Thursday, December 31, 2009

Bring Talent to Your Team this New Year....

One of the most basic elements of teamwork is this: Be good at what you do.

Teams need talent. The more of it you bring to the group, the more you can contribute. Build your skills, and, in a very real sense, you are building the team.

You can't have a high-powered team with low-talent people. And sometimes the weakest link in the chain sets the limit on what the group as a whole can achieve.

So keep stretching. Polish your skills and perfect your moves. Master the fundamentals of your job.

Strive for continuous improvement—the Japanese call it kaizen—so the team never stops growing. Keep getting better at your craft, and you can do more to help the team chalk up higher scores. Any time you level off in your learning, the potential of the overall group flattens out a little more. And teamwork always takes a hit whenever people start to lose their touch.

Also keep this in mind—unless you're competent, people really can't afford to count on you. You're best positioned to build a high trust level in the group when you bring talent. Individual ability.

Give teammates good reasons to believe in you. Keep getting better at what you do.

Have the Best Team and a New Year 2010!!!

Thursday, November 26, 2009

Recruiter 10-Factor Evaluation

# 1: Delivers Result
- Consistently fills most jobs on time, often with top people. Responsible –
Recruiters must be able to hit their numbers. This means consistently filling all of the reqs assigned to them month-after-month. If the backlog is increasing you have a problem. You can’t be passive.

# 2: Knows the Job
- Has solid understand of real job needs. Confident. Gets clarification –
Good recruiters must know the job, and not rely on the Job Description. Recruiters need to know what the person holding the job needs to do to be considered successful. Otherwise, you’re just guessing and box checking.

# 3: Finds best active candidate
- Strong with basic systems and uses a variety of other good techniques –
Recruiters must be able to find the best active candidates quickly. This means writing great ads, knowing what boards to use, and using all of the latest searching tools to mine through resumes quickly and accurately.

# 4: Finds best less active and passive candidates
- Always obtained good candidates through referrals. Assertive –
If you’re only sourcing candidates, you’re not really a recruiter. Recruiters must be able to build instant networks of top people and convince them to consider your jobs even when they say “no”.

# 5: Manages the process
- Can manage multiple assignments using a variety of tools. Well organized –
Recruiters have too much to do and things always go wrong. Managing all of these issues is a critical skill. Hiring one person is tough enough. Keeping everything moving while staying on top of it all is the essence of an exceptional recruiter.

# 6: Knows the market
- Quite knowledgeable about industry, trends and employment issues –
Recruiters must be on top of all of the issues in their area of expertise. This means knowing compensation ranges, the best places to find top people, and what’s happening in their industry. This is how you convince candidates and clients you’re an expert.

# 7: Influences the hiring decision
- Adds much value. Understands candidates and job needs. Respected –
Recruiters must exert influence on their hiring manager clients at every stage. This means haggling about job requirements, candidate competency, and how to negotiate offers. The best recruiters are involved at each step in the hiring process and push their candidates forward despite differences.

# 8: Influences candidates throughout process
- Provides good advice and is seen by candidate as advocate. Influences –
The best people always have other opportunities. Keeping them involved and interested in your job is the core of recruiting. This means knowing the job and presenting a persuasive case as to why offers should be accepted even if they don’t meet salary expectations.

# 9: Conducts professional and accurate interview
- Uses multiple tools to assess. Solid skills. Pretty accurate. Input valued –
Recruiters must be thorough and competent assessors of talent. This means knowing what questions to ask, interpreting the results correctly, and defending your candidate to the hiring team. You know you’re at the top of your game when you lead panel interviews and the debriefing session.

# 10: Works with the team
- Works well with team to improve process. Takes initiative to help others –
Forget the Lone Ranger stuff. In a corporate environment recruiters must work with a wide variety of people, some not so great. Influencing their decisions and keeping the process moving forward is what teamwork and cooperation is all about.

Tuesday, August 18, 2009

Why work or approach a headhunter?

Why work or approach a headhunter?
It depends. You currently could have two years of working experience or maybe five years of working experience. You might have switched companies about two times now. You are wanting to know what is the current market rate of your specialization or skills. Well it all depends.

Why work with a headhunter?
When i tell people that i am a headhunter, the usual response is, ‘oh please find me a suitable job’ or ‘can you get me a new job’? I get that all the time. What the mass does not know is, a lot of headhunters are now specialized and that they work for the disposition of companies. At times the candidate but a lot of times the company. Depends on scenario and the level of the executive.

Well I do not blame them. This is the stereotype of a headhunter, ‘can u please find me a job?’ – Let me take you on a short insight.

Well maybe 30% of ‘can you fine me a job? effect’ might be true, but a lot of times people associate themselves with headhunters because of these few reasons:

Better Opportunity.
Getting a current market rate of their own specialization.
Getting an insight on their current work or career.
Exploring new opportunities.
Seeking new employment/opportunity.
Unhappy with their current employment.
Sometimes they just want more money.

Headhunters are always looking out for the best fit for their clients. Sometimes they refer to the company as the customer and the candidate as the client or vice-versa. You could receive a call from your consultant at anytime if an opportunity arises, that is if you have already developed the relationship with the headhunter. The headhunter now, after spending time with you knows your aspirations, your wants, your Skills and Strengths, your technical knowledge and is able to position you for roles when the opportunity arises hence although you are not looking for a job, you are in the headspace of a headhunter. He knows that you are THERE.

Why work/associate yourself with a headhunter?
When you see a headhunter today, you are not necessarily looking for a job. Quality and competent candidates are not usually looking for a job. A headhunter might have the right opportunity for you possibly in a month, six months or even a year hence when you see a headhunter, you are seeking a service like a very much like a consultation. We take on part advisers and counsellors. Whether or not the headhunter might have the right opportunity for you at that particular moment; cheers and good luck to you!

A lot of times when the right opportunity arises the headhunter will make contact with you thus your one hour spent with the headhunter six months ago has paid-off. The headhunter has identified your ideal opportunity and you are happy with the proposed package – the headhunter has done his/her job and the relationship has been strengthened. The headhunter is now your agent throughout your career from today and you have trust in the headhunter.

When you see a headhunter, be sure to know what you want, what you seek and also keep an open mind. You are sometimes are good at an area which you are blind too. A good headhunter who works with you might be able to pin-point certain strengths which you are blinded to. More often that is always the case. The headhunter usually thinks of the macro picture rather than the micro picture. Suppose today you are in IT and you have good skills and technical knowledge serving customers who are in the Financial Services Industries and tomorrow you could be a Lead IT Consultant within a bank with the help of a headhunter. He has identified an area and knows of a position which is well suited and tailored to your expertise. Two to three years down the road, you will work with the same headhunter and you would possibly be a Senior Executive/Manager in a company which deals with Financial Solutions. Once again the headhunter has customized you to a good job, an agent in your career change.

Keep an open mind. Be mindful about the headhunter you choose to see. The headhunter should be in the same vertical industry that you are in. It could be Financial Services, IT, Manufacturing or even Construction. Most headhunters now are industry-centric specialized.

Keep it open.

You are your worth and value, the headhunter is able to help you.
Understanding - Talent Acquisition Recruitment + 1 step ahead of it = Talent Acquisition

Lets see How!!!!
How is talent acquisition different from normal recruiting efforts? It's a simple but telling question, and one that I hadn't duely considered before. Recruiting can be defined as profiling, sourcing, assessing and hiring candidates. Talent acquisition is defined as profiling, sourcing, assessing, hiring and optimizing this process so that candidates add value to the organization. This may seem like a subtle difference but I think it is not. What counts is the resulting talent and value of the candidate, not the internal process or machinations of the organization. While time to hire and cost to hire are recruiting metrics; quality of hire is the talent acquisition metric.

A similar emphasis on value exists for the definition of all talent practices. "Talent development" is perhaps the most strikingly different than the definition of development by itself. In many organizations, development is synonomous with training. If you want to develop an employee, send them to training. In talent-driven organizations, a fuller definion would be: the ability to develop and unleash "difference-making talent" through developmental experiences, expanding social networks, connecting people to purpose, expertise and resources, communities of practice, action learning, coaching and mentoring programs.

Get Started!!

>> Partner with a Trusted Advisor
Firms that have made the investment and have built a strategic hiring program are more prepared for success than those who are not. When trying to attract mid-to senior level hires, it is in a consulting firm‘s best interests to partner with a search firm.
The right search firm should bring a solid understanding of the firm‘s business and an independent perspective to the process. It is also very important that the search partner has deep industry knowledge and expertise and is dedicated to the passive candidate market. Used effectively, a search partner can positively extend your firm‘s brand, sending a strong message to the candidate market and creating positive PR as they communicate the firm‘s desire to attract great professionals and grow.

>> Audit Your Needs Perpetually
The first rule is to continuously audit your practice to identify your short and long term hiring needs. This can be done by commissioning an internal program or by partnering with a third party with deep market knowledge in the industry. Your audit should identify gaps in talent by functional, industry, or geographical capability. It should also bring insight into what clients want from outside professionals, what the competition is doing and trends in acquiring talent.
When completed properly, an audit will give your firm a solid understanding of the talent portfolio required to meet both client needs and firm growth objectives.

>> Define a Talent Acquisition Strategy
Once a talent auditing program is in place, firms need to define their talent acquisition strategy.
In today‘s talent market, it can take twice as long to acquire the same talent as it did just two years ago.

Firms should align their talent acquisition strategy with their business strategy for the next three to five years. Determine what you want to keep in-house and what part of the implementation you want to give to a talent acquisition partner. At this point, it is productive to involve any external partners in the strategic planning process so they can internalize your business objectives and have greater success early in the execution phase.

>> Execute a Dedicated Implementation Program
Given that the market is very competitive, attracting people has become more of a strategic initiative for consulting firms. To effectively shift talent from competitors and industry, most consulting firms should consider putting a perpetual lateral hiring program in place that rivals their campus hiring program. Firms that have done so have been able to stay ahead of the curve and have been able to hire the talent they need.

>> Stay Dedicated to the Passive Market
The goal in sourcing is to identify everyone capable of doing the job, and 90% of the time those individuals are passive. With the advent of the internet and greater volumes of information easily accessible, clients are seeing mostly active candidates.
To best tap the passive market, We may prefer using a three part sourcing program that leverages independent new research, referrals from industry executives who buy consulting services, and our own network.
When a sourcing strategy is combined with experience, persistence, and good relationships, the chances for success dramatically increase. Often this may also lead to attracting a group or doing a complete lift-out opportunity for our clients.

Some Basics !! Knowhow
What Do Most Consulting Firms Look For In New Candidates?
They are looking for perfect resumes. Over here the question is this: "We have this problem to solve or this opportunity to seize. Can you help?" And most employers' don't give special effort, how many degrees you have. If you can demonstrate that you can help an employer to acquire more clients or business, but all you have is some vocational training in lion-taming, you still can get the job.

Here are some hiring practices that I've found valuable...

Recruit people who will be slow learners of the corporate dogma ("This is how we do things around here"). If you keep looking for people of "your kind", that is, the same skills and attributes you have, sooner or later you create such level of incest in your firm that you end up wiping yourself out.

Recruit people who are better than you. Yes, you can put together a team in which you are the genius, but then you stand on the shoulders of dwarfs, and the limit of your vision is the tip of your nose. Attract people who are better then you, stretch you with their weird perspectives and oddball concepts, and you stand on the shoulders of giants. To do this you must tame your ego, but in return, you may just see much further.

Recruit people whom you are willing to compensate well. If you pay peanuts you get only monkeys. And since the universal law of attraction says that, "like attracts like", if you attract monkeys then you have a monkey business in which you are the chief monkey. That makes you a five-star imitator. And high calibre people with do their best to avoid you.

Yes, money is not the greatest motivator, but lack of money is the greatest demotivator. Just imagine, you have to live the rest of your life in fear of losing your best people, because a better firm has seduced them with better opportunities, including but not limited to better compensation. And when they go to the competition, they take your deepest secrets and many of your clients with them.

You may say that stealing clients is unethical, but since the professional service firm is the only form of business that is based on one-to-one relationships, many clients automatically move with the professionals with whom they have one-to-one relationships. And, besides swearing and shaking your fist to the high heavens, there is not a sausage you can do about it.

Now you may say your people signed non-disclosure and non-competition agreements. You can't be so naive, can you? There is one more thing here: How can you ask - almost - minimum wage - people to go out and sell your premium services? Minimum wage people develop minimum wage mindsets and minimum wage performance. Potential clients will be able to read this sign and it is very repelling.

Recruit people you don't need yet. Recruiting good people is just like "recruiting" a spouse. Just as you can't go out saying "I must fill the vacancy for a wife by Friday 5:00PM", you cannot find good people that way either. You recruit good people whenever you bump into them. Many firms make the mistake of growing linearly. The idea is to start with the end in mind and working backwards. If your vision is to develop a large multi-national firm, then abandon your small business management practices, that is, let's save money by building our own websites and cleaning our own toilets. If you want to grow, show it.

Also growth starts on the inside. First you have to develop the performance capability within your firm, and then that capability turns into performance and new revenue. It's like farming. First you have to plant and then harvest. You can't start the farming cycle by getting paid 1 million for your corn which you haven't even planted yet.

Use job interviews as idea generation, not only to screen candidates. The fresh perspective of the "ignorant antagonist" can take your level of thinking to a much higher level. Most people in most firms become the big bosses' yes people. Bring in people who dare to oppose you. That is how great concepts are created. You need people who dare to say: The emperor has no clothes.

Encourage your people to be mavericks. This is very hard. Most firm owners, especially owners of small joints are breathtakingly ego-driven, and want to take control without realising a basic fact as Nicole Kidman bluntly put it to Tom Cruise in the movie Days of Thunder: "Control is an illusion, you infantile egomaniac. Nobody controls anything." They have the "My way or the highway" mentality. You can buy people's time, their muscle movements, but you must earn their respect. You can control labourers by prodding them to shovel more horseshit from one pile to the other, but you can't control professionals to provide higher quality services. And one must be an Olympic-grade idiot even for trying. Just accept that your people are good at what they do, and give them freedom to practise their crafts. Focus on that you create an environment of honest, ethical high quality work, and your people will step up to your expectations.

Why Do You Think That Happens?
Consultants know that only very few firms are worth investing a long-term career in, so they grow their own assets within their firms. It is basically their firms' cultures that force them to build their own careers covertly, and when they are ready to jump, they go into competition against their former employers. Who can blame them? Nobody. Their former employers "made" them do it by working in a competitive as opposed to a collegial and collaborative environment.

When you talk about money, watch your candidates like a hawk. Watch both for verbal and non-verbal cues. If, after a boring discussion, their eyes light up, then you had better run very fast and very far, unless you run a consulting whore house and manage by "billable hours" and "making quota."

Focus on people who have never worked in an environment you have. Ignoring this concept can lead you to a collection great - for instance - doctors with amazing content knowledge but with no emotional skills, who cannot work with people beyond giving basic orders: "Bend over!... Next!"

Ignore your firm's past. You can't build your firm's future by constantly looking at the rear view mirror. As the saying goes, you can never discover new oceans until you have the courage to lose the sight of the safe and secure shore.

Here you can ask two questions:

The tactical question is: "What can we achieve through who we are, with what we and by what we do… today." That is, you have some rigid tactics and keep the strategy fluid. This is retarded. This is like a ship's captain saying, "Where can we go by steadily sailing south-east at 5.6 knots." Here the strategy is subservient to the tactics. As Stephen Covey says, "You're busy climbing a ladder but you don't know what it leans against." In this approach "How?" (Tactics) is given and the "What?" (Strategy) is haphazard.

The strategic question is: Who do we have to become and what do we have to do to achieve our objectives? Note that the "What?" (Strategy) is given and the "How?" (Tactics) is flexible.

Discovering Your People's Natural Strengths?
To make the most of your people, you have to make sure they play to their natural strengths. Your strengths are the direct result of the natural talents you were born with. These talents have been honed and sharpened through life experiences, education and the skills you've developed over the years. If you determine your people's strengths, you can really build a strategically focused firm that has a competitive advantage. In order for you to clearly identify your people's strengths it will be helpful to look at what constitutes strengths.

Strengths = Talents + Education + Experiences + Skills

Step 1- Talents
It all starts with your inborn talents. Your talents are the special abilities that you were either born with or developed within the first 3 years of your life. Talent is a consistently recurring pattern of thoughts, feelings and behaviours that can be applied productively. These abilities can take many forms:

Thinking abilities (strategic thinker, a marketing mind, visual or spatial thinking, genius thinking, creative thinking, linear thinking, curiosity, etc…)
Feeling abilities (intuitive, empathetic, passion, confidence, determination, spontaneous, etc…)
Behaviours (working well under pressure, being responsible, ability to focus, being a good listener, good negotiator, good bluffer, eye-hand coordination etc…)
Your talents are the foundations of your strengths. To achieve mastery, to be really excellent at anything first requires that you were born with a foundation for it. If you have the foundation, then you still need to receive the education, experience and skill training to convert the talent into a strength. If all these elements come together you have a strength.

Step 2 - Education
This derives from schooling, working with through mentors, reading, attending seminars, audio programs, and every other way you can bring in information that is already prepared for you in some form or another. This is the result of explicit learning.

Your education can either supportive or antagonistic to your natural talents. Ideally, your education should work in synergy with your talents. If you're a naturally born analyst, then study accounting.

Step 3 - Experiences
What you've learned throughout your life and pulled out as your observations and conclusions on how to do things. As a result of your experiences, your work becomes more and more intuitive. Hint: You can't go to school to become the next Picasso.

Step 4 - Skills
Skills are the steps by step instructions that experts have refined for you to more easily learn specific activities. While learning skills will help you improve your performance in any area, the areas where you have foundational talents will show exponential growth in your ability.

An example might be golf. I would imagine that no one has ever played at a pro level the first time they picked up a club. But some people take lessons for years and while they improve they still kind of lack. Others though show incredible progress from lesson to lesson. The difference between the two is inborn talents.

Before You Are Hiring Your Next Person
Step 1: Define the Position
Purpose: This is the "Why?" you want to hire this person. You must have a better reason than we have lots of projects and need new people. First reach the point of having much more demand for your firm than it can provide, so you can cherry pick your clients. And hire only when you have overwhelming demands for your services at premium fees.

Objectives: This is the "What?" you want to hire this person. What is this person expected to achieve in the new position?

What is this person responsible for? Do you expect this person to achieve results or mark time, be busy and perform pre-defined tasks?

What authority will this person receive to achieve the expected outcomes?

Describe the type of relationship this person is expected to work in both with clients and other associates of your firm.

Describe the environment this person is expected to operate in.

Step 2: Job Performance
The person: Remember, his book, in Think and Grow Rich, Napoleon Hill writes about personality traits to achieve success, not specific skills to master, courses to take and certificates to collect. So, you'd better select this person based on character traits. Everything else can be taught and learnt. Many firms kill themselves by employing apathetic geniuses. What also works against you is that statistically, some 86% of employees hate their jobs and/or bosses.

Rewards: How do you reward this new person? Forget about hourly rates. That's retarded and it rewards incompetence.

Repercussions: How do you deal with people who refuse to act in the in the best interest of the higher good and goes on self-serving crusades?

Step 3: Measuring Results
Expected vs. Actual: Basically you measure and chart your projections against your actual results.

Differences: This gives you your delta, the difference between the projection and actual outcomes.

Corrections: And based on your delta, now you know what to do with it. That is, what sort of corrective action to take to get back on track.

There are two factors you can measure. Does your measurement relate to the process or the outcome? And is the measurement qualitative or quantitative?

So, you measure...

Quantitative Outcomes: These are the numerical changes your firms achieves by hiring this person.

Quantitative Process: This is the measure of progress. In project management these are your milestones.

Qualitative Process: This is about how your new candidates feel about the process of change that your firm initiated by hiring them.

Qualitative Outcomes: This section measures how your new candidates feel about the end result they are expected to create.

Best of luck.
and Emerge Victorious
Abhinav Mishra.

Tuesday, February 3, 2009

Why Use An Executive Recruiter?

Using an executive recruiter is important because he/she can ensure quick responses, one-on-one attention and the highest potential results for their clients. In fact, there are some important criteria that most employers look for in executive recruiters. These include:

· Honesty
· Good communication skills
· Trust
· Accurate information gathering
· Accurate understanding and portrayal of a job or jobs
· The ability to conduct professional client interviews
· The ability to conduct professional candidate interviews
· The use of other recruiting agents to ascertain information and referrals concerning potential candidates
· Ensures confidentiality and integrity at all times in dealing with both clients and candidates
· The ability to represent one candidate at a time in negotiations on behalf of a client

An executive recruiter also should have the ability to handle multiple accounts and varied job positions for one or more clients. They should be willing to enter into lengthy contracts with clients and maintain a structured focus regarding customer/client satisfaction.

Using a successful recruiter is paramount to successfully filling a job opening. This requires that the recruiter remains flexible, allowing for varied options to suit their clients. Other important factors include:

· Quality results at a reasonable price
· Both computerized and paper storage of client and candidate information, always kept separately
· The ability to accurately match their clients' skill sets
· The ability to analyze and suggest the best approaches to suit their clients' needs both in business and the workplace environment
· The ability to bring together both clients and candidates through negotiation and proper research
· The ability to search for the best fit for positions and help achieve a successful conclusion for both clients and candidates

There are many advantages to using an executive recruiter. Generally speaking, an executive recruiter is a highly skilled individual who is able to properly identify the right person to take the helm in a managerial team or head a said team. They are successful managers that keep the welfare of their clients paramount and recognize the importance of superior management in the modern world of business. They will also show expediency, effectiveness and efficiency in all the contracts they undertake. Most importantly though, they will have the keen ability to maintain confidentiality to protect a client's current reorganization of their management, any new initiatives (product, etc.), employee information, stockholder details and who their suppliers are. This ensures that their job does not undermine the ability of the client to run his business.

Another reason most employers prefer to use an executive recruiter is that they can access candidates not only in their own area, but on a global basis. The recruiter's contacts will have virtually no boundaries, not limited by politics or country borders. In this, recruiters are most valued for professional ethics and their mediation skills.

Executive recruiters tap into a global network of contacts. An executive recruiter has a wide network of contacts in comparison to the in-house human resource departments. Good candidates are already employed and many will deal only with an executive recruiter. The third party representation of an executive recruiter is valued. Confidentiality and professional mediation are recognized assets of the executive recruiter.

In conclusion, using executive recruiters is one of the most financially effective methods used by most employers today to find the appropriate fit for their varied job positions. A good recruiter can work with all levels of executive positions and deal with clients that range from the very small to the huge corporations. Ultimately, they save the client money in finding a competent candidate and future employee that will become an asset versus a liability to their client's firm. In fact, they will provide the best candidate that will bring new or refined skills to the employer that will help the client's business grow and increase its reputation in the its chosen industry.

Recruitment Process in India.

The recruitment process in India is designed in such a way that each candidate gets the desired profile according to its own choice. Place the candidate from the right profile, the best job recruitment agencies, the solution is the end of most Indian job recruitment agencies.

The job recruitment agencies in India involves identifying those posts, preparing the job description and person specification, advertising, management of the response, the prequalification process, organizing meetings, conducting interviews, making decisions, the appointment and action. This means that a lot of time and resources must be invested before the right candidate is selected.

Most recruitment agencies in India follow three stages in the recruitment process, which are essentially short list of application, preliminary assessment and final interview and selection.

The recruiting India process may include a written test to judge the particular skills of a candidate. In this case, the test must be carefully prepared, not to deviate from the subject. Much can be found on the candidate's resume. A good presentation of his resume is in an organized way and refined talk a lot on the individual. His mentality and attitude can be judged according to his resume.

Then the interview, which is an important and crucial part of the recruitment process. The person who takes the interview of the candidate must be well prepared in advance. Concerns such as the location of the interview, the timing, structure of the question of strategy, the style of taking the interview must be decided in advance, so that nothing is excluded, and all subjects properly treated.

In addition, there are a number of things that must be taken into consideration in the recruitment process. Until the final decision about a certain candidate is taken, it is important to keep in regular contact with the candidate. The decision-making process should not take too long to prevent candidates from taking any other occasion. An applicant must be informed once the decision is made. He or she must say the entire process of his appointment clearly with the details of all documents to be submitted. A record should be kept of the candidate file for future reference.

The recruitment process must be strong and justified and shall withstand external scrutiny. Only a good job recruitment agency with a good understanding of the area and the process can execute the same success. In India, most of the recruitment agencies to understand the needs of clients and candidates and they work in a planned way to recruit people.

Sunday, January 4, 2009

Job Hopping: How to make a smooth transition

Job Hopping: How to make a smooth transition

Before quitting your current job and moving on to a new place, make sure you fulfil all the formalities.

The days of lifetime association with one single organisation are long gone. With new opportunities coming up regularly, job hopping is the order of the day.

Here is a check list of things that need to be taken care of before taking up a new job.

Salary account

Most corporate employers credit salaries to the employees’ bank account. To facilitate such transfers, employees are asked to open ‘zero balance’ saving bank account in the same bank which the employer uses.

The trouble is when you quit, the ‘zero balance’ nature of the account ends. In most cases, you need to maintain a quarterly minimum balance, which may amount up to Rs 10,000.

Failing this, the bank debits your account with the minimum balance charges which may range between Rs 150 to Rs 750 per quarter. Besides the risk of incurring charges, there is a possibility that you may have been giving standing ‘payment instructions’ on a salary account.

To avoid such problems, keep your salary account free of any transactions other than credit of salary. Maintain a bank account other than salary account which can be used to make all the other payments . This works best for those who frequently change jobs.

Provisional tax statement

Many employers offer salary projection along with the salary statement, which includes the amount of tax deducted at source in the current financial year.

If such a projection statement is not provided to you, do ask for the amount of tax deducted, as the same is asked for by your next employer.

Loans and other outstanding

Often employees avail of loan facilities provided by their employer. Needless to say, these need to be paid off before the employer gives a relieving letter.

The best way out is to get the employer loan refinanced by a bank before changing jobs. This is because getting a loan in a new job is usually difficult as banks prefer to lend to those with at least one year of employment history.

Insurance and other facilities

If there is a break between jobs, there is also a break in the group health insurance cover provided by your employers.

Hence don’t rely on employer’s insurance and buy some insurance on your own, if you have not done that till date. You need insurance even when you are unemployed.

Also, the terms of many group policies require that the employee work for a certain period, say one year, before benefits can be extended to family members.

If you are dependent on your employer for providing insurance to your dependents, you need to buy insurance to take care of this uninsured gaps.

Provident fund and other dues from the employer

Ensure that you fill up the forms for transfer of provident fund when you join the new company. If you intend to withdraw the provident fund, the process starts 60 days after the separation.

Ensure that you have filled in the withdrawal forms and handed it over to the previous employer along with your bank account details for smooth encashment of provident fund. In case of annuity, do provide your bank account details to your employer, who in turn pass on the information with the insurer and facilitates payment of pension in the bank account.

Change of address
If you have given your office address as the address of communication for your bank account and other money matters, do change it immediately. First, this deprives you of any important communication sent by your banker. Worse is when somebody, who is not supposed to access such information, can misuse it.