Business

Easy Personal Loan In Kolkata At A Convenient Interest Rate – Kolkata city is home to some of the largest industries, a diverse population, and the world’s most esteemed cultural centres. Kolkata’s economy is expanding, so living expenses will inevitably be high. Hence, managing your own finances can not always be simple. However, with the help of an urgent cash loan in Kolkata, you can meet your emergency expenses and requirement.

Today, instant, straightforward, and low-documentation personal loans are easily available that can help you cover any expense, including weddings, home renovations, medical bills, international travel, and other personal expenses. You can check your eligibility for a personal loan in Kolkata, provide the necessary documentation, and you can easily obtain a personal loan.

What Is A Personal Loan?

A personal loan can assist you in taking care of your immediate financial demands. You can get the loan with the least amount of paperwork and without pledging any collateral or security. Personal loans are paid back in fixed, pre-decided monthly instalments or EMIs.

Personal loans are very common, particularly among young people in Kolkata. Thus, who are just beginning to establish financial security and may require instant funds to meet a crisis. They  are intended to be repaid within six months to five years; thus, based on the requirements, they can be classified as short- and long-term financing.

Furthermore, getting a personal loan is more affordable and accessible than ever before due to the availability of an online or instant personal loan in Kolkata and the growing competition.

Features and Benefits of Personal Loan:

The following are the key features of a personal loan:

1. No security/collateral: Personal loan does not require providing any asset as security, and you can retain complete control over your assets while easily borrowing money online.
2. Interest rates: Personal loans have reasonable and fixed interest rates, making them available to all borrowers. This guarantees that the EMI will remain constant, and the borrower need not worry about fluctuating interest rates associated with other types of loans. Personal loan interest rates in Kolkata vary between lenders.
3. Disbursal: Disbursal typically takes 24 to 72 hours, depending on the bank or lender, although it can take longer. If you already do business with the bank you’re applying to; you can even be qualified for rapid online approval.
4. Flexibility: You have several options for repaying the personal loan, including EMIs, instalments, online payments, postdated checks, etc.
5. Documents: The documents required to apply for a personal loan in Kolkata are minimal. Processing is quicker as a result, especially with online approval. All you need is to upload scanned copies of your documents for verification before being approved for the loan.

Eligibility or Criteria to Apply for Personal Loan

There are a few conditions that you must fulfil to qualify for the loan.

1. Credit score: A credit score, a three-digit number, reflects your credit history. It enables the lender to comprehend your credibility in terms of repaying your loans and other debts. In case you have a very good credit score, you can also be eligible for instant and pre-approved personal loans. Loan providers in Kolkata often favour applicants with a credit of 780 or higher. If your credit score is less, then you must work toward increasing the score to easily avail and qualify for a personal loan.
2. Income:

• Salaried individual: Lenders use borrowers’ ages to determine how many years of employment they will have left. Lenders typically favour individuals with paying jobs who are between the ages of 23 and 58.
• Self-employed: Age eligibility for self-employed and non-professionals is between 28 and 65. People in this category can continue working over the typical retirement age of 55 to 58 years since they are self-employed. Hence, the maximum age is therefore 65 years old.

1. Debt to Income Ratio and Monthly Income: Lenders assess your monthly income in addition to your credit score to determine whether it is sufficient for you to make loan payments on time. To be qualified for a personal loan, the majority of lenders normally ask you to have a minimum annual income. Additionally, if your debt-to-income ratio is smaller, loans are approved more quickly. The implication of this is that your monthly income should be more than your monthly payments. Thus, together with any debts you may have.

Documents Required for Personal Loan:

The below documents are common for both offline and online or instant loans in Kolkata:

1. Identity proof- a copy of voter ID card, passport, Aadhaar, or driver’s license
2. Address verification- a copy of voter ID card, passport, Aadhaar, or driver’s license
3. Bank statement showing the last three-months transactions (or passbook of the previous six months).
4. Two most recent pay stubs/currently dated pay certificates along with the most recent Form 16.

Step-by-Step Guide to Availing Personal Loan:

The steps to be followed for applying for a personal loan are as follows:

1. Online or offline application: The first step in applying for a personal loan is to complete an application form that asks for both personal and professional information. The form can be completed offline by going to the closest bank branch or online through a bank’s website. However, submitting an online loan application streamlines the loan process and helps save time.
2. Bank verification: After receiving your loan application, the bank begins to evaluate the information you have supplied, comprising your professional and personal details. Thus, to see if you fulfil the requirements for the loan, which include your age, your profession, work experience, a minimum monthly income, etc.
3. KYC procedure: Once your basic information has been confirmed, the bank will begin validating your Know Your Customer (KYC) documentation. Which you may have uploaded online together with the application form or might have submitted to the local branch. Some banks also send a bank representative to visit you at home or work to collect the necessary paperwork.
4. Confirmation of address: A bank representative may come to your house to verify the address provided on the application. Also, there is a higher likelihood that a bank executive may visit your workplace to verify it if you are self-employed.
5. Check your credit score: The bank will examine your credit report after determining your eligibility and concluding the verification process. And as your prior repayment history, payslips, or IT returns.
6. Loan approval and disbursal: Your application for a personal loan in Kolkata will be approved right away.Tus if you fulfil the requirements, your documents are validated, and your credit score is 750 or higher. Within 24-48 hours of the online application being submitted, the payment is credited to the bank account.

Closing Thoughts:

Your personal finance journey can be easygoing if you take advantage of the low-Interest personal loans given by reputed banks in Kolkata. Urgent cash loans are ideal for last-minute financial needs. You can apply for an urgent cash loan in Kolkata if you discover that you need money right away for an emergency because your application will be handled right away and the loan disbursed instantly.

In the rapidly evolving digital landscape, the definition of intellectual property (IP) is being continuously reshaped. What traditionally constituted IP, such as patents, copyrights, and trademarks, is now expanding to include data.

In this context, data valuation has emerged as a critical component of IP management. This article aims to delve into how data valuation is redefining IP and why it matters for modern businesses.

The Emergence of Data as Intellectual Property

With data driving business decisions and strategies more than ever before, it’s no surprise that it is increasingly being viewed as an intellectual asset. However, unlike traditional IP, data is both replicable and reusable, and its value is not necessarily intrinsic but rather contextual. This unique nature poses a challenge in its classification and protection under existing IP laws.

Despite these challenges, several industries and organizations recognize data as a proprietary asset, safeguarding it with the same fervor as their conventional IP. Hence, businesses must adapt their IP strategies to accommodate data, and this calls for an effective data valuation model.

Data Valuation: Quantifying the Intangible

While the process of valuing physical assets or traditional IP is well-established, quantifying the worth of data is still a burgeoning field. The value of data lies in its potential to provide insights, drive decision-making, and create competitive advantages, which can vary greatly depending on how it is used and by whom. Therefore, data valuation involves intricate methodologies that account for factors like data accuracy, relevance, uniqueness, and potential revenue generation.

Data valuation brings the critical advantage of making the implicit value of data explicit. By quantifying the value of data, businesses can better prioritize their resources, formulate data-driven strategies, and negotiate data-related transactions with a clear understanding of their data assets’ worth.

Implications for Intellectual Property Management

By treating data as IP and placing a monetary value on it, businesses can better protect and manage their data assets. For instance, data valuation can inform data security strategies by identifying which data assets are most valuable and hence should be most stringently protected. It can also influence business negotiations and contracts involving data transfers or sharing.

Moreover, acknowledging and quantifying the value of data could have significant implications for legal frameworks surrounding IP. It could drive the creation of new laws and regulations that better protect data as an intellectual asset, similar to how patents protect inventions or trademarks protect brand identities.

The Road Ahead: A New Frontier in Intellectual Property

As we venture further into the era of big data and AI, the relationship between data, its valuation, and intellectual property will become increasingly critical. Recognizing data as an intellectual asset and assigning it a monetary value not only reinforces its importance in business strategy but also lays the groundwork for its protection and management as IP.

The incorporation of data valuation into IP strategy marks a significant evolution in our understanding of intellectual property. It challenges the current IP paradigm and invites us to envision a future where data is protected and valued on par with other intellectual assets.

Conclusion

In the digital economy, data is not just a by product of operations; it is an invaluable asset that drives innovation and growth. As such, data valuation should be an integral part of intellectual property management, reflecting the evolving nature of what constitutes valuable intellectual assets. By embracing this change, businesses can better protect their data, make decisions based on factual details, and build a competitive advantage in the increasingly data-driven business landscape. The journey towards redefining intellectual property is complex, but acknowledging the critical role of data valuation is a step in the right direction.

How to Promote Data Literacy Across Your Team? – Within the next decade, data-driven working will change entirely.

With the ever-increasing reality of the metaverse, a space consisting of physical and virtual worlds through virtual and augmented reality, data-literate employees are in for a big change.

Today, organizations with a rich, confident workforce of data-literate individuals find that productivity, efficiency, and employee performance increase.

With data at the forefront of their operations, they successfully developed a data-driven culture consisting of individuals who are comfortable, knowledgeable, and well-equipped to use data collaboratively in their decision-making processes.

What is Data Literacy?

Data literacy, not to be confused with data analytics, is the ability to read, understand, and argue with data to support an argument.

Enterprises with high data literacy rates increase employee performance since they are better equipped and comfortable preparing and presenting data.

Based on the Bloomberg Data for Good Exchange Conference’s data literacy definition, the ability to understand data encompasses these four abilities:

1. Reading of Data- The ability to comprehend data concerning the outside world.
2. Using the Data- The ability to create, manage, and acquire data.
3. Analyzing the Data- The ability to sort and compare data.
4. Arguing with Data- The ability to share and argue with an audience through data.

Why is Data Literacy Important?

Data is one of the most valuable assets for all businesses, organizations, and industries.

But unfortunately, as data becomes increasingly utilized, entities fail to provide employees with the proper skills and abilities to assess their data.

Since most, if not all, industries use data as a resource to promote growth and drive business decisions, it stipulates someone who can understand and communicate said data to others.

While many companies employ data-analytic leaders to simplify their data for efficient decision-making, data becomes even more powerful when the entity promotes data literacy across the entire organization.

According to Forbes, promoting data literacy creates a data culture where all members contribute, rather than the process confined to the IT departments.

As a result, high data literacy rates lead to confident and proactive employees capable of handling, understanding, and interpreting data.

How to Assess Data Literacy?

For an organization to establish a data literate workforce, data specialists and leaders need to promote a data-driven culture through training and teaching data literacy.

However, before engaging in data-driven practices, organizations should assess the current level of their data-literate employees.

For example, Gartner, a billion-dollar tech research firm, mentions some assessment-based questions for organization leaders to consider answering and asking themselves. For example,

• The percentage of people capable of interpreting simple data sets, graphs, and statistical operations.
• Who on your team can develop an accurate case from numbered data sets?
• How many data leaders can explain the output from their processes and algorithms to aid in data-driven decision-making for your company?

One way to answer these questions is by having your team complete a data literacy assessment to identify each employee’s data comprehension proficiency.

According to Vizlib’s Data Literacy Playbook, evaluating your team’s data literacy level will provide accurate insights to deploy a roadmap outlining the start of your data-driven journey. With time, as your organization cycles through training and upskilling, it’s a good idea to re-evaluate.

Re-evaluating an individual’s data literacy level points out strengths and weaknesses in your data literacy journey. It can also help individual employees identify areas for improvement.

6 Ways to Promote Data Literacy Across Your Team

With the technological advances of machine learning, artificial intelligence, and the ever-growing need for data, the next decade highlights a significant transformation of how the global workforce works. For example, the Data Literacy Project research demonstrates that data literacy competence will be a required entry-level skill within the next decade.

Yet, based on responses from 1,200 executive-level managers and 6,000 employees, only 11% of employees reported full confidence in their literacy abilities. This lack of literacy training prompts even more urgency from the global workforce (about ⅖ths) to leave their employers for better data literacy training and upskilling opportunities.

In fact, 81% of executive-level managers worldwide believe they need to upskill their data literacy if they don’t want to risk replacement.

Leaders should promote data literacy across their organization for the current state of their organization and the future, so here are six ways to promote data literacy across your team.

1. Ensure the Leader Leads with Confidence in Their Data Abilities

Executive leaders and IT leaders must commit, participate, and guide employees in the shift towards a data-literate entity.

According to Gartner, leaders need to ensure workers use data-supported language in conversations and meetings that involve business outcomes and decision-making.

In addition, to promote data literacy, leaders need to show confidence in the direction towards training and upskilling a data-literate organization. In other words, leaders should actively create a data-driven office culture by emphasizing the importance of data and inspiring a will to learn more.

 2. Create and Adjust Training Programs To Cover All Data Literacy Levels

When organizations initiate the transition towards a data-literate workforce, employees begin at many different levels, making a one-size-fits-all program unrealistic.

Business leaders should ensure consistency with data literacy programs. For example, leaders could make learning data literacy basics mandatory for all employees.

With mandatory training programs, every employee will acquire the skills needed to read, use, argue and analyze data, which, in turn, promotes a data-driven company culture.

3. Conduct Continual Data Literacy Assessments for Growth

As discussed above, data literacy assessments provide valuable information for executive leaders and a better understanding of ones’ data literacy level.

In addition, data literacy assessments can help leaders choose optimal tools for each team member based on the current level of their data-literate workforce.

It’s common for leaders to miscalculate the data literacy abilities of their employees after initiating, training, and teaching them data literacy. In other words, sometimes leaders mistakenly affirm that their employees are ready to use data and can use their data literacy skills adequately but soon find their sentiments to be incorrect. It actually happens more often than not.

This issue of overestimation makes it vital for leaders to promote a team trusting and understanding of limitations and expectations of data. In other words, data can act as an addition to complement and guide your team’s decision-making processes and outcomes.

4. Emphasize the Benefits of Data

The benefits of data may still be unclear to some, making it vital for executive leaders to emphasize its benefits. Employees shouldn’t regard data as a burden to their teams’ workflow.

One way to accomplish this is by showing how data enhances the decision-making accuracy by allowing your team to make and see the outcome of their decisions. These decisions should be supported and decided by data because of their newly acquired or newly enhanced ability to use, interpret, and read data.

5. Use Demonstrable Data Literacy Skills To Create Fun Data Visualization

Data visualization is a visually appealing representation of, usually, complex data made to communicate the data clearly and in a manner that humans find attractive. Data visualization often consists of graphs, plots, infographics, and other data visualizations that are typically presented using complementary colors.

Take a look at some fun examples of different types of visualizations.

While aesthetically pleasing visualizations can make data appear exciting, data visualizations also increase the risk of distorting the overriding message, so the creator should be well-equipped with data literacy skills.

6. Build and Establish Widespread Company Trust To Promote Data-driven Processes

Executive-level managers should ensure their employees trust the information provided in the data sets.

Promoting trust in data ensures the organization uses data ethically by dedicating your team to full transparency of its uses.

In addition, leaders should guide the trust of data on the individual level. Most employees recognize data as an asset but choose to exclude it in their decision-making process.

According to the Data Literacy Project research, 45% of executive-level managers rely on their intuition over data to make decisions. At the same time, 46% of workers reported that they made intuition-based decisions because of occasional mistrust of data.

Promoting an organizational culture of workers requires a confident and informed leader capable of influencing a team of workers trusting the information displayed in front of them.

At the same time, employees should know that if they mistrust the data, they should challenge, rather than follow it blindly.

As an entity’s data literacy journey continues, data literacy assessments can indicate a team’s willingness to trust the information in the data set.

Final Thoughts: The Concept of Data Literacy Will Never Stop Changing

Help your team embrace the data-driven way of work because it’s not going anywhere.

Ten years from now, the knowledge and understanding of data literacy won’t look anything like it does today. This is because as technology advances, so will data literacy.

The knowledge needed for one to be data-literate is infinite and ever-changing, so it’s important that your team embraces change and accepts the endless cycle of upskilling their data literacy knowledge.

Transforming Your Business for the Future – In today’s rapidly evolving business landscape, organizations must be agile and adaptable to stay ahead of the curve. Enter the world of a composable platform – a powerful approach to building digital platforms that can revolutionize the way businesses operate. In this article, you’ll explore composable platforms, why they’re so crucial for future-proofing your business, and how they can transform it.

What is a Composable Platform?

It is a modern, modular, and flexible IT infrastructure that allows organizations to quickly build, adapt, and scale applications to meet ever-changing business needs. It breaks down monolithic systems into smaller, reusable components or services, enabling businesses to assemble and also, disassemble these pieces as needed. Think of it like building with Lego bricks – you can create endless possibilities by rearranging and combining the pieces differently.

Why Your Business Needs a Composable Platform

1. Unparalleled Flexibility: In an age where change is constant, businesses need to be able to pivot quickly. It allows you to adapt and evolve your IT infrastructure in real-time, responding to market shifts, new opportunities, and changing customer expectations without missing a beat. This level of flexibility also allows businesses to explore new partnerships, expand into new markets, and capitalize on emerging trends with minimal disruption.
2. Increased Innovation: By breaking down your IT systems into smaller, more manageable components, composable platforms foster a culture of experimentation and innovation. Teams can quickly test new ideas, iterate, and deploy new features, driving competitive advantage and staying ahead of the curve. This modular approach also allows for cross-functional collaboration, as different teams can work together more seamlessly, sharing resources and expertise.
3. Cost-Efficiency: Traditional IT infrastructure can be expensive and time-consuming to maintain. Composable platforms streamline processes, reducing operational overhead and allowing for more efficient use of resources. This means lower costs and faster time-to-market for your business. Moreover, by adopting it, businesses can avoid vendor lock-in, as they can easily swap out components from different providers based on their needs.

Leveraging a Composable Platform for Digital Transformation

As businesses increasingly embrace digital transformation, it can be the secret weapon for success. Here are some ways it can help:

1. Seamless Integration: One of the biggest challenges businesses face during digital transformation is integrating new technologies with existing systems. Composable platforms, like Uniform, make this process smoother by allowing you to easily plug in and remove components as needed, minimizing disruption to your business. Uniform’s website states, “It helps you integrate and deliver your ROI with the new tools much faster than the manual integration.” This streamlined integration also enables businesses to adopt cutting-edge technologies and stay up-to-date with the latest industry trends.
2. Data-Driven Decision-Making: With it, you can more easily collect, analyze, and act on data, making it a powerful tool for data-driven decision-making. By harnessing the power of data, businesses can make more informed decisions, optimize processes, and uncover new revenue streams.
3. Enhanced Customer Experience: It allows you to quickly adapt to changing customer needs and deliver personalized, engaging experiences across all touchpoints. This can help you attract new customers, retain existing ones, and boost overall customer satisfaction.

By embracing this approach, organizations can stay agile, respond quickly to market changes, and drive digital transformation success. By assessing your current IT infrastructure, prioritizing areas for improvement, choosing the right partners, empowering your team, and measuring results, your business can harness the potential of a composable platform and thrive in an ever-changing world. So, are you ready to embrace the composable future?

All About Materials Management System Processes – It becomes difficult to achieve clarity with all the materials that we have. This fog will reduce your productivity. In your personal life, this can translate into a messy office, bad habits, vague thoughts and so on. In your professional life, it can lead to bad choices, arguments with your colleagues, etc.

This is why material management is now an important supply chain function in every company and part of common ERP systems available in the market. Basically raw material management is the capability that companies use to plan for aggregate material requirements.

Planning is the key word. The process behind material management is scheduling. The point of the process is to be forward to see the problems. Being ahead will provide a seamless range of components for production so that goods can be manufactured on time for delivery to customers.

It is difficult to pick the best material management solution from the large number of solutions available. Deficiencies in material management may cause big loss to your business.

To better the production process, eliminate defects, and guarantee your company’s quality, you can use six sigma. The Lean Six Sigma certification helps validate professionals who are skilled in identifying threats, errors, or defects in a business process and removing them.

In this article we present you six steps that every businessman should follow to select the best material management system.

Step 1:

You must know that not all systems of materials management are developed equally. Some are rather common, while others are designed specially for a specific market. The materials management software for dangerous materials may be a wholly distinct collection of tools instead of the one built to handle a tool cradle.

Each materials management system manages various productions or materials handling procedures. Some software programs operate better in a distinct processing environment whereas others manage work lots or mixed-mode production. Also, you can find various types of  productivity software on the internet, such as Gmail, Google Talk, Google Calendar, applications include Writer, Calc, Impress, Draw, and more

However, other suites can manage their retail delivery better than their manufacturing peers.

Step 2: Establish completely unified cost management program.

Your material management requirements may be differ for different companies. Some companies require inventory management system. On the other hand for others you require a strongly built system that encircled the complete life cycle of the supply chain in order to establish a completely unified strategic cost management program.

Step 3: Set your budget.

While making decision on the investment of a material management system, the cost used in it should be calculated. In the first phase, you can choose your choice according to the limit set by your current hardware/software infrastructure. If your budget is high, you must also upgrade network capabilities.

Step 4: Hire an expert.

You should hire someone in your team who have the knowledge about different materials management systems that are relevant for your industry. This will improve your business quality overall.

Please do not rely on the information provided by sales representative while making decision.

Step 5: Contact current customers.

Reputable materials management system provider should contact to the existing customers in order to see whether the system is working or not. However, some customers may have their own proprietary processes that they do not want anyone to examine. Therefore, the implementation team should be permitted to examine the workplace.

Step 6: Training should be provided.

No matter how effective your materials management system is, it is a common mistake to avoid including the complete training in the fielding plan. Therefore, pre-launch, initial launch and follow-up training should be given within the context of the system implementation.

Managed Detection and Response Implementation – In this world, everything is interlinked, and all the work is happening online, which is digitally socialized. As you all are aware of security and hacking issues, you have to be cautious and consider your assets and data security.

What is Managed Detection and Response Implementation?

Managed detection and response services are outsourced cybersecurity services that help protect your data with high-standard services. Managed detection and response implementation is a process that provides security services 24/7. It includes fundamental security activities such as cloud-managed security for companies as they cannot maintain their self-security operations center.

Managed detection and response providers offer excellent services such as threat monitoring, advanced analytics detection, and human expertise for incident investigation and response deployed at the host and network levels.

The main aim of a managed detection and response tool is to help organizations with their incident response needs. MDR service providers can offer remote response services, including threat containment and support, to bring the networks and systems to original operations.

What are the Challenges Do MDR Services Can Solve?

Most companies have several challenges while implementing a cybersecurity program. MDR can provide exceptional services to meet the challenges and solve them quickly. The challenges may include:

1.  Advanced Threat Identification:

Sophisticated attacks include employing tools, advanced persistent threats, and techniques that make the attackers remain hopeless for detecting by using security solutions. Managed detection and response services can help detect and resolve the threats by applying proactive threat hunting.

2. Lack of Internal Security Talent:

As there is a shortage of talented cybersecurity professionals, it is becoming complex for enterprises to hire qualified cybersecurity professionals. There is a lot of struggle for both start companies and large organizations to hire experienced professionals. Managed services for detection and response solutions makes sure that companies can increase their security expertise overnight.

3. Slow Threat Detection:

An incident such as cybersecurity may not be detected for a long time. The longer the cybersecurity attacks, the higher the data impacts. So, MDR service providers offer detection and response times done by SLAs (Service Level Agreements). This can surely help decrease the cost of effect that occurred due to the cybersecurity incident.

4. Underlying Security Flaws:

Any organization will have some bad practices, leading to the organization’s underlying security flaws. MDR platform is active 24/7 to observe the attack surface of the infrastructure; then, the professionals start to hunt for threats and any unknown issues. This MDR service can help organizations identify the problems and offer the perfect and accurate guidance to solve them.

5. Alert Volume:

Some traditional security tools can generate many security alerts and fraud positives. While trying to fix the fraud positives, leads to alert fatigue in the process. This is such a great challenge that makes companies stop active monitoring and instead monitor only specific activities.

So, MDR service providers offer advanced technology and expertise specially assigned to observe the surroundings and get into action with IOCs (indicators of compromise). This will not give a break in monitoring, and also, you cannot turn into a large-scale compromise.

What are the Security Features and Capabilities of MDR?

MDR has offered several core capabilities to protect your data. They are as follows:

• Prioritization
• Investigation
• Threat Hunting
• Guided Response
• Remediation

How to Choose the Perfect MDR Solution for Your Organization?

Choosing the perfect MDR platform ultimately depends on your company’s size, and you and your company may have different needs and requirements provided by various MDR service providers. The platform should offer real-time visibility, penetration testing, vulnerability assessment, preventive incident response, and reports & navigation systems.

Conclusion:

Your company might be at higher risk of security issues. Don’t waste your time; speed up and choose the premium MDR platform that assists you and your organization from cybersecurity attacks, fraud actions, etc.

Employee Productivity – Optimizing each facet of your business has recently become a must. This can be done using software to discover bottlenecks and recognize top performers.

A common term has sprung to prominence, and that term is time theft. This means that employers pay their employees even when they are not working. Unfortunately, this has become a massive problem as more and more individuals seek to abuse the established set of rules. Rather than working, they slack off during work hours and expect to be compensated anyway.

However, you can combat this effectively using tools such as time-tracking software.

What exactly is time theft?

Time theft is not simply procrastinating but rather employees engaging in personal activities during work hours. For example, if the employees spend eight hours in the office, they will want to be compensated for that time, even if they still need to complete substantial work.

Around 75% percent of US businesses encounter this problem, especially in the form of “buddy punching,” and it’s no wonder they developed various methods to fight it. The best way to stop time theft is to detect it. You can do this via time tracking software to pinpoint where your employees spend their time during work hours.

If you have the correct data, you can address employee problems and reward those who respect your company and set rules. To achieve this, you can equip all your work computer devices with time-tracking software. This type of software will not cause any problems, and your employees won’t even notice that it is installed as it does not affect the device’s performance.

However, it’s essential to inform your employees that you will use this software solely to boost productivity.

Stopping time theft by rewarding productivity

Speaking of rewards, one of the best ways to stop time theft is to acknowledge hard workers. You should talk about your best-performing employee’s performances during meetings and inform your other employees that there are only benefits to be gained if they give it their all during working hours.

Some of your employees will notice this and realize that they themselves can be in a position to receive praise and earn bonuses. Thus, incentivizing them to work harder and sidelining their personal activities during work hours.

Be a better manager

While you should avoid micromanagement, you must interact with your employees regularly to discover work-related problems. For example, some of your employees might be slacking off because they dislike the work environment. If you communicate with them openly, they might share information on how the whole office can be optimized so that they can have a better output.

You can talk with your employees privately or address some office-related problems during your monthly or weekly meetings. If you want more feedback, conduct an anonymous survey. Employees might feel that their opinion might get them in trouble and opt not to speak up. This might lead to them being dissatisfied with the work environment.

However, to be an effective manager, you must use relevant data, which further solidifies the need to have proper employee time-tracking software.

Be strict but fair

You can’t expect an employee to fire on all cylinders. Dips in performance and focus can occur, and you need to work with the employee to get them back on track.

To prevent this behavior from spreading to other employees, you should take action and outline disciplinary measures. To put things into perspective, those manipulating the timesheet will receive a small pay cut. Of course, you don’t want to be too harsh for a minor occurrence of time theft. But those that repeatedly commit time theft hurt your business and your workflow, and they should be sanctioned for their actions.

If the disciplinary measures bear no fruit, your best course of action is to let that employee go.

Bottom line

Time theft is when an employee receives money for work hours that have not been productive. To avoid this, modern businesses use time-tracking software to analyze how much work the employee has contributed to the company.

There are, however, some other ways to stop time theft, as mentioned above. So, if you want to be a better business that fosters optimization and productivity, consider implementing some of the methods in this post.