Job shadowing is a type of on-the-job training in which an individual follows or observes (aka “shadows”) a co-worker to see firsthand what their day-to-day activities entail. It offers a unique opportunity to gain an in-depth understanding of a particular career or role. Through job shadowing, employees can develop skills and knowledge in various areas…
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Radio Advertising Costs: A Simple Guide to Ad Spend
Radio advertising costs average from $200 to $5,000 per week depending on location, ad length, and size of the listening audience. Producing radio commercials costs from $1,000 to $2,500 depending on inclusions like music, voice actors, and editing, but some stations have in-house resources to cut your costs. Learn more about what drives the cost…
What Is On-the-Job Training? A Small Business Guide
On-the-job training (OJT) refers to the process of acquiring new skills, knowledge, and competencies while actively performing job-related tasks and responsibilities. It involves practical, hands-on learning within the actual work environment, allowing employees to gain experience and proficiency through real-time experiences and guidance from more experienced colleagues or supervisors. It is a crucial component of…
The Current Ratio: What It Is & How To Calculate It
The current ratio, also known as the working capital ratio, measures if a company’s current assets are sufficient to cover its current liabilities. The current ratio divides a company’s current assets by its current liabilities. Current assets are defined as cash and other equivalents that can be converted to cash within one year. Current liabilities…
Rehiring Former Employees in 6 Steps [+ Free Policy Template]
Rehiring former employees who already know the company culture and how things operate can save time and money. Additionally, rehired employees often bring skills and experience gained from working elsewhere, making them even more valuable assets to the company upon their return. Now, let’s take a look at the steps involved in rehiring former employees…
Collateral Coverage Ratio: What It Is & How To Calculate It
Many small business loans are secured by collateral, such as property or equipment, to provide security to a lender in case a borrower is unable to repay. The collateral coverage ratio (CCR) is used by lenders to set maximum loan limits on a borrower, comparing the collateral’s discounted value to the amount borrowed. Most lenders…
What Is Job Rotation: How It Works, Benefits & Drawbacks
Job rotation is a talent management strategy that involves periodically shifting employees from one position to another within an organization. It gives employees an opportunity to explore various skills, gain new skills, and boost their engagement. Through job rotation, organizations can also identify people with leadership potential and train them accordingly. How Job Rotation Works…
What Is a Virtual Terminal & How to Use It
A virtual terminal is a secure payment portal used by merchants to remotely process credit card and other non-cash payments on behalf of their customers. Most payment services providers include a virtual credit card payment terminal with every merchant account. Information is encrypted as the customer’s payment details are digitally sent and received by the…