Roopali Kotwal – Dutch Uncles

What is KRA – Key Responsibility Area?

Roopali Kotwal — Wed, 02 Jun 2021 06:05:03 +0000

Imagine, you have a new recruit in your start-up business and he/she has spent just a couple of weeks in the new organisation. The new employee is unclear on the expectations you as an employer have from him/her. With no clarity on the goals and job responsibilities, you may envision the state of mind of the newly hired employee. The ambiguity may cause needless stress and result in demotivation and a feel of being directionless before the actual start of the journey. In such a scenario, clarity on the goals, better known as KRAs (Key Responsibility/Result Areas) shall bring stability of thoughts for the new employee. The KRA setting shall help to regain the confidence of the employee in the employer and validate his/her decision of joining the particular organisation. Thus, we can say that clarity on work/task responsibility will make provision to organise the work better for each and every employee.

KRAs: Definition

KRAs stands for ‘Key Result Areas’ or Key ‘Responsibility Areas.’ And, both these terms are used interchangeably. KRAs are the parameters that an organisation fixes/sets for a specific role. It defines the Job profile of the employee. Thus, providing a better clarity to employees as in what is expected from him or her in their respective role.

Who sets the KRAs?

An employee hires the employer as much as the employer hires the employee. This statement is very much true as having a role clarity is crucial for an employee as well as for the organisation the individual is employed in. The need for clear goals and expectations from the employee is not different in small than in large organisations. Even a small business or start-up will have a Sales, Finance, Human Resources and Information technology department and setting KRAs means setting goals or responsibility to each and every employee in these various areas/departments.
The Human Resources Management (HRM) takes the initiative of setting up a process around the ‘Key Result/Responsibility Areas. They share an initial outline with the respective department heads or managers who in-turn discuss and support the individuals in the team to set up the KRAs. KRAs in some organisations may also be known by a different name called ‘Objective Key Responsibilities’ i.e. the OKRs.

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Just like SMART Key Performance Indicators (KPIs), the Key Results/responsibility Areas (KRAs) or goals should also be SMART.

How do you define or write KRAs?

One size does not fit all! The saying is true for KRAs as well. Every company is unique and each role and reasonability will differ as the role demands. Being aware of the goals to achieve is very different from converting them into a written form. Just like SMART Key Performance Indicators (KPIs), the Key Results/Responsibility Areas (KRAs) or goals should also be SMART. Let us understand what SMART shall comprise of, in this context:

Specific: KRAs should be clearly stated as in what and how to do the job?

Measurable: Clarity on how the performance for a particular goal shall be measured.

Achievable: Ensure the set KRAs/goals are achievable, a discussion with the employee or manager shall take place.

Relevant: The selected KRA must be relevant to the job.

Time Bound: The KRAs to be achieved shall be time bound to attain the desired goal. Therefore, making the KRAs relevant and resulting in the improved productivity and efficiency of the employee.

Now, how to write them means following specific steps to document them effectively:

Step 1: Go through the Job description for a particular role or designation of an employee.

Step 2: In case, the job description for a particular employee is not updated, the Human Resources (HR) Personnel must discuss the same with the respective team managers.

Step 3: Figure out what the employee has to achieve. What is expected from the employee in that particular role?

Step 4: Based on the above stated points, list the critical functions and responsibilities in the Job role.

Step 5: Divide the responsibilities or functions into further two categories. For instance, what all can be measured either in numbers or in percentages? Also, what all cannot be measured in numbers or cannot be calculated?

Step 6: Based on the categorisation, the critical responsibilities or functions that can be measured in numbers or percentages shall be converted into the KRAs/goals.

Step 7: Write the self-explanatory definition of each goal or KRA.

Step 8: KRAs/goals can also be categorised into the various sections like customer, financial, business process, learning or growth.

Step 9: Define each KRA and ensure to mention a measurable target to be achieved and attach a realistic timeline to the defined KRA/goal.

Step 10: Review the set KRAs at regular intervals with the employee.

Please note it is important the employee and his/her manager are aligned with the decided KRAs before employees get a review on them for their performance.

What are the KRAs for Human Resources (HR)?

The KRAs of the HR department can be divided under various headings. Let us take a look at some of them in the below section:

Employee Relations, Training and Development: It is one of the primary roles and responsibilities of an HR personnel to train or facilitate the training and mentoring sessions for the employees in various departments on periodic intervals to improve their skill set with changing business requirements. Also, addressing any people management issues or concerns regarding any policies and culture code of the organisation.

Performance Management: Setting up simple and performance drive compensation strategies and policies. It is one of the primary goals of the HR team to ensure the performance of each and every employee is assessed as per the performance review cycle set in the organisation and its timely closure with the respective managers and the employees.

Financial Resources: The budget allocation of different activities and for different departments is handled by the HR team.

Strategic Goal: Driving strategic planning, Leadership Quality System and Employees’ Competences, Organisational Development and Increasing Technology and Information System.

Functional Goals: Customer Satisfaction, Communication (timely response, understanding and perceiving things correctly). Build friendly corporate culture and drive employee engagement. Also, creating an environment to recognise top talents and top performers in an organisation.

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Key Performance Indicator (KPI) indicates the performance whereas KRA indicates target value in a set timeline.

How are KRAs different from KPIs?

Just like KPIs, KRAs play an equal and an important role in an organisation. Key Performance Indicator (KPI) indicates the performance whereas KRA indicates target value in a set timeline.

An effective KPI is quantifiable i.e. it is expressed in numbers, aligned with the goal of an organisation. It indicates the performance with the time in number effectively, and confirms the direction of the movement towards the goal. KPIs are created at Organisational level and Departmental level. Organisational KPIs are created by the CEO or executive team and they reflect the goal achievement. Whereas Departmental KPIs are established by the Head of the departments or managers of concerned departments and they are aligned with the organisational KPIs. KPI depends on the KRA and measures it.

KRA means a set target that has to be achieved to a certain extent or percentage in a given or set time frame. For instance, the target is to increase the revenue of an organisation by 15 per cent by the end of 2021 can be understood by the below statements:

What: To increase the revenue
How Much: 15 per cent of the current value
Time Frame: by the end of 2021

All these factors combined together form the KRA.

Why are KRAs required?

Key Result Areas (KRAs) are critical for the success of any organisation. They are essential areas of business that require exceptional performance to obtain the desired result/outcome. KRAs set for a particular employee means the employee takes the complete ownership to complete the tasks basis which his/her performance shall be measured.

The employee should have a clear understanding of his/her role in an organisation. Thus, KRAs is a way to provide that clarity to an individual employee or a group of employees in the organisation and finally meet the key objectives and goals of the organisation.

Employee’s KRAs shall be aligned with the department’s objectives. Thus, finally aligning entire team’s or groups KRAs with the organisational objectives and that further need to be achieved as a part of the organisational goals. For instance, KRA for a team leader or business manager would be:

Managing day-to-day- operations/activities
Develop and implement a timeline to achieve targets
Motivate team to achieve departmental and organisational goals
Organise and conduct trainings relevant for the process/department to maximise potential of the employees
Delegate tasks to the team members as in when required

Conclusion: How do KRAs decide the success of an organisation?

Start-up entrepreneurs or small business owners must understand the importance of engaging and define clear and smart goals/KRAs for its newly hired employees. You would not like to imagine a state where the employees are disengaged or disinterred in their role before they actually start their journey. This would be detrimental for growth of both the employee and the employer. KRAs are important in any business or start-up because the clarity of Job role and responsibility will add productivity and performance of the hired employee in a defined time frame and it would not be a point of contention during the performance review of the employee.

KRAs are the major missions. They shall save a lot of time to revisit every-time one needs to know what all tasks have to be completed by the employee or team. Thus, with the structured and targeted approach, the employer shall keep the workforce motivated and focused to make the employee, the team, department and the entire organisation successful.

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What are Key Performance Indicators: A Basic Guide

Roopali Kotwal — Sat, 22 May 2021 05:35:04 +0000

Have you ever thought about what sets a good start-up apart from a great start-up? Well, the difference starts with the ways of working of the business in a start-up. It is true that a performance management system should be in place for an individual in an organisation so is it for the organisation itself irrespective of the fact that the organisation is large or small. In the context of a start-up, the progress of performance of the start-ups shall be measured and tracked by the KPIs that must be set at its early stage. The ‘measurement of outcomes of activities performed’ in a start-up is very important. The ability to analyse and understand the performance indicators of a start-up shall define the success of the start-up. Also, it will play a crucial role in converting a good start-up into a great one.

KPIs: Full form & Meaning

KPIs is abbreviated for Key Performance Indicators. Key Performance Indicators (KPIs), Key Success Indicators (KSIs), Business Metrics or Key Business Performance Metrics, these terms are used interchangeably and they serve the same role i.e. to track and measure the overall health and performance of a company.

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The ability to analyse and understand the performance indicators of a start-up shall define the success of the start-up. And, it will play a crucial role in converting a good start-up into a great one.

KPIs: What is their role and why are they required?

KPIs help to identify problem areas and measure the performance of the business. KPIs constructed well, provide management and potential investors an analytical snapshot of the state or we can see the overall condition of the company.

KPIs track the revenue (average profit, total revenue and new customer revenue), employment statistics (i.e. employee turnover and employee performance), marketing effectiveness like sales generation, efficiency and performance of an individual (employee or his/her manager), processes/departments and therefore performance of the company as a whole.

KPIs vs KRAs

Read the abbreviations aloud! And, yes, read them again. People often get confused between these two terms: KPIs (Key Performance Indicators) and KRAs (Key Responsibility or Result Areas). Both KPIs and KRAs measure and track the performance of the business. However, they both are different and yet important. They are different approaches to meet the business goals and objectives.

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KPIs work like a compass. They keep a track of the business if it is headed in the right direction or not.

How do you identify the KPIs that are relevant for your start-up?

Here are the key stages or steps to identify or choose the right or correct KPIs for a start-up business:

Select and review the KPIs that align and directly contribute to the business objectives
The selected KPIs shall meet the criteria of a good KPI. Ask yourself the below questions and, If the answer to most of the questions is ‘No’, you may need to change or replace these with new and more relevant KPIs:
- If the chosen KPIs can be easily quantified?
- Will they drive the change you want to see?
- Are the KPIs achievable, actionable? Could they be measured in a timely and accurate manner?
- Do these KPIs contribute to different prospects like customer, financial, internal process, learning and growth?
- Will these KPIs be relevant in the future?
Set short and long term KPIs
Share the KPI with the stakeholders and assign the responsibility for each KPI
Analyse and Evaluate current performance
Review of KPIs on periodic intervals i.e. may be weekly, monthly or quarterly basis

After reviewing the progress, you may need to evolve the KPIs. Hence, keep a flexible approach to review and readjust the KPIs if needed.

KPIs: What are the types and list of KPIs in a start-up?

Different areas or departments in a business such as sales, customer retention, cost of customer acquisition, cash flow, conversation rate, employee engagement, employee satisfaction, profit margin, website traffic, employee productivity, inventory Size can be analyzed by various kinds of KPIs. However, depending on the type of business, KPIs selection in a start-up may be different. Let us take a look at some of the key metrics or KPIs in a start-up business:

Active Users or Monthly Active Users (MAU)

Companies with apps and online games or social networking sites, use Monthly Active Users as a KPI to count the number of unique users who visit their company website on a monthly basis. Websites recognise MAU by identifying users’ contact number, email address and username.

Customer Churn Rate (CCR)

CCR means percentage of customers lost during a given or specific period i.e. they have stopped making purchases or unsubscribed from company services. Low churn means current customers are happy and believe that the product provided by the company is solving a problem. For SaaS or mobile Apps, a churned customer is one who cancels their subscription. And for e-commerce, churn rate means customers who fail or do-not make a repeat purchase within an average time frame. That period may vary from 90-120 days.

Customer Lifetime Value or Lifetime Value (LTV)

LTV represents the total revenue or an estimate of the revenue a customer will bring in or spend in your business or on your product or services during their lifetime.

Customer Acquisition Cost (CAC)

With CAC, a start-up can gauge how much they are spending on acquiring each customer. It reflects the money spent on marketing and salaries. CAC and LTV combination is frequently used to compare metrics particularly for SaaS companies.

Gross Merchandise volume (GMV)

GMV is the term used in online retailing business. It denotes the total monetary value of the sales for the merchandise sold through a specific marketplace over a certain period of time.

Gross Profit Margin (GPM)

GPM is the percentage of revenue that is actual profit before adjusting the operating cost such as marketing, overhead and salaries. GPM is determined by revenue and cost of goods sold (COGS).

First Time Response (FRT)

FTR is the difference between the time elapsed between a customer raising a ticket for a service or an issue/problem and an agent’s or customer support staff’s first response to it. Mostly average first response time is measured in business hours unless the customer support is open 24/7.

Revenue Churn Rate (RCR)

RCR is the percentage of the revenue lost in a given period of time due to cancellation or any downgrades. SaaS companies measure this KPI as monthly recurring revenue (MMR) churn.

Monthly Recurring Revenue (MRR)

MRR is one of the most important KPIs for a company that is selling subscriptions. Every new customer addition means a certain amount of money a company will earn every month provided the customer stays as a client. This metrics shows the profitability of a company as well as predicts the expected revenue for the following month.

Revenue Growth Rate

Revenue growth rate measures the month-over-month percentage increase in revenue. It indicates how quickly a start-up is growing.

Conversion Rate

Conversion Rate measures the success of any marketing campaign. Conversion rate calculates the percentage of the number of visitors who take a desired action or complete a goal on your company website. The higher conversion rate reflects the successful marketing campaigns.

Lead Conversion Rate – This is one of the most important top-of-the-funnel conversion metrics. Lead conversion rate is the percentage of visitors who arrive at the company website and are captured as ‘leads’. It indicates the ability of an organisation to attract the right target audience.

Activation Rate – It measures the percentage of people who successfully complete a definite milestone in the company’s on-boarding process. A milestone may vary as per the company business. For instance, a social platform may track the percentage of users who add the first friend in their friend list. Similarly, a music-streaming application may track the number of users creating their first playlist.

Average Revenue Per User or Average Revenue Per Unit (ARPU)

ARPU measures the revenue generated per user/customer or per unit. The term is mostly used by companies that offer subscription services to clients. For instance, internet service providers or telephone service providers.

Conclusion

KPIs work like a compass. They keep a track of the business if it is headed in the right direction or not. What works for a start-up and what doesn’t, can be clearly indicated by tracking the KPIs regularly to avoid repeated mistakes in any business. Key Performance Indicators (KPIs) or Business Metrics as stated above could be classified in various categories such as People Metrics, Customer Metrics and Financial Metrics. However, all these metrics shall comfort the start-ups to know the cause of poor performance, failure, success and results of the action performed and know the improvement areas.

The stated business metrics or KPIs are useful for start-ups in its various stages. However, to be a successful entrepreneur it is vital to narrow down to choose the right KPIs and prioritize them as per the need/growth of the company. Keep it very simple to select the KPIs i.e. make it easy to understand the performance indicators and choose SMART Key Performance Indicators i.e. KPIs that are specific, measurable, attainable/achievable, realistic and time-bound.

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What is Organisational Structure: Importance, Types and Benefits

Roopali Kotwal — Thu, 13 May 2021 06:05:04 +0000

Organisation Structure is synonym to ‘Hierarchy’ or ‘Hierarchical Structure’. I doubt that anyone would deny the fact that structuring or organising things makes our life simple. In the context of an organisation or an enterprise, streamlining anything that may be a reporting process/structure, role or responsibility shall structure the thoughts of the employees and a systematic approach shall yield more productivity.
Be it a Micro Small and Medium Enterprise (MSME) sector/start-up or a large organisation. The channel of information is as important as the information in itself. Hence, organisation structure works like a channel for any employee or a business function to perform their duties. It is a framework that defines the flow of work, accountability of the tasks assigned and the authority to take the business decisions.
A typical organisation structure has a company head i.e. a CEO who may be the founder of the company as well. And different business functions such as Information Technology, Human Resource Management, Finance, Sales and Marketing team have their respective executives or leaders reporting to the CEO of the company. And, the middle management reporting to the executives or leadership team and the remaining staff reporting to these managers who are a part of the middle management group.

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Organisation Structure makes the operations efficient, keeps the company’s focus intact and it is much more effective to achieve company goals and objectives by separation of employees and functions into various departments or divisions.

Organisation Structure: Elements and Benefits

In an organisation set up, a smooth flow of information which may be related to the role, position or other critical communication flow to all levels is very crucial. The hierarchal or organisation/organisational structure plays a very important role in such a scenario.
The key elements or features of an organisation/organisational structure include designing Jobs (role and responsibilities) on the basis of functions and the skill set, differentiation among positions, coordinate activities, set up the reporting relationship, departmentalisation (process of grouping activities into departments) and decision making powers of an employee. It forms the line of authority and a delegation flow in a company. The clear flow of corporate communication eliminates duplication of work and results in reduced employee conflict at work.
Now, why organisation structure is important and why it is required?
The benefit of having an organisation or an organisational structure in a company is huge. The structure supports the big financial decision like salary grades and salary ranges for each position in the organisation. It makes the operations efficient, keeps the focus of a company intact and it is much more effective to achieve company goals and objectives by separation of employees and functions into various departments or divisions. The benefit of organisation structure extends to faster decision making, better communication and improved efficiency as stated earlier and of course better employee performance. The operation speed and clarity is much higher in an organisation where a proper structure is followed. It also supports operating multiple locations, especially small businesses that continue to grow and expand. Small companies may open multiple locations in local, regional or domestic economic markets to scale up their business. Hence, the organisational structure supports the business owners to create a management chain for all business locations to operate as per the company’s standard procedures.

Organisation Structure: What are the Types?

In broader terms, the organisation structure is divided into two types i.e. centralised and decentralised structure. Now, what do these terms mean? Centralised structure is a top-bottom approach where decisions are taken by the one in command. And, in a decentralised structure decision making power is evenly distributed at various levels of the organisation. Thus, we can say, decentralised structure leans towards bottom-up approach.
Now, if we narrow the types of structures in the organisation, traditionally, there are four types of organisation structures i.e. Functional, Divisional, Matrix and Flat. In modern times, a new model has been added to the list and that seems to be the need of the hour.

Functional Structure

When an organisation is divided into segments depending on the function performed by the employees i.e. a specialised or similar set of roles/tasks, it is called functional structure. This structure is mostly used in large organisations and it leads to increased efficiency in each function and department. For instance, having a dedicated Human Resources, Sales and Marketing or Information Technology department.

Divisional or Multidivisional Structure

As the word defines divisional or multidivisional structure is when an organisation is divided in different divisions that could be based on the product, market or a geographical location or area. And, each division has its own set of functions. In a multidivisional structure, a large company has many divisions that deal with a product or service.

Matrix Structure

The hybrid version of functional and divisional structure forms a matrix organisation/organisational structure. The hierarchy starts with the CEO and the functional managers reporting to the CEO. In matrix structure, a single employee performs a role in two or more departments.

Flat Structure

Flat structure in companies means where there are no job titles, seniority, managers or executives as everyone is deemed equal. Organisations following the flat structure are also referred to as self-managed companies at times. This structure increases the creativity and innovation within the company. The flow of communication is a lot easier and quicker between the individuals/teams.

Flatarchy Structure

This term may sound new but this is a contemporary structure which may work for big or small companies. Flatarchy means a combination of both hierarchical structure or flatter structure that is more flexible and more independent. In flatarchy, there is no level of management. There could be only one manager in between the executive and other employees in the company.

You may come across the structure with some new terminologies such as Pre-Bureaucratic, Bureaucratic and Post Bureaucratic. However, you shall notice that they are somewhere similar to the ones mentioned in the above section. Let us understand these little more with a brief explanation as stated below:

Pre-Bureaucratic

This type is usually found in the new businesses/start-ups where there usually is one decision maker. And, there are no standards with a centralised structure.

Bureaucratic

This organisation structure is suitable for large organisations and it has standardised structures.

Post-Bureaucratic

This kind of organisation/organisational structure follows a strict hierarchy. However, they are very open to the new/modern ideas and methodologies which of course is crucial to scale the business.

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HR function/department mainly works for company goals rather than their own as they demonstrate the value of forming up a structure in an organisation.

Organisation Structure in Start-ups and need for it

Start-ups are usually focused on technology. They are adaptable and follow a decentralised work structure to remain fast and agile. Thus, every employee receives a high level of personal support. Start-ups follow decentralised or in narrow terms, they follow ‘Flatarchy Structure’ that flattens the hierarchy and gives its employees complete autonomy.

Role of Human Resources

Today, Human Resources (HR) has moved from administrative tasks to strategic tasks and it supports critical business decisions where an organisation structure is one of its important functions/roles. HR function/department mainly works for company goals rather than their own as they demonstrate the value of forming up a structure in an organisation. HR function/department is the pillar, custodian and the support system in any company. The department identifies the workforce requirement and plans it. HR along with the business keeps a track of any new employee if he/she is the right fit and if is well adjusted to the organisation needs. Thus, any decision with respect to business models/structure are taken while keeping the HR in loop and the organisation structure is no exception.

Conclusion

After going through the entire content if you are curious to know which one is the best organisation structure for your company, the answer isn’t any random pick i.e. one out of the above mentioned structures. Instead, the decision to pick up an organisation structure should entirely depend on the nature of the business of the company and the industry it operates in.
An ideal model of structure for a technology based start-up could be decided post considering certain factors such as the size of the company (number of employees), type/nature of business, number of owners of the company, business goals and objectives to remain efficient and focused.
In absence of a formal structure, it may become difficult for organisations to set the reporting line for employees, evaluate their performance and even become difficult to coordinate between teams to achieve the goals and objectives of the organisation.
Hence, if you are looking forward to setting up a new small business or a start-up, do keep in mind to set up an organisation/organisational structure at the initial stage and bring a change in later stage when the business scales up if need be, to optimise the resources fully. Whatever structure you choose for the organisation, make sure it is flexible as the priorities of an organisation can change quickly and a quick reaction shall be required for the same. In absence of a flexible organisation structure, an appropriate reaction may be delayed which in turn might impact the efficiency and may become the reason for the failure to meet the organisation or the organisational goals.

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Why Ezetap Pivoted to SaaS Model?

Roopali Kotwal — Fri, 07 May 2021 06:05:05 +0000

A successful start-up and a solution provider go hand-in-hand these days. With the onset of Covid-19 pandemic, we need start-ups that offer a product or service as per changing needs of the marketplace and act as per the need of the hour i.e., following the most important social distancing norm.

How Ezetap is Addressing Evolving Consumer Needs?

‘Ezetap’, is one of the start-ups that is addressing the evolving needs and requirements of consumers by offering a payment solution for delivery. It offers ‘Ezetap Device’, a light weight card reader which can be plugged into any smart device or a smartphone device used by a retailer.

Near Field Communication (NFC) Card payments (Ezetap low cost NFC enabled device), Integrated dynamic QR code payments for retail, Static QR Code, SMS Pay-link and Bulk SMS are some of the easy ways the startup has implemented to help the consumers. Ezetap serves the use Cases like remote payments. The Unique Selling Point (USP) of the solution Ezetap provides is the direct reconciliation. The payment received can be updated on the billing system of the merchant immediately. Also, provides the digital receipts thus, providing a customer-friendly and environmental-friendly service.

The start-up aims to become the single solution for businesses to complete the financial transactions with their customers by using every method the customers want to use.

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The aim for ‘Scalability’ led to the need for changing the business model to ‘SaaS model'.

Ezetap: Reason to ‘Pivot’ to SaaS Model

Ezetap started its journey from a single payments offering model to a SaaS business model.
So what made Ezetap to ‘pivot’ to a new model? Abhijit (Bobby) Bose, the co-founder of Ezetap, a merchant payments platform, realised at a very early stage that India is an emerging market and a country like India is very different from the United States. In the US, the payment company makes money through transactions. However, in emerging markets like India, there was no margin and so the management had to take a decision to ‘pivot’ the business model to Software as a Service (SaaS) model i.e., payments had to be transferred to the software business.

Basically, Ezetap is a kind of Amazon Web Services (AWS) of digital payment for business in India. They permit the business to plug into payment infrastructure and for that Ezetap charges the Software as a Service fee.

With the changing times, Ezetap realised it is the time to deliver an enhanced payment network. In a way, the aim for ‘Scalability’ led to the need for changing the business model to ‘SaaS model’ i.e. Software as a Service (cloud-based software technology).

What’s in it for me?

The path taken by Ezetap is to assess the consumer needs, understand where the company stands and decide the business solution. To ensure growth and scalability, this startup considered the strategies to pivot. Amidst these chaotic times for businesses, it is very important for entrepreneurs to analyse how to direct their businesses towards growth and sustainability.

As a small business entrepreneur, one must always be ready to pivot to a sustainable solution for her/his venture. Understanding from many entrepreneurial journeys, one can gain a reasonable understanding and have a larger perspective on strategies for business transformation.

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What is an Employment Agreement?

Roopali Kotwal — Thu, 06 May 2021 07:35:04 +0000

As you step into an entrepreneurship journey, you would need a team to support your dream and to build an organisation. You would need people to work with you so, hiring people with the required skill set will be the next course of action. Now, how do you ensure that a cordial relationship between two parties i.e. you as an employer and the employee/employees (individuals you hire) is established and a mutual trust is formed? How would you want the new recruits to work in your organisation? What is expected from an employee and what will they get in return and on what terms and conditions? The answer to all these questions is by having an employment agreement in place.

Employment Agreement: What it means?

Keeping a track of a verbal conversation regarding the association of an employer with an employee could be troublesome in the long run while building a community. Hence, the requirement to follow a standard way to build trust and understanding between the two parties i.e. the employer and the employee, a formal process of signing a document is created. With the help of a legal team, an employment agreement/contract is designed that states the expectations of the employer from an employee and the benefits and the wages that will be provided to an employee with the terms and conditions to be followed to avoid any dispute during the course of employment or later on. In short, a mutual agreement and expectation is set between both parties before the commencement of the employment. Thus, an employment agreement/contract defines the relationship between the employer and the employee through a written and legally binding document.

Employment Agreement: Who can enter?

An individual of stable and sound mind and reasoning is capable of entering into an agreement/contract. It is also important to understand that the agreement/contract is legitimate if it has not been created under any misrepresentation or undue influence. Thus, an individual with a sound mind willing to work can enter into a contract with the employer (that can be a corporate, non-profit organisation etc.).

Employment Agreement: Why is it required?

Employment agreement is the sole document that protects an employee or safeguards his/her legal rights. The document provides clarity and builds trust and mutual understanding between both the employee and the employer The rights and obligations of both parties are clearly defined in an employment agreement.

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The agreement or contract is legitimate if it has not been created under any misrepresentation or undue influence.

What are the mandatory clauses or terms and conditions?

Below are the clauses or terms and conditions which are mostly covered in an employment agreement or in an employment contract:

Designation

The designation or position at which the employee shall be working in the organisation is a part of the agreement/contract.

Date of Joining (DOJ)

DOJ is the date of commencement of the employment in the organisation.

Place of work

This section explains the location of employment. If an employee is required to work remotely or from a specific location in India as per the work requirement.

Remuneration/Salary and Bonus Eligibility

The agreement must contain the annual gross salary to be paid to the employee. This is an obligation of employment to prove remuneration for the services or work that will be performed by the employee during the employment period. However, adding a joining bonus or a minimum bonus amount based on employee performance or any incentives completely depends on the company policy.

Probation Period

With the probation clause, an employer gets time to review the decision if the hired employee is a right fit, understand the company culture code and is able to perform/behave as desired or meets the requirement of his/her role. Thus, a probation period of one month, three months or six months at times is enough for both the employer and employee to settle. And, if a replacement is required, the notice period process can be simplified as employment could be terminated from either side by giving a minimum notice period that us usually around 15 days or 1 month in probation period instead of 2 or 3 months’ notice period applicable for a confirmed employee.

Working Hours

This section defines how many hours an employee would need to put in for work on a weekly or monthly basis. This is usually designed by the HR team keeping in mind the requirement of the organisation and most importantly, following the labour law to ensure no employee is exploited. In fact, even the employee also justifies the salary received with the amount of time he/she dedicates at work.

Leave or Paid Time Off (PTO)

The number of paid days off at work are covered under the leave policy that is uniform for all its employees.

Duties

This clause does not always list the detailed job description or assignment; the employee will be working upon. However, it provides an insight into the possible work assignment that employee will take up post joining the organisation.

Dress Code

Having culture and setting an expectation for dressing code as per the company culture is important. So, setting the precedence since inception is a good idea especially if the work demands a formal dress code and a policy around it to adhere to.

Fringe Benefits

The employment contract or agreement may or may include all the fringe benefits such as health and dental insurance and retirement or pension benefits. The contract or agreement usually covers the health insurance provider and the beneficiary details. For instance, dependent spouse or dependent parents.

Notice Period

This is one important clause to ensure a minimum notice period is given by the employer to the employee and vice versa at the time of leaving the organisation or termination of the employment for any reason.

Amendment and Termination

Termination is a key clause and an essential part of the contract. The clause states the right of the employer to modify and terminate the employment as per the agreed notice period clause until there is a conflict of interest or any inappropriate behaviour based on ‘no tolerance company policy’. No tolerance activity performed by an employee can lead to his/her immediate termination. The termination of the employment can also happen when the employee volunteers to quit the organisation for his/her personal reasons by serving the minimum notice period as mentioned in his/her agreement or contract.

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The detailed clauses or terms and conditions not only protects the interest of an employer but also, mitigates the risk of unnecessary legal complications which may develop due to unclear documentation or intimation to the employee at any given point of time.

Indemnification

The process of compensation for any harm or loss by one party to another is indemnification. For instance, recovery amount of any training cost upon joining or any relocation expenses paid by the employer if an employee leaves before a minimum period of time or as desired by the organisation.

Intellectual Property Rights

Intellectual property created by the employer at their premises is an asset and belongs to the employer. For instance, huge cost and effort for training is incurred by an organisation. Hence, they have full right to save their intellectual property rights by all means.

Non-compete Clause

The clause limits the employee to open a similar business or to join any competitor for a limited time period after leaving the organisation. Also, the addition of this clause depends on the type of employment and the company business.

Non-disclosure and Confidentiality

As per the contract, the employee is legally bound to ensure no confidential information such as trade secrets, financial information and client details etc. are shared with any third person or with the competitors. This is one of the mandatory clauses in an employment agreement.

Employment Agreement: Why clauses are important?

No one wants to get into any legal hassle while running a company or wanting to scale their company business. Thus, the detailed clauses or terms and conditions not only protects the interest of an employer but also, mitigates the risk of unnecessary legal complications which may develop due to unclear documentation or intimation to the employee at any given point of time.

Offer Letter and Employment Agreement. Are they different?

Absolutely, an offer letter and an employment agreement/contract are different. There is a difference in legal validity. Offer letter contains the basic information like DOJ, location, salary but isn’t legally binding. However, an employment agreement is a legally binding contract between both the parties i.e. employer and employee. And, the agreement/contract must be signed by both parties to show consent on the stated terms and conditions.

Conclusion

The important note for an employer is that focus should not be only on filling up the vacant position or for an employee the idea should not be limited to get a job. Both parties should understand the agreement. Infact, acceptance of the agreement before the employment officially starts is an important factor to establish trust, provide clarity and consent between the employer and the employee. The legal binding protects the interests of both parties with proper documentation i.e. employment agreement/contract that contains essential terms and conditions enforceable in the court of law.
Entrepreneurs who are just starting off with their small new businesses must also understand the gravity and importance of building this trust with the employees they are going to hire. It is crucial to follow the latest employment laws/labour laws in India to ensure legal compliance. And, ensure to always run the contract through the legal department in case of any concern or changes required. The employment contract can be for an indefinite period of time but with clear termination and notice period clause or for a definite period of time with applicable law and Jurisdiction in case of any dispute that may arise particularly if an overseas employee is being hired and is working remotely for an employer in India.

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Which Sectors is the J&K Government Focusing for Promoting Start-ups?

Roopali Kotwal — Wed, 05 May 2021 08:35:05 +0000

Jammu and Kashmir (J&K) Start-up Policy, 2018 has its focus on some sectors for promoting the start-ups. But let us find out which sectors is the J&K government focussing for promoting the start-ups now:

List of Sectors

Agriculture

J&K is depended on Agriculture that includes its strong Horticulture and lively floriculture Sector. The key focus is to promote the local produce to take it to the global market. Government’s continuous efforts to increase the resources and connectivity to the market to make the horticulture sector strong with advanced technologies shall add to the welfare of farmers and increase their income. Recently, the Horticulture Department organised a ‘Horti-Expo 2021’ in February 2021 in the valley. The expo aimed to make the farmers aware of the new technologies of farming adopted by other states. The invitation was extended to Uttar Pradesh, Bihar, Punjab, and Himachal Pradesh to participate and present their stalls to create a platform to learn the best practises other states are following for good crops in India.
The government declared to increase the budget share for the agriculture sector in the future because of an exceptional/unique sustainable agriculture plan developed in J&K, that caters to all the developmental needs. With the help of ‘Krishi Vigyan Kendra’, the government aims to bridge the gap between farmers and the scientific methods and Technology.

Handicrafts and Handloom

J&K is the most prominent location for handloom and handicraft products like Paper Mache, Shawls, Carpets, Finest Silk, embroidery, chain stitches, willow wicker and Pashmina Wool. In a step to promote rural economy and boost the sales, the government signed a pact in October 2020 with the online retailer Flipkart to show case and facilitate the local artisans, weavers, and craftsmen for its global reach. The government aims to boost handicrafts by shortlisting the social media agencies to aid artisans for marketing and publicity of the products. A 14 days’ handicraft and handloom exhibition were organised during the Tulip show in Srinagar and an awareness camp on government schemes for handlooms weavers was organised in the first week of April 2021.

Renewable energy

A first of its kind project to produce electricity is expected to begin in J&K soon. It will be India’s first solar ‘agro-photovoltaic’ power project where a solar project will be set up on 100 hectares and shall also be used to cultivate saffron. The project is expected to start in Pampore with the expected project cost of around Rs 50 crore.

Food Processing

J&K is the largest producers of apples, walnuts, and cherry in India along with Saffron which is one of the most expensive spices in the world. A 10-day long training programme ‘One district One Product’ covering various stages in food processing was concluded around mid-April 2021.

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India’s first solar ‘agro-photovoltaic’ power project where a solar project will be set up on 100 hectares and shall also be used to cultivate saffron.

What’s in it for me?

As per Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), 69 Start-ups in J&K have registered under the ‘Startup India Scheme.’ recently. The focus of start-ups will be to create Jobs and boost the economy. For young entrepreneurs, under startup India campaign, the government of India had announced Rs 945 crore ‘Startup India Seed Fund’ (SISFS) that was to be disbursed through selected incubators across the nation that is operational from 1 April 2021 till 2025. The Rs 945 crore scheme aims to provide the financial assistance to start-ups. Thus, boosting the startup ecosystem in India.
With the government’s focus on these major four sectors like Agriculture, consumer services like handicraft and handloom, renewable energy and food processing means more business and investment opportunities in these sectors and a look out for new start-ups.

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What is the Epidemic Diseases Act, 1897?

Roopali Kotwal — Tue, 04 May 2021 03:35:04 +0000

Epidemic Diseases Act, 1897/Epidemic Act was invoked by various States/Union Territories (UT) following the Pandemic in March 2020. But, it was followed by Amendments – being the need of the hour.

Epidemic Act: What it constitutes?

The Act came into existence to tackle bubonic plague in Mumbai during British India in 1897. The law was enforced in the past to contain several diseases like Swine Flu, Malaria and Dengue and Cholera as the ordinary acts were not sufficient to take the appropriate action. And the law continues to provide special powers under its provisions to the central and state government to implement containment measures at the time of spread of the disease/epidemic.

Epidemic Act: What are the Legal Provisions?

The Epidemic Act is the shortest act in India and has four sections. The legal provisions include:

Power to States/UT

As per Section 2 of the Act, the government has special provisions/measures to propose regulations to contain the spread of the epidemic disease.

Power to Central Government

Section 2A empowers the government to take measures/pass any regulation for the inspection of any ship/vessel arriving/leaving India at the time of outbreak of any disease/epidemic and detain any person with the intention to sail therein.

Penalty

Section 3 of the Act states, any person who disobeys an order or whose actions may harm human life and raises safety concerns shall be punished with imprisonment and fine as per section 188 of Indian Penal Code (IPC).

Protection to People

Section 4 of the act states, “No Suit/legal proceeding shall lie against any person for anything done or intended to be done in good faith.”

2020 Amendment: Why was it important?

The act provisions helped to manage Covid-19 but, to an extent. More than 123 years old, the Epidemic Act demanded modifications for many reasons specially to protect the incidents of violence being witnessed against the health care workers across the nation while they performed their duties during the Pandemic.
In 2020, the Central Government announced, ‘The Epidemic Diseases (Amendment) Ordinance 2020’, to change the act/to add provisions to punish whosoever conducts an ‘act of violence’ (harm/injury/hurt/intimidation/danger) against the health care workers – Doctors/Nurses/Paramedics/Accredited Social Health Activists (ASHA workers) etc. or obstructs them to perform their duties within the clinical premises or otherwise serving during the pandemic or any loss/damage to the property (hospitals/mobile medical units) or documents in their possession. The act recognizes these activities as a cognizable and non-bailable offence. Hence, anyone found guilty shall be imprisoned up to a period of 7 years with heavy fine and the investigation matter for such cases shall be conducted in a time-bound manner.

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More than 123 years old, Epidemic Diseases Act, 1897 demanded modification to protect the frequent incidents of violence being witnessed against the health care workers across the nation while they performed their duties during the Pandemic.

Epidemic Impact: What should you understand?

Covid-19 affected various sectors specifically, health, education and personal life. The Micro Small Medium Enterprise (MSME) sector saw the worst impact due to the lockdown. With the second wave of pandemic, the situation does not seem to get normal anytime soon resulting in the reintroduction of lockdown in many states/UTs and slowdown of the economy. The adversity is a big learning, particularly for MSMEs so they must focus on new avenues/innovate something that supports themselves and meet the evolving market needs to ensure their and nation’s economy wheel continues to move further even at the time of national crisis.

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How Is the eCommerce Startup, Kashmir Box Taking Kashmiriyat and Kashmiri Ethos To the World?

Roopali Kotwal — Mon, 03 May 2021 06:10:03 +0000

If we look at the history, ‘Kashmiriyat’ may mean different things at different times but from a regional perspective, the word ‘Kashmiriyat’ denotes communal harmony and multiculturalism/syncretism.

Kashmir Box: Taking Kashmiriyat and Kashmiri Ethos to the World

Kashmir Valley with a history of religions – Hinduism, Buddhism, Islam and Sikhism has a significant religious, ethnic and cultural diversity. And, ‘Kashmiriyat’ emphasises on this unique shared culture. It demonstrates the joint culture, festivals, language, cuisine and clothing in the valley making Kashmir a rich heritage. And with the presence of start-ups like Kashmir Box, the rich traditional heritage of Kashmir is even more prominent in the local and global market.

Muheet Mehraj (CEO) Co-founded ‘Kashmir Box’ in 2011 along with his friend Kashif Khan who later moved out to start his own venture. It was the first start-up in Jammu and Kashmir (J&K) to provide an e-commerce platform to sell ethnic Kashmiri products online even though the products were in demand worldwide for a long time. Muheet started the venture with an aim to improve the lives of local artisans, create a global market for them and to contribute to society by improving the lives of thousands of local craftsmen/artisans.

Kashmir Box improved the standard of living of its talented artisans/native citizens. The startup helped them to expand their business and earn a stable income for their families. Local craftsmen/artisans learnt to adapt the technology to survive and thrive. With the digital/online facility, they got an opportunity to upgrade their skills by understanding customer demands and learning new/trending designs. The number of orders received increased thus, providing an opportunity to earn more money. The e-commerce eliminated the middleman and reduced the dependency of artisans on local retailers which at times meant delay in payments. The startup increased the significance of art and craft and showed the true value to the craftsmen of their skill.

With intermittent internet issues, the pace in Kashmir for online business was slow. Kashmir Box faced it all – devastating flood situation in 2014, extended curfews in 2016 and the multiple internet shutdowns since 2017. But, still managed to retain its customer base. In 2018, the start-up received investments from a group of angel investors of undisclosed amount.

Inspired by the Kashmir box, new start-ups like ‘Kashmir Market’ came into existence to support Kashmiri artisans and secure the duplicate products in the market. Another e-commerce platform, ‘Kashmir Villa’ started the business to aid customers interested in buying the Kashmiri designed products but avoid coming to Kashmir Valley due to its law and order issues. These start-ups through their websites helped the local artisans to do their business from the comfort of their living rooms.

To make a social impact, Kashmir Box through its ‘Kashmir Box Foundation’ collects a small percentage of its total profit to support the artisans in their education, marriage and other expenses. The startup is determined to spread the rich Kashmiri art, craft and other local products like saffron, cashmere, pashmina garments to reach places. Along with the online platform, it expanded its business into brick and mortar stores to create a bigger market in India and worldwide. Thus, taking ‘Kashmiriyat’ and Kashmiri ethos to the world.

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Kashmir Box is determined to spread the rich Kashmiri art, craft and other local products like saffron, cashmere, pashmina garments to reach places and create a bigger market in India and worldwide. Thus, taking ‘Kashmiriyat’ and Kashmiri ethos to the world.

What’s in it for me?

New Start-ups can learn from the success story of the Kashmir Box. Don’t give up on your dream until you succeed!

Kashmiri handicrafts and handlooms are famous in domestic and international markets and are a major contributors in the J&K’s and India’s economy. If you are passionate about just ‘Kashmir Box’ it’s the right time to take the plunge or expand the venture into the handicrafts and handlooms business through the ecommerce platform. As per the latest update, the J&K government is keen to aid the artisans by providing them the marketing support and publicity. The department of handicrafts and handloom is in the process to shortlist social media agencies to take up the task of world famous Handicrafts of Kashmir.

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How Will the Complete Lockdown in 11 Districts of Jammu and Kashmir Affect Business?

Roopali Kotwal — Fri, 30 Apr 2021 03:35:03 +0000

Curfew, Internet Shutdown or 2G Internet Services are not new to Jammu and Kashmir (J&K). Natives in the Union Territory (UT) especially, Kashmir region have lived through this for years. But this time the lockdown imposed in the 11 districts of J&K is to contain the further spread of Covid-19 with an exemption to essential services for 84 hours which is effective from 7:00 pm on April 29, 2021 till 7:00 am on May 3, 2021. The lockdown is to break the chain of transmission and stop the intermingling of people to control the intense impact of the second wave of ‘Corona’ as people in some regions have not been following the norms strictly. Jammu and Srinagar being the Capital cities and among the busiest cities, have a frequent movement from various regions and, Srinagar is currently one of the most affected districts due to Covid.

The Lockdown in 11 districts means chaining the movement in urban cities. However, it will have its own impact on the businesses in the regions.

Let us know what are these districts and the impact in the following section:

Jammu Division – Jammu, Kathua, Reasi and Udhampur

Kashmir Division – Srinagar, Budgam, Anantnag, Baramulla, Ganderbal, Kulgam and Pulwama

Business Impact of lockdown in 11 districts

Some who may succeed in Lockdown

Under the Disaster Management Services, administration in each district issued a notification categorising the essential activities to be carried on as that shall be exempted in the lockdown. This means businesses that deal with the below listed activities shall have ‘business as usual.’

Supply of groceries (wholesalers and retailers) with specific time slot/schedule in some of the districts, fresh fruits and vegetables (mandies and retailers), domestic and commercial LPG and supply of cattle feed and fodder within specific time slots.

Loading and unloading of wheat and rice at FCI and state food depots, milk shops, dairies and related products.

Health services, medicines and other pharmaceuticals (retailers, wholesalers and manufacturing of health and medical equipment).

Telecom operators and their designated agencies, banks and ATMs, newspapers and post offices, dispensing of petrol/diesel at pumps, provision of electricity, water supply, municipal and sanitary services (including the movement of staff thereof).

Transportation of essential commodities through national and state highways (petrol, diesel, kerosene, milk, vegetables, fruits, groceries, FCI supplies etc.) but testing at borders may be required in interstate travels.

Some districts have laid down further detailed notifications including some other services as essential and permissible. For instance, e-commerce and home delivery of essential goods under the essential services shall be available in Jammu district and all industrial and scientific establishments will be permissible in Jammu and Baramulla district. Also, restaurants in hotels shall serve the in-house guests in some districts. To know more, you may go through the Covid-19 guidelines available on each of these district’s websites.

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E-commerce and home delivery of essential goods under the essential services shall be available in Jammu district.

Some may have to find ways to succeed in Lockdown

Now, what about the businesses that deal with non-essential goods, commodities and services? Businesses like restaurants and bars, shopping complexes, bazaars, beauty and wellness centres like saloons, gyms, spas and cinema halls may not be at loss in 3 days of lockdown but, in the long run they will be affected if the rise in covid-19 cases continues extending the lockdown.

The lockdown started with these 11 districts. Like other states or UTs, all districts in J&K are not in lockdown yet because these 11 sectors are the urban locations and have surging cases every day. With latest updates coming in, the curfew is being extended to the remaining nine districts of J&K for the weekend but, what about the situation after that?

What’s in it for me?

Covid 2.0 definitely carries high intensity. The lockdown will break and make some businesses again. However, the businesses dealing with non- essential goods, commodities and services must start thinking if not yet about a much required ‘pivot’ in a business for survival.

As the e-commerce sector is booming across India and it is very much a part of delivery platforms for essential services, this may help the start-ups and other businesses who can adapt as per the changing times, to ‘survive’ in the ‘Crown’ state too.

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How to Use Social Media to Promote Your Business?

Roopali Kotwal — Thu, 29 Apr 2021 09:35:05 +0000

Far-off, yet so close, that’s what technology has done to us. Smart electronic consumer technology devices/products have contracted the world. Within a few clicks, one is connected to the world virtually. With the increased use of consumer tech products especially smartphones, use of Social Media platforms has also increased to promote businesses online by the entrepreneurs.

Social media binds the world and it is one of the most effective ways to build the customer base for any business if used effectively.

Effective Ways to use Social Media for your Business

Social Media is a boon for businesses – big or small. However, it is important for entrepreneurs to understand that their product/service captures the right market and audience. Here some tips especially, for small businesses to use the social media in the most effective way:

Choose the Right Social Media Platform

With many options available, confusion can prevail. Hence, one must understand the business need and then decide on the right platform.

Follow the Schedule

Consistency is the Key! Create a calendar to share the information of the product/service on a regular basis to create visibility and build trust.

Post High Quality content

Don’t just post but, post quality pictures/videos because ‘quality’ matters.

Don’t Over Promote – Add Value

Excess of everything is bad! Be consistent in sharing product/service posts. But don’t make it a regular advertising platform. Don’t over sell. Instead, add value by sharing relevant and short impactful posts for the audience.

Brand Recall

Frequent advertisement is a way for brand recall but you must use that effectively. Impactful marketing messages can help the customers to visit your website for their next buy.

Build Community

Focus on the audience who shall be loyal to the brand instead of increasing the followers.

Provide Quick Response/Resolution

Nothing can beat a swift response so a good customer service will establish a goodwill.

Social Media: Benefits

With proper social media strategy, one can promote business and can avail many benefits such as:

Expanded Reach

With Social Media, one can expand their business and provide their product/service in the Tier II and Tier III cities which may or may not be accessible otherwise.

Increased Web Traffic

High quality promotional videos/pictures add value and will compel the user to click on the company website and these customers will most likely promote the product to their friends/family.

Networking/Real Time Interaction

Keep the clients up to date on any new launch. The real-time communication builds a strong network between the customer and the business.

Brand Awareness

Increase the reach of the brand to potential and existing clients with frequent insights into any new product/service being offered.

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Social Media binds the World. In today’s age and time, Social Media turns out to be the most effective way to build the customer base for any business if used effectively.

What’s in it for me?

India is a big market with a huge population using smartphone devices. As per February 2021, Statista Research Department Report, the number of smartphone users worldwide are forecasted to exceed 3.8 billion users in 2021 and smartphone users in India are to reach over 820 million in 2022. This explains the potential of reaching the highest possible number of potential customers through top-notch social media promotion.

Social Media is a solid platform and helps to promote small businesses in many ways. For instance, Facebook, Instagram, Twitter, LinkedIn, Pinterest, YouTube, IGTV, Dailymotion, Telegram and WhatsApp are among the popular social media platforms. Though, these platforms help to promote business at a large scale in India, the entrepreneurs must understand and put themselves in the customer’s shoes to design the social media campaigns with content that is relevant to the target audience, useful for the users by providing some value and generates interests within them to join the club of your loyal customers.

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