to a virtual receptionist. This will undoubtedly free up a great deal of resources within your company.

2. Up Your Social Media Game

Social media is undeniably a fantastic way to expand your brand awareness and to boost your sales.

When you are successful at building a brilliant social media presence, then more and more people will become aware of who you are. This creates practically limitless potential for how many new customers or clients you can get on board.

Having an in-house social media team has its benefits as communication between different departments may flow seamlessly. However, that does not mean that hiring an external social media management team is not a good idea. Outsourcing this aspect of your marketing strategy can ensure that your social media efforts are consistent and that your campaigns are expertly executed.

With the right social media team behind you, you might be surprised at just how quickly your business starts to grow!

3. Host Your Own Events

Hosting events is an exciting way to boost your reputation and begin growing your business. These events can serve as networking opportunities, as well as being a great chance to show those in attendance what your company is all about.
You might consider hosting an event to coincide with the launch of a new product or service. It might also be something that you do on a schedule, such as once every two months. Either way, make sure that your event is always well organized and beautifully presented. You will also want to make sure that those in attendance are having a good time.

Growing Your Business

With the right plan in place, it is possible to start growing your business and future-proof your success.
Ensuring that the time is right is always going to be one of the most important factors, combined with a brilliant team and a commitment to success.