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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/02/05/how-to-implement-an-office-dress-code-without-harming-employees-self-expression/
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How To Implement An Office Dress Code Without Harming Employees' Self-Expression
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How To Implement An Office Dress Code Without Harming Employees' Self-Expression
Dress codes have a purpose within the workforce, both in terms of reflecting the organization’s culture and presenting a certain image to customers. However, the downside of a strictly enforced dress code is that employees may tend to feel stifled in their personal expression. In the case of an employee who enjoys expressing themselves through their attire, a strict dress code could lead to severe unhappiness. A company needs to figure out where the balance lies between enforcing a dress code and allowing employees to be relaxed and open about their personalities. To help, nine contributors to Forbes Human Resources Council examine how a business should best approach dress code policies without sacrificing individual expression. Members share their best tips for creating a professional, yet flexible office dress code. Photos courtesy of the individual members 1. Provide Basic Guidelines Provide basic guidelines such as "business casual," but less hard fast rules. Address any issues with a one-on-one conversation -- for example, "Your top should cover your bottom if you want to continue wearing yoga pants and be taken seriously" as opposed to, "No yoga pants." Freedom to be diverse individuals, as well as a culture of inclusivity, is what brings us together, not stringent dress codes. - Kerri Johnson, Foam Supplies, Inc. 2. Match The Culture A dress code (or a decision to not have a dress code) should be aligned with the company's culture and values. There are very innovative companies out there that do not have dress codes and then there are very traditional companies that have strict dress codes. If you're somewhere in between, then your dress code should be, too. - Lotus Buckner, NCH Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify? 3. Communicate The 'Why' An illustrative "fast-fail and recover" story is one about a jewelry update to a uniform guideline at a global coffee company. The update caused a subset of employees to go to social media to protest their restriction of personal expression. Once the "why" was explained -- a health and safety code legal requirement -- the customer-obsessed employees embraced the change readily to support the company. - MJ Vigil, PEMCO Insurance 4. Keep It Simple Whatever your dress code is, you need to communicate it in a simple and effective manner. I live by the rule that simple is always better. Simple will create simplicity, while complicated promotes complicated. Every company and industry is different. When creating your standards, keep simplicity in mind, what is important to the company, and what is important to the employee. - Adam Mellor, ONE Gas, Inc. 5. Model The Dress Code Prospective employees and employees take their cues from the managers they meet with and from social posts of the team. Consider the visual assets you use internally and externally, make sure they represent how you want people to show up for work. Be sure and consider your own wardrobe to drive adoption of your organization's dress code. While a written policy is a safe bet, being a model works. - Cat Graham, Cheer Partners 6. Reflect The Organization Dress codes should be broad and simple -- expect employees to use good judgment when presenting themselves in the workplace. Your guidelines should reflect the work of the employee and the organization. It's helpful to provide guidance, such as business attire in client meetings or safety-minded clothing when working with machinery, and to set examples at all levels of the organization. - Jennifer Marszalek 7. Set Expectations And Gather Input Be clear, direct, upfront and lead by example! Ensure your company dress code is communicated to new employees during the onboarding process. Your leaders should be adhering to the dress code and setting an example for the entire team. It's important to also gather input from your organization -- understand what makes people comfortable, productive, and professional. - Jamie Hoobanoff, The Leadership Agency 8. Aim To Empower Your People Empower your people. You are hiring grown-ups, and they can dress appropriately. And, if someone isn’t dressing “appropriately,” you need to share that feedback with them as soon as possible, and be specific on why they’re dressing inappropriately. For example, if someone works in a warehouse, wearing open-toed shoes is a safety concern. Beyond that, employees expect to be trusted. - Deborah Muller, HR Acuity 9. Focus On Your Clients Dress codes should be appropriate for your client base. If your clients came into your office, would it match the image you have presented them with? If you visit them, are you dressed appropriately for their environment? As long as those things match, there can be quite a lot of freedom. - Karla Reffold, BeecherMadden
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7c4444d4e735359c55648377820d18df
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/02/19/hiring-on-demand-consultants-and-advisors-as-the-gig-economy-matures/
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Hiring On-Demand Consultants And Advisors As The Gig Economy Matures
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Hiring On-Demand Consultants And Advisors As The Gig Economy Matures
Photo: Getty
When you think of the gig economy, you most likely think of people shuttling around passengers or delivering food and of companies like Uber, Lyft and Taskrabbit — companies whose workers are, generally, not thought of as highly skilled. You may also think of companies like Upwork, whose success is proof the business model for freelancer workers is here to stay. McKinsey reports that up to 162 million people in Europe and the United States are engaged in some form of independent work. That’s 20% to 30% of the working-age population!
From Low-Skill Freelancers To Specialized Knowledge Workers
But the gig economy is more than low-skill freelancers and side hustlers, more than drivers shuttling passengers, people hosting overnight guests and workers delivering meals and groceries. Today, highly experienced — and highly educated — knowledge workers and creative professionals are the fastest-growing segments of the gig economy.
Companies are realizing that the quickest and most efficient way to get specialized talent is to hire them as project-based gig workers. Corporate boards and executive teams are hiring experts who can provide high-level advice on how to take advantage of business and technology trends while also delivering tactical insights on implementation. These knowledge workers are changing the face of the gig economy.
The Role Of On-Demand Consultants And Advisors In Changing Times
With the rapid rate of change in today’s world, it can be difficult, time-intensive and expensive to assess and react to each new technology trend and challenge on your own. How should your company incorporate artificial intelligence and machine learning into its strategic plan? What are the latest cybersecurity threats, and is your company prepared for them? What is the internet of things, and how does it affect your market? Why should your company care about blockchain or 5G? How can your data be analyzed to provide deep insights into new product and market opportunities?
These kinds of questions and problems are perfect for executive-level consultants who have deep industry experience and can be contracted at an hourly or project rate.
How can on-demand consultants and advisors help?
On-demand advisors can help with a variety of needs — whether it’s providing an in-depth report on competitors, spending an hour giving advice on a potential new product, writing a memo on entering a potential new market, creating financial models and investment memos, or providing expertise on switching software systems. Executives can use on-demand knowledge advisors as sounding boards, to brainstorm ideas, get vital introductions, and ask for advice and insight at critical times.
How are corporate boards engaging on-demand advisors and consultants?
Corporate boards are also relying on independent subject-matter experts to help with high-level, long-term planning and strategy that management teams may not be focused on. Moreover, on-demand consultants can bring unique outside perspectives, which are particularly helpful at companies that lack diversity. I've seen it firsthand: Our consultants have helped corporate boards assess expansion plans, acquisition plans, capital raises and exit strategies. These kinds of projects are critical to strategic planning and management in today’s fast-paced economy.
So, how do you find these advisors and consultants?
Start by asking your network for referrals; someone you trust is likely to be able to make an introduction. And, after all, you’re most likely to have a successful engagement with someone who has a track record of delivering strategic insights. If your network fails to uncover the right professionals, there are marketplaces and providers of on-demand executive-level advisors like Business Talent Group, Catalant and our firm, FlexTeam. Some outsourcing options provide rigorously vetted executive-level consultants; through others, you vet the workers yourself.
Not sure how to vet your on-demand advisors and consultants?
When vetting your on-demand advisors, start by asking whether they have an incorporated entity and an EIN (IRS-issued employer identification number), as those are indicators of commitment to their consulting business. Review their LinkedIn profile and website for red flags. Then, if all seems well, ask for references, and request case studies that illustrate their value proposition. An experienced and reputable advisor may not be able to share work samples due to nondisclosure agreements but should be able to speak confidently about the kinds of work they have done and the outcomes they have achieved.
With more and more companies using on-demand knowledge workers, it will soon become commonplace to hire on-demand advisors. Companies that don’t will risk falling behind their competitors.
The future of work is here, and the decision to adapt and change for the better is yours.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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9be9cfe72759361ff313f89e31d9bd0b
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/02/26/this-is-why-blitzscaling-threatens-talent-acquisition-and-company-culture/
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This Is Why Blitzscaling Threatens Talent Acquisition And Company Culture
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This Is Why Blitzscaling Threatens Talent Acquisition And Company Culture
Photo: Getty
How can we rethink how companies use technology, people and processes to create sustainable, profitable businesses and instill company culture in the long run?
No matter the size of a company or startup today, many would argue that creating a profitable business should be a critical driver. But, there seems to be more talk about fast growth and valuation and less talk about prioritizing profit, talent and creating a culture that becomes the galvanizing force in a company’s success.
McKinsey researchers address the talent and human capital component when they talk about winning transformations for companies and the importance of investing in digital talent. But, in the world of high-growth venture capital (VC), sometimes the talent and culture component is neglected.
When the Silicon Valley mentality became more prominent in Europe a decade ago, we saw two things happen: a shift from business owner to entrepreneur, from building a company to a valuation-centric mindset. This tectonic shift in the thinking evolved into “blitzscaling,” or prioritizing speed over efficiency — the term was coined by Reid Hoffman.
That approach has created some great companies, but the blitzscaling approach also isn’t for everyone. If you look at the number of companies exiting at a billion dollars globally, it’s minute compared to those that received VC funding.
Startups have a 1% chance of becoming unicorns. Even Wall Street knows that most unicorns aren’t profitable. So, it’s not scale at all costs; it’s about how you’re going to scale. You can’t ignore the fundamental building blocks that will make your company succeed in the long run: talent.
A False Talent Market
VC rounds are getting more significant. Funds are supersized, and investors are pushing to scale fast. On average, the road to unicorn has shortened from seven and a half years to just under six years. Salaries surpass those even for the same positions in established tech companies.
Many billion-dollar unicorns have no clear path to profitability, and instead rely on the “wow” factor to push forward to inspire employees to go with them on world-changing missions. But, at the same time that they’re scaling, they’re also leveraging their talent as a means to an end, treating them more as a commodity.
Everyone wants to be an entrepreneur or Elon Musk. But, it’s incredibly hard to scale like Uber or WeWork. This is why you see so many broken cultures at startups — burnout, high rates of attrition, overinflated salaries with companies having to overpay in a hyped-up market to attract the best people.
Being focused on scaling at the expense of creating a valuable company culture rarely creates a long-term business. You can’t short-change talent.
The Talent Phenomena
The good news is that out of this blitzscaling decade we’re seeing a new approach emerging, driven by a new generation of startup founders and investors, where the value of talent is parallel to the company’s success.
In his book, What You Do is Who You Are, Ben Horowitz, cofounder of Andreessen Horowitz, looked at the importance of company culture. This is what we’re beginning to see in this next generation of startups: the value of talent coming to the forefront. Where recruitment used to be an afterthought, we are beginning to see the best companies in the world have high-performance talent teams.
Recruitment has the power to change how companies create culture internally. In the past five years, companies have become more strategic about how they acquire talent by bringing talent experts to the executive table.
A 2019 First Round Capital report found that when employees lack faith in their CEO, they’re three times less confident their company will see a $1 billion-plus exit. And, they’re five times more likely to leave within a year and two times more likely to think the company will fail due to culture or team.
Talent is the No. 1 challenge for companies today; it’s also the highest cost. Recruitment conversations must be strategic decisions. Elevating recruitment to the C-level is how we change the talent narrative.
With talent as the key to the future, we are seeing a more significant emphasis on culture, diversity, mental health — things that founders would not have talked about a decade ago. Founders have started to bring teams together faster by bringing in talent experts earlier in the process. They also know they need the right talent to build their company at inception.
Elevating the talent agenda at a startup company is the epicenter of what makes a lasting company culture. This is sustainable hiring.
Here are three ways you can ensure your company attracts the best talent.
1. Talent should be on your agenda from day one. Think about how you’re going to scale your teams from the beginning to 20 years down the road. If you’re going to be a billion-dollar company, you’ll need the right talent along the way. You already invest in your product and brand, but if you aren’t making people the epicenter of your investment, you won’t get very far.
2. Take your talent on your journey. Founders should be clear on the mission of the company. Everyone at every level should be on board with that plan. Sharing where the company is going and how everyone can help reach that goal is how you create a winning culture.
3. Keep your bar high. Your first dozen hires set the tone for the rest of your business and will encourage more A-players to join your company. People want to work with the best people, so you’ll need to be agile and vigilant. Implement data to spot trends and make changes quickly when you have to. Remove your opinion and bias, and let go of people who don't work out.
Growing a company at a rapid scale has challenges, but there are a lot of things you can do to make it successful. Having a focus on people and culture from day one will make your company successful today and tomorrow.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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7daf46be5a55110883e3a4d67b94745e
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/03/04/the-future-of-work-is-the-liquid-workforce/
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The Future Of Work Is The Liquid Workforce
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The Future Of Work Is The Liquid Workforce
Photo: Getty
The future of work — or, as some call it, work of the future — has been a hot topic for many years. Most people think of the future of work as it relates to a specific technology or social issue. For example, the wide range of ideas I’ve heard discussed around the future of work include:
• Jobs at risk of being automated due to advancements in artificial intelligence (AI) and machine learning (ML).
• The end of physical office space as companies transition to fully remote operations.
• A digital workplace that includes virtual reality (VR) or augmented reality (AR).
• Diversity and inclusion.
• Attracting and retaining top employees in an increasingly competitive talent market.
• Soft skills and emotional intelligence.
• Retraining and reskilling workers for the future.
• Finding work-life balance or work-life fit.
• The rise of multivendor software as a service (SaaS) for personal and team productivity applications.
• Good jobs that pay a living wage, regardless of education or sector.
• The gig economy.
• Government-enacted policies and regulations, like California AB5, designed to protect and effectively tax freelance workers.
So which of these many options is truly the future of work?
I believe it’s a combination of all of the above, and it can be summarized by saying that the future of work is the liquid workforce.
Working For Yourself: The American Dream
Working for yourself used to be the American Dream. We were a nation of farmers, creators, builders and individuals with a shared identity as aspiring achievers taking charge of our futures (and destinies). According to historian Steve Gillon, before 1860, most Americans lived in rural areas, and upward of 80% of the workforce was self-employed. By the late 1970s, the self-employment rate dropped to an estimated 7%. Today, that percentage has risen and continues to rise faster than the overall labor growth rate — 10% of workers are classified as self-employed, and 20% to 30% of people are engaged in some kind of independent work.
Corporations And The 9-to-5 During The Industrial Era
As America transformed from a nation of rural farmers to one of industry, so did the way we work. America became a nation of large hierarchical corporations, and our industrial economy required reliable, cookie-cutter workers. The 9-to-5 traditional workforce is a relic of this era: Early 20th century factories introduced the five-day workweek (down from six days to improve productivity).
Future Of Work In The Digital Age
In today’s digital age as AI and machine learning begin to automate jobs and as VR and AR change our workplace and training abilities, the structure of work and the skills needed to succeed have changed. Soft skills like emotional intelligence are now paramount to success, requiring changes to our education system. People are increasingly looking for work-life fit and choosing to leave traditional jobs and instead engage in independent, and often remote, work.
From the corporation side, the talent market is becoming increasingly competitive, requiring companies to engage the liquid workforce as part of their talent strategy. Remote work is becoming commonplace for both liquid workers and traditional workers. Governments are looking to regulate and capture taxes as the workforce evolves. And as the business case for diversity and inclusion has been made clear — that diversity in thought correlates directly to increased economic output — corporations need to add more diversity to their workforce. Corporations are increasingly turning to on-demand workers, consultants and advisors as part of their diversity and inclusion strategy.
The Liquid Workforce
What brings this all together is the idea that the future of work is the liquid workforce — a diverse, robust economy where more and more workers go back to being self-employed, where we go back to our roots as an entrepreneurial nation.
Where the corporation was once the structure driving our economy, the future is an agile, technology-enabled, human-optimized and inclusive system. The individuals who comprise the liquid workforce will work anywhere, anytime on projects with varying durations. This idea encompasses the changing policies, mindsets and strategies of the future of work, and more importantly, the opportunities that follow.
Opportunities Ahead In The Future of Work
Integrating the liquid workforce will bring fresh and diverse perspectives to companies and add new energy and ideas. Businesses will be nimbler and able to quickly respond to changing customer expectations or shifting markets. Developing an adaptive workplace and systems will enable companies to support their flexible blended workforce in terms of both productivity and experience.
The future of work is the liquid workforce, and it is already here. Companies that expect to compete in today’s fast-paced digital landscape must activate the liquid workforce, often by engaging on-demand advisors and consultants along with other freelance workers. Are you ready to take advantage of the opportunities that lie ahead in the future of work?
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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949e4733b03a9b3cafdc19cd40589859
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/03/06/women-in-leadership-how-to-move-the-needle/
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Women In Leadership: How To Move The Needle
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Women In Leadership: How To Move The Needle
Photo: Getty
March 8 is International Women’s Day. This year, the theme is "I am Generation Equality: Realizing Women’s Rights.” In the last 100 years, women have made great strides, but this is the generation that has the best shot at equality. As a female leader at Mr. Cooper Group, I am proud to be a part of that effort by continuing to take active steps toward helping women advance in the corporate world. But real progress is a collective effort.
The State Of Female Leadership
To move forward, we must know our starting point. Although they hold almost 52% of all management and professional-level jobs, American women fall substantially behind men in terms of their representation in leadership positions. Yet, research shows that companies in the top quartile for executive-team gender diversity were 21% “more likely to experience above-average profitability than companies in the fourth quartile.” You have to wonder: Why are we not seeing more progress?
Women face challenges, stubborn stereotypes and stigmas that are roadblocks to their advancement. Understanding those dynamics is the first step toward a more equal and productive workplace. Below are a few things to keep in mind as you work to create a more diverse and inclusive workforce and ways you can support our collective effort.
Create a pipeline.
Leaders should pay close attention to how many women are in leadership positions and focus on how those women are being developed for future roles. To support the creation of this pipeline in your organization, ensure you are building and supporting a workplace that offers more diverse development opportunities, executive visibility and sponsorship.
Celebrate successes.
Generally speaking, women tend to be less comfortable with self-promotion. With that in mind, there’s an opportunity for co-workers, both men and women, to help make the environment more welcoming by calling out the good work done by the women around them. This includes recognizing female colleagues during team meetings, highlighting their impact to leadership, and even recognizing them on platforms like LinkedIn and Twitter. If someone does good work, they should be appreciated and celebrated for it.
Pull women into more projects.
One way to celebrate women’s successes (and, in fact, give them an opportunity to accomplish more) is to have more of them on larger projects. Studies show that women are less likely to be assigned to bigger projects with larger budgets. As we all know, those projects are the ones that regularly lead to promotions and recognition from management.
It’s not just being included in “hot” projects that matter — think about the specific roles women are assigned to. On big or small projects, women often end up with administrative tasks. Leaders should actively work to put women in diverse roles. Without experience doing different things, women may not have the same opportunity as men to discover what they excel at, find what they love to do or demonstrate their leadership potential. Not utilizing women’s entire skill sets not only impairs their professional development, but could also be an inefficient use of a business’s resources. You don’t know what someone can do if you don’t give them a chance.
Women must help themselves in this area, too. As a woman, it’s up to you to stand up for yourself and ask for more opportunities. You can have no expectation for advancement if you’re not willing to put yourself out there, stretch your own capabilities and swim outside your lane. Fortune favors the brave.
Be a sponsor and advocate.
Being a sponsor or advocate can have just as much impact as mentorship. Mentorship is a relationship based on advice and guidance — a wonderful thing to have — but not necessarily associated with direct advancement. As a sponsor or advocate, you can actively work to promote women and recommend them for specific projects, development opportunities or leadership roles. It also never hurts for people to have a sponsor in different departments or areas of the company. That exposure to other people and jobs can open up opportunities that make women more well-rounded leadership candidates.
The Role Of HR
Progress in diversity and inclusion is not dependent on human resources teams, but their active leadership can be transformative. As an HR leader, here are a couple of suggestions to champion change.
Know the data.
HR departments should know how teams are structured from all perspectives — race, gender, etc. This data should go deeper than headcount. Consider looking at recruiting, promotions, identified successors, performance ratings and compensation. After you run the numbers, you then have to communicate where your company is at with leadership. Identify the opportunities (and there are always opportunities), and suggest specific actions to drive change. People can find these conversations uncomfortable, but I’ve found a lack of change starts with a lack of awareness.
Take action.
If the data shows there is room for growth, you should take intentional steps to improve the situation. Are there changes you can make to your management development programs that will lift more people up? Can you do more to actively ensure the talent pipeline is diverse? Are you creating a welcome and inclusive environment for your team? Look at everything from recruiting to performance management to development programs to diversity and inclusion efforts, and be intentional in how you lead your function to support diversity.
Allies of women in the workplace play a key role in driving us forward, but ultimately the best champions for women are themselves. So, this International Women’s Day, I want every woman to advocate for herself, seek out new opportunities to grow and take a chance in her career. Together we can continue the progress of the women who came before us and set the stage for an equal and inclusive future.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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12ddfe9ccd4552599825bb56154e41d0
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/03/16/eight-benefits-of-encouraging-employees-to-disconnect-on-time/
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Eight Benefits Of Encouraging Employees To Disconnect On Time
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Eight Benefits Of Encouraging Employees To Disconnect On Time
As the focus of the modern world pushes for higher productivity, there is an unsettling trend for businesses to force employees to work past the end of the workday. Some even offer higher payment or days off as incentives to keep their employees productive after the company has closed its day's operations. Work-life balance suffers when this happens, and it's not uncommon to see employees experiencing burnout as a result.
Knowing when to pack it in for the day is as important as knowing when to start working. Below, eight associates of Forbes Human Resources Council examine the benefits that come with encouraging employees to disconnect after a long day's work, and how this could help both the business and the employee in the long run.
Members share the best ways to encourage employees to disconnect from work at the end of the day. Photos courtesy of the individual members
1. Avoiding Employee Burnout
It is too easy for employees to feel the need to answer every email. One practice is to ensure managers are not contacting employees after hours. An easy fix is for managers to schedule emails to be delivered during work hours. Encourage employees to take vacation time -- you can deactivate their service during their vacation and reactivate when they return. - Patricia Sharkey, IMI People
2. Promoting Work-Life Balance
Encouraging employees to disconnect after work promotes work-life balance. Work-life balance enables employees to rest, perform their hobbies and spend quality time with their friends and family members. Promoting a culture of work-life balance will lead to increased employee engagement, enhanced employee productivity, reduced attrition and improved company brand perception. - Ochuko Dasimaka, Career Heights Consulting, Inc.
3. Improving Efficiency
Research shows that humans need downtime and brain breaks for maximum efficiency. We've found that our staff is more productive and eager to work when they're well-rested, healthy and have taken some time for themselves. That's why at our weekly all-hands we do a green/yellow/red check-in to be sure we're all in a good headspace to start the week. - Yolanda Lau, FlexTeam
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Higher Productivity Levels
Short answer: your workforce will be more productive. While leaders should encourage work-life fluidity, an important aspect of that is taking the appropriate amount of time to truly be "offline." When people are happy in their personal lives, they'll be motivated to succeed at work. And, when people have time to disconnect, they are given more mental capacity to bring creativity into their work. - Lisa Sterling, Ceridian
5. Increased Creativity And Engagement
The workplace has changed dramatically! Employees demand better balance than prior generations experienced at work. We find that when employees are given the opportunity to unplug at night and on weekends, they are recharged and refreshed and come back to work with higher levels of creativity and engagement. When employees are more engaged they are more innovative and productive! - Diane Strohfus, Betterworks.com
6. Higher Retention Rates
When employees are encouraged to disconnect at the end of the workday and on weekends, they come back to work with increased creativity, higher job satisfaction, and increased retention rates because they aren't burned out. Employees who can take time off to unwind also tend to feel more valued by the company as an individual, rather than feeling like a replaceable piece of the business. - Laura Spawn, Virtual Vocations, Inc.
7. Building Respect And Loyalty
Respecting boundaries like weeknights and weekends builds employee loyalty. If workers know that they are treated as whole humans, then they will return the favor by committing to their employer. Retention of refreshed, productive and energized employees will result in successful execution of goals and will create impactful careers. Both employees and companies benefit from protected downtime. - Jessica Delorenzo, Kimball Electronics Inc
8. Honoring Employees As People
Employees need a chance to recharge. Using evenings and weekends as personal time empowers employees to pursue personal interests, spend time with their families and rest. During work hours, they can be fully engaged in their work, and perhaps even more creative because their brains and bodies are refreshed. It's also a way of honoring employees as full people rather than as cogs in a machine. - Courtney Pace, Ph.D., FedEx Employees Credit Assoc.
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20fc44a4a1cecb356f834d9c4f9a439c
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/03/19/microlearning-the-future-of-professional-development/
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Microlearning: The Future Of Professional Development
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Microlearning: The Future Of Professional Development
Photo: Getty
From dawn to dusk: That’s how long the average adult spends on-screen — about 11 hours daily.
At the same time, corporate trainers are trying to grab employee attention long enough to educate them and ensure the information sticks. Tools like EJ4 let viewers watch five- to 10-minute training videos, while Google Primer provides five-minute interactive lessons on the go, and our platform, The Training Arcade, offers three- to five-minute microgames to reinforce information and assess learner knowledge. Each of these bite-sized and user-friendly tools takes the limited time (and attention) users have into account.
Microlearning
This reframing of content through microlearning can be easily applied to any corporate training program. Instead of long, constantly interrupted courses, microlearning is brief and easily digestible. It’s ultra-focused with precise, measurable goals. Above all, microlearning helps make training simple and fun.
Is it necessary to update tried-and-true training methods? We say yes. Millennials are claiming the place of baby boomers as America’s largest adult generation, and as digital natives, they think differently. That’s why passive training doesn’t always work anymore. Across multiple platforms, microlearning can increase learner engagement with audio, video and games without wasting valuable time.
Microlearning is built on cognitive science. It uses spaced repetition, a proven retention-boosting method of breaking down learning topics into more manageable pieces and repeating them with adequate spacing between lessons. This learning technique accesses the learner’s working memory bank, which makes microlearning worth consideration for any employer seeking to teach candidates hard skills.
Let’s explore industries that have implemented microlearning:
Manufacturing And Transportation
Through a combination of retiring experts, rapidly advancing technologies and underskilled newcomers, these industries are facing an uphill battle when it comes to training. Keurig Dr Pepper has acquired a number of distributors and bottlers over the years, resulting in a geographically dispersed workforce and different standards of business. In an effort to train employees on a standard way of doing business, the company developed a series of brief training videos available on desktop and mobile that cover a variety of topics, including HR compliance, sales techniques and communication skills.
Technology
As an industry leader on the pulse of what’s next, it’s easy to see why Google entered the microlearning space. In 2014, the technology giant launched Google Primer, a free mobile app with five-minute interactive lessons designed to empower startups and small businesses with knowledge about search engine optimization (SEO), search engine marketing (SEM), content marketing, audience measurement, branding, business planning and many other subjects. Courses can be taken on the go, in a plane, on the subway, at a coffee shop or just about anywhere else. Today, over 10 million learners have downloaded the app.
Healthcare And Pharmaceutical
Healthcare professionals deal with high-demand situations every day: long hours, patients in need and sometimes life-or-death situations. Our firm created Dr. Neb, a game that helps clinicians who treat patients with uncontrolled COPD to identify the best solution to prescribe. These games offer a series of branching dialogue, virtual conversations between doctors and patients, laid out with a storybook narrative much like a comic book with voice bubbles.
Merck, a multinational pharmaceutical company, leveraged Axonify’s microlearning, gamification and adaptive learning platform across 52 global manufacturing sites to improve its safety culture. With an 80% voluntary participation rate, the company saw a decrease in recordable incidents and a decrease in lost time injury frequency rates.
Beyond games and videos, here are a few solutions worth considering when creating your microlearning strategy.
1. Animations
Animation is a powerful tool. In a recent study published in Neuron, researchers discovered that the brain absorbs about 80% of an environment’s sensory information. This hyperdigestion is why corporations and government institutions like Cleveland Water utilize video-creation services like Vyond, Powtoon or Moovly to produce studio-level videos.
Learners are easily distracted by texts, instant messages, emails, social media, phone calls, fitness trackers, etc. This means every second counts. When fighting for their attention and retention, a well-crafted video enables you to pull your audience away from everyday distractions and deliver memorable content. By creating videos with relatable characters, environments and situations, training leaders can help learners remember concepts and details that they might otherwise forget.
2. Infographics
Infographics help learners digest information, show a hierarchy of data and illustrate a point in a condensed visual manner. Beyond training, IBM uses infographics to streamline recruiting. HR professionals can find infographics tools like Piktochart and Visme handy in building a stronger company culture.
Do you believe the adage that a picture is worth a thousand words? A well-designed infographic is worth even more. Visuals can help learners process information faster and store information longer by appealing to emotions. When designing your infographic, follow these rules:
• Write a headline that clearly states the purpose of the infographic.
• Choose a simple layout with lots of blank space.
• Write clear and concise text.
• Ensure all visuals (e.g., charts and graphics) are clear without explanation.
• Make all fonts and color combinations easy to read and appropriate for the topic.
3. Chatbots
When it’s time for coaching and reinforcement of training, some teams bristle. Older methods — like dreaded compliance meetings — can feel patronizing, or worse, like a big waste of time. Chatbot platforms, such as Mobile Coach, create chatbots for meaningful outreach and useful conversations on the employee’s schedule.
As consumers, most of us are familiar with chatbots, but this technology has evolved and is being used more and more for new employee onboarding, customer service, sales training, diversity training and several other topics. Designing a chatbot is as much an art as a science, but when done right, it can be a very effective tool for introducing new concepts, providing reminders, tracking goals and assessing knowledge.
Train The Next Generation With Microlearning
Younger learners will increasingly be joining the workforce, so it’s time for industries across the board to meet their training needs. Companies who do will find themselves ahead of the curve, with employees who are engaged in training and can recall what they’ve learned.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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064559a92642912a1c6880a308f29f36
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/03/27/12-employee-wellness-initiatives-that-actually-help/
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12 Employee Wellness Initiatives That Actually Help
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12 Employee Wellness Initiatives That Actually Help
Employee wellness and well-being are significant factors in the efficiency of a company's operations. Naturally, companies have started to institute wellness initiatives that can help employees reach their highest potential. Not all of these initiatives have been successful, as some of them focus more on the benefits to the business over the employee. This results in a system that doesn't perform the task it's designed for.
These 12 employee wellness initiatives, as described by professionals from Forbes Human Resources Council, work remarkably well. Below, we examine how they seek to benefit the employees of a company and why they are so effective.
Members share some employee wellness initiatives that can actually help your staff. Photos courtesy of the individual members
1. Mental Illness First Aid Certification
The National Council for Behavioral Health has an incredible program: Mental Health First Aid. It is akin to CPR. At least one member of the HR team should be certified. Employees are under increasing stress, and if we can recognize a problem prior to an incident, it benefits all. Plus, the goal is to take the stigma from mental illness. I am a certified instructor and I know this program works. - Patricia Sharkey, IMI People
2. Flexible Time-Away-From-Work Programs
Implementing a flexible workplace initiative can create an environment where people have the opportunity to be their best selves at and away from work, in a way that suits their lifestyles. With a program like this, not only are you showing your commitment to people's well-being, but also potentially creating a fulfilling workplace experience and optimal business results. - Lisa Sterling, Ceridian
3. Emotional Wellness Programs
Beyond the classics -- step contests and weight loss initiatives -- employees also value opportunities to improve their emotional wellness. Quiet rooms on campus give employees space to meditate, rest or reflect during the day. Walking trails or outdoor sitting areas can help employees get outside to enjoy the sunshine. Plants in the office can be very calming, and add a fresh pop of color. - Courtney Pace, Ph.D., FedEx Employees Credit Assoc.
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4. Wellness Ambassadors
An easy way to get employees involved in being "well" is to create a group that meets once a month. We call them "Wellness Ambassadors." They are tasked to spread the word about whatever wellness topics are covered during the meeting in their environments and create healthy challenges for their teams! It is a cost-effective, easy and fun way to spread wellness in your organization! - Tina Barte, HASELWOOD AUTO GROUP
5. Mindful Pauses
Stress is one of the top factors for poor health. Consider eliminating back-to-back meetings and institute 15 mindful minutes between meetings. Use guided mindfulness breaks once a month -- several are offered online including through Brown University. Mindful pauses lead to better health outcomes. - Cat Graham, Cheer Partners
6. Walking Meetings
Not every meeting needs to be held at a conference table. By getting out of the office and holding occasional meetings on the move, it improves circulation and increases the amount of oxygen to the brain, allowing a better flow of ideas. Additionally, walking meetings prevent attendees from being distracted by their phones and computers, enabling them to contribute to discussions. - John Feldmann, Insperity
7. In-House Yoga
Yoga and meditation has been proven to reduce stress. This is why bringing in a yoga instructor -- even just once a week -- could be a great way to help employees de-stress the high demands of a fast-paced, performance-driven organization. - Angela Persaud, G/O Media
8. Massage Therapy
We've seen great results from a body therapist who comes to our office for monthly visits. He also corrects our chairs and desks to suit individual height, and gives individual exercises to compensate for sitting all day. Our offices have adjustable desks so we're able to sit and stand during work. And we compliment these efforts with mindful breaks during the workday to recharge. - Anne Iversen, TimeXtender
9. Health Exchange Program
Given the rising cost of healthcare, a more customized approach to benefit programs is important, particularly when it comes to health insurance. Participating in a health exchange program can improve the employee experience by offering for more choice and empowering employees to select a medical insurance plan that best suits their own health and financial priorities. - Kelly Ann Doherty, Mr. Cooper Group
10. Financial Wellness
Financial wellness is a key focus area for wellness programs today! The data shows that most employees experience financial stress, which affects performance at work. Financial wellness programs and applications help employees with budgeting, planning, investing and goal-setting, to create better financial security and reduce stress! - Diane Strohfus, Betterworks.com
11. Themed Wellness Days
Catering healthy meals on a certain day of the week -- think "Wellness Wednesdays" -- can be a great way to promote healthy eating habits among employees and curb afternoon snacking, at least for the day. You can also combine this with other initiatives like "Fit Fridays," where employees are encouraged to compete to get the highest number of steps during the workday or reach some other fitness goal. - Laura Spawn, Virtual Vocations, Inc.
12. Wellness Challenges
Wellness challenges are a fun way to gamify wellness. Employees can earn points and badges for any and all activities that they complete and they have a choice in what those activities are -- physical wellness, mental wellness, etc. They can form teams and compete as individuals or groups. - Lotus Buckner, NCH
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74f70e104ebe85981af7b4a80e6b952c
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/04/01/how-to-prevent-your-top-talent-from-burning-out/
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How To Prevent Your Top Talent From Burning Out
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How To Prevent Your Top Talent From Burning Out
Photo: Getty
Exhausted. Overwhelmed. No longer making a difference. Many of us know the feeling. And a few of us have experienced these symptoms at the peak in our career. Burnout is a global problem, and the World Health Organization (WHO) has declared burnout as a legitimate syndrome linked to chronic workplace stress. It’s a problem that your employees are at risk for — and it leads to big consequences if you don’t take the steps to address, prevent and help employees recover from burnout.
Burnout may result from ongoing emotional, physical and interpersonal stressors. It’s been found that when employees experience greater levels of stress, they feel higher levels of exhaustion, cynicism and inefficacy. Burnout can happen when employees begin to have low well-being due to unmanaged workplace and/or personal stressors — and it’s your most engaged employees who feel the impact of stress more than disengaged employees.
Before you can help your people, it’s crucial to know the impact burnout can have on your employees.
Burnout Has Big Consequences
According to Aon Hewitt, SHRM and Hay Group, companies with engaged employees are 78% more profitable, 40% more productive and five times less likely to have a safety incident, and they have a stock price growth two and a half times that of peers. But without manager and organizational support and resolving employees’ stressors, engagement will suffer, and your engaged employees could burn out.
While some companies are finally taking burnout seriously, they often approach burnout as a personal issue, which couldn’t be further from the truth. Burnout is commonly associated with issues that organizations control, including work overload, role ambiguity, lack of manager support, a disconnect in values and more. Because it’s associated with employee absenteeism, intention to leave the job and actual turnover, it’s crucial to focus on supporting your most valuable assets — your employees — by addressing burnout and understanding real prevention and recovery tactics you can implement today.
The Good News
Burnout is preventable if companies take the time to understand its causes and mitigation strategies. Here are four ways to help prevent burnout today:
1. Help employees put self-care first.
Now more than ever, employees are looking for more well-being support. In fact, research has found that when it comes to well-being benefits for Generation X, “more than 70% agree their company should do more to support holistic health.” Furthermore, 90% of those surveyed “said they believe employers should be responsible for helping employees manage stress.” Stress impacts people differently. For some, stress is a powerful driving force, while for others it can be paralyzing.
With a focus on fostering a well-being mindset, managers are better equipped to help employees cope with stress that’s tied to burnout. Managers can help prevent burnout by cheering on their team through positive encouragement, helping employees set emotional boundaries with their work and finding the “sweet spot” of stress that enables them to rise to the challenge instead of crumble.
2. Connect employees to the organization’s values, and help them find personal meaning in their work.
Bringing your company’s values to life is a win for everyone. Engaged employees have a deep and real emotional connection to their work. When you empower your employees to not only connect their values to the organization’s, but to also dig deep and find their own meaning behind their work, they’ll ultimately feel more connected to the company and their own purpose. Start with the basics: Make sure every employee knows the company’s values and mission. Put them on the office walls and in your employee handbook, and train managers to reinforce them on a regular basis and connect each individual’s role to the greater company mission and what makes them a valuable asset.
3. Go beyond breaks by providing true recovery time.
Everyone needs a break to recover, but it’s not the answer to solving burnout in the long term. Managers should prioritize one-on-ones to check in with employees and keep a pulse of workload. Lead with questions around their well-being before jumping into projects and tasks. Managers can also be a great resource for helping employees prioritize projects and manage workload to ensure they’re able to stay on track and meet deadlines or goals without feeling swamped with to-dos. This kind of support is crucial to stop burnout before it starts.
4. Foster a sense of community by encouraging employees to build social connections.
Relationships at work matter — maybe more than you think. A nationwide study by Cigna found that 61% of employees suffer from loneliness. And, “lonely workers say they are less engaged, less productive and report lower retention rates.” As people, we’re wired to be social. And that’s also true in the workplace.
Social connections help guard against burnout at work by creating a sense of community and belonging. Help your team to get to know each other with weekly lunches or quarterly off-sites focused on team building. Make sure new employees are onboarded properly, and focus on introducing new teammates in a way that offers personal information that the employee approves to share. Encourage employees to grab coffee or meet outside of work hours. The stronger and more positive the connections, the more likely your employees will feel they belong and are able to flourish in their work.
Tackling burnout isn’t easy, and it won't happen overnight. With proactive, strong and supportive managers, companies can take an active role in stopping burnout in its tracks — or better yet, preventing burnout before it starts.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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2853bdfedc81d50fab523301128b4712
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/04/07/being-naturally-influential-what-hr-leaders-can-do/
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Being Naturally Influential: What HR Leaders Can Do
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Being Naturally Influential: What HR Leaders Can Do
Photo: Getty
Most staff functions such as human resources (HR) work from a position of influence rather than a position of power. So, being influential is a competency these functional leaders must master to be successful. All organizational leaders, inclusive of those in HR, can do two things to be viewed as influential. Those two things are consistently knowing and doing the right things that result in being instructive to others and that create value for organizations and their customers.
One may want to insert the word "successful" into the previous series of adjectives. Yet, failure, and the exhibition of integrity and ethics (e.g., truth-telling) when one fails, is meaningful and instructive. Sometimes, the consequences of failure are negative. But if the truth is told, everyone involved can learn. And, in the end, both the successful and the failing person can be influential. In fact, three of the richest men in the world — Jeff Bezos, Warren Buffet and Bruce Flatt — move mountains by excelling at turning failure into a strategic advantage.
However, depending upon the gravity of the situation, if a negative consequence such as the loss of a job follows the failure, which would you prefer to do? Would you rather retain an individual who has failed, learned from their mistake, and exercised strong integrity and ethics? Or would you rather retain an individual who failed but refused to acknowledge or learn from their mistake, or shifted blame to cover up their role in the situation? I hope you said the former. Because, if trust matters, then truth must prevail — even when one fails. And, the truth has sustainable power, whereas a lie will last only until the truth shines a light on it.
Recognize that influence is a natural outcome of having an impact without being pushy (exercising positional power, competitiveness and aggressiveness) or being a pushover (conflict-avoidant and unassertive). Influence is in the eyes, ears, hearts and minds of the beholder. So, if you have self-evaluated that you are highly influential, then you may be in for a surprise if you dare to ask others what they think. That is, if they aren't afraid to tell you the truth. On the other hand, you will know that you are influential when others naturally seek your thoughts and opinions before making a decision about a course of action. Being viewed as influential requires work.
At a minimum, HR leaders must do three things to be considered influential and to take decisive actions.
HR leaders must:
1. Know HR.
The HR field contains a broad spectrum of disciplines inclusive of organization development and training. The body of knowledge in the field evolves constantly. Therefore, continuous learning must be a pursuit of competent HR professionals.
A lack of knowledge and understanding often leads to uncertainty. Uncertainty appears in several behaviors. The primary one is "faking it until you make it." Faking it can only take you so far. In HR, this behavior can increase the chances of employment law charges against the organization. Uncertainty can lead to type 1 and type 2 errors.
Type 1 misperceptions lead to unnecessary actions and resource commitments. For example, HR convinces the business to buy a large storage space to accommodate hard-copy files when a more efficient solution is to scan documents and safely store them in the cloud. Type 2 misperceptions lead to bad decisions that harm the business. For example, HR convinces the business to store employee file information in the cloud without properly examining the security and safety of this approach. Consequently, the company experiences a loss of its employees’ sensitive personally identifiable information.
HR leaders have multiple opportunities to increase their knowledge and understanding of aspects of their roles. I recommend the certifications and resources available from the Society for Human Resources Management and the Human Resources Certification Institute.
2. Know The Business Of The Organization They Are Serving
Wisdom is demonstrated when you are able to apply what you know and understand in the proper context. This means you have to know the business in which you are a leader. In the early 1990s, for example, failed implementation of business process reengineering methodologies focused on changing workflows is broadly attributable to a lack of understanding of the business's context, especially if the pretext for the organization was downsizing. Successful implementation of the methodology requires a full understanding of the business's context because it touches all aspects of the organization. So, the impact was inadvertently increasing costs by breaking workflows that were not fully understood.
In this example, knowledge and understanding of the process alone is insufficient. Wisdom, in this case, is analogous to putting all the ingredients into a cake and baking it based upon the altitude if the oven in which you are baking it happens to be at the top of the Rocky Mountains.
3. Know Themselves.
Dr. Tasha Eurich proposes self-awareness as a key to leadership success. She defines self-awareness as having two components: knowing yourself (internal self-awareness) and knowing how you are viewed by others (external self-awareness). As mentioned previously, these two components are not always congruent.
For example, a leader may know their strengths in innovation and creativity (internal self-awareness). However, they may lack external self-awareness in as much as they are viewed by others as powerful, yet intimidating, defensive and noncollaborative. Those who need specifics may be hesitant to share that they are not on the same page with the leader and may go along with the execution of an idea that they clearly see as flawed. They may never tell the leader the truth, especially if the person is in a power position, for fear of retaliation.
Accordingly, wise HR leaders embark upon a continuous learning journey that includes self-knowledge. By knowing the field and the business, and by having an undelusional sense of self, HR leaders increase the chances of being viewed as naturally influential within the organizations they serve.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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90d12fec4446a6c26b93ca9c576dfe5a
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/05/11/13-vital-considerations-to-remember-when-creating-a-csr-program/
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13 Vital Considerations To Remember When Creating A CSR Program
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13 Vital Considerations To Remember When Creating A CSR Program
Corporate social responsibility (CSR) is a boost to the external image of the company, but this can also indirectly affect the organization’s internal processes. Many businesses, however, miss the importance of taking employee values into account when developing their CSR programs. If a company manages to do this, it's more likely the employee will feel more engaged with the job, since the company's values align with their own. How should a company approach the designing of CSR programs to engage their employees better and represent the values they hold dear? Thirteen professionals from Forbes Human Resources Council share their views on how companies can seek to accomplish this. Members share some important considerations for companies looking into a CSR program. Photos courtesy of the individual members 1. Articulate A Compelling Mission There is something magnetic about a massively transformative purpose statement. This is where companies such as LinkedIn, Microsoft, Tesla and Google have done a great job. Your mission can attract the right talent who is seeking personal fulfillment and contribution through work that has real meaning and impact. Connecting people's purpose to the company mission can be transformative. - Priya Priyadarshini, Microsoft 2. Find Your Purpose Organizations must find, live and tell their clear purpose in order to thrive. These companies motivate action, secure loyalty and encourage advocacy -- all in service to a healthier bottom line. Creating a smart CSR program starts by addressing critical social/environmental issues through smart strategy, innovative stakeholder engagement, powerful partnerships and communications. - Margaret-Ann Cole, Porter Novelli 3. Have A Holistic Approach When designing a CSR program, it is critical to conduct a stakeholder analysis while in the design phase. It will tie your employees to the industry/your company mission including what is important to your investors, customers and your employees, thus creating a holistic approach by integrating all of their perspectives into the strategy. This results in highly engaged employees and ROI for business. - Naveen Bhateja, Medidata Solutions Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify? 4. Always Be Authentic While employees are drawn to companies whose values align with their own, especially companies who support CSR programs, being inauthentic will backfire and they will see right through it. It is better not to create CSR programs than to put something together that is not truly aligned with what the company and the senior leadership believe in. Inauthentic "feel good" does not feel good. - Danielle Monaghan, Uber 5. Look Inside First It's hard to launch a successful CSR program if employees see questionable ethics or poor decisions inside the organization. It's also hard if there is not widespread respect for employees, as demonstrated by managers and leaders. It's critical that internal people practices reflect the values of the external CSR program. - Karen Crone, Paycor, Inc. 6. Align Skills with Passion When creating CSR programs, organizations should consider leveraging their business specialty to support local community needs and use the company's values as guiding principles. By doing so, the program will offer the greatest opportunity for workforce inclusion, reinforce organizational values, and attract other passionate candidates with similar skills and interests. - Dr. Timothy J. Giardino, BMC Software 7. Align Purpose And Beliefs An important thing to remember is that core purpose and core beliefs are aligned with individual purpose and individual beliefs -- it’s OK if they’re not the same. It’s the awareness and dialogue that’s important. - Anne Iversen, TimeXtender 8. Think Globally, Act Locally I am a fan of grassroots CSR programs where employees can see the impact to their local community and drive and manage the initiatives themselves with light corporate oversight. It’s important for people to volunteer for causes that are tangible and in their own neighborhood. Staying local is an important aspect of CSR programs and will help drive both participation and engagement. - Tracy Cote, Zenefits 9. Practice What You Preach One way a company can damage its employer brand is to profess one set of values while practicing another. If an employer decides to create a CSR program, it should ensure that management, and especially C-level executives, demonstrate the program’s values and serve as examples for current and prospective employees. Those who don’t will likely see more damage than just forgoing a CSR program. - John Feldmann, Insperity 10. Define The Program's Reason For Being No matter your CSR plan, make sure the reason for its existence is truly for the community's benefit. It's great if the plan can be mutually beneficial, but keeping the community at the center of the CSR plan will keep the purpose and company efforts aligned with their people. - Kelly Loudermilk, BuildHR, Inc. 11. Ask Employees What Causes To Support Employers should remember CSR is not a tick-box exercise. It's a real opportunity to not only contribute to the wider society but also to help strengthen a business. Ask your employees what they'd like to see in your CSR program -- that way they can get involved and suggest causes that matter to them. They’ll know your intentions for CSR are authentic because they’ve had a say in it. - Kim Pope, WilsonHCG 12. Concentrate Your Efforts When considering the diversity of new hires and the personal values each employee holds, it would benefit the organization to assess and align all values under general buckets. In doing so, they can identify a short list of initiatives that can make the most impact while engaging the majority of the workforce. These categories should also align closely with corporate mission and vision. - Erald Minga, Kellogg School of Management 13. Articulate Your Daily Positive Impact CSR is all about providing an opportunity to make an impact on the community around you. The first step is to recognize and clearly articulate to your teammates the daily positive impact your company offers through your mission statement and core values. Step two is layering in more direct philanthropy and volunteer initiatives. It is OK to start small and grow your CSR over time. - Jessica Adams, Brad's Deals
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41f247988e77361b0b53d167a6cdf189
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/12/tackling-diversity-and-inclusion-sponsors-consultants-and-advisors-as-part-of-your-strategy/
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Tackling Diversity And Inclusion: Sponsors, Consultants And Advisors As Part Of Your Strategy
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Tackling Diversity And Inclusion: Sponsors, Consultants And Advisors As Part Of Your Strategy
Co-Founder and Chief Talent Officer at FlexTeam.
The business case for diversity and inclusion is clear — diversity in thought correlates directly to increased economic output. But without a chief diversity officer or chief diversity and inclusion officer, it falls to HR to lead on diversity and inclusion.
There are a multitude of known strategies for improving diversity and inclusion, including creating policies and practices that tackle unconscious bias, improving company culture and securing buy-in for D&I strategies. In addition, I recommend engaging on-demand consultants and advisors as part of your D&I strategy.
The Business Case For Diversity And Inclusion
McKinsey found that companies with diverse executive teams achieved 53% higher returns on equity than less diverse teams, Similarly, Morgan Stanley found that the share price of companies with more women in their workforce (and in senior positions) outperformed companies with fewer women.
McKinsey also discovered that companies with the most gender-diverse executive teams were 21% more likely to have industry-leading profitability, while companies with ethnically/culturally diverse executive teams were 33% more likely to outperform on profitability. More importantly, McKinsey illustrated the penalty for diversity failure: Companies at the bottom for both gender and ethnic/cultural diversity were 29% less likely to achieve above-average profitability.
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Improving diversity and inclusion clearly leads to improved business and economic performance. What's not as obvious is how to improve diversity and inclusion.
Complexity Of Implementing D&I Strategies: Tackling Systemic And Structural Issues
Diversity and inclusion is complex. Start by objectively defining and measuring diversity and inclusion goals. Given the business case for D&I, all executives should work to increase diversity and foster a culture and environment where every employee feels welcome. Authentically incorporating D&I into your corporate culture is necessary to ensure that your D&I strategy is embraced and successful. This, in turn, helps HR create a recruitment strategy for attracting a more diverse pool of candidates — and build a robust talent pipeline to attract, develop, mentor, retain and sponsor diverse leaders and workers at all levels.
Unconscious Bias Training Isn't Enough
Unconscious bias training makes individuals aware of how stereotypes and biases impact behaviors and decision-making. Training executives and employees to overcome racism, prejudice, bias and discrimination is a start, but it's not enough. D&I strategies must also tackle systemic and structural issues (SSI) — complex issues that allow biases to persist in the workplace and throughout society.
HR professionals need to ensure that evaluations for hiring and promotions are done by multiple leaders using objective variables, lessening the effects of the systemic bias of preferring to hire people who look similar to themselves. Diverse search and evaluation committees can be helpful, if truly diverse — one token woman, trans, black or brown person doesn't count.
Sponsorship Programs Are Better Than Mentorship Programs
Sponsorship programs are an effective way to overcome network gaps, another systemic and structural issue that further increases inequality. CNBC reported that up to 80% of jobs are secured by networking. Most people leverage their network ("who they know") to secure even a first-round interview — and diverse candidates usually have smaller, less powerful networks to leverage.
While mentors serve as advisors who help mentees shape their ambitions and plans, sponsors take a direct role in sponsee advancement. Sponsors are senior-level leaders who advocate for sponsees, helping them earn promotions and raises and get credit for their successes. Sponsors put skin in the game, using their network and connections to advance sponsees via guidance and, crucially, endorsement.
Sponsorship or advocacy programs should contain elements to support the roles and development of both sponsors and sponsees. For example, create structured leadership programs for sponsees and formulate a thoughtful selection process for sponsors, positioning sponsors as agents of D&I change to lead to economic gains. Lastly, build in strategic touchpoints and guidance for sponsor-sponsee interaction.
These are just a few D&I strategies that every company should implement today. As Ellen Pao says, we also need more radical solutions to tackle D&I. But these strategies move slowly, and economic gains will take time to manifest.
On-Demand Consultants And Advisors As A Short-Term D&I Strategy
Melinda Gates founded Equality Can't Wait on the premise that it'll take 208 years to achieve gender equality at the current rate. We need to do more to tackle diversity and inclusion — and companies who don't will stagnate as competitors with clear and effective D&I strategies will increase economic output. Working with diverse on-demand consultants and advisors is an unconventional D&I strategy, but an effective one.
Firms like ours (FlexTeam) and Business Talent Group exist to keep women engaged during the mid-career period when many choose to leave the traditional workforce — a decision often driven by caregiving for children or elderly parents. By reengaging women who have left the traditional workforce, you make a direct impact to keep the workplace more diverse.
But beyond that, corporations that need to move quickly to increase diversity are turning to on-demand workers, consultants and advisors as part of their D&I strategy. These on-demand thought leaders from diverse backgrounds — backgrounds that your company lacks — can tackle high-value projects for your company. By engaging diverse thought leaders to assess and react to technology trends and challenges, your company can start to manifest economic gains from diversity of thought while working on longer-term, wide-ranging D&I strategies.
A Better Future
Diversity and inclusion should be an integral component of your management strategy. Today's executives and HR leaders need to engage diverse on-demand consultants and advisors as part of a multiprong strategy to tackle the complex, systemic, structural problems at the root of D&I issues.
Are you heading toward stagnating business performance or are you leading your organization toward a better future and improved economic performance?
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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e7d147b6441179d0af3f59429f54319c
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/17/12-things-recruiters-look-at-first-when-going-through-job-applications/
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12 Things Recruiters Look At First When Going Through Job Applications
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12 Things Recruiters Look At First When Going Through Job Applications
Successful HR executives from Forbes Human Resources Council offer leadership and management insights.
Human resources departments all have their own unique things they keep an eye out for when judging job applications. Some details can give a lot of insight into what sort of person the applicant is and whether how they present themselves in the resume is an accurate reflection of who they truly are.
One of the skills that HR personnel use daily is the ability to read between the lines. Job seekers can be quite honest in some parts of their application, but few are always reliable. Spotting the relevant details can help to fill out the rest of the unsaid information and determine whether the applicant deserves an interview.
To help, 12 members of Forbes Human Resources Council discuss the critical details they look for first in a job seeker's application, and what those elements help them ascertain about that person.
Members share what recruiters are really looking for when they first review a job application. Photos courtesy of the individual members
1. Career Continuity
It takes time to learn the ropes of a new job and to carve a place within a team. One whose career trajectory shows frequent jumps likely does not have the determination and stamina to stick around long enough to make the difference. Certainly, there are exceptions — for example, when one needs to take time off to take care of their family or faces obstacles along their path. - Rachel Lyubovitzky, EverythingBenefits
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2. Customization
The candidate's resume and cover letter should align with the job description and requirements. The resume should clearly state and show work experience, education, skills and achievements that relate to the specific job opening or application. The candidate's cover letter should convey why the candidate is interested in the company and what makes the candidate a good fit for the job. - Ochuko Dasimaka, Career Heights Consulting, Inc.
3. Effective Communication
I am drawn to a clearly-written resume/application. For those candidates that include an objective statement in their resume, I want to be able to immediately see strengths, background/skills highlights, and industries they have worked in. If this is well-written, I will review the resume further. Otherwise, the candidate most likely won't move forward. - Kathy Short, Yorktown Systems Group
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Ability To Follow Directions
When hiring, especially for remote positions, the first thing to look for in an applicant is their ability to follow directions. Did the applicant do what was asked of them during the application process, providing pertinent details and documents like a resume and cover letter? Did they respond to your request to share why they would best fill the role, or did they send a generic message? A person’s ability to follow directions and "read between the lines" of the job description shows they are a good candidate to consider. - Laura Spawn, Virtual Vocations, Inc.
5. Previous Job Description
Some candidates will list out their job descriptions in their duties, which look highly like the ones they were probably given upon hire. Wording duties like "processes invoices" rather than "process invoices" tells me they more than likely copied and pasted the responsibilities for that job rather than taking the time to tell me what they really do (or did). - Kerri Johnson, Foam Supplies, Inc.
6. Sense Of Authenticity And Self
Resumes, job applications and online profiles can only tell you so much about a candidate. I want to hire a person who happens to have experience relative to a job and that special something that brings their skills to life. Frequently the best hire is someone with the greatest number of intangible credentials, so I look for a sense of authenticity and self to come through in their application. - Jennifer Marszalek, Working Credit NFP
7. Agility And Flexibility
We live in an agile world where we need to focus more on hiring for potential than just the project or role in front of us. Therefore, agility and willingness to be flexible are key — certainly in the ever-changing digital world we live in today. - Paul Phillips, Avanade
8. Length Of The Resume
Despite all advice to keep resumes short, many people still have resumes stretching way past seven or eight pages. A long resume tells me that you haven't put the effort in to update your resume, you can't make a decision on what to take out, or you think the rules shouldn't apply to you. There is nothing positive about a lengthy resume. - Karla Reffold, BeecherMadden
9. Storytelling
I love looking at a resume that is easy to read and tells you a compelling narrative of the candidate's story — a big picture outline of who they are followed by a list of accomplishments that weaves in with the key points mentioned in the summary. The ability to put years of experience in a one-page document that invokes interest says a lot about the person's communication and presentation skills. - Jyoti Khadgawat, smule Inc
10. Spelling And Grammar
It may sound old-fashioned, but when submitting a resume, spelling and grammar are important. This is one document that is not rushed or time-sensitive — therefore, the applicant has ample time to read, review, tweak and have someone else edit it prior to submitting. Every job description asks for strong written communication skills and this is the first place to display it to a potential employer. - Rebecca Edwards, Infinite HR of Charlotte
11. Wins, Numbers And Metrics
In any resume, I want candidates to demonstrate, using numbers, the impact that they made in previous roles or schooling. If a candidate can succinctly articulate the story behind their previous wins and show the metrics how they improved performance, increased revenue or grew users, then I want to chat with them. It’s an indication that they see the big picture and are data-centric. - Jessica Adams, Brad's Deals
12. How They Present Themselves
I am always interested in how the candidate presents themselves as a person. What do they emphasize? How do they talk about their experience? Titles are relative and skills can be taught. The evolution of someone’s experience, how they think about it, and the types of tasks they completed to go above and beyond demonstrate their growth and the potential to be successful in a new role. - Tracy Cote, Zenefits
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c71ab69d25f559ab4f288977af44e256
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/19/13-essential-hr-tactics-to-improve-strategic-management-planning/
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13 Essential HR Tactics To Improve Strategic Management Planning
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13 Essential HR Tactics To Improve Strategic Management Planning
Successful HR executives from Forbes Human Resources Council offer leadership and management insights.
Human resources departments must ensure that employees meet the needs of a business before they hire them. It's more than just determining if they're qualified — HR departments deal with ensuring those employees bring skills to the table that will improve the business. Because of this, HR departments have a crucial role in ensuring the company meets its obligations in the strategic management planning process.
It's only through a combined effort where all stakeholders are aligned that a company can achieve its goals. Thirteen professionals from Forbes Human Resources Council touch on the essential approaches that HR departments can leverage to ensure that all parties are focused on the same goals.
Members explain how HR leaders can improve their strategic management planning. Photos courtesy of the individual members.
1. Operationalize Workforce Planning
Use market research to identify which skills you may need, then operationalize that within your company. If you're planning an IT transformation project in two years, you should pipeline talent now, so you’re ready to hire before it starts. Talent pipelines will give you consistent access to qualified candidates who are ready to join when immediate needs arise. - Kim Pope, WilsonHCG
2. Understand The Primary Objectives
Understanding the three primary objectives of the organization's strategies matters. Identifying the key priorities will naturally drive alignment among talent, strategic objectives and results. Often, HR professionals overlook the importance of focusing on the key issues that the organization would like the talent to solve. - William Ng, Bed Bath & Beyond
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3. Solidify Buy-In From Decision-Makers
Once the strategic management plan is designed, ensure the decision-makers are ready for the implementation. Change is difficult. On the surface, the CEO may be supportive, but when things no longer work the way they used to, will your strategy genuinely be supported? Recognize that new strategies will have potholes here and there. Ensure that decision-makers are committed. - Patricia Sharkey, IMI People
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Tie It To The Overarching Business Strategy
Just as human capital strategy needs to be aligned to the business strategy, so, too, the strategic workforce planning must be linked to that overarching business strategy. Talent (along with finance and marketing) are the three legs of the stool necessary for successful operations. Processes must project future needs, and hiring must seek the skills and capabilities of tomorrow. - Russell Klosk, Accenture
5. Review Your Interviewing Process
Review the overall interviewing process as a team so that every interaction with the candidate brings new insights and educates the candidate about the company. Developing a feedback-based interview framework will ensure a consistent interviewing process — assess candidates from multiple perspectives and determine how the candidates can contribute to the culture of cohesiveness and inclusion. - Rachel Lyubovitzky, EverythingBenefits
6. Ensure Diversity Of Thought
Processes of any type can benefit from a diversity of thought. If everyone starts off aligned from the beginning, this should be a red flag that there may not be room for dissenting views. Encourage those who are sometimes hesitant to speak up and share. - Sherrie Suski, Tricon American Homes
7. Get The Voice Of The Employee
It is important to ensure in your strategic planning process that not all the participants voice only the management's view. Getting the voice of the people who are at the ground zero of where work happens and are closer to your customers, included in the management planning process can ensure that it does not devolve into just planning for dollars and cents. - Srikant Chellappa, Engagedly | Mentoring Complete
8. Future-Proof Your Plan
There's no question that companies will have immediate needs to fill in any given year; however, any strategic planning process should incorporate future-proofing your workforce by hiring candidates who will meet the future demands of the business. Employers can do this in many different ways, but one of my favorites is to consider partnering with an educational institution focused on next-gen talent. - Dr. Timothy J. Giardino, BMC Software
9. Conduct A SWOT Analysis
A SWOT analysis is an important tool for HR to consider when setting up or improving the strategic management process to include the entire workforce. The process must begin with an insight of the overall strategic initiatives to assess the current workforce and future workforce competencies to identify gaps, develop and implement talent plans, and continually evaluate and monitor for agility to pivot. - Sherry Martin, Colorado Department of Human Services (CDHS)
10. Clarify The Mission And Vision
Invest the time upfront to gather and analyze all pertinent information before setting strategic planning goals and implementing strategy. Do not move forward until all stakeholders have bought into the plan. No evaluation and control tools will be able to save you if you're executing a strategy that does not align the mission and vision of the business. - Bryan Passman, Hunter + Esquire
11. Slow Down To Go Fast
Slow your hiring managers down. All too often, managers and leaders will throw bodies at a problem, rather than thinking it through. Take a step back, work with them to craft a thoughtful business and organizational plan, and then carefully consider what skill sets are truly needed to get the job done. And then take the time to hire the best! - Tracy Cote, Zenefits
12. Keep Employees Engaged
As HR develops and plans the company’s business strategy, it’s important to keep employees engaged as to what the strategy will be and how it should be implemented. By soliciting employee feedback, ideas and suggestions, HR can get a better feel for what will work and what won’t from those who will ultimately execute the strategy, as well as how best to lead and communicate changes. - John Feldmann, Insperity
13. Use Experienced Recruiters
Despite an MBA, marketing skills and being very familiar with my product, I admittedly have poor skills in sensing who upon an interview makes a good salesperson or programmer. It wasn't until I hired experienced senior executives in these areas, who in turn used assessments they trusted to verify aptitudes and knowledge, did we have a consistent record of successful hires. - Eric Friedman, eSkill
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849a9a120247c1b90f235e25a174383d
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/22/why-counteroffers-to-exiting-employees-are-counterproductive/
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Why Counteroffers To Exiting Employees Are Counterproductive
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Why Counteroffers To Exiting Employees Are Counterproductive
Vice President of Talent Engagement & Culture at CNFA overseeing the culture of positive engagement with its employees globally.
At some point in your employment career, you apply for a new job, interview, become the selected candidate and receive a great offer. Then what? You review the offer and discuss options with your closest networks to determine next steps, expressing that you have previously made your current employer aware of your career path expectations and goals to no avail. Then, you ultimately make the decision to accept the offer. You are on cloud nine with the new offer and elated to move on to the next phase in your career, but you become a bit nervous because now you have to advise your current employer of your decision to depart, followed by reemphasizing the reasons. Once you make your current employer aware, they throw you a curveball and make a counteroffer, trying to persuade you to stay, citing the need for your talents and how much you have contributed to the team.
This counteroffer may come in the form of a promotion, more money for the same role and duties, or simply a promise to make some of the changes you identified. So, you think:
“Wait, what? Have they now all of a sudden actually heard me and my concerns? Where was this profound appreciation before? Is it only because I am now in demand by another employer? And, moreover, is it simply ‘cheaper to keep me’ so they do not have to go through the recruitment process for my replacement?”
And rightfully so — these are all questions that you need to have answered.
The reality of the situation is that the trust between both parties is now broken, and it is not easily recoverable. Your employer questions your loyalty and commitment, and you question why suddenly it appears that you are valued. Simply put, counteroffers are not long-term solutions because they typically do not address any of the underlying issues — absent compensation — and months down the road, those mitigating factors that caused the initial external search will continue to persist.
The short answer to avoid this situation is that employers pay people what they are worth, based on performance and market data. Employers should evaluate performance and review compensation at least once annually, as well as make equity adjustments where appropriate. People do not always leave their jobs for more base compensation; some of the other commonly cited reasons include, but are not limited to, better job opportunities, better benefits, career advancement with clearer paths for growth, teleworking options and/or a shorter daily commute.
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Certain organizations simply prohibit counteroffers in part so as not to set precedent, but also because they are already paying at or above market rates for their sector. These organizations have robust compensation programs and compare apples to apples with their competitors using employee population, employer size, financial statement data and benefits offered to finally arrive at an employee’s total compensation package.
Quite candidly, if an employee has made an employer aware of their unhappiness with their current role and responsibilities and no substantive changes have occurred, no counteroffer will change the employee’s mind if they truly want to leave. If an employee decides to stay after a counteroffer is presented, it becomes a double-edged sword because the employer will then question the employee’s overall commitment and loyalty. Further, it sends the wrong message where others may believe that an employee was rewarded for threatening to leave in order to receive what they wanted. This can lead to groupthink on the issue that results in further resentment for the team.
More often than not, counteroffers simply delay the inevitable. If meaningful changes are not made, employees will ultimately leave for the same reasons they initially identified. Employers should do their part in listening to their employees, valuing them and paying them their worth, which will surely lead to not being put into a position where a counteroffer is your only option to retain top talent.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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b99778438890402bbbcb845a4aa76d8d
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/23/13-key-considerations-for-workplace-policy-flexibility/
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13 Key Considerations For Workplace Policy Flexibility
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13 Key Considerations For Workplace Policy Flexibility
Successful HR executives from Forbes Human Resources Council offer leadership and management insights.
Workplace policies vary vastly between industries. For an HR department, determining whether workplace policies should be non-negotiable or flexible depends on the company's needs. Flexible policies allow employees a lot of freedom but may lead to less control over events and resources. Nonnegotiable policies, on the other hand, could lead to an unhappy workplace, since many employees may feel pressured to conform.
Human resources departments need to determine which methodology is the better approach based on the company’s culture. To help, 13 members of Forbes Human Resources Council examine the crucial considerations facing an HR department when determining whether they'll opt for non-negotiable or flexible workplace policies.
Members share some key considerations for HR leaders who are deciding between flexible and non-negotiable workplace policies. Photos courtesy of individual members.
1. Organizational Culture
The culture of an organization is critical to consider when implementing any type of workplace policy. Legal obligations notwithstanding, policies that are counter to the company culture are guaranteed to be met with resistance. The application of company policies must also be considered to ensure fairness and potential discrimination claims, which in many organizations can be a challenge. - Dana Garaventa, GPHR, PHR,, Opus One Winery LLC
2. Putting Family First
One non-negotiable consideration from the employer side we have at Degreed is the following family-first principle: "Degreed is not your family. Your family is your family. And your family is more important than Degreed." - David Blake, The Future of Work Studios
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3. What The Market Values
In a competitive job market, understand what the market values to create a competitive and comfortable work environment for employees. In addition to meeting employees' needs, understanding how your competitors and companies in your geographic location handle various policies and benefits is helpful. Culture surveys and evaluation publications (e.g. Best Places to Work) also provide guidance. - Jeff Buenrostro, Metric Theory
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. How You Measure Productivity
When deciding whether to be flexible, you have to evaluate if you can measure productivity based on outcomes versus activity. If you are able to get your business or team to a point where you can evaluate them through tangible results and outcomes, that will open up multiple avenues to provide flexibility — be it in terms of working hours, location, number of days worked or work from home. - Amee Parekh, Uber Technologies
5. Impact On The Work Culture
Work policies need to reflect what outcomes you want in your organization. Some policies are put in place for the lowest common denominator and edge cases which, in the broad scheme, will have overall negative outcomes. Any policy that is put in place must be periodically evaluated to assess the impact it had and if it makes sense to change in case of adverse impact or unintended consequences. - Srikant Chellappa, Engagedly | Mentoring Complete
6. Effect On Recruiting And Retention
When deciding the flexibility of workplace policies, an important factor to consider is whether inflexibility will hinder talent attraction and employee retention. If competing companies offering similar opportunities and salaries have more flexible policies, stricter employers may be forced to update their policies in order to prevent top talent from migrating to their competitors. - John Feldmann, Insperity
7. Employee Feedback
Employee feedback is an essential consideration. In your employee surveys and exit interviews, add a question or two around company policies. Compile that feedback over time, look for trends, and revisit company policies once a year to ensure that you're staying on top of what matters most to your employees. - Jenna Hinrichsen, Advanced RPO
8. Competitors' Workplace Policies
Properly implemented policies can benefit employees and provide a competitive advantage to the business. As new competitors continue to shape markets and disrupt norms, organizations should be keenly aware of their competition within their industry, as well as geographic area. This will allow for increased retention without sacrificing business values and standards. - Erald Minga, Kellogg School of Management
9. Purpose Statement And Guiding Principles
Ask what culture you are trying to achieve. In order to answer that question, you need to have a clearly articulated and aligned purpose statement and guiding principles. Is your company employee-centric or does it put primary emphasis on profits? How do you retain customers, and do you let them know regularly that you appreciate them? The answers to these questions and others will guide you. - Sherrie Suski, Tricon American Homes
10. Mutual Expectations
The degree of flexibility on workplace policies should be dependent on the level of mutual trust for further changes given the dynamics of the economy, organizational situation and other circumstances. The degree of openness for change, such that the organization can adapt to new circumstances, should be considered when determining the level of flexibility in workplace policies. - William Ng, Bed Bath & Beyond
11. Business Scalability
Policies should be aligned with the business objectives. In this world of continual swift business pivots, policies must be able to scale according to business changes. We live in a world of disruptors and disruption. We need to own that change is constant and adaptability is key to success. - Patricia Sharkey, IMI People
12. Alignment To Mission, Vision
Be open to implementing any/all (reasonable) policy flex requests by your people so long as they align with the organization's mission, vision and culture. Run with them if they're realistic and meet this criterion, with a focus on the more challenging ones, to increase employee happiness and retention. - Bryan Passman, Hunter + Esquire
13. Holistic Thinking
Are you setting a precedent that you feel you can honor going forward? A rule may be creating one rule for the many, so the business can continue to operate effectively. Think holistically — every decision or change will have a knock-on impact so don’t forget the stakeholder impact assessment. Change is inevitable but be sure you understand the broader consequences. - Paul Phillips, Avanade
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6b71933ab0084deabce79bff099b65f4
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/29/how-to-create-a-successful-flexible-work-culture/
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How To Create A Successful Flexible Work Culture
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How To Create A Successful Flexible Work Culture
David is a veteran human resources leader and CEO of IQTalent Partners, Inc., an on-demand talent acquisition and executive search firm.
Prior to the onset of a global pandemic, the U.S. workforce was moving toward more flexible work arrangements. The coronavirus simply accelerated the progress. According to Global Workplace Analytics, 5 million Americans were already working from home at least half the time prior to quarantine, an increase of 173% over the last decade. The challenge presented by the pandemic was that nearly every workplace had to adapt to this trend overnight. Ideally, a well-thought-out plan would have been crafted, a timeline would have been mapped out and the change to flexible work would be implemented step by step. We did not have that luxury when we pivoted from in-office culture to remote work environments almost instantly.
But it’s not too late. We can implement a plan for success and create a culture where flexible work arrangements offer increased productivity, better collaboration and more engaged employees.
What Is Flexible Work?
Flexible work is a blanket term for the ways in which employees have more control over when and where they work. Workplace flexibility can be broken down into several categories:
• Telecommuting: Telecommuting in this sense refers to a full-time job performed from the office only part of the time. Telecommuters often live locally and split their time between working in the office and from home.
• Remote work: An employee who works remotely performs their job entirely away from the office. These employees can typically live anywhere in the world as long as they perform and are available when a client or a colleague needs them.
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• Condensed workweek or flexible work hours: These plans offer employees flexibility regarding their office hours. For example, they can come in and leave early, or work four long days and take a three-day weekend.
Who Will Thrive In Flexible Work Cultures?
Not every role can enjoy flexible work arrangements. We’ve learned through social distancing how to have school at home, see a doctor from home and order groceries from home, but in reality, positions like educators, most medical professionals, and retail or factory workers are not ideal for flexible work arrangements.
Professionals who will thrive with flexible work arrangements are those doing “knowledge” work. Software engineers, website developers, data scientists and graphic designers are examples of those who can be successful working from the comfort of a home office.
As technology advances, particularly around remote workplace collaboration, more roles will have the ability to be performed remotely, allowing for more employees to enjoy flexible work cultures.
What Conditions Are Needed For Successful Flexible Work Culture?
Creating a thriving flexible work culture will pay future dividends with increased employee morale and empowerment. Building a successful flexible work culture requires consideration of the following:
• Manage outcomes and results, not inputs and processes. Having a performance-driven culture will result in successful outcomes. Flex-work employees must know the level of performance expected and what metrics will be used to measure their work. The more information an employee has about expectations and key performance indicators (KPIs), the more they will flourish in a flexible environment.
• Be specific about outcome expectations. When are deadlines? When are check-in dates? How will the group collaborate? What does success look like? Praise successful performances, and focus on the end result, not how they arrived there.
• Create a culture of accountability and personal responsibility. Knowing they will be held accountable for the results of their work will motivate employees to apply themselves fully to their tasks, regardless of where their workstations are located. Each employee must accept responsibility for their specific job and know that others on the team will expect they accomplish their part productively.
• Hire the right people. Before you can create a successful flexible work culture, you must have the right fit for the position. Employees who will thrive are self-starters and self-motivated. They have a desire to excel that comes from inner drive, not just the need for a paycheck. Having a specific interview process with questions directed at these soft skills will aid in selecting the right candidates for flexible work arrangements.
Beware The Downside
While it seems that flexible work arrangements offer only positive outcomes, working from home can have its downsides.
Some employees enjoy a social work setting. Most appreciate flexibility, but it’s important to have colleagues you enjoy socially. Workplace collaboration software and videoconferencing can help people feel more connected, but nothing replaces joining your co-workers for dinner and a drink after work.
People may think those with flexible work arrangements are not actually working. From neighbors to a child’s teacher to a co-worker, those around you may question your work ethic or get offended if you turn down a personal request in the middle of the day. Along those same lines, the line between professional and personal responsibilities can get blurred. If you are working from home, do you stop to pick up the kids from school or put a load of laundry in the dryer? Conversely, when does the workday end?
Flexible work arrangements can create workaholics; employees may feel like they are always on the clock. Encourage employees who work remotely to create schedules and enforce boundaries between personal time and work hours.
In a post-quarantine era, it’s evident that flexible work is the way forward. It is the culture embraced by the future workforce, and it is the direction technology is progressing. By embracing the remote work trend and investing in the tools and people who will make it effective, you can be ahead of the curve and achieve a thriving flexible work culture that will attract the best people, promote growth and ensure the long-term success of your business.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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390e0b51e02ce0ee099e15dda1a1a852
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/06/30/13-steps-employers-can-take-to-decrease-turnover-rates/
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13 Steps Employers Can Take To Decrease Turnover Rates
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13 Steps Employers Can Take To Decrease Turnover Rates
High employee turnover rates can be a signpost that certain things should change within the organization. These might be massive, sweeping changes from a cultural perspective or something that management may need to address directly.
If not managed properly, a high employee turnover can have negative consequences for the business, both in terms of reduced productivity and poor morale among the remaining employees. Whether it’s a senior employee who has become disgruntled or a new employee who finds they cannot deal with their new work environment, company leaders need to understand where the problem originates and address it promptly in order to keep staff on board.
To help, 13 experts from Forbes Human Resources Council take a look at a few essential steps that employers should be taking to help reduce employee turnover.
Members explain how employers can effectively decrease employee turnover within their organization. Photos courtesy of the individual members.
1. Lead With Empathy
Checking in on employees in a genuine and meaningful way is key. Employers should ask team members, "How is your life?" "How are you finding the work?" and "How can I support you?" As leaders, we have to stay open to understanding what excites, challenges, inspires our people and to truly listen, especially and most importantly, when the employee's experience is vastly different than ours. - Sheila Murty, Tillamook County Creamery Association
2. Allow For Growth
Be intentional about providing growth opportunities for employees, whether that is in the form of career paths or training and development to learn and apply new skills. Providing special projects and committees is also a great way to keep employees engaged in the organization. - Lotus Buckner, NCH
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3. Create A Voice-Of-Employee Strategy
Create a voice-of-employee strategy which can increase dialogue, help inform your employee and talent strategies, and make employees feel heard. Studies show the more voice employees have, the more they connect with the employer brand and purpose. - Cat Graham, Cheer Partners
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Instill Individual Purpose
Aim to instill individual purpose. Providing each employee the reason why their presence matters on a daily basis gives the employee motivation to serve the organization over the long term. Periodic reflection is required from an employer standpoint to align corporate objectives with employee contribution to ensure that team members feel a sense of purpose on a daily basis. - William Ng, Bed Bath & Beyond
5. Live Your Values At Work
Too often, we hear that companies have changed and the environment that attracted someone no longer exists. This is a shift in company values. Make sure they are more than pictures on walls and that all new starters act in accordance with them. If employers are acting in line with their company values, employees will be happier for longer. - Karla Reffold, BeecherMadden
6. Change Things Up
Many times, an employee leaves because they aren't engaged in the work they are doing. Unintentionally, we can pigeon-hole our employees by thinking of their skills only through the lens of the function they are in at that moment, and not rethinking how past experience or other skills they attain may align better with a different role for them. Roles can get stale; changing things up can help. - Sarah Palmer, Hueman RPO
7. Train Your Managers
Employees leave managers, not companies. Bad managers make people quit. Good managers possess higher levels of emotional intelligence and better interpersonal skills. Companies need to plan and budget for managers training to improve their leadership skills. Strong leaders can help reduce turnover. - Tom Zhang, SERES EV
8. Be An Ethical Leader
People are watching and listening to every move you make. They want to work for leaders who follow through on commitments and behave in trustworthy ways — such as not speaking bad of others on the team when they aren't present. It's not just how they behave when others are present, but how they behave behind closed doors that keeps employees committed and "in the seat." - Tessa White, SHE Team, LLC
9. Build A Strong Culture
Build a strong culture with very capable and inspiring people managers. While people join a company, they often stay or leave because of their immediate leader who instills a sense of purpose and engagement or convinces them to look externally. Strong people managers also find ways for employees to progress their careers and build new skill sets, which then results in a low employee turnover rate. - Amee Parekh, Uber Technologies
10. Don't Underutilize Their Strengths
Managers should be able to strike a balance between team goals and challenging their employees to think outside the box through continuous improvement projects and an innovative mindset. This way, employees have the flexibility to draw from their diverse strengths and experiences. The resulting projects showcase internal growth opportunities while increasing collaboration and employee engagement. - Erald Minga, Kellogg School of Management
11. Build Solid Relationships
Invest time in building solid relationships with your employees. When employees feel valued and supported, their loyalty to you, as an organization, will increase. - Jenna Hinrichsen, Advanced RPO
12. Re-Recruit Top Talent With Stay Interviews
Why wait until top talent resigns to learn what's driving their satisfaction or dissatisfaction? Stay interviews create an opportunity for top talent to share what they love about their work and what gets in the way of contributing more. Stay interviews also help re-recruit your best by exploring job challenges offered by your company before they explore options outside. - Karen Crone, Paycor, Inc.
13. Reevaluate Your Hiring Process
Employers should look at their hiring and onboarding process to discover ways to decrease turnover. A more rigorous selection process with improved communication and collaboration by your team throughout may be needed to improve your win/win hiring decisions and stick ratio. Also, a poor onboarding experience is a great way to send your new hire(s) immediately down the turnover path. - Bryan Passman, Hunter + Esquire
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e2b6c0deafd38e21d000d683fd75f784
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/07/03/secrets-of-developing-a-digitally-ready-workforce/
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Secrets Of Developing A Digitally Ready Workforce
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Secrets Of Developing A Digitally Ready Workforce
Co-Founder and Chief Talent Officer at FlexTeam.
Before 2020 started, remote and virtual work had already grown 159% since 2005. This growth has been driven in part by the rise of the liquid workforce. Freelancers and independent consultants have long been shaping the future of work and making a digitally ready and virtual workforce a reality.
The work that we do and how we do it is also transforming. The World Economic Forum has predicted that over the next 10 years, digital skills will be required for 9 out of 10 jobs, and automation will change 5 out of 10 jobs. Freelancers are also at the forefront of this skills transformation.
The current environment is rapidly accelerating these trends. So how can we develop a digitally ready workforce that can scale and grow a business? Insights from working with executive-level freelancers and consultants can help provide the answers.
Rethinking The Workforce
The liquid workforce has steadily grown over the last decade, with over 57 million people freelancing in the US last year. This growth has been driven in part by the shift to more project-based workflows in companies. One of the fastest-growing segments of the gig economy is knowledge workers due to the demand for a digitally ready workforce. Knowledge workers serve as on-demand consultants and advisors, helping companies to take advantage of business and technology trends.
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Increasingly, companies are moving toward a blended workforce, with a strategic talent pool of full-time workers for long-term needs and liquid workers for dynamic, short-term needs. This strategic approach increases flexibility, agility and diversity while fluidly scaling digital readiness.
Redesigning Work Styles And Workspaces
The events of 2020 are likely to result in fundamental changes to our workspaces, accelerating the shift to virtual and flexible work and making it increasingly important to communicate effectively with fewer meetings. The new digital workspace will require managers to embrace flexibility and autonomy. Freelancers have learned how to build trust virtually. A key enabler to building that trust is having shared, clear goals and objectives. Combined with proactive, open and transparent communication through modern communication channels, freelancers can establish effective working relationships despite never interacting in-person.
The accelerated shift to digital and virtual interaction in our workspaces will put pressure on soft skills, with communication, collaboration and emotional intelligence all increasingly essential. The importance of emotional intelligence, also referred to as EQ, is often underestimated but is directly related to not only great leadership, but also the ability to learn from experiences. We all need to learn to adapt our work styles to match the fluidity of our workspace with a more versatile approach. For example, we need to easily pivot between multiple internal communication channels, adapting our communication style and tone to each for effective virtual and in-real-life collaboration.
Developing An Agile Mindset
Core to any digitally ready workforce is the ability to handle and seek change. Individuals need to be agile, flexible and willing to learn. Successful freelancers are entrepreneurs and, as such, must be nimble, ready to take risks and look for opportunities. These freelancers are curious and take the initiative to continue to advance their knowledge and skills. When hiring freelancers, you can use trial projects to gauge fit. Similarly, you can task employees with small projects to assess their agile potential.
To develop the necessary agile mindset, individuals must be comfortable with being uncomfortable. According to research by McKinsey, the key traits to seek among individuals are the ability to handle ambiguity, agreeableness and conscientiousness. Agile thinkers embrace change and adaptability and strive to keep improving their skills and knowledge.
Investing In Continuous Learning
Successful freelancers continually assess and develop their skills, following personalized pathways of development. Seventy-eight percent of freelancers surveyed by Upwork responded that soft skills were at least equally important as technical skills to their success. These development pathways are pursued by combining online courses, mentoring, coaching and experiential learning. For freelancers, proficiency in using collaboration and productivity tools is a minimum standard to achieve. They also require strong technical skills in their areas of specialty, combined with cognitive and soft skills.
Developing a digitally ready workforce requires assessing your company’s current talent in terms of both hard and soft skills. You also need to understand their passion for learning and curiosity — key traits that the best freelancers share. Support continuous, ongoing learning within your team, and help individuals develop the best personal learning pathway. Developing digitally ready talent isn’t a one-size-fits-all journey.
Identifying and developing digitally ready talent sets the foundation for an agile business that is ready to adapt and scale. While half of jobs may change due to automation, creative and critical thinking, thoughtful communication skills and emotional intelligence will be essential strengths to develop, regardless of how technology evolves over the next decade and beyond.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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96accd1bf0f9a88e8dadde1b0520b51a
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/07/20/14-essential-steps-in-workforce-planning/?sh=159f4726589f
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14 Essential Steps In Workforce Planning
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14 Essential Steps In Workforce Planning
Workforce planning requires in-depth insight into what a company needs in terms of talent and skills. This kind of planning generally adds a level of abstraction to operations, allowing HR a bird's eye view of the business.
From there, HR administrators can determine whether a hire is a good fit overall, not just because of their qualifications — several aspects are typically considered, including where the company is coming from and where it is headed, as well as the employee’s own goals and dreams and how they fit with the organization.
Here, 14 experts from Forbes Human Resources Council examine some of the key steps in workforce planning and why they are so crucial to the organization’s success.
Members share some essential workforce planning steps for HR leaders. Photos courtesy of the individual members.
1. Ensure Alignment And Goal Clarity
The most critical step in strategic workforce planning is alignment — alignment of business strategy, organization structure, people and results. Ensure clarity around strategic objectives, then ensure you have a holistic organization design and talent plan to drive getting the right people in the right role at the right time to deliver results. Sounds easy but takes discipline! - Elisa Gilmartin, Fuze
2. Understand Where The Company Is Headed
Strategic workforce planning is a key component of the overall talent strategy. It starts with understanding where the company is headed; future organizational capabilities. This helps the organization identify new skills and competencies needed to inform learning and development opportunities and its talent acquisition strategy. - Sarika Lamont , E3/Sentinel
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3. Execute A Current State Assessment
Executing a current state assessment in workforce planning is absolutely critical as many workforces tend to jump into planning without truly understanding what resources they have in the first place. An organization needs to understand who they have in place right now, where they're going and how they’re developing to create a more accurate plan of action for the future. - Srikanth Karra, Mphasis.com
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4. Create A Staffing Model
It's essential to create a staffing model to predict and drive workforce planning. For example: how much revenue can an account executive generate, or how many calls can a customer service specialist take per day? Along with revenue and operating plans, answers to questions like these help shape your strategic workforce plan, for both headcount and timing. Without them, it's just a guess. - Jennifer Marszalek, Working Credit NFP
5. Determine Current Talent Gaps
To create the right workforce plan, you need to identify your organization's current talent gaps and needs and understand how those relate to your strategic roadmap. If you determine something is in conflict, then you can create the right plan to focus on uptraining your current team or hiring new team members with that missing expertise. - Jessica Adams, Brad's Deals
6. Identify The Long-Term Needs
Identify the long-term needs of the business beyond the next step. Research and awareness of the long-term future will allow you to take the next step in your workforce strategy knowing what you need to develop in the workforce for the step thereafter. When we just plan for tomorrow, we are behind the change curve because development and hiring for the future must be one step ahead of tomorrow. - David Alsop, Ultradent Products, Inc.
7. Challenge The Status Quo
The expectation must be set up front that we need to think differently about workforce planning. Then, challenge the status quo and try to really evaluate where people are really needed, why, how and how many. - Lotus Buckner, NCH
8. Ensure All Data Is Collated In One Place
The first crucial step in strategic workforce planning — and where many companies run into a roadblock — is making sure all the information is collated in one place to perform that planning work. That marrying of human capital, workforce management and financial data is not always easy to accomplish based on different systems in place. - Jeremy Ames, Hive Tech HR
9. Start At The Finish Line
Start at the finish line. You can't know when you've arrived at your goal if you don't know where that is. If you start with the finish line, you can work backward to figure out what you need and when. - Elizabeth Roberts, eGenesis, Inc.
10. Focus On Core Competencies
Understanding where individual team members rate against specific core competencies necessary for driving the business allows you to understand which competencies you need to add going forward and in which department. Focus on the trio that makes up a competency — knowledge, skills and abilities. - Sherrie Suski, Tricon American Homes
11. Think Beyond Hiring New Talent
Think beyond hiring in new talent. This is one lever, and an important one, but not the only option — certainly not if you want to retain and engage your current talent. Invest in developing their skills, knowledge and experience so that they can rotate and enjoy a variable career journey within your organization rather than going external. - Paul Phillips, Avanade
12. Constantly Follow Through And Pivot
One essential step in strategic workforce planning is the follow-through with evaluating, monitoring and making ongoing adjustments to the workforce plan. Ensure regular performance monitoring on the implemented solutions to identify if gaps are addressed. A workforce plan should be ongoing and fluid to pivot as the strategic direction, workforce supply and workloads change over time. - Sherry Martin, Colorado Department of Human Services (CDHS)
13. Consider Your Budget And Forecast
The most critical step is to consider your budget and forecast for the second half of the year. Before hiring and moving back to business as usual, companies need to consider their needs for six, 12 and 18 months out and take into account employee retention, internal promotions and internal lateral moves. Retention and investing in employee growth are key to profit increase and workforce planning. - Polina Wilson, Unruly ®
14. Consider Your Company's Site Strategy
Considering your company's site strategy is a major component of workforce planning that tends to be overlooked. Where do you want your people? Which groups must be co-located? Should you pivot to a remote-first environment? Many companies are looking at this now, and rightfully so. Clarifying the company's philosophy on site strategy is closely tied to both business and workforce planning goals. - Tracy Cote, Zenefits
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7b72f89dbb3e5a348b981583518244f5
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/07/24/the-importance-of-reintroducing-employee-assistance-programs-during-the-pandemic/
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The Importance Of Reintroducing Employee Assistance Programs During The Pandemic
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The Importance Of Reintroducing Employee Assistance Programs During The Pandemic
Rebecca Edwards, SPHR, SCP enjoys providing workplace-tested solutions to employers and employees with her firm, Infinite HR of Charlotte.
Working from home during the pandemic is not just heartwarming pictures of parents working on laptops with children snuggled next to them on the sofa, or families posting dance videos on social media. The reality is that a large segment of the workforce is struggling to figure out, navigate and maintain a “new normal” that was never meant to be. There is no blueprint for this new design of managing full-time work responsibilities along with parenting/teaching/caregiving/household responsibilities, with no separation of the two worlds.
This reality, coupled with restrictions on movement, has created a concerning dynamic. Mental health is under attack right now, so human resources leaders: It's time to reintroduce your employee assistance program (EAP). The demands employees are facing now are unprecedented, and they need support to work through their stressors and the uncertainty of what is to come. Let’s review a few of the major areas where EAPs can help employees weather this storm.
Parenting (Including Teaching, Entertaining, Refereeing)
Sure, many people have worked from home for years and have even reared their children while doing so. But, in this lifetime, none have had to do this without having the option of sending children to school, day care or camp for some portion of the day. Few, if any, were thrust into becoming a home school family without warning or anticipation. For years, working parents have joked about having two full-time jobs — one from 8 a.m. to 5 p.m. and another from 5 p.m. to 8 a.m. — but handling both without even the pause of a commute is certainly unique to 2020.
Many families are coping with this situation by splitting the days 50/50, with one parent managing home and child responsibilities during the morning while the other parent focuses on their occupation, and then switching off for the afternoon. However, with only eight working hours in a day, both parents will eventually have pressing career priorities arise at the same time, and that will be the day the children let loose and all bets are off. And what about all of the single working parent households? This new world order requires an entirely new set of skills, distractions and bribery for parents to attain that elusive “balance,” and the EAP can help them with that.
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Caregiving (Including 24/7 Nursing, Therapy)
In addition to parenting, caregiving has been disrupted as well. Many employees care for elderly family members or children with special needs. They require a completely different level of support because they have likely had to take on responsibilities that they may not be qualified to handle. Social distancing and the inability to have skilled nurses, therapists or caregivers come in to help has forced these employees to take on intensive caregiving tasks themselves, while still maintaining their level of work. This is nearly impossible, yet your employees are doing it every day. We need to make sure someone is there for them.
Personal
There are also employees who may be handling their own medical needs during this time. Medical support is limited to telemedicine in many areas, and several nonemergency surgeries have been delayed. Yet, somehow these employees are coping, all while meeting the expectations of their jobs.
Family dynamics are also a possible source of stress. While love conquers all, no one signed up for being together 24/7 for 20-plus weeks at a time. Restrictions on movement can be problematic for all members of the family, including college students who left their campuses and are now under their parents’ roof again.
Consider also that many of our employees live in several of these realms simultaneously. Life was complicated and varied before, and most employees had it compartmentalized somewhat. Now, it’s all thrown on the carpet and mixed together — for months on end. People need some support.
Preparation For Reintroduction
If there was ever a time to run an EAP campaign, this is it. But before you do, reach out to your EAP provider and confirm a few things.
First, ensure that remote counseling is now the norm for the majority, if not all, of the providers in its network. Second, while there is a set number of sessions available per contract, an unprecedented worldwide pandemic is upon us. See if it would be willing to add a session or two to that number — it can’t hurt to ask. Third, check your employee data fed to the provider. There is nothing worse than promoting the EAP only to have your employee or their family member be denied access to services due to missing or incorrect information. Double-check it.
Promotion
The EAP is one of the most valuable yet underutilized employee benefits. It is overlooked in part because of remnants of the old stigma surrounding who needs/uses therapy (spoiler alert — everyone) and because it has always played second fiddle to “big” benefits such as medical. So, it’s HR’s job to push it to the forefront and show employees what a life-changing benefit they have at their fingertips. Be sure to emphasize that it is free and explain the confidential nature of the benefit. If EAPs secretly shared personal employee information with employers, they wouldn’t have lasted 80-plus years.
So, shout it from the rooftops. Promote it on your intranet and your internal social media. Spotlight it for the next few months in your newsletter. Highlight it on your VPN login page, and mail out wallet cards. Print it on paycheck stubs if you still have paychecks printed, or note it on the payroll portal if you don’t. Have the EAP provide a few online, accessible presentations about stress management and other relevant topics. Just get the word out!
Remind employees they have someone ready and available to talk with them, and more importantly, listen to them as they navigate this very challenging time in life. Ensure them that they are not alone. Let’s make sure we’re supporting each other in our workplaces and in our households.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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af3e32b34f60adef416f491ebd250c6f
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/08/13/creating-an-attractive-employee-benefits-package-11-tips-from-hr-experts/?sh=65f0790d5f4c
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Creating An Attractive Employee Benefits Package: 11 Tips From HR Experts
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Creating An Attractive Employee Benefits Package: 11 Tips From HR Experts
If a business wants the best talent the industry has to offer, it must provide a competitive benefits package. In the past, a company might have been able to get away with a massive paycheck, but today's workers are savvier when it comes to choosing a place of employment. Instead of looking at the flat pay rate, they weigh their options based on the perks the company offers them.
The most skilled and specialized employees within a sector know how much they're worth to a company. Thus, a business needs to show it is also aware of an employee's worth and reward them accordingly. Below, 11 associates of Forbes Human Resources Council look at what a business should consider when preparing an employee benefits package to attract the right talent.
Members share their advice for creating an appealing employee benefits program. Photos courtesy of the individual members.
1. Understand Your Demographic
What is your demographic, aka who is your audience? A competitive benefits package is not a one-size-fits-all and largely depends on the age range of your company. For example, younger workforces will be strongly enticed by competitive financial wellness packages and single health and medical benefits. A more mature workforce might prioritize family benefits. - Natalie Rast, Y7 Studio
2. Start With Focus Groups And Surveys
Start with focus groups and employee surveys. Recognize the desired benefits have shifted this year. Perhaps your employees would prefer flexible paid time off, or mental health resources like the Calm or Headspace app, or perhaps a robust mentorship program. The package may include 15 mindful minutes between meetings as opposed to back-to-backs. Whatever you do, it needs to reflect the needs of your unique team. - Cat Graham, Cheer Partners
3. Ask What Benefits Are Actually Used
Ask for feedback and see what benefits are actually being utilized. We can spend a lot of time coming up with something we think is great, only to find out it isn't what employees want. We can be reluctant to ask sometimes as companies worry that the requests will be unreasonable. By asking, we get the desired result much quicker. - Karla Reffold, BeecherMadden
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Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Aim To Provide Value To All Employees
Design a benefits program that contains value for all employees, not just some. When the organization spends money on something relevant to only a portion of employees, such as vision care, they question the investment. Offering a more personalized plan, experience and insights on a modern technology platform will deliver huge value to the employees and their families. - Jennifer Bouyoukos, Entertainment One
5. Offer Employee Ownership Opportunities
I'm a fan of full-spectrum employee ownership. Regardless of the talent level, just about everyone reacts well to this offering for one reason or another. At the end of the day, you're getting a more engaged and inspired overall team with this employee benefit. - Bryan Passman, Hunter + Esquire
6. Provide Remote Work Benefits
This is talent retention as remote work opens more options. Remote work benefits include upgraded technology and funds to pay for faster Wi-Fi. As employers see employees as adults, offer upgraded vacation policies. Provide increased benefits for childcare for virtual programs/support for working parents, time off for social justice and passion projects, specific monetary investment in development annually. - Cher Murphy, Ph.Creative
7. Add Inclusion And Equity Efforts
Include your inclusion and equity efforts in your benefits package! If you believe in this, you will attract candidates who do, too, and it would be extremely enticing to work for an organization that values inclusion and equity so much that it promotes it as a benefit. What gets measured and publicized gets done, so what a great way to hold yourself accountable, too! - Lotus Buckner, NCH
8. Consider Soft Benefits
Employers need to consider soft benefits, such as work flexibility, work-from-home office allowances, with a particular focus on a strong culture to stand out from their peers. With employees working from home, certain benefits have fallen to the wayside, like free lunches and office snacks, so it's important that employers promote a strong culture of collaboration and inclusivity. - Polina Wilson, Unruly ®
9. Offer Free Healthcare
Something that our company does differently than most companies is that we offer free healthcare to our employees. While this may seem old-fashioned or cost-prohibitive to some companies, employees really appreciate the benefit when they need it. In some cases, it has been the one significant difference between our company and other offers the employee received. - Frank Molinario, Security First Insurance Company Inc
10. Let Employees Choose
Wanting a choice is a human trait. It makes us feel powerful and in control. Consider giving your employees a choice each year which voluntary benefit offering they would like to add. The majority wins, and that benefit is added to the open enrollment line-up. Letting your new hires know that you consider employees' opinions gives them a peek inside your amazing culture! - Sherrie Suski, Tricon American Homes
11. Conduct A Cost/Benefit Analysis
When trying to create an attractive benefits package, employers should conduct a cost-benefit analysis to understand what benefits are being utilized. It is also important to know if your employees understand how to maximize their benefits. Employee education, focus groups and surveys can help an organization understand what is important to their employees for an attractive benefits package. - Sherry Martin, Colorado Department of Human Services (CDHS)
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ffef1f1cf59007b0918b45c876dd0940
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/08/19/can-technology-transform-managers-into-leaders/
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Can Technology Transform Managers Into Leaders?
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Can Technology Transform Managers Into Leaders?
Co-Founder of Gloat - Internal Talent Marketplace platform. HR Evangelist.
getty
Succeeding as a business is all about embracing change.
The world around us is in a constant state of flux, with disruptive technologies, social trends and unpredictable events — like pandemics and social unrest — surfacing one after the other. This isn't new, and although many of us have a tendency to think that some things have always been done a certain way, every part of our lives has undergone multiple changes and transitions. This is doubly true when it comes to business practices and the way companies are organized and managed.
A big part of what we conceive of as work today has been influenced by the production lines and factories of the First Industrial Revolution. In that kind of early industry, workers had set tasks that needed to be carried out, managers who coordinated that work on a larger scale and executives who set goals and defined visions that guided the overall trajectory and aims of that industrialized effort.
Since then, the types of products created and the ways in which they're produced have changed radically — but the organizational method (in all but a few pioneering companies) has stayed more or less the same.
It doesn't matter if an enterprise is focused on producing consumer goods, software, or large-scale infrastructure. It's likely that there will be workers like programmers, engineers, manual laborers, digital marketers, etc. who, much like in the production lines of old, have managers overseeing their work.
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But while that may have been the best organizational solution for industrialists in the late 19th and early 20th centuries, there's no reason to think that this is the best way to manage a business today. In fact, we know it isn't — this rigid structure doesn't allow companies the flexibility and agility they often need to adapt to new situations as they arise, and can inhibit employees' creativity, initiative and engagement. As new technological paradigms and possibilities become available, more and more large enterprises are starting to think about democratization and the flattening of their organizational hierarchies.
New technologies, like talent marketplaces — which allow employees to seek out opportunities within their companies independently, aligning both their personal aspirations and the needs of their organizations — alongside learning experience platforms and sophisticated communication tools, have all turned the type of coordination critical to the role of managers into an automated, organic process. This leaves more room for people doing the actual work to take initiative and make smart decisions on their own in light of broader business needs and priorities. Not only are they able to take these extra responsibilities on themselves, but studies show that when they do, their engagement and commitment to the workplace actually grow, as does their sense of professional satisfaction and fulfillment.
But to truly reap the full potential these tools can offer, organizations need to adapt their company culture to accommodate them. The biggest change this requires is to stop thinking about employees as resources that belong to managers and to start thinking of them as talent that can and should serve the entire organization in a way that also aligns with their own personal aspirations. The company should structure itself in a way that offers its workforce a robust, colorful wealth of opportunities in which their skills and abilities can be utilized — where initiative and engagement will naturally follow. Often, however, there's a natural resistance to this idea from managers, who feel like this kind of change takes their most important resource — their employees — away from them. In a sense, it does. So do we even need "managers" anymore? The answer, in my opinion, is both yes and no.
There will always be a need for people to actively think about the bigger picture and make decisive decisions, and people holding managerial positions today are perfectly situated for that. But should they be dedicating their time to managing their workers?
The more I think about it, the shorter the distance between management and micromanagement seems to be. Still, these managers need to be in a position to affect change in their designated areas of responsibility. But as more responsibility and power shifts to the workers themselves, I've found that it's helpful to stop thinking about these people as managers and to start thinking about them as leaders.
Their role is no longer to push their workers from behind toward their goals but to show them their goals and pave the way forward. With smart technology and progressive organizational structures, employees can be trusted to find their own paths toward these goals by themselves.
So can technology transform managers into leaders? There's no algorithm for turning a manager into an inspiring leader. But algorithms, along with cultural change, can help people in the right positions rise to the occasion and drive the organization forward.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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7be3c7bb7cbc5e9e745322f65f8e5fda
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/08/21/the-future-of-work-is-more-than-remote-work/
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The Future Of Work Is More Than Remote Work
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The Future Of Work Is More Than Remote Work
Co-Founder and Chief Talent Officer at FlexTeam.
getty
What is the future of work? For many, this idea has become focused solely on shifting to a digital workplace. Covid-19 has caused us all to rethink how and where we work, accelerating the shift to the remote office, but the future of work is so much more than going remote. In my view, the future of work is the liquid workforce where workers are self-employed entrepreneurs.
An Entrepreneurial Workforce
Companies are increasingly relying on a blended workforce, engaging a mix of full-time and on-demand talent (or liquid workers). This enables companies to smartly and cost-effectively employ the best available talent to meet their skill and work needs at any given time. Liquid talent is being engaged at all levels, even as on-demand consultants and advisors for corporate boards. As the liquid workforce becomes a critical strategic asset for companies, HR leaders are evolving their roles and responsibilities to take charge of leading a blended workforce.
For liquid workers, and particularly knowledge workers, the future of work offers a return to our entrepreneurial roots. Liquid workers can achieve “work-life fit” and gain greater independence and control of their work.
This shift to the future of work is resulting in challenges and opportunities for companies and for liquid workers.
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Opportunities For Companies
Shifting to a blended workforce requires companies to rethink their processes and systems. Liquid workers are not employees and need different workflows — for example, think about onboarding. The compliance steps and documents required are distinct for 1099 versus W-2 workers. How you welcome and bring on the liquid talent also needs to be different. Your onboarding needs to enable the flex worker to hit the ground running from the moment they start.
Working with liquid talent is also inherently very fluid, with projects simultaneously starting and ending across a company. It’s essential to have a robust contracting process that you can simply and easily replicate with every new liquid worker. Likewise, you need to have the right financial processes and systems in place to ensure full visibility of liquid worker costs, invoice management and payment. Today, many companies still manage their freelancers and independent consultants using spreadsheets.
To fully take advantage of the future of work and maximize talent pools through a blended workforce, we need engaging liquid workers to become as easy and as operationally standardized as it is with full-time employees. It needs to be easy and efficient to source, contract and manage liquid talent.
Opportunities For Liquid Workers
For individuals, although the idea of being your own boss and having your own company can be exciting, it’s also daunting. Just as with a startup, being a solopreneur can be an uncertain endeavor. It can also be confusing to figure out everything that needs to be done administratively as a self-corporation, particularly in areas such as insurance, disability and professional development that might have been taken for granted when working in a traditional corporate environment. Individuals new to being liquid workers can also find it to be isolating.
To shift from the traditional to the future of work, individuals need help to make running their businesses easy and time-efficient. They need support in managing their companies, addressing benefits (such as insurance, access to credit and disability), meeting legal requirements and building human connections (training, coaching, etc.).
Solving The Future Of Work
The shift of the professional workforce will continue, and the pace is likely to increase. The focus on the rights of liquid workers, such as with California’s AB5 law, is not abating. Managers will need to adapt their people leadership skills to lead, motivate and integrate a blended workforce successfully. But to fully achieve the future of work and realize the true potential of the liquid workforce, we need solutions that will address the barriers that still exist. Many solutions are under development, but there’s still so much opportunity left to build the capabilities required for the future of work, which include:
• Helping companies and liquid workers find each other and connect.
• Making it easy and straightforward for contracts to be executed.
• Enabling companies and liquid workers to work with each other effectively and efficiently.
• Simplifying the process of establishing and managing liquid workers’ businesses.
• Offering options for liquid workers that meet needs for traditional benefits, such as insurance and 401(k)s, professional development and community connections.
Companies and individuals are continuing to shape the evolution toward a more entrepreneurial and independent workforce. Remote work is just one aspect of the future of work. Consider how you can go beyond the integration of remote work and include the future of work in your human resources strategy.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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9cf55e3d337b0da683b45fb43b5a6e93
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/09/09/four-steps-for-managing-talent-pools-and-pipelines-during-covid-19-and-beyond/?sh=4ba41fb732c1
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Four Steps For Managing Talent Pools And Pipelines During Covid-19 And Beyond
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Four Steps For Managing Talent Pools And Pipelines During Covid-19 And Beyond
Tonushree Mondal is the Founder & CEO of Tonushree Mondal Consulting, a leading boutique HR consulting firm.
getty
Covid-19 disrupted well-laid-out strategic workforce plans for many organizations. Many business models are imploding, causing some companies to shrink their workforce. Meanwhile, healthcare and consumer technology companies are continuing the trajectory of their strong growth, while industries like food logistics and online fitness are seeing a growth explosion. This is leading to an imbalance in demand and supply of skills in the labor force, posing interesting choices for organizations as they assess their talent pools and pipelines.
While constant pivoting may seem necessary, organizations should pause and explore the following strategies to guide their way forward.
Revisit your strategic workforce plan.
Talent pools and internal pipeline requirements have changed in 2020. As organizations explore how to build, buy, borrow or shrink talent in reaction to Covid-19, they need to conduct scenario modeling. Even one meeting to talk about potential scenarios can help figure out how future needs may have changed and prepare them to iterate as the environment changes. Companies should pin down the focus of their organization’s strategic workforce plan and ensure it aligns with the long-term business strategy, instead of reacting with measures that may yield short-term results.
Creatively tap into broader talent pools.
The remarkable work-from-home experiment that was forced upon the global workforce earlier in 2020 silenced critics who believed that working from home was not possible in most cases; it instead boosted productivity. As the virus stubbornly refuses to go away, people are making choices on where to live and moving away from expensive cities because they can do so without making career sacrifices. The talent pool has, therefore, truly become a much bigger, global one, opening up opportunities for people. Also, as companies are trying to make a more visible shift in their overall diversity, equity and inclusion (DEI) approach, sourcing more diverse talent pools from other geographies that were previously out of reach is likely to make a difference to the numbers.
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Assess the composition of your internal talent pipeline.
There are three ways to look at your internal talent pipeline. All three need to be looked at together to give a holistic picture. Often, companies solve for one or two of the problems out of these three and therefore miss the opportunity to bring it all together.
Skills: Data is key for insights, and organizations need to ask the right questions.
What skills are critical for the future? What skills are no longer required? Can we build these skills in our own talent pipeline, or do we need to buy them? How well have our upskilling and reskilling programs worked in the past?
Based on this analysis, organizations need to quickly figure out an agile framework on how to reskill or upskill the talent they have to guide the process of active business recovery.
Critical roles and high potentials: Critical roles and high potentials disproportionately impact a company’s profitability. Covid-19 may have shifted the criticality of certain roles, and your high-potential talent may be feeling burned out and may be a potential flight risk. The key questions to be addressed here are:
Which roles are critical for the future? Are our high potentials in the right value-creating jobs? Which of our high potentials are at risk?
Upon analysis of this, an active plan needs to be put into place to support the stress and development of high potentials and ensure there is a solid bench of talent for critical roles.
Diversity: Analyzing the diversity composition of the talent pipeline alone is not enough anymore. The key questions that need to be addressed include:
Are we failing to promote or retain key diverse talent? Where do our success stories lie, and what drove that success? What new stretch opportunities can be created to develop our diverse talent?
This can lead to outcomes that match the desired statistics of representation at diverse groups at each organizational level.
Manage the velocity of your talent pipeline.
The velocity of an organization’s talent pipeline is defined as the rate at which talent is coming into or leaving the organization, moving vertically or laterally. Organizations that do this proactively orchestrate talent moves like a chess game to create value rather than allowing it to happen in an ad hoc manner. Internal talent marketplaces are gaining a lot of traction in large global organizations as employees want transparency and mobility for the existing opportunities. The importance of more proactive talent orchestration is to develop and retain diverse high-potential talent while creating a strong bench of futuristic skills.
Strategic HR processes may seem more difficult now given the uncertainty and pressing operational needs, but if anything, their criticality is more compounded. When we come out on the other side of Covid-19, a well-thought-out talent strategy that lends itself to quick iterations can put you on a steadier path to long-term value creation.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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4a3811eacc136c863518155ef6d59314
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/10/07/shaping-employee-experience-through-your-hr-technology-stack/
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Shaping Employee Experience Through Your HR Technology Stack
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Shaping Employee Experience Through Your HR Technology Stack
EY Partner - Americas Leader, People Advisory Services.
getty
Technology is a very big part of the employee experience, but one that isn’t top of mind for employers. Quite rightly, they prioritize issues such as company culture, the organization’s purpose, mission and values as well as ways to boost staff engagement and satisfaction.
Yet, talent management has become significantly more complex as organizations try to tackle everything from performance management to well-being, productivity and beyond, especially in our current climate. Technology has a valuable role to play here, enabling companies to design personalized employee experiences at scale rather than simply provide a blanket approach to all initiatives from benefits and rewards to learning and development (L&D).
This situation is truer now than it has ever been following the digital transformation that has taken place among employers due to Covid-19 lockdowns around the world. Digital working has been redefined and workplaces are being reimagined, in many instances, as a network of physical and virtual locations rather than a single office headquarters sitting at the heart of company life.
As Rebekah Wallis, director of people and corporate responsibility at Ricoh UK, reportedly told The Hive: “We in HR have almost ‘had’ to do [digital transformation], and employees have ‘had’ to accept it too — it’s like everyone has suddenly got permission to embrace the sorts of technologies that were previously being resisted, or waited on.”
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In a workplace context, this has resulted in the technology focus switching away from human capital management systems that control internal processes and procedures toward experience platforms that are aimed at improving employee satisfaction.
Providing A Consumer-Grade Experience
This switch in focus is important because organizations that fail to create a positive employee experience today will put themselves at significant financial, operational and reputational risk tomorrow. To attract, retain and keep talent motivated requires employers to provide a consumer-grade experience as the default.
But to deliver this consumer-grade experience, it is vital that employers have a sophisticated ecosystem of HR applications in place that cover the entire employee lifecycle, ranging from onboarding and career management to L&D and even right through to potentially exiting the company.
Today’s employee arrives in the workplace armed with technological expectations. Employees are familiar with the ease that technology enables in their personal life and expect their employer to possess a similar capability. And this is amplified even more today, with meal and grocery delivery services, virtual celebrations of weddings and birthdays and to contactless shopping at our favorite retailers. In fact, organizations that fail to innovate and transform their HR systems by putting workers at the center of everything they do will put themselves at a significant disadvantage.
This is why the most effective HR technologies increase the value felt by employees, in turn improving the day-to-day experience of work, while simultaneously minimizing the time spent in the tool. AI-driven chatbots are an excellent example of a technology that can quickly add value to employees, answering queries and moving them quickly on to the task.
However, while there is currently no single “joined-up” platform to manage the entire employee experience from end to end, we are increasingly seeing the development of both systems that look after constituent parts of employee experience, as well as apps (e.g., ServiceNow (an EY product) and Mya) that sit atop these systems and integrate experiential data to build up a better, more data-driven picture of the workforce.
Putting Employees At The Center
By collecting data around issues like employee sentiment and well-being, it is possible to evaluate the impact on employee experience that a number of touch points, or moments that matter, such as performance evaluations and promotions, have on individuals. This means that a combination of business rules, data science and machine learning software can take the employee experience data and analyze it.
Mapping these results onto operational information would enable leaders to derive meaningful insights into the short- and long-term engagement levels of employees following experiences. Such insights are invaluable in that they enable HR professionals to make data-driven decisions on how best to enhance the employee experience by basing their action on insights into what it actually looks and feels like for employees.
With this, people leaders can make more effective policy decisions and design better experiences from which the entire workforce can benefit, thereby enhancing the organization’s ability to adapt and change by truly putting people at the center of everything it does. Bottom line: People at the center drive business results when talent is viewed as an asset and value is placed on employee experience.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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dbc9b4fec46026a4af044a2716b26bf1
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/10/09/ensuring-security-in-a-remote-work-environment-six-key-considerations/
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Ensuring Security In A Remote Work Environment: Six Key Considerations
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Ensuring Security In A Remote Work Environment: Six Key Considerations
More businesses are seeing the benefit of having workers operate remotely. As those who have been part of the work-from-home routine know, it can be far more productive than going to an office every day.
However, remote workers introduce a significant concern for businesses – that of data security. With workers connecting to your company’s servers and accessing data stores from work on their home computers, it's natural to be concerned that someone will be able to skim company data without them being aware of it.
As a result, companies are responsible for ensuring their employees are adequately trained in industry-standard data security protocols. Six experts from Forbes Human Resources Council offer some considerations for companies embarking on this training plan.
Members share their best tips for ensuring security as your team works remotely. Photos courtesy of the individual members.
1. Ensure All Security Practices Are Documented
Companies must first ensure all data security practices and policies are documented and acknowledged by the employee and provide updates to data-handling expectations during the course of employment. Providing ample training on managing company data on all devices (private and company-owned) and proper network usage, including multi-factor authentication, is critical to fostering remote work! - Jay Polaki, HR Geckos
2. Provide Access To Key Tools
Companies should make a couple of tools available to all employees: 1) Password management tools; 2) Enabling two-factor authentication for all apps and 3) A VPN service that can be enabled on the home router. Employees need to focus on basic security principles: strong passwords, SSL anywhere usage, etc. Companies should also mandate training for all employees on data security practices. - Madhukar Govindaraju, Numly™, Inc.
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3. Have A Clear Cybersecurity Policy
Today's organizations should have a cybersecurity policy and annual security awareness training for employees. Both the training and policy should incorporate remote/field best practices. I believe this is true, whether an organization adopts a permanent remote work environment or not. The reality is that today's workforce is mobile at least some of the time. Having a clear policy minimizes risk. - Kelly O'Connell, ON ITS AXIS
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Keep Them In The Loop About Cybersecurity
Now that most companies have embraced remote work, employers should ensure workers are well-informed about cybersecurity. This may be communicated through managers, emails or training sessions, and should cover software updates, the importance of creating strong passwords, using VPNs with public Wi-Fi networks, and any other information with which newly remote workers may be unfamiliar. - John Feldmann, Insperity
5. Provide Regular Training Opportunities
Employees should undergo regular cybersecurity training, so they can spot scams and potential attacks. It’s important to test staff regularly with simulated attacks to determine their level of awareness. This will allow you to provide additional training to those who need it. Ensure your trainers are up to date with the types of cyberattacks as they evolve at such a rapid pace. - Kim Pope, WilsonHCG
6. Offer Online Training Solutions
With respect to training, companies need to deliver training opportunities online (if they haven't already) so that employees have easy, continuous access to learning resources. Powerful learning experience platforms incorporate social and personalization features to help learners stay engaged with others in the learning process, individualize the learning experience and promote skill development. - Heide Abelli, Skillsoft
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949fa06bdd9eff73b64b14b90e84799f
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/10/15/how-hong-kongs-shifting-anti-discrimination-and-parental-leave-laws-will-impact-workers/
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How Hong Kong's Shifting Anti-Discrimination And Parental Leave Laws Will Impact Workers
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How Hong Kong's Shifting Anti-Discrimination And Parental Leave Laws Will Impact Workers
James Peters is the President of Global Expansion, an Equus Software company.
getty
With the Covid-19 pandemic, it’s safe to say that the world as we once knew it has changed. In some places, like Hong Kong, things are looking up — at least for employees. There, two major developments are set to take effect by the end of 2020 and by the mid-point of next year, 2021. Each of these will have major implications for businesses, and all employers and employees should be well aware of what’s soon to come.
First, new anti-discrimination laws are set to be implemented in June 2021. These new laws are incredibly important for employees because they guarantee equal treatment under the law and within the workplace. Because these laws are essentially being expanded, they’ll be applied much more broadly over Hong Kong’s workforce.
Secondly, a new maternity leave policy is set to go into effect sometime before the end of this year. Maternity leave and paternity leave rights continue to be a hot topic, and it appears that Hong Kong is looking to be on the right side of history as it expands maternity benefits and ensures expecting and new mothers have the support they need and the time they need to recover and spend time with their family before returning to the workplace.
Anti-Discrimination Laws Expanded
For Hong Kong, it’s important to ensure that every last worker has the protections they deserve as granted to them under the law of the land. Currently, the small region has four distinct anti-discrimination ordinances that applies to workers: The Sex Discrimination Ordinance, the Disability Discrimination Ordinance, the Family Status Discrimination Ordinance and the Race Discrimination Ordinance are all current laws that are in place to provide employees with protections from employers that try to hinder their ability to work based on sex, pregnancy and marital status, race, disability and family status.
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In June 2020, the Legislative Council of Hong Kong passed a new set of amendments to these current discrimination ordinances in order to ensure that the laws would apply much more broadly. Most notably, one introduces protections for breastfeeding women in the workplace. This protection goes hand in hand with the maternity leave expansion that we’ll discuss. The protections for mothers are growing and expanding all around the world, and Hong Kong is no exception. This important amendment will ensure working mothers can feed their children at the workplace when necessary without risking their job or their safety.
According to the analysis of global law firm Eversheds Sutherland, “an employer may be held liable for indirect discrimination against a breastfeeding employee if (a) the employee cannot comply with a requirement or condition that applies to all staff and she suffers a detriment as a result and (b) the employer cannot justify the requirement or condition.” As of now, these new amendments are set to go into effect in June 2021. Employers that refuse to comply with the amendments once in effect may risk investigation by the Equal Opportunities Commission, ultimately facing strict civil liabilities.
Hong Kong Expands Parental Leave
This next development is a major achievement in the fight for maternity rights in the region. Prior to this expansion, new and expecting mothers were granted up to 10 weeks of maternity leave. However, on July 9, 2020, the Hong Kong Legislative Council convened to pass the Employment Amendment Ordinance 2020 to increase legal maternity leave by four weeks.
However, maternity pay during these extra four weeks will be subjected to a cap of HK$80,000. Employers are required to make these payments, and they will eventually be reimbursed by the government. Although there is no set date yet for when this expansion will go into effect, legislators have targeted Q4 2020 as a likely date.
Employers failing to abide by this new expansion when it comes into effect will be punishable by law and a hefty fine. With such strict penalties, it is recommended that all employers review maternity and paternity leave policies to ensure that they already align with the new expansion. In addition, the ordinance also allows a father to take his paternity leave up to 14 weeks after the birth of his child, expanding it from the current date of 10 weeks.
What Does This Mean?
It’s clear to see that Hong Kong is striving to keep its workers protected, even during the height of a global pandemic. With that in mind, legislative bodies, organizations and employers everywhere should be interested to see the reaction and response of employees and citizens when these new ordinances on anti-discrimination and maternity leave are rolled out in the coming weeks and months.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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eddb48d043b2476d8b0e1f397b9d6539
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/10/26/hr-and-recruitment-through-the-pandemic-lessons-from-the-front-lines/?sh=69beec7c3aac
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HR And Recruitment Through The Pandemic: Lessons From The Front Lines
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HR And Recruitment Through The Pandemic: Lessons From The Front Lines
Founder and CEO of Duffy Group Inc., a global recruitment firm whose innovative recruitment research model targets passive candidates.
getty
A new year usually comes with surprises. Even so, most of us could not have fathomed that this year would include a global pandemic and a near-Depression-era jobs market. The events of 2020 are historic, and they are changing the way we live and do business.
HR and hiring managers are facing a new normal, too, with shifting recruitment strategies to manage a partial or entirely remote workforce.
The good news is that the nation's economy is waging a comeback, though the pace of the return to pre-pandemic activity remains to be seen. Some economic indices are encouraging, like this one by Moody's Analytics and CNN Business and another by Bloomberg Economics, but there are still some burning questions.
Among them: Have we hit rock bottom, or is the worst yet to come? Will the promise of a vaccine propel our economy forward, or do we watch and wait while companies find new ways to serve customers in what has become an uncertain world? And what implications does that have on our company or clients' current workforce and hiring plans for the next year and beyond?
As I often do at Duffy Group, I met with our company's recruitment practice leaders to get a sense of what they are experiencing and how HR and hiring managers are feeling. Here's what I learned.
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Creatively Embrace Change
At the moment, the economy is a mixed bag. Some see the outlook as sunny and bright, while others see doom and gloom. Manufacturing, renewable energy, technology and some facets of health care are on a roll while restaurants, retailers, hotels and higher education are taking it on the chin, fighting their way back. Still others are undergoing a reinvention, rethinking how to do things differently. Consider the restaurants-turned-gourmet grocery stores, commercial airlines using their planes for cargo transport services and nonprofit organizations finding new ways to connect with prospective donors.
My take is that America is waging a strong economic comeback as we learn ways to defeat the virus and move business forward. For external recruiters, internal hiring managers and business leaders, that means understanding and acting upon changes created by the pandemic, including capitalizing on industries that need top talent now and embracing and engaging the current workforce to operate effectively and efficiently.
On hiring, overall the sentiment seems positive. Some industries, such as higher education, are taking things slow, while others are filling immediate openings and actively working on their hiring plans for the coming year. While companies are understandably cautious, there is reason to be optimistic.
Covid-19 has underscored to companies the importance of being nimble. As such, they value experienced workers who can hit the ground running with little or no on-the-job training. The bottom line: As employers adapt to changing times, they are seeking flexible, creative candidates who can do the same.
Extend Your Boundaries To Attract And Engage Talent
High unemployment has created a glut of candidates, though the process of finding the diamonds is laborious. Although the talent pool has grown, in many cases, the best candidates are still those who are currently employed. The good news is that with the advent of the virtual workplace, we have more prospects. Workers can live in one place and work remotely for a company located somewhere else. For recruiters and hiring managers, the key is to dig deep — beyond job postings and other traditional tactics — to find workers who are an ideal match for the jobs at hand.
The sentiment of candidates is an interesting conundrum. On the one hand, the pandemic has made candidates who are unhappy in their current roles receptive to exploring new opportunities. In contrast, it is harder to get the best talent over the finish line, as candidates contemplate the risks and rewards of leaving stable positions.
Employers are being methodical, too, by taking longer than usual to select candidates and coordinate phone or video interviews. As a result, some are losing the opportunity to hire the best talent. Now is not the time to stall hiring decisions. Finding the right workers to fill open positions can keep your firm running smoothly, pandemic or not.
Hiring managers' mindsets have shifted from finding candidates in their local markets to a broader, national view. They are embracing the virtual workplace in a much bigger way, with the majority opting for a balance between having workers split their time between working remotely and (if they are local) from the office. This presents an opportunity for recruitment and hiring leaders who now have access to an even bigger talent pool.
Covid-19 will go down as one of business leaders' biggest challenges, but there are upsides, too. Companies have learned to adapt to a changing environment, how to deploy their workforce from the office and from home and to prepare for a 2021 economic recovery that could be akin to a post-World War II economic boom.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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17d0055ba594fc24f8794c828b615b85
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/10/28/10-ways-companies-can-improve-their-intern-selection-process-in-2020/?sh=2a788df45c34
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10 Ways Companies Can Improve Their Intern Selection Process In 2020
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10 Ways Companies Can Improve Their Intern Selection Process In 2020
Fall season usually comes with an influx of new interns seeking apprenticeships in their field of interest. The fall intern search and onboarding process is an established part of a company's culture by this point. However, the world has changed drastically in the space of a mere six months, as a result of the ongoing pandemic, meaning that the intern search, onboarding and placement processes may need to be reviewed.
With so many new procedures in place, companies may need to revamp how they approach their process, as this fall’s internships will look significantly different from the previous years. Below, 10 professionals from Forbes Human Resources Council explore some of the actions businesses should take to ensure their internship process can deal with the new demands of the working environment.
Members share some ways companies can streamline their intern selection process for the current season. Photos courtesy of the individual members.
1. Consider Offering Paid Internships
With so many young jobseekers turning to virtual internships this year, companies should consider offering paid internships rather than unpaid ones. Paid internships attract candidates who will feel more invested upfront and likely take the opportunity more seriously, especially as they work from home without the in-person supervision they'd normally see when being mentored through interning. - Laura Spawn, Virtual Vocations, Inc.
2. Take A Socially-Inclusive Approach
Now is the time to take a socially-inclusive approach to internships and focus our efforts to provide life-changing opportunities to candidates from underrepresented groups. Establish partnerships with social mobility charities, who represent diverse young talent and consider gender, ethnicity, socio-economic circumstance and other areas of diversity as part of the selection criteria. - Sharon Doherty, Finastra
3. Highlight The Benefits Of Virtual Internships
Make the unique advantages of participating in a virtual internship a key feature in your intern posting, interview questions, welcome onboarding and intern projects. Positives such as increased exposure to global colleagues, project opportunities beyond the walls of site or intact team, a "buddy" system of interns from around the world, and easier access to business leaders are huge perks! - Bianca McCann, SAP SuccessFactors
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Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Put Your Company Culture On Display
Find a way to put your company culture on display. Leverage the technology you have or invest in additional technology to better connect interns to people throughout the organization. Hold open-office hours each week with senior leaders where interns can join with other employees to ask questions about the business and leadership; show you have an open, transparent and connected culture. - Sarika Lamont, Avantus Federal
5. Throw Away Geographic Restrictions
Without a clear horizon with regards to when/if it will once again be safe to work together in a physically safe manner, I recommend businesses take full advantage of securing the very best interns regardless of geography. Since we're going to be largely virtual for the foreseeable future, I say throw out any geographic restrictions you may have had and fish in a deeper talent pool! - Bryan Passman, Hunter + Esquire
6. Get Smart About The Use Of Video
Your interns are comfortable with technology, and they don't want to join an organization that's in the dark ages. Get smart about the use of video. Level up your virtual processes and procedures across the board, so the interview and onboarding experiences are seamless — even if it's all online. A rise in remote work is here to stay, and that means remote internships, too. Embrace it! - Tracy Cote, Zenefits
7. Screen For Innovation And Flexibility
Internship selection needs an overhaul to match the shifts in 2020 where innovation and flexibility helped companies survive. Companies should adopt a selection process that screens for these skill sets through business simulations where students compete to propose the best solutions on real business case studies. A degree ensures basic knowledge, but execution is king. - Tessa White, SHE Team, LLC
8. Set Up Networking Groups Or Meetings
Set up networking groups or meetings. One of the key benefits of an internship is the relationships you build either with your peers or superiors. Set up groups for them to build relationships with peers and one-on-one meetings with more senior staff members. It's hard to do that for yourself as an intern, so the company really needs to enable it. - Karla Reffold, Orpheus Cyber
9. Personalize Your Process
Personalization is key to making internships a meaningful experience in the "next normal." Tailor onboarding by creating a whole suite of hybrid activities such as virtual social hours, onsite "buddy" groups to learn intentionally, and coaches to ensure they have the right tools to succeed. Always have a check-in plan that is clearly communicated to all parties to make the best of fall for all! - Jay Polaki, HR Geckos
10. Tailor Programs To Remote Working
Companies need to focus on tailoring their internship programs toward the new normal of working from home or remote working. In addition to training managers on the structure and expected outcomes of the program, managers need to be given specific training on how to engage remote interns. Engaged interns will have a more enjoyable experience, and they will come back again for a job later. - Madhukar Govindaraju, Numly™, Inc.
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/11/03/the-case-for-international-experiences-are-you-prepared-for-global-mobility/?sh=f94cf716448b
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The Case For International Experiences: Are You Prepared For Global Mobility?
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The Case For International Experiences: Are You Prepared For Global Mobility?
CEO at Topia, the leader in Global Talent Mobility.
getty
As we adjust to life in a world with Covid-19, it seems our wanderlust is finally returning. According to Google search results, 45% of the top 100 search questions related to travel have focused on the impact of the pandemic and the desire to get back out there as soon (and as safely) as possible.
Now that remote work has proven to keep companies and their employees productive and moving forward over the past few months, the renewed desire to travel is opening some interesting possibilities for people and their employers. It turns out that maybe we don’t need to be so “grounded” in one location after all. And that realization could drive growing demand for new ways of work outside of the office, including remote work, virtual assignments and more traditional international experiences.
We already know that companies are keen on leadership with international experience. And according to our recent study, 57% of employees agree that gaining international experience is critical to career growth and mobility, especially for those interested in senior roles. In fact, before the pandemic hit, over a third of employees said they’d consider moving abroad, 24% for a long-term assignment.
At the same time, there’s tremendous potential for companies to recruit, hire and expand their talent search abroad. The uncertainties surrounding Brexit have freed up a valuable talent pool both in the U.K. and in countries where employees working abroad in England have been left in limbo. Nearly a dozen countries are now offering digital nomad visas that entice knowledge workers with short-term (usually one-year) stints around the world.
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There’s also now room for a transitional model, in which an employee will eventually need to move, but aren’t ready to do so just yet. In this hybrid, agile companies can recruit and allow these employees to work remotely at first, tapping into the talent they need now and dealing with location later.
If you haven’t guessed by now, all of this means companies could be facing both incredible opportunity and equal risk.
As Darren Murph, head of remote at GitLab, put it, what we're doing now is not remote working: “It’s crisis-induced work from home.” He’s right, and while we may have only scratched the surface of what remote work will look like, it’s already exposing huge logistical and strategic challenges that many companies have yet to fully address. As borders begin to open and people start to venture out, here’s what you need to do to prepare.
• Talent tracking: Knowing where your people are working at any given time — in real-time — is now critical. It’s incredibly easy for anyone to pack up their laptop and move two towns, two states or two countries away, set up shop and resume working without skipping a beat. Whether it’s for visiting family on the coast of France or renting an Airbnb in Mallorca, this has serious implications around labor laws and tax implications for your company. Can you rely on employees to report their whereabouts and notify you of moves?
• Compliance: Knowing where your employees are is a start, but you also need to be able to prove it. For the last six months, countries and other government entities have been relatively lax with enforcement of labor and tax laws, recognizing the crisis caused by Covid-19. But, as we settle into the new normal, it’s likely that many will begin stepping up enforcement as a means to buffer their own budgets. To justify your employees’ legal and tax standing, you’ll need to ensure compliance with audit-quality tracking and reporting. Validating location data based on logistical inputs like VPN access, GPS and other digital parameters can provide a real-time audit trail.
• Talent logistics: The ability to recruit, hire and support international workers certainly widens the talent net, but could it be too wide? Having staff that spans international borders creates logistical issues that can strain scheduling, productivity, product delivery and even relationships between employees. Will your company actually get work done if your talent spans seven, eight or more time zones? Will people in Shanghai be willing to work U.S. hours? One way to overcome this hurdle is to take a zoned or longitudinal approach, hiring from within only three time zones but spanning the equator — a New York-based company recruiting in Argentina, for example, or a London-based company from South Africa.
• Global policy: Establishing international work policies will become critical, particularly with regard to tax and intellectual property concerns, as well as health and safety requirements. While our boundaries may theoretically be unlimited, in practicality, things can look much different. Companies will need to manage financial/tax liability and IP risk alongside talent needs, and of course, ensure that employee safety is a priority.
• Cultural integration: Giving employees the ability to work from anywhere is an exciting opportunity, but it can also create some awkward moments. Providing employee acclimation tools that can help ease cultural integration will be important to maintaining credibility and respect among an increasingly diverse team. In addition to language courses, offering content to introduce new locales, cultural norms and communication styles can help ease the transition, whether you are in person or on Zoom.
Where once only a handful of employees may have been willing to pursue international experience, as more companies embrace remote work, they’ll need to prepare for a potential surge in global employees (whether through hiring or mobility). The reality is the future is quite unknown. That’s why implementing programs and policies to support a global, agile workforce now is critical to capitalizing on opportunities and minimizing risk down the road.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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f51fc60d7addce3546bcccdbc5aac8c6
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/11/04/13-strategies-for-training-new-employees-efficiently/?sh=1f1100016b46
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13 Strategies For Training New Employees Efficiently
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13 Strategies For Training New Employees Efficiently
When a company hires a new employee, there is a lag time between their entry and their contribution to the organization. During this lag time, it's up to management and peers to train them and teach them the skills necessary to accomplish their tasks.
Unfortunately, training takes time, and if the department is disorganized or there is no practical methodology to the processes involved, the lag time could grow exponentially. Training is an investment, from which the business expects productivity as the return.
To help, 13 professionals from Forbes Human Resources Council offer their most successful strategies for training employees so that they can start contributing to the company as quickly as possible.
Members offer their best strategies for training new employees in your organization. Photos courtesy of the individual members.
1. Have Clear SOPs For Their Jobs
Proper support starts prior to your new hire beginning. Ensure that your team members have up-to-date standard operating procedures (SOPs) for their jobs. So when someone is out for an extended period or they move on and you have to hire a replacement, the nuances of the position's responsibilities are accurately captured and available — aiding in the next person's success. - Rebecca Edwards, Infinite HR of Charlotte
2. Tailor Your Training To The Employee
Training should always be tailored to the employee. Have an open dialogue about how they learn best. Is it through training documents with step-by-step instructions? Or do they learn by doing it themselves as the manager provides instructions? Once a manager has this information and can tailor their training, learning for the new employee will be much more effective. - Kerry Andolina, COMME des GARÇONS/Dover Street Market
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3. Give Them Structure And Time
Give them structure and time for self-discovery. Create an onboarding map that allows them to dive into where they need to. Then, create a loop for reporting back so they can summarize their learnings and ensure knowledge is being transferred. This mindset provides transparency into where their gut takes them and creates opportunities for one-to-one connection. - Keri Higgins Bigelow, LivingHR, Inc.
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4. Leverage Tech Tools And Automation
Leverage tech tools and automation to streamline the time-consuming admin tasks that come with bringing on new employees. When new hires don’t have to spend time on cumbersome paperwork, both employees and their managers can focus on training, mentorship and immersing in the company’s culture from day one. - Cecile Alper-Leroux, UKG (Ultimate Kronos Group)
5. Ensure Alignment Of Expectations
Alignment of expectations is extremely critical for the new employee. This can be achieved by proper orientation from the manager and other stakeholders. Having a 30-60-90-day plan clarifies "what" needs to be done and "how" it can be done. This plan helps the new employee ease into the new culture of the organization. - Kumar Abhishek, S&P Global
6. Having All Training Materials In One Place
Having a reliable location where the employee can find trainings and answers to their questions all in one place is critical. Invest in your intranet, make sure it is up to date, and post everything your new hire might need in a way that is clear and easy to navigate. This will save everyone time and allow your new hire to prioritize their learning so they can be productive much faster. - Tracy Cote, Zenefits
7. Create A Trello Board With All The Information
Create a Trello board containing all of the information a new employee needs, along with when they will need that information. Have dedicated sections for the first day, first week, first 30, 60 and 90 days. The onboarding process is ongoing. We throw so much at them that it is hard to remember everything. The Trello board is always there for them to refer back to for any information they may have forgotten. - Amy Casciotti, TechSmith Corporation
8. Have Them Shadow Other Employees
Allowing the new employees to shadow more experienced employees for one or two weeks is a great training strategy. Also, managers should invite the new hires to participate as observers in key meetings so that they can witness the company culture and people dynamics. - Olga Sanchez, GFR Services
9. Pair New Hires With A Mentor
Pair new employees with a mentor. This person is different from someone who will train the new employee on their job duties. A mentor will provide the ins and outs of the company culture. They will be the person the new employee can feel comfortable with to ask ancillary questions. - Quyen Nguyen, American Medical Technologies
10. Embrace Experiential Learning
Nothing is better than experiential learning. Like one cannot read a book to ride a bike, the approach has to be “observe, learn, do, teach.” This completes the full lifecycle of being a beginner to being a practitioner of your craft. - Srikant Chellappa, Engagedly | Mentoring Complete
11. Make Sure They Understand Your Culture
Make sure the new hires understand the corporate culture and how the organization got to the place where it’s at today. Learning the culture can often take the longest, so gathering several people’s perspectives at the start can be helpful to know what’s expected of you, how teams work together, how work gets done and if the values of the company are just words on a wall or a part of their everyday life. - Jennifer Reimert, Workhuman
12. Implement A Blended Coaching Approach
Onboarding new employees using a blended coaching approach works! Bite-sized digital modules containing fundamental knowledge, followed by virtual collaboration rooms where employees exchange notes on how this new knowledge helped them in the field, fosters stronger bonding with the team and builds confidence in the performance of the new role. Also, social learning enables meaningful engagement. - Jay Polaki, HR Geckos
13. Get Feedback From Those Currently In The Role
I always find it helpful to go to the subject matter experts when building a training plan — those people who are currently in the role or who have worked in the role previously. Ask them questions such as, "Looking back, what do you wish you were trained on sooner?" or "What parts of your training were most critical?" I find they often know exactly what our new employee needs. - Lindsay Gainor, Kent Power
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649c83b74d385aecc873d5e6eca5b420
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/11/17/need-to-report-a-problem-to-your-manager-heres-what-you-should-do/?sh=158e71943e6f
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Need To Report A Problem To Your Manager? Here’s What You Should Do
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Need To Report A Problem To Your Manager? Here’s What You Should Do
It doesn't matter how well you and your manager get along: When bringing up a problem, there's always a faint hint of hesitation.
Issues within the organization happen that sometimes require your manager's input. However, because of the office's social setting, complaining to your manager might cause tension within the staff, while some managers may take complaints personally.
Through all of this, lodging a complaint with your manager is necessary to bring about change and address the problem you are facing. If you do intend to bring an issue to your manager's attention, there are a few strategies you should consider.
To help, nine experts from Forbes Human Resources Council share their best tips on how new employees can approach a manager with a problem and explain why these suggestions help build a more understanding relationship.
Members offer their best advice for tactfully and professionally reporting a problem to your superior. Photos courtesy of the individual members.
1. Make Sure You Understand The Issue
Before approaching their manager, employees should prepare by understanding the problem and exploring possible solutions. Employees should approach their manager with a clear definition of the problem and the possible solutions they have considered. This strategy will lead to a more productive meeting and the manager would appreciate the proactive problem-solving demonstrated by the employees. - Ochuko Dasimaka, Career Heights Consulting, Inc.
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2. Ask If They're Open To Your Input
I believe the best way to approach your manager with a problem is to ask if they are open to your input. Once you have permission from a manager to give them the input, they will be a lot less defensive. - Max Hansen, Y Scouts
3. Have A Trust-Based Relationship
Make sure you have a trust-based relationship with your manager first, if possible. If you don't, are you able to build one? Once there is trust, bringing problems forward is a lot easier. When approaching anyone with a problem, it's important not to be accusatory but rather solutions-focused. Communicate what a successful solution would look like. - Lotus Buckner, NCH
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4. Elicit Empathy From Your Manager
Elicit empathy from your manager. I always advise employees to draw out the experiences their managers may have had and learn from them. So seek their advice by asking what they would do in this situation or how have they addressed a similar problem in the past. This allows them to not only share how they addressed a similar issue, but also empathize with you on being in the situation. - Hafiza Gujaran, AlixPartners
5. Always Go In With At Least Two Ideas
Always have at least two ideas to present about how to address the situation. Providing alternatives to address the problem gives the manager confirmation that you have considered the problem, evaluated the causes, thought through proposed consequences, and evaluated alternatives. Leadership is not about having all the answers, but leaders should evaluate alternatives before taking action. - Ralph Kellogg, Lutheran Family Services
6. Set An Agenda And Send It In Advance
Be planful. Set an agenda, send it in advance, and only schedule the amount of time you need to share the challenge. Share your approach to date and actively listen to your manager's feedback. Once you have had that meeting, follow up with a recap, expressing gratitude for the partnership. - Cat Graham, Cheer Partners
7. Try To Understand Your Manager's Perspective
Change your lenses to fit your manager's perspective. Prepare for what question they might have about the problem. The factual clarity, different angles and possible fallout of the issue would be a good starting point. Then present your view with a couple of potential solutions and ask for their feedback. These steps would build your reputation as a measured person with an opinion and open to suggestions. - Kumar Abhishek, S&P Global
8. Don't Apologize For Coming With A Problem
Don't apologize for coming to your manager with a problem. Good leaders understand that the most important part of their job is to ensure the well-being of their team. Unless you truly need to brainstorm, come with a solution as well. Even if it isn't the ultimate solution, it shows that you have taken responsibility. - Sherrie Suski, Tricon American Homes
9. Don't Come In With Emotion, But With Facts
When approaching your manager, you should always think through your approach, make sure you aren't coming in with emotion but with facts. Explain to your manager what your problem is, make them aware of anything you have done to try to remedy, and if nothing has helped, ask your manager for their advice. Problem-solve together; don't go to your manager with no solution or without having tried to fix it. - Heather Smith, Flimp Communications
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154e610bcaee2ea2886de0701c3385b9
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/11/23/good-people-and-good-businesses-finish-first/?sh=6c4485a24530
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Good People And Good Businesses Finish First
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Good People And Good Businesses Finish First
Bryan Passman is the Founder of Hunter + Esquire, a cannabis industry talent acquisition firm.
Companies that value people do well. Similarly, people who are authentic, transparent and true to themselves are companies’ best assets. When good people and good businesses come together, you have the opportunity to create a professional community with goodwill at its core, which results in more growth and prosperity for both employers and employees.
For both job seekers and hiring businesses, building goodwill begins at the interview process. It’s more important than ever for those in the hiring process to be interviewing from both sides of the table. Potential candidates should be interviewing the business just as much as the business is interviewing them.
Often, an interview process can feel like a sales presentation. However, the decision for employers and candidates to work together should be because it makes good business sense, not because either party is sold. An ideal job interview should feel like a fact-finding mission. Each party should be honest and transparent about what they bring to the table. Get all the facts from both sides and see if you’re in alignment.
A problem we often see at Hunter + Esquire is both potential candidates and hiring businesses have a tendency to not show all of their cards during the interview process. Too often, both sides feel entitled and try to take advantage of the other, which leads to a high employee turnover rate, wasted time, wasted money and failure. So what can employers and potential candidates do?
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Advice For Employers
You might still be wondering if creating goodwill within your company is entirely necessary, but it absolutely is. When you have goodwill, you become a talent magnet. Better talent improves your business which, in turn, attracts bigger and better talent. Your business becomes a powerful talent orbit, always improving the business and the lives of employees. Your company must create goodwill by treating your people as they should be treated and it starts with the selection process. Here are a few tips for employers.
• Be upfront about your company culture, the job requirements and what the employee’s future will look like. Have integrity when you explain this to a potential candidate and have their best interest in mind. If you try to “trick” them into working for you by not being completely upfront, the employee will not be happy, will likely resent his or her work and may end up leaving the company. If there’s a grey area in your business, bring it to the table so there are no secrets. Be honest and transparent. You don’t need to represent yourself as Mother Teresa, but quit the “bait and switch” or you’ll have a low employee retention rate and a failing business.
• Treat human capital well so they keep coming back for more. If there’s an opportunity or part of your business that’s not fully defined, acknowledge it and put it on the table. When you’re transparent, you’re more likely to be respected and trusted.
• Use connectional intelligence to build a stronger network of goodwill. Grow your business’s goodwill using connectional intelligence and seeking connection with good people. Your network is your net worth. Responsibly and confidentially bring connections from conversation to conversation. Grow your orbit of talent by building sturdy bridges with vendors, talent, customers and employers.
Initiatives like these could even earn your company a “Best Place to Work” award, but you must have a strong mission, value people, value culture and be transparent.
Advice For Candidates
Similarly, candidates, show up with your A-game, be honest and transparent and look for a company that aligns with both your skills and personality. There are a few ways to do this effectively:
• Accurately display yourself. Show recruiters what you have to offer and be honest about it. You won’t get hired solely based on resume and uniqueness. If you have skills that are on par and have a personality that aligns with the company, recruiters will prioritize you over someone with a better resume but a terrible personality.
• Be honest and transparent. Candidates need to bring honesty and transparency to the table. When companies are selecting the right person for the job, it’s a disservice to both you and the company if you’re not authentic.
• Have integrity. In the cannabis industry, as with other more established industries, businesses often seek out “unicorn” candidates that possess sharp functional skills and recent industry experience. The problem is that sometimes this “unicorn” candidate knows how desired they are and they leverage every bit they can. If you’re going to alter your compensation or title demands after winning the job, there’s a chance you’ll be cut because of a lack of integrity. Taking advantage of your desirability is not how you develop strong, lasting relationships and goodwill. Instead, consider the best interests of both you and the company and assess if those interests are a match.
• Put your best foot forward with recruiters. If you’re working with a recruiter, be sure to extend the same kind of courtesy and transparency to them that you would with potential employers. Recruiters want to find a good fit for you, but they can’t stand behind you or recommend you to potential employers if you treat them poorly as it would diminish the goodwill between the recruiting firm and the employer.
Conclusion
Both employers and candidates will benefit long-term by creating goodwill from the very beginning of their business relationship. As Warren Buffet once said, “It’s only when the tide goes out that you learn who has been swimming naked.” The worst of people are exposed eventually, especially during hard times like the ones we’re experiencing now; but if you’re not hiding anything, then you don’t have to worry about indecent exposure.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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1c53412d08072b2d3c023f0d24f9144d
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/11/30/count-your-business-blessings-theres-actually-a-lot-to-be-grateful-for-this-thanksgiving/?sh=4240c5bd3d07
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Count Your Business Blessings, There’s Actually A Lot To Be Grateful For This Thanksgiving
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Count Your Business Blessings, There’s Actually A Lot To Be Grateful For This Thanksgiving
CEO and founder of Grokker, the on-demand well-being engagement solution, personalized to match employees' needs and abilities.
2020 has been one of the most stressful years in modern history, but instead of cataloging its challenges — and there have been many — let’s take a few moments to bask in the silver lining and the albeit mixed blessings the year has produced, specifically for employees and their employers.
This Too Shall Pass — And Strengthen Us.
Everything we’ve experienced this past year has given us the gift of resilience, a gift that’s as valuable to a business as it is to its employees. Research examined by Harvard Business Review shows that those who are the most intimately exposed to suffering benefit from higher resilience levels, and — specifically for the workforce — the more changes one absorbs, such as layoffs or furloughs, sheltering in place and change in work hours, the more resilient one becomes.
Resilience en masse, especially when it’s guided by strong leadership and an organizational growth mindset, is what gives a workforce culture a beautiful combination of humility, grit and consciousness that it couldn’t really achieve any other way. Since the outbreak of the pandemic, things have gotten better for employees across several key indicators of organizational (not to mention employee) health.
Personal Connections, Prioritized
When employees had to unexpectedly begin social distancing and many pivoted to working in relative isolation at home, companies quickly recognized the importance — and need — for connection. It’s required for effective virtual collaboration, of course, but social belonging and camaraderie are central to maintaining cultural ties. As a result, companies are exploring new ways to meaningfully connect colleagues using both technology (e.g., video meetings and instant messaging apps) and workday practices (e.g., kicking off meetings with social banter and virtual happy hours).
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These connectivity tactics will become entrenched in the “new normal” and won’t simply fall out of favor — because, thankfully, they really work. A Boston Consulting Group (BCG) study analyzing employee sentiment on workplace changes brought on by Covid-19 found that U.S. employees who reported satisfaction with social connectivity with their colleagues were approximately 3.2 times more likely to say they were as productive or more productive than they were pre-Covid-19.
Engagement And Productivity For The Win
Since 2000, Gallup has been tracking the relatively steady metric of employee engagement. They reported that in 2020 — surely to no one’s surprise — engagement levels fluctuated more than ever before. “After a wild summer,” they said, “...engagement has reverted back to pre-Covid-19 levels,” noting that the pandemic-related disruptions to the workplace had a short-lived negative impact on organizations who have shown a commitment to finding and implementing solutions and interventions that enable employees to engage — and work effectively.
BCG also had this to say about new ways of working: “Understanding the drivers of productivity in this new environment and designing appropriate, sustainable working models are crucial to the success of work.” In fact, employees in their study said that during the pandemic, they have been able to maintain or improve productivity on both their individual and collaborative tasks.
We can be thankful that we have new insights into the advantages of remote working and what it takes to conduct business and keep employees supported and productive across their various individual or team-based daily tasks. We will certainly carry these practices— more flexible schedules that accommodate working from home, for example — into an even more productive and more human post-pandemic world.
Well-Being Is Having Its Moment
A workforce culture that values and prioritizes employee well-being, coupled with empathetic leadership and benefits that support the whole person, can actually thrive — not just survive — during these chaotic and uncertain times. We can be thankful for the fact that employers are getting the message that employees can’t (and don’t want to) “go it alone” and are therefore providing more resources to help them cope.
According to Willis Towers Watson, 89% of employers have put measures in place to ensure that employees feel supported during this time, and a Quantum Workplace survey on the impact of Covid-19 on employee engagement found increases in employees’ perceptions that “Our culture supports my health and well-being” and “My job gives me flexibility to meet the needs of both my work and personal life.”
Effective well-being benefits — the kind that employees will thank you for — include providing resources that help make employees’ lives easier, when, where and how they need it. Importantly, they give employees access to self-care tools they can use to manage stress, beat burnout and perform the daily activities that help them feel their best, from doing a workout video to listening to a calming sleep story.
Spreading The Gratitude
Employers are clearly doing the right things at a time when people need all the positivity and support they can get. So, keep it up — it’s making a difference!
• Show your gratitude! As discussed in an article by Forbes, leadership experts Adrian Gostick and Chester Elton see gratitude as “one of the easiest, fastest and cheapest ways for managers to boost performance and employee engagement.”
• Strive to understand your employees — and show you care. Continue to survey employees and informally check in with them. Ask them, hear them and act on their insights by introducing new guidelines and tools that build on your successes.
• Celebrate small wins. With so much doom and gloom all year, people need permission to be OK with what they have accomplished under exceptional circumstances. Recently, when Grokker was named one of the Fortune 100 Best Small Workplaces, we sent out cookies to every employee to thank them and celebrate the achievement.
Moving into the holiday season, keep working toward being an organization that takes action and responds positively, despite the obstacles in our midst — and remember, as long as we have our employees, we have much to be grateful for.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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446e8b7ddfe6f773a08babbb40bf880a
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/12/08/what-makes-your-job-descriptions-stand-out-13-key-components/?sh=548e42c31405
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What Makes Your Job Descriptions Stand Out? 13 Key Components
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What Makes Your Job Descriptions Stand Out? 13 Key Components
If a company wants to find the most talented individuals to fit their organization, it needs an attractive job description. With so many businesses competing for talent, it's up to the organization to make a profound impact on the potential applicant first to draw them into applying for the job.
Unfortunately, not all job listings are expertly crafted, and many of them leave a lot to be desired. How can a business interest the top tiers of talent with their job description? Thirteen experts from Forbes Human Resources Council delve into the constituent parts of a well-crafted job description and explain how these make the position enticing to potential applicants.
Members explain what elements make a job description stand out to candidates. Photos courtesy of the individual members.
1. Intentionality Behind Language
A well-crafted job description doesn't leave talent on the sidelines. Studies have shown that men apply for a job when they meet 60% of the qualifications, while women apply only if they meet 100%. A well-crafted job description has intentionality behind language that focuses on potential, fit and transferable experience rather than an industry-specific checklist of skills and requirements. - Addie Swartz, reacHIRE
2. A Glimpse Of The Culture
A well crafted job description gives the applicant a glimpse of the culture of the organization along with what a typical day looks like in terms of responsibilities. It helps the organization attract candidates that are a culture fit and those with the right skill sets. - Suchi Kommi, Hubbell Incorporation
3. Boundaries Of The Role
Well-crafted job descriptions describe the influence, autonomy and decision-making offered by the position. They help candidates understand the boundaries of the role. They preview the freedom available to exercise the candidate's expertise and creativity. They also give a glimpse into culture — is there room for innovation and experimentation? - Karen Crone, Paycor, Inc.
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Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
4. Description Of Employee Impact
I love job descriptions that describe how an employee will make an impact on the company. People want more than just a paycheck — they want to matter to the company. Highlighting how the role and employee contribute to the success of their colleagues and the company can be a great way to attract strong talent. - Jennifer Dill, Data Innovations LLC
5. The Problem That Needs Solving
The job descriptions that best catch my attention are the ones that define the problem I’m helping the company solve. Reviewing specific job duties and responsibilities helps me evaluate if the role aligns with my skill sets. However, understanding from the start how my contributions will help the company meet its mission gets me excited! - Cassandra Rose, Sprinklr
6. Required And Preferable Skills
Companies should specifically clarify required and preferable skills, both hard and soft. Most companies focus on hard skills and leave out soft skills in their job descriptions. It is important to call out all the critical skills required for the candidate to be successful in that role. Transparency and clarity in expectation setting are critical enticing factors for prospective candidates. - Madhukar Govindaraju, Numly™, Inc.
7. Traits You Are Seeking
Candidates want to imagine themselves flourishing in the role. Go beyond job skills by including traits you're seeking. Words like enthusiastic, motivated, self-starter, creative or positive capture the essence of the role and will help candidates imagine themselves as part of your company's team. - Courtney Pace, Ph.D., FedEx Employees Credit Assoc.
8. Professional Growth Opportunities
Candidates want to know how a position can lead to professional growth and future opportunities. No one wants to take a job that lacks a forward trajectory. Make sure a job description specifically addresses the growth possibilities inherent in the role and the kind of training/development support that will be given by the organization to help the candidate achieve readiness for the next step. - Heide Abelli, Skillsoft
9. Description Of Day-To-Day Work
The best job descriptions tell it like it is: what you'll actually do every day and the legitimate skills and experiences you need to bring to the table. All too often, recruiters tick the box and dredge up some ancient job posting to advertise the role, then wonder why they aren't getting many qualified inbound candidates. Make it real, and the role will resonate with your target audience. - Tracy Cote, Zenefits
10. Brevity And Clarity
A good job description should be succinct. These should be job ads and not job descriptions. Effective marketing needs to be simple, clear and purposeful. However, it is imperative that they reflect reality; otherwise, you are likely to see high early attrition, which can be even more damaging on a medium-term scale. - Paul Phillips, Avanade
11. Diversity Commitment
A statement from the company around your diversity hiring is imperative. Invite candidates who may not meet every qualification of your job posting to apply. This will expand your candidate pool to include more women and underrepresented groups, and you can feel even more confident that you are finding talent that will add to your culture. - Jessica Adams, Brad's Deals
12. What Success Looks Like
Job descriptions can be dry, and yet employees and candidates look to them to understand the essence of a job — to understand both what is expected and if they are qualified for the position. Well-crafted job descriptions bring the job responsibilities and qualifications to life in a way that embodies the organization's culture, the spirit of the job and what success looks like in the role. - Jennifer Marszalek, Home Chef
13. Alignment With Company Success
When a job description includes the company’s mission, vision, goals and/or values, it sends a strong message to applicants. It shows how closely aligned each position is with the overall success of the company and that every employee, from entry level to executive, plays an important role. It also gives applicants insight into what's important to the organization. - Regina W. Romeo, CPS HR Consulting
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c97ac5f1677cd7d6f878cf077eb0cf56
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/12/10/why-empathy-and-emotional-intelligence-are-more-important-than-ever-for-leaders/?sh=87edbb64fb8c
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Why Empathy And Emotional Intelligence Are More Important Than Ever For Leaders
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Why Empathy And Emotional Intelligence Are More Important Than Ever For Leaders
Kristina Johnson is Okta’s Chief People Officer, leading the organization’s global People function.
getty
No previous history lesson or business playbook could have prepared us for the radical changes that swept across our world and our workplaces this past year. As employees sign on to work from their homes or adapt to a hybrid workforce environment, they are not only battling the fears and unknowns of the Covid-19 pandemic, but they are also getting pulled in every direction across their home, community, family and peers.
Everyone is affected by the racial injustice in the nation, the global pandemic and our recent presidential election in varying ways. As a result, emotions are high and conversations on these topics have entered the workplace this year in a way we’ve never seen before.
These events have forced leaders and organizations to make decisions about how to approach discussions about politics and social issues. Coinbase caught the tech industry’s attention when its CEO urged employees to “focus minimally” on politics and social causes, prompting 5% of employees to leave entirely. Other companies like Expensify took the opposite approach, actively urging stakeholders to vote for the Democratic candidate in the presidential election.
While companies are divided in how they handle these conversations, this tumultuous year illustrated how difficult it is to keep talk of wider political and social issues out of the office — virtual or not. Companies have the chance to infuse every workplace discussion with empathy and better support employees, no matter how they feel about specific issues. At Okta, we’re proud of the steps we’ve taken this year to support our employees. Whether supporting a workforce with diverse opinions or knowing when to speak up, here are some lessons we’ve learned.
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Give every voice an opportunity to be heard.
From children running in the background of Zoom calls to discussions about the election on Slack, employees’ personal and work lives will continue to overlap. Companies shouldn’t shy away from this but encourage employees to bring their full selves to work — especially with these issues weighing heavily on them — as long as they remain respectful to colleagues and customers. As employers, it’s important to be inclusive of all viewpoints, but there is a way to go about this that fosters a respectful environment.
According to one study by the Associated Press, more than half of employees said the pandemic increased their stress, and 68% of working parents whose schools or daycares have closed “describe the pandemic as a major basis of stress.” Another survey found the U.S. presidential election was a significant source of stress for 68% of respondents, while only 52% said the same in 2016. Acknowledging and understanding this stress is critical to supporting employees during challenging times.
If employees want to talk about these issues, it’s essential that employers set an example and provide safe, respectful ways to do so. For example, we encourage employees to submit anonymous questions for our all-hands meetings. This year, our CEO fielded questions about our response to this year’s major concerns, from racial injustice to the election. Other formats, like issue-specific town halls with experts or ERG programs that are open to every employee, can address employee concerns and invite them to share their opinions, even if they disagree with company leaders.
Companies can also support employees by offering free mental health resources like Modern Health, which confidentially provides access to personal coaches and therapists to counsel them through stressful situations, and Headspace, a meditation app. With these channels and resources in place, company leaders signal to employees that they’re aware of the issues affecting them and ready to listen if needed.
Foster empathy throughout the office, leading by example.
Start by proactively communicating expectations around having personal discussions in the workplace, both virtual and in-person. Encourage everyone to prioritize understanding and kindness, provide helpful resources and make it known that inappropriate or disrespectful language isn’t tolerated.
For example, our CEO sent a note to all employees immediately following Election Day as everyone awaited the outcome. In it, he reminded us of a core value — acting with integrity — and encouraged employees to put empathy into every interaction with others, no matter the outcome of the election.
Those managing employees through distressing times must prioritize emotional intelligence (EI). Not only will it allow leaders to establish more dynamic relationships with those they manage, but higher EI also encourages more inclusive and engaging workplaces. A Yale-led study found that employees with emotionally intelligent leaders thought positively about their workplace, and when describing their work, “nearly two-thirds of the words they used were positive.” On the other hand, 70% of employees with supervisors showing little emotional intelligence had primarily negative feelings about work. EI takes time to develop, and workshops and online courses are worthwhile investments for managers at every level.
Stand up for your employees.
Fostering a more empathetic workplace requires leaders to take a stand on issues that are important to the business. This year, Okta’s leaders spoke out on matters that directly affected our customers, partners and employees, such as the H-1B visa ban. Stricter rules for H-1B visas hinder the technology industry’s ability to innovate and compete on a global scale, so our leaders made our position known.
Put a communications plan in place that discusses the issue at hand and how it will affect the company. Likewise, conduct a listening tour to understand employees’ needs and experiences of those most affected by a specific policy or issue. Look to Regions Bank for an example: Following the death of George Floyd, the company’s leaders set out on a virtual listening tour, giving teams a chance to directly share opinions and practical ways to address racial injustice.
As the year comes to an end, the issues that dominated 2020 are far from resolved. They will continue to affect how we work and live, and how the two blend together. But one thing remains certain: We can build more resilient, inclusive organizations by encouraging empathy and understanding across every workplace interaction.
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9b75a530268b58392f54d49387678de5
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/12/11/transforming-a-work-culture-during-a-pandemic/?sh=12ffd8935eec
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Transforming A Work Culture During A Pandemic
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Transforming A Work Culture During A Pandemic
Ben DeSpain is the Chief People Officer of Velocity, a Managed Services company.
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For my company and many others, the Covid-19 pandemic has been like the tide going out on the shore. As the waters receded, we saw what lay beneath — good and bad. The pandemic has revealed the "rocks" that existed in our culture — both the challenges in our path and our most important priorities. This has been an opportunity to see, in real-time, what has enabled our ability to successfully navigate unforeseen challenges, what has limited our ability to respond and, most importantly, to experience the immediate impact of where we fell short.
As a young and growing company, our team already knew that we needed to make some cultural changes to continue to grow. The surprise onset of Covid-19 accelerated this process, forcing us to revolutionize our culture and our tech in ways that went beyond our original plans.
Early in the crisis, our company's leadership team made a decision: we weren't going to lay off a single person. "That's not an option," our CEO, Greg Kiley, said in our March leadership meeting. "We're going to find a way to keep everyone and we're not going to put them in harm's way." At the same time, we vowed to continue delivering services to all of our customers without interruption.
In response to this mandate, like many companies, we swiftly moved about 90% of our workforce to remote work. In doing so, we quickly learned where our "rocks" were that had to be removed to keep the business running and how to remove them effectively. Here's how you can, too.
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Use Technology To Reimagine Leadership
Our work culture had been one in which our leaders relied on being physically present with their teams and on the ability to see and interact with them every day. Having physical office space had enabled us to deliver seamless and comprehensive customer service — and this was hard to do remotely with teams juggling remote requests for assistance across a variety of platforms.
This demanded that we bring our leadership and organizational systems to the next level. We needed to provide training and discussions to our teams, teaching them how to continue to deliver a seamless customer service experience. It required a combination of technology and a strengthening of leadership fundamentals.
In today's environment, there are a lot of technology tools on the market. Companies need to look at their processes and determine where they experience the most "pain" in terms of effectiveness and efficiency. Use that as the guide when shopping for technology solutions. In situations like this, companies should go back to basics and ensure that their leaders are communicating effectively, able to give and receive feedback and put extra effort into employee recognition.
Measure Output
Prior to the pandemic, we focused too much on measuring employee input to gauge productivity. As a result, it was difficult to measure the productivity of our employees when working from home versus in our office environment. We had to switch to focus more on the output and how to effectively measure that.
Implementing a call center management software platform that gives us real-time productivity metrics greatly increased our ability to measure output. Conversations about how changes to our approach affect productivity are now happening, and in the future, we will be able to use these to optimize our productivity.
Organizations should examine their current ways of measuring productivity and reevaluate if these measures are truly able to capture productivity.
Implement Training And Onboarding Technology
Without the option of in-person training, we struggled to effectively onboard and train new employees or implement training updates for existing staff. We saw this gap as an opportunity to implement a learning management system (LMS) — a move that has already paid for itself.
We now have a full online training and onboarding curriculum that has enabled us to hire and train new remote employees. As our company continues to grow, this LMS will be useful far beyond our current situation and will enable us to continue to scale rapidly.
As with any technology solution, if a company is evaluating LMS options, they should pick one that is simple to use (both as an administrator and a user, including being mobile-friendly), integrates well into other systems and is scalable to accommodate future needs and growth plans.
With new hires now joining the company remotely, we realized how much our cultural onboarding relied on our brick-and-mortar presence. Communicating our values and ensuring that our employees feel included was easier to do when we all shared an office. We’re now working to codify those cultural aspects into media formats that communicate the warmth of an in-person welcome. Necessity has forced us to create a system that builds a great employee experience, where employees feel welcomed and valued, whether they are setting foot in our building or not. We still have work to do here, but we welcome that opportunity.
The best way we've found to communicate values and culture to new and existing staff is through stories. That gets difficult when onboarding is remote, but the more a company can document its values and culture through stories, whether in written form, video or other media, the more it can be easily conveyed to new team members.
Takeaways
The current crisis has forced us to mature and we are determined to use this opportunity to its fullest extent. I know that I will be forever changed by having to pause and work with employees on a case-by-case basis and to see the individual impact of these decisions, such as the single parent working the night shift since she can now work remotely and her children can stay home and sleep in their own beds while she works. Many employees have reported that such flexibility has made a huge difference in their quality of life — and that shouldn't end when Covid does.
We don't know how long this pandemic will last, or what its full effects will be, but we do know that it has forced us to grow in ways that may otherwise have taken us years. It's allowed us to create new flexibilities to support our employees and new tools to help us optimize. This situation presents an opportunity to accelerate cultural change and transformation to create resilience for the future. For us as individuals, and as companies, the challenge has been in learning how to survive through this uncertainty. The opportunity is to learn how to thrive.
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311ff5d78092417a7a337bbcdcfc72e8
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/12/23/five-learning-and-development-trends-to-watch-for-in-2021/?sh=5345ce24d2f1
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Five Learning And Development Trends To Watch For In 2021
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Five Learning And Development Trends To Watch For In 2021
Steven Dineen is the Founder & President of enterprise learning platform, Fuse.
The digitization of learning and development (L&D) went into overdrive when the pandemic hit and 2020 has seen corporate L&D catapulted to the top of the business agenda. It's been a revolutionary year, to say the least, and for many learning leaders, more of a white-knuckled ride.
In light of the accelerated transformation of learning, and with the industry forever changed, what can we expect to see from L&D in 2021? Here are five trends to look out for:
1. Rapid Reskilling
The cataclysmic shift to remote work called for the immediate upskilling and reskilling of entire workforces, often disparately located and speaking multiple languages. That's a far cry from just 12 months ago when learning leaders were planning for skills gaps two years in advance. The pandemic has removed the luxury of time, and with new knowledge being created faster than ever, it's also deterred leaders from spending months creating learning experiences that have a short sell-by date. That's no bad thing given that far-in-advance L&D planning has always seemed nonsensical.
The order of the day is agility, and it is this — not forward planning alone — that will dominate L&D conversations in 2021. Agile learning methodologies that focus on speed, flexibility and collaboration are the future of L&D. This is the approach that will enable leaders to better manage the revolving door of perpetual skills gaps by ensuring people are rapidly reskilled for the benefit of work and business performance.
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2. Performance Over Skills
L&D has finally taken its rightful seat at the head of the table, but not without creating increased pressure on Chief Learning Officers and others who hold responsibility for learning to demonstrate its tangible impact on the bottom line. It's a growing trend that will see learning design become increasingly scrutinized for its ability to drive business performance, with a welcome secondary consequence being the end of reskilling for the sake of reskilling.
In line with this, we can also expect to see a continued rise in the number of transformer CLOs as the traditional remit of skills development is replaced with a longer lens focusing on overall business performance. Although this is still an emerging trend, it will soon become a deafening drumbeat as L&D programs are widely redesigned to drive performance ahead of skills.
3. Corporate Learning Will Be An Everyday Thing
There will also be a marked uptick in learning "on the job" or "in the flow of work" next year as more and more business leaders realize the significance of integrating learning into people's everyday work as a means of developing applicable skills.
This will signal the final nail in the coffin for scheduled Thursday afternoon "sit-down-and-do" learning — and it's the beginning of L&D becoming an everyday activity where people are actively engaged in searching for the trusted answers and knowledge they need to satisfy their curiosity and perform better at work.
4. Integrating Virtual With Digital
When the first wave of Covid hit, some L&D teams went into reactive mode as they scrambled to make the transition from classroom learning to a digital-first model. The transformation to digital has been rapid in all areas, but the progression in L&D over the past 10 months is arguably greater than that seen over the last 10 years.
So with the L&D department now having more time to take stock, the key question is this: What should holistic learning look like next year?
The good thing, if you'll excuse the pun, is that leaders have been quick to learn what does and doesn't work in this pandemic. There was, for example, the quick realization that constant Zooming can be draining and disengaging for learners and so it's been known for some time that simply switching to a virtual classroom is not the solution.
Instead, the answer lies in marrying the best of a reimagined virtual L&D with the best of digital learning — and striking the right balance in these terms will feature high on the business priority list next year. There is more to this than just achieving the optimum blend, however, because any integration of virtual with digital must also be underpinned by learning in context and inflow and, crucially, it must support remote learners' heightened demand for value and social interaction.
5. Learning Designed By Data
Perhaps the biggest — and most far-reaching — L&D trend for 2021 will be the mainstream adoption of data in corporate learning design. Yes, progressive companies have been doing this for some time, but next year this will become the standard approach.
The overarching benefits? Business leaders will be empowered to ask the right questions at the right time in order to understand what matters most and design learning solutions with both learner and organizational outcomes in mind.
At the same time, and armed with data-driven insight for the first time, more and more organizations will swap stand-alone learning for a culture of continuous learning for the benefit of work — as characterized by active engagement and tapping into tacit organizational knowledge. The result? A self-perpetuating cycle of learning success that can be iterated when needed and which will positively transform the world of corporate learning.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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5e669a8433a37311916e42c86bc39d4c
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/06/how-to-improve-communication-among-conflict-avoidant-teams/?sh=75001a036637&utm_campaign=Retrium%2BAgile%2BRoundup&utm_medium=web&utm_source=Retrium_Agile_Roundup_57
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How To Improve Communication Among Conflict-Avoidant Teams
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How To Improve Communication Among Conflict-Avoidant Teams
Founder & CEO of Reverb. Author of Female Firebrands: Stories and Techniques to Ignite Change, Take Control, and Succeed in the Workplace.
You may bristle at the word conflict, but in fact, a certain amount of conflict is healthy. Teams that avoid hard conversations miss opportunities to hear differing opinions and can experience a false sense of harmony since people aren't comfortable expressing disagreement. People may nod along in silence while expressing discontent behind closed doors.
Here's a recent example from my own HR consulting firm. My staff and I had been brainstorming off and on for several months about a new service we wanted to launch. We had many conversations but at the end of each, we knew we hadn't quite nailed the solution that would best serve our clients. After a weekend of deep thought, I believed I finally had it!
Normalize debate and disagreement.
When I enthusiastically shared my new idea at our Tuesday morning meeting, one person said, "I think that's a great idea, and here's why..." and went on to explain her point of view. When she was finished, another member of my staff said "Well, no, I don't think that's a good idea at all, and here's why..." She went on to make several valid points. They both did. After rethinking my initial plan and incorporating their feedback, we finally came up with a service that we all felt confident enough to pilot.
You might be thinking, "How dare your staff member publicly shoot down your idea" or "Wow, you're lucky to have a team that's comfortable telling you you're wrong." When teams readily disagree, debate, and don't let hierarchy get in the way of expressing their views, this is one indicator of psychological safety.
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It's something we've worked on and is still a work in progress. We created team norms that guide our interactions, and point out or own up when we make mistakes. Over the last couple of years, I'm confident we've moved from being conflict avoidant (nice) to a place where we share feedback and express disagreement (kind). This work is never done, but we're on a good path.
Teams don't start out good at conflict, but they can get better.
It's important to understand that teams don't start with the ability to engage in healthy conflict — it takes intentional time and effort. It requires leaders to role model trust, curiosity and vulnerability. With over 20 years in human resources, I can tell you I've never once met a team that started out good at conflict and hard conversations. But I've watched many teams improve their conflict competence skills.
If you'd like your team to get better at conflict, here's where I'd start.
1. Address Unwanted Behavior
If you've never talked about what healthy conflict looks like, your team probably has no idea what you expect. Some people might be too aggressive and overly direct (rude). Sometimes we make excuses for them by saying things like, "He doesn't suffer fools gladly" or "That's just how she is — don't take it personally."
I'm all for clear communication, but I draw the line at rudeness. When your team member makes a rude or aggressive remark, you've got to say something. I know you don't want to call them out or put them on the spot. Still, if you don't speak up publicly then everyone assumes this behavior is fine. After all, you're condoning it. Not sure what to say? Try one of these for starters:
• I'm surprised to hear you say that.
• Can you clarify what you mean?
• I'm sure it's not how you intended it, but that felt pretty abrasive.
2. Use Your Values
If your company has established values, there's likely something in there about respect and kindness, or healthy disagreement and winning together. Whichever of these resonates most with your team, find ways to link your values to the behaviors you expect.
For instance, we have a value of kindness. If someone makes an overly pointed remark we may ask, "Is there a kinder way to say that?" When we share written feedback, we lean on the work of Brené Brown by asking ourselves, "Is that clear and kind?"
In summary, you need to start with clear expectations and boundaries about how you want people to behave and express themselves. Organizations emulate their leaders, so the more senior or influential you are, the more important it is that you lean into and lead hard conversations. Seek out disagreement, normalize debate and reward people who constructively share what's on their minds, even and especially when they disagree.
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4035d2f2a41c8d508a088b4457d19eb1
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/08/2020-was-the-year-of-learning-for-hr/?sh=6a7614854815
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2020 Was The Year Of Learning For HR
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2020 Was The Year Of Learning For HR
Chief Human Resources Officer at Reflektive, helping employees and managers work better together.
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Do you remember Andra Day's song "Rise Up" from 2015? This is what comes to mind when I look back at 2020, feeling like we're on a merry-go-round while trying to rise above it all. We all needed reminders to "rise up" together.
When I pause and reflect on the past days, weeks and months, 2020 will be remembered for presenting inordinate challenges. Those of us in HR felt deeply the significance, and sometimes overwhelming challenge, of our role in keeping employees safe and sane during this time of crisis-driven change — with a global pandemic, economic volatility, widespread racial injustice and a contentious presidential election all going on while we were isolated and physically apart.
Beginning in late February, I had frequent conversations with my peers on the executive team and fellow HR professionals to determine how to respond. Change was occurring rapidly, as the initial information we were receiving from health authorities and the government was scattershot and not always in sync. Without reliable information or a "what to do in a pandemic" playbook, we questioned what our next steps should be.
We were learning on the fly, both about the virus itself and what our employees needed. As we received more data about the virus and began to understand its severity, we realized that employees needed reassurance from HR and consistency in our approach. This, coupled with the ability to adapt, became a core part of our playbook.
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We recognized that during times of uncertainty, a genuinely caring work environment makes an incredible difference in people's lives. We as leaders strive to provide this for our employees.
We also recognized that as employees adapted to working remotely, two-way communication to help foster collaboration and employee connection are key to boosting employee morale. HR leaders made sure to keep employee feedback front and center and to promote clear and frequent communication between managers and employees.
Data emerged as an essential tool to understand how employees were doing and also to determine the success of new programs. Leaders relied heavily on insights garnered from engagement surveys to inform their new initiatives. It's imperative to be intentional about your goals and how you're going to measure them. Check-ins must be aligned with what employees find most valuable, as well as with the behavior the company needs to see.
At my company specifically, we implemented new programs to ensure employees felt productive, connected and in general were doing OK while working remotely. Two of them included monthly fireside chats with the CEO and a gratitude program to help employees show appreciation for one another, to build resilience.
It may seem counterintuitive, but particularly during uncertain times, it is important to continue with review cycles. Employees are seeking certainty, and companies can provide this to them by answering two of the top questions on their minds: 1) How am I doing? and 2) How can I grow here?
2020 Takeaways
As we embark on 2021, the best HR leaders are taking stock of what we learned, what we wish we had done and what we can carry forward from 2020. Here are some of those lessons learned and takeaways:
• Data is your friend. We have access to more data than ever, and understanding that data can really help grow and evolve your HR team.
• Don't be reactionary; be mindful of how you respond.
• Choose credible sources wisely — intentionally decide who to listen to. Make decisions based on your culture, your people and your data.
• How you communicate will continue to be critical, as the workforce will remain remote for the foreseeable future. Given this new reality, HR teams and executives need to ensure frequent communication and feedback forums to keep the company connected.
• Expect the unpredictable.
• Recognize the mental toll 2020 is having on employees. Mental health is a key concern and will continue to be important.
• Reach out to your peers. Just like our employees, HR learned that reaching out and connecting to other HR pros was paramount to our well-being. It was helpful to see what others were doing and how they were responding. Coming together as a community, we shared best practices and lessons learned.
• Study crisis management. HR pros had to learn how to be crisis managers, which is not typically a part of our job description. Looking back at 2020, it is an expertise that would have been very helpful.
• During a crisis, employees — like all of us — appreciate any semblance of normalcy. They continue to want to perform to their highest ability, and toward that goal, appreciate honest and authentic feedback and opportunities to learn and grow.
Last year was one of learning — and hopefully, one from which our HR teams have emerged stronger, more resilient and better equipped to deal with future challenges and crises.
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9c00bc282dfff755f6b7aea3780c267d
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/11/the-year-of-redefining-work-three-employment-trends-for-2021/?sh=1a68fa122ce8
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The Year Of Redefining Work: Three Employment Trends For 2021
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The Year Of Redefining Work: Three Employment Trends For 2021
Addie Swartz is CEO of reacHIRE, a provider of cohort-based return-to-work programs and the Aurora digital platform for early-career women.
As we put 2020 in the rearview mirror, it's natural to both reflect and look ahead to what might shape the cultural landscape in 2021. The Covid-19 pandemic has undoubtedly affected everyone around the world in a wide variety of ways. One of the most permanent impacts will be the way in which we work. Technology helped many industries stay afloat, with Zoom calls becoming both a way of life and a lifeline for professional industries. This will inevitably be a year of rebuilding, but with this rebuilding new trends should emerge to guarantee our workforce progresses in terms of diversity, equality and productivity.
Women Make A Comeback
While we did not know a global pandemic would wipe a significant number of women out of the workforce and set gender equality back nearly a decade, we do know that diversity powers innovation and productivity and that our organizations need to bring these women back. To get it right, we should consider what makes return-to-work programs successful and the specific factors that lead to smooth transitions, strong contributors and, above all, more women in the workforce.
The first way we can support the comeback is by recognizing that employees can be very productive — in many cases, more productive — working from home. Research conducted during the pandemic proved it. By allowing for this increased flexibility, especially for women, employers will experience an appreciation and dedication from new employees that will yield value to the bottom line.
Another way we can drive this comeback is by recognizing that hiring one returning employee or "returner" at a time will not move the needle when it comes to successfully bringing long-term talent back into the workforce. A cohort model is far more effective for retention. In this model, an organization gives a six-month test drive to a group of returners that includes a comprehensive onboarding and training process for the whole group in addition to the possibility of a permanent job.
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Using our cohort model, 73 out of 76 returners we placed with an international company are still working and thriving there five years later. Following the onboarding of the 2020 cohort of returners, 100% of returners said that being a part of a team and going through the journey together had a positive impact on their experience.
By reskilling returners together for available roles, the company has a built-in community for women (and men) as they navigate their new environment. Returners feel better supported and companies hire full-time talent at a greater pace and scale.
Professional Development At All Levels
It's a fact: Companies that retain talent save money, time and energy. The year ahead is the moment to make that investment to support talent at all levels. Through in-person or virtual programs that create a community for employees at all levels of a company, not just the top, organizations can increase their supply of diverse talent from within their own walls, growing and promoting within their own ranks the talent that is right in front of them and that they worked so hard to recruit. This will ultimately increase retention and help the bottom line.
Diversity has been proven to increase the profitability of companies. By taking a proactive approach to keeping employees happy and thriving, thereby retaining diverse talent, companies will move the needle for their shareholders.
Mentor Makeover
In this new virtual work environment, gone are the days of sitting beside a co-worker, swapping both personal and professional stories and supporting each other with a reassuring smile. Now, more than ever, employees need relationships with co-workers to remain engaged and productive.
When we want to hear a song, we don't have to wait for it to come on the radio anymore. Music is on demand. Creating a network of on-demand support for employees should be a priority, because no one wants to white-knuckle their way through completely on their own. A group of in-house and external female leaders who employees can call on for advice at any time should be instituted. We have to make mental and psychological support part of workplace culture to ensure the next generation of our workforce is ready for whatever unpredictable fluctuations might occur in their future.
Instead of just predicting trends this year, let's create a call to action for businesses. Let's try to create some workplace silver linings from the horrific year that was 2020. We can make sure women are emerging stronger than before as a powerful component of our DEI strategy so we are able to create a support network for employees at all levels of the organization. It is not enough to just democratize opportunity. We also need to democratize access to the support that is so critical to people thriving and rising once the opportunity is secured. We are in a new era where technology can enable on-demand advice, guidance and support, and convey a little bit of kindness.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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ff9fcc439e75643a1b443f385cc25b3c
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/11/what-kind-of-culture-are-you-unintentionally-creating/?sh=6547610b42f1
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What Kind Of Culture Are You (Un)Intentionally Creating?
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What Kind Of Culture Are You (Un)Intentionally Creating?
Executive leader in transformation and change management, helping leaders create engaged cultures and use data to make better decisions
I have always admired the words often attributed to the late Maya Angelou, that "people will forget what you said, people will forget what you did, but people will never forget how you made them feel." In a time where business leaders are making hard decisions that impact employees, families and communities, this reflection seems appropriate as we move forward to better times.
Recently I had the privilege of taking a long walk with a colleague of mine and the topic of workplace transitions came up. She shared her story of an exceptionally difficult time in her career and how she felt respected throughout the process. While she would have preferred a different outcome, she was still supported, encouraged and treated with dignity. She even maintained a good rapport with her supervisor; they stayed in contact with each other and enjoy a positive professional relationship.
That colleague worked for an organization with many clients — in fact, I was and still am a consumer of its services. Her story made me happy for her but also proud to be a customer. I felt that my dollars were going to support a culture like the one she experienced, and it made me feel good.
Contrast that story to another, where due to a company's weak financial performance, an employee is terminated on the last day of the month. As many of us in HR understand, terminations on the last day of the month also terminate employer-paid benefits like medical insurance and make it exponentially harder for COBRA payments and paperwork to provide seamless coverage. Imagine the highly realistic scenario where the employer doesn't process COBRA on time and a family surgery two weeks later is in jeopardy. In addition, the message created around terminations is that they are performance-based, and not based on the company's outcomes to protect the brand and reputation in the marketplace.
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Why would business leaders be more concerned about entities that are not human? I have thought about this and about a recent interview in which Scott Galloway, a professor of marketing at the New York University, Stern School of Business, stated, "We've decided that capitalism means being loving and empathetic to corporations and Darwinistic and harsh towards individuals. Unless we flip it back and start deciding that capitalism is in the agency of others, and start letting corporations go out of business, and being harsh on corporations, and being more empathetic and generous with our citizens, capitalism ... will collapse on itself."
This begs the question, who is the stakeholder in culture transformation — the organization itself or its employees?
Culture is not just within the confines of your organization; it breathes and lives beyond the company. A great misconception is that culture work is only impactful if it is tied to strategy, a path to create energy and momentum in order to achieve the overall goals. An interesting prospect, but what if we started with people and not results? Don't get me wrong, I am a fan of capitalism — in fact, my family left communist Eastern Europe so that I could reap the benefits of capitalism. Capitalism is afforded to us because we have a system that supports innovative thinkers, hard workers and an exceptional workforce.
I recently came across a company that advertised itself as having "a culture of free will," but didn't necessarily back up what that actually meant (other than unlimited vacation time). Cultures are not free-for-all ecosystems. Whether you are intentional or unintentional about the culture you create, a culture will emerge and you may have to live with the consequences. Smart leaders are thoughtful about how they want to support employees and foster growth. Do you want to lead or be part of a company culture that takes the time to be considerate of the employee experience, or one that leaves it up to "free will" and lets the chips fall where they may?
Culture is the story of shared experiences, and these stories are powerful. They create an impression of your brand as an employer in the marketplace. Is this a company I want to do business with? Do the leaders operate with ethics and integrity? Is it a company that invests and supports diverse workplaces for women, LGBTQ individuals and older workers?
Fortunately for many of us, we have a choice in how we want to spend our money and where we want to work. We do not have to work for places that fail us in the ethics and integrity department. We also don't have to contract with them, purchase their products or invest in them. This is the power of culture (and capitalism), and leaders who underestimate it will fall behind. Leaders who embrace it will create the future of workplace culture and are catalysts in the ethical treatment of workers.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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b7ad4afe606b3af57879d57fd4d89b4b
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/12/three-secrets-to-combating-employee-stress-in-2021/
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Three Secrets To Combating Employee Stress In 2021
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Three Secrets To Combating Employee Stress In 2021
CEO and Founder of Grokker, the on-demand well-being engagement solution, personalized to match employees' needs and abilities.
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We're all eager to put 2020 behind us and start fresh, facing forward into the new year with confidence and peace of mind. While nothing looks or feels the same as our pre-Covid-19 lives, we've built up the organizational resilience we need to feel optimistic about the road ahead. As leaders, we need to respond proactively to the new realities and embrace the more personal support our employees are craving in this post-pandemic work environment.
Setting ourselves up for success requires staring two particular realities in the face: 1) remote and hybrid working models are here to stay, and 2) worker stress continues to dominate. Employees need more from us — or at least something different — and we need to take a new approach to how we care for them in this context.
Two Workforce Trends Set The Tone For 2021
Gallup reports that in 2020, the percentage of American employees working remotely doubled, from 31% to 62%. Turning the corner into 2021, working from home has evolved into a more prevalent and, in many cases, permanent state for large swaths of the population. Businesses are realizing the significant cost reduction benefits of having smaller real estate footprints and that fears about employee productivity losses when not on-site were largely unfounded. Today, approximately 44% of employers, up from 24% prior to the pandemic, have established official flexible working policies to accommodate employees' safety needs and the preference for maintaining remote working arrangements.
In fact, Stanford economist Nicholas Bloom has identified a new working-from-home economy, which now accounts for more than two-thirds of U.S. economic activity. His research with the Atlanta Federal Reserve and the University of Chicago found that post-pandemic, the share of working days spent at home is expected to increase fourfold, from 5% to close to 20%.
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Furthermore, stress is a far larger problem for most people than it was a year ago and will persist in 2021. While this seems perfectly natural in an environment plagued by a global health crisis, according to our 2021 State of Stress Report, it is particularly troubling to find that a majority of U.S. workers see no immediate end to their stress. In fact, employees working from home are at least twice as likely to feel "overwhelmed" by stress when compared to employees who are working on-site. There is a period of adjustment required to adapt to the new remote work world and to help employees develop new routines and habits to once again thrive.
However, this is easier said than done as this physical distancing poses greater challenges to managers who cannot physically be with their teams and pick up on cues that might have historically provided early warning signals of employee burnout. Here's the nuance that leaders need to understand: The experience of working from home is evolving — and for many, it's challenging enough to warrant drastic action from employers.
Even as the pandemic itself loosens its grip on us — thanks to immunizations, greater corporate flexibility for at-home workers and the adoption of digital collaboration and connection tools — large-scale remote and hybrid work is still a new, untested experience. Employers need to be hypervigilant and employ better means of staying connected to their teams in the new year to combat and hopefully prevent mental health issues in particular before they occur. That brings us to my recommendations for getting 2021 off to a great start.
What can employers do to set up a resilient, productive 2021?
1. Sync leadership, cultural and benefit tactics with strategic goals. The first step starts at the top, which must prioritize supporting employees — on their terms, in the new normal so that they can perform their best. This means investing in new programs and processes that put employees' needs first and then arming front-line leaders with the executive backing and resources they need to set goals, communicate expectations with employees, maintain a collaborative virtual teamwork environment and enable more work/life flexibility.
2. Be prepared for more disruptions and talk about them openly. We have the foresight, experience and tools today that we didn't have even a year ago. We're ready to withstand what might happen the next time we face significant disruption, and we understand how disruptions affect our workforce much better. You've done the business continuity work already — and your organization has made it through 2020 — so focus on open communication to employees and ensuring they feel aware and prepared.
Perhaps more importantly, now is the time to cultivate managers' listening skills as part of the people plan. Help them know how to look out for warning signs of employee distress, disengagement and burnout, and how to give employees permission and tools to take care of themselves and each other.
3. Keep up morale (from a distance) with positive leadership. Beyond actively listening to your workforce, you need to share your vision of the future in a clear and tangible manner. Employees should be able to easily connect their efforts with the larger corporate goals you are trying to achieve, so they feel bought in and have a sense of purpose. Take fun seriously! Try thoughtful and entertaining experiments, such as smaller team-specific well-being challenges.
Maybe start this new year with a workforce pulse survey to check in and report out on the key areas of strength and opportunity, and then follow up and share how people are doing quarterly. Follow-up is key, and demonstrating consistency in your commitment to positive leadership will trickle down to managers, employees and other stakeholders, including vendors and customers.
We can't stop the stress any more than we can stop the pandemic, but we can help our people cope better by being prepared. And we can make sure they know we are here for them, understand them and have invested in resources to support them.
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7e5747eec62fc4cc1ec3c5ebc948f966
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/13/three-trends-hr-professionals-should-have-on-their-radars-in-2021/
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Three Trends HR Professionals Should Have On Their Radars In 2021
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Three Trends HR Professionals Should Have On Their Radars In 2021
Founder & CEO at Criteria, a pre-employment assessment company with a simple goal: to help organizations make better hires.
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One of the most chaotic and unpredictable years in living memory has drawn to a close, and companies are trying to consolidate what they've learned and direct their attention toward what's coming in 2021. While 2020 was unprecedented for everyone, HR departments experienced particularly radical changes — from the overnight transition to remote work to the implications of the most far-reaching national conversation we've had on racial equality and social justice in decades.
Now that the Covid-19 vaccination campaign is underway, companies are wrestling with what the future of work will look like. Meanwhile, HR departments are preparing for a significant reconsideration of diversity and inclusion initiatives, a renewed focus on employee engagement and mental health and discussions about how technology can be used to make personnel decisions fairer and more predictive. These changes will require employees, managers and company leaders to be more adaptable, resilient and innovative than ever.
Although 2020 was painful, it also fundamentally altered the way we think about where and how we work. For hiring managers and companies willing to rethink the status quo, the lessons learned over the past year will help to build the workforce of the future.
Navigating A New Era Of Remote Work
While many employees will likely return to the office in 2021, the workplace will never be the same as it was before the pandemic. According to a September PwC report, while "the majority of companies are anticipating their remote workers will have access to an office," 45% say employees won't be required to go into the office and 21% expect to use a "hybrid approach between remote working and office workdays."
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A recent Slack survey found that 72% of employees would prefer a hybrid approach. But this doesn't mean the transition to such an approach will be easy. The problems associated with remote work (such as the fact that some employees' sense of belonging appears to suffer when they're not in the office) may persist, while new problems with workflow, communication, etc. could arise as companies attempt to balance physical and remote work.
For example, a recent IBM survey found that there are significant gaps between employers and employees on perceptions of how much companies are doing to help employees learn new skills, support their physical and emotional well-being and provide clear guidelines and expectations about how the organization operates. These are all reminders that companies need to be prepared for a difficult transition in the coming year, and this process begins with figuring out what employees need to be as productive and healthy as possible.
Employee Engagement Is More Important Than Ever
One of the most essential determinants of success for any company is employee engagement. When employees feel like they're putting their skills to good use and getting the recognition they deserve in the workplace, productivity and morale increase significantly. However, Gallup reports that just over one-third of employees are engaged at work.
There are two major reasons why employee engagement should be top of mind for companies as we enter 2021: First, companies need to make diversity and inclusion a top priority, and engagement is a key part of that process. And second, the post-pandemic era of remote work will present new engagement challenges that companies have to address head-on.
While engagement is crucial for all employees, it's particularly important for companies to focus on employees who are often marginalized on the basis of their skin color, gender, sexuality, etc. This will have a positive effect on the entire company — as Deloitte reports, there's a "statistically significant relationship between diversity practices and employee engagement at work, for all employees." These practices can include actively soliciting feedback from marginalized groups, facilitating communication between employees with different backgrounds and establishing clear, robust policies on issues such as workplace harassment and discrimination.
As companies develop their post-pandemic plans, they'll need to keep employee engagement at the center of this process. This means focusing on mental health, providing the training and resources employees need to do their jobs and helping employees communicate and collaborate whether they’re in the office or not.
The Future Of HR Is Data-Driven
One of the clearest trends in HR is the development of data-driven tools for everything from hiring to employee engagement. For example, I founded my company on the knowledge that pre-employment assessments and other measures can cut down on biases and irrelevant variables in the hiring process, which is vital when hiring discrimination is still commonplace (registration required).
It's becoming increasingly important for companies to identify and cultivate soft skills and capabilities such as problem-solving and critical thinking. This is another area where technology and data will be indispensable in the coming years — instead of assessing employees on the basis of their resumes and the subjective impressions of interviewers, companies need to implement more rigorous methods of identifying (and improving) skills.
No matter which tools companies deploy to support, engage and train their workforces, it's clear that the entire field of HR is in the process of a sweeping transformation. This will require flexibility and a willingness to learn, as well as consistent engagement between HR departments, company leaders and employees. Although the post-pandemic era will present many challenges for HR professionals, it will also give them a chance to rethink some of their most basic assumptions and develop new ways to keep employees engaged and productive.
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4f9977521ab47e26e7bbca837ec1a220
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/14/leadershift-switching-gears-while-staying-on-course-during-a-crisis/
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Leadershift: Switching Gears While Staying On Course During A Crisis
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Leadershift: Switching Gears While Staying On Course During A Crisis
CEO and Principal HR Consultant at Canary HR Consulting, overseeing all aspects of strategic consulting projects for our global client base.
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When leaders sit around the table building their organization’s strategic plan, forecasting a worldwide pandemic is not usually part of the discussion. Why? Well, because most of us think a pandemic would never happen in our lifetime. But it did. And it completely turned our lives upside down. From the way we conduct business to the way we manage staff to the way we lead our organizations, everything has changed.
However, from a human resources perspective, this new life may not be all that bad. In fact, this situation may help improve some of our leadership skills, promote creativity and help develop new leaders. Difficult times also cause us to shift our mindset. It is no longer about how we did things years ago, or even yesterday. Every day, as new developments emerge from the pandemic, we are all forced to shift gears very quickly to adapt to a whole new world. But the stakes are high! Leaders may ask themselves, “How can I navigate through all of this without losing sight of the company’s vision, mission and core values?” As tough as this may be for all of us, it’s not impossible. In fact, some of the greatest success stories in history were born during crises.
For the sake of focusing on individuals in leadership roles, staff at every level in an organization are counting on leaders to stand up and take charge to navigate them through these tough waters without compromising the integrity of the organization. They are looking for visionaries: leaders who can see a beautiful cup in a lump of unmolded clay. But this takes a real commitment — a commitment to the organization’s goals, a commitment to its people and a commitment to engaging in a new thought process. It’s called leadershift.
Leadershift is being able to quickly change directions because of unplanned circumstances without stopping the organization’s progress or movement or steering away from its mission. Things happen. But when they do happen, the company’s leader’s quick mental agility should kick in to keep the organization on track. Here are a few things to consider during this process.
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• Re-think the company’s strategy. Leaders may have to work backward. Revisit the organization’s strategic goals and start with the longer-term goals, which would mean looking at the five- or 10-year plan and making it your right-now plan. Many of those plans may have seemed far-fetched when you first thought them up, but they may be relevant now in today’s new business climate. It might involve, for example, transitioning to include a remote workforce.
• Re-evaluate your talent. A new plan may mean creating new roles. In a world where everything is now completely digitized, how does your company fit into this new space? Who in this organization has the talent to help transition this organization to a virtual one? Unfortunately, this is probably one of the toughest decisions you will have to make. Because what will happen is that people’s roles will shift as your leadership style is shifting. This also means as a leader, you may have to get rid of some people who no longer fit your new strategy. At the same time, you may be able to offer individuals a new opportunity to learn new skills — if they are willing to make the shift with you.
• Evaluate your leaders. Do you have the right leaders in the right positions on your team to help you move the organization in the direction you are trying to go? If not, you have to make some decisions about your current leaders. This does not always mean layoffs, but could just involve making adjustments and rearranging people to best fit the organization’s new plans.
• Share your vision with the team. One of the biggest breakdowns in any organization comes from a lack of communication. This usually happens when there is no solid strategic communication plan to roll out crisis communications to the organization’s internal and external audiences. So, before any information is shared from the executive leadership wing of the organization, a communication plan has to be developed to ensure staff are properly notified of the company’s new plans. One of the worst things that could ever happen is for this information to come from the press or someone from the outside. Leaders should always allow their team to share in the vision so they can be part of it. They may not only support the new business environment, but also have great suggestions on how to move your plans forward.
While it is next to impossible to plan through every possible step of a crisis, it is not impossible to develop a willingness to adapt and shift as appropriate. And, leaders who are able to manage the day-to-day needs of their staff with a clear vision while simultaneously being flexible in a business crisis may find greater success overall in the future.
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f27439915c981084ec99bc96d88af15e
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https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/01/14/your-diversity-equity-and-inclusion-budget-should-include-parents/
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Your Diversity, Equity And Inclusion Budget Should Include Parents
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Your Diversity, Equity And Inclusion Budget Should Include Parents
VP, People at Maven, the world's largest virtual clinic for women's and family health.
getty
According to the latest research, two out of every five companies globally have increased their budgets for diversity, equity and inclusion programs over the past six months, even as they make budget cuts elsewhere. It's promising to know that this momentum will likely only continue as one in three executives also said DEI is a top-five business priority. According to the same report, of these companies that have stepped up, 50% have set goals around hiring and recruiting diverse leaders and 47% have invested in "cradle-to-career" initiatives that support the future career aspirations of the underrepresented in their respective communities.
These are important steps in building more diverse and inclusive companies. As we continue to invest in diversity and inclusion at our companies, let's not forget about parents, too, as many underrepresented employees — people of color, LGBTQ+ folks, women — are working parents. As new research reveals, investing in parents, and including them in your DEI budget, is better for business.
Maven, the company I work for, recently partnered with Great Place to Work to release the "Parents at the Best Workplaces™" report, representing the sentiments of 440,000 parents across 1,244 companies. This research revealed what we at Maven have always known to be true: supporting parents isn't just the right thing to do, it's good business. Plus, our data shows that when companies are better for parents, they're better for all employees — and for their bottom line.
As you build your annual budget this year, here are three ways to include parents in your DEI budget.
1. Ensure the benefits and programs you have for families are equitable and inclusive.
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As you integrate supporting parents within your DEI budget and strategy, make sure you're applying an equity and inclusion lens to the benefits and programs you're investing in for parents. Chances are, because of how companies have historically approached key family benefits like fertility coverage or parental leave, there may be some real gaps and opportunities for improvement.
For instance, fertility benefits that require a medical diagnosis of infertility exclude employees who are single parents or LGBTQ+ couples. This is a common issue and leaves many employees looking for new jobs with more expansive benefits that cover fertility treatments for anyone as well as support for adoption or surrogacy.
It's also critical to ensure your parental leave doesn't exclude some of your parents — by gender, their path to parenthood or by using primary vs. secondary caregiver language. As demonstrated in our report, many organizations in the U.S. are beginning to offer more substantial paternity leave, and I hope this trend will only continue. Over the last year, the companies surveyed have increased paid paternity leave by 10 days and saw the number of days off taken by new dads increase by an average of six days.
2. Invest in belonging for parents and diverse employees.
Belonging is linked to a 56% increase in job performance, and people of color, women and LGBTQ+ employees especially report a need for more support and inclusion because of the pandemic. As a result, many companies we surveyed have created and tapped into employee resource groups, or ERGs, to fill these gaps and drive connection remotely. For instance, 61% of the workplaces we surveyed reported having ERGs for working parents.
Working parents, especially new parents, need support as they navigate the first few weeks and months back to work from parental leave. Return-to-work programs, internal peer groups for new parents and access to career coaching are ways for companies to invest in an area that is often overlooked, and one that is critical to help parents feel they belong.
3. Step up your mental health support with a focus on addressing burnout.
Many companies have been focused on mental health since the beginning of the pandemic, and rightly so. Our investments should only continue to grow to support employees' specialized needs and address burnout.
Our report found an estimated 2.4 million additional cases of burnout among working mothers due to the unequal demands of home and work. This trend was reflected in Maven's virtual clinic for women and families as well. In the first few months of the pandemic, we saw a 300% increase in telehealth appointments with mental health providers — like therapists that specialize in children's behavioral health or postpartum depression, social workers to help parents, or counselors to help cope with loss — and have continued to see demand for mental health support since.
The good news? When companies reduce burnout, employees are 20 times more likely to stay and 35 times more likely to recommend their employer. However, for this to happen, company policies need to address the unique drivers for burnout. Expanding access to specialized mental health support, modeling and enabling flexibility, training managers to be empathetic listeners and encouraging employees to take time off are just some of the ways companies can address burnout going into the new year.
After 40 weeks of being remote and leading an HR team with a four-year-old at my side (and sometimes in my lap), I'm starting to reflect on what this experience has meant for families and for businesses. It's normal for us HR leaders to compartmentalize, and to think that benefits sit squarely on one part of the HR team, while DEI sits somewhere else entirely. This past year I've learned that to innovate — and to support our families — our thinking needs to change. I'm inspired by how many of my fellow HR leaders are using the challenges of 2020 to implement meaningful, forward-thinking programs for employees in 2021, and I hope that as we all think about the new challenges this year will bring, we are ready to invest in more inclusive, equitable workplaces for all. Our employees will thank us for it.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
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63ef2e6ba57f34ab7d773bb451429fa9
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https://www.forbes.com/sites/forbeshumanresourcescouncil/people/anneiversen/
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Anne IversenForbes Councils Member |COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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Anne IversenForbes Councils Member |COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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https://www.forbes.com/sites/forbeshumanresourcescouncil/people/jamespeters/
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James PetersForbes Councils Member |COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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James PetersForbes Councils Member |COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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4bf51189a6030bb2d863f65feb5a33b8
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Solving the Riddle of Measuring Social Voice
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Solving the Riddle of Measuring Social Voice
Twitter has seen the analytics light. In a recent move of great importance, but zero fanfare, the bluebird folks have opened their analytics tools to everyone. Now you can see real time details on mentions, follows, unfollows, and the number of clicks each tweet produced. You can also see a load of collective detail about your followers, including their top interests, location, gender breakdown (gotta wonder though, what gender is, say, “ IBM ”?), and the top ten accounts your followers are following, among other items.
How to find it: To reach your Twitter analytics dashboard, go to “Twitter Ads” under "Settings" (you might have to login again) and then click the “Analytics” tab at the top.
While this is cool, and certainly helpful to marketers anxious for data to help measure Twitter impact, it heralds a bigger hunger: How to measure the overall impact of brand marketing on what we now call “social voice”. Social voice, in our view at MarketShare, encompasses both online and offline (face-to-face and voice-to-voice) brand mentions and conversations that occur among consumers. In other words, it’s not merely a digital phenomenon. It includes complex interplay between digital and traditional media that influence consumer decision making.
Measuring marketing’s impact on social voice has proven problematic. What marketers want to know is whether their spending boosts social voice, and if so, how that converts to sales or other business goals. To find out, Keller Fay Group, a word-of-mouth (WOM) research and consulting firm partnered with MarketShare to quantify how social voice influences consumer actions, affects online searches and impacts sales and brand perception.
That research showed, in short, that social voice can be measured, and can’t be ignored. [For a quick overview of the research, view the video below or here.] It confirms with real data that social voice is in fact a major sales driver in both direct and indirect ways and can significantly amplify a brand’s message. Knowing how marketing spending boosts social voice is valuable because it helps CMOs allocate budgets more effectively and craft campaigns that specifically incorporate social voice benefits.
Keller Fay’s research compiled and modeled huge amounts of multi-year data to solve the social voice riddle. This included media ad spend, non-media marketing spend (events, PR, etc.), online/offline brand mentions, Facebook metrics, Google search activity and website traffic, among others. The analysis also controlled for external factors such as seasonality, competitor activity and the economy. (You can download an executive summary of the report here.)
Key Results & Takeaways
In the end, social voice accounted for anywhere from 10% to 54% of total marketing impact for the brands studied. Investments firms were highest (54%), followed by automotive (27%), beverages (25%) and brokerage firms (10%). As always, your particular mileage may vary.
And here’s the good part: For the brands studied, every 10% boost in social voice (or word-of-mouth) produced a measurable sales lift of from 0.2% to 1.5%. Other takeaways include these:
You’ll get the most bang for your buck online where a 10% spending increase boosts word-of-mouth from 1%-5%. A similar increase in marketing spend offline increased word-of-mouth from 0.2%-1.0%. Social voice is a major driver of online search activity. Research results showed that social voice can generate nearly as much organic search traffic as your other traditional marketing activities combined. All media, it seems, are social. Radio, TV, print, out-of-home, paid search and online display all had a positive impact on online word-of-mouth. Marketers should invest in keywords specifically associated with social voice brand mentions and adjust SEM/SEO efforts to account for an expected lift in search from advertising. And calls to action should encourage social voice through sharing and conversations.
Twitter is making its platform more transparent to data-driven marketers, which makes social voice an even more appealing marketing tactic. And that’s something to tweet about.
What's your take? Leave a comment below. View our MarketShare Voice videos and follow us on Twitter, LinkedIn and Facebook.
Daniel Kehrer, a long-time business & financial journalist, columnist and editor, is the author of seven books and earned his MBA from the UCLA Anderson School of Management. Follow him on Twitter here.
© 2013 MarketShare LLC. All rights reserved.
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c875eefbc0bfd985f702a59551239e3b
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https://www.forbes.com/sites/forbesinsights/2016/02/11/how-marketers-are-driving-growth-through-personalized-content/
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How Marketers Are Driving Growth Through Personalized Content
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How Marketers Are Driving Growth Through Personalized Content
Delivering personalized experiences to customers is clearly a top priority of marketers. In fact, 94% of senior-level executives believe delivering personalization is critical or important to reaching customers according to a recent study conducted by PWC’s Digital Services group.
And CMOs are putting their money where their mouth is when it comes to personalization. Thanks for growing investment in customer data, predictive analytics, and marketing cloud solutions – the majority of organizations report that today they are personalizing content in social media and owned web, email, and e-commerce channels. Most are working towards enabling personalization in over ten media, marketing, and sales touch points – from mobile devices to partner web sites to sales enablement.
Personalization drives results. The recently released Publish or Perish analysis of 380 CMOs by Forbes found that marketers that deliver personalized web experiences are getting double digit returns in marketing performance and response.
But the economics of customer personalization have two sides. Both of these studies found personalization programs are creating a big and growing upstream content burden on marketing. “Getting the right message to the right person at the right time has never been easier, driven by digital and data”. According to Alison Lewis the CMO of Johnson & Johnson. “Content needs are exploding as we move to a world of precision marketing and 24/7 engagement.” Sophisticated marketers from across industries - including Cisco, D&B, and Johnston and Johnston saw the commensurate cost and volume of content grow dramatically as they deployed personalized web sites, landing pages and social media programs. This put pressure on the content team to update the web sites hourly instead of weekly.
“The fundamental challenge facing the CMO as they attempt to deliver personalized experiences to their customers is that unless they put in place a content operating model that scales, the volume, cost, and complexity of content they need to support revenue growth will increase” Matthew Egol, the Chief Strategy Officer of Digital Services. This is because social media, digital marketing, and sales enablement programs require more personalized content elements, customer touch points, targeting personas, and content marketing campaigns.
The chart below illustrates how introducing basic audience personas, personalized content elements, and localized content needed to support major markets can increase the volume of content by more than thirty fold.
So it’s no surprise that the PWC study found the lack of budget was rated the top personalization challenge, and that 87% of executives said will increase content related spending next year.
And the problem is only going to get worse. Ultimately the demand for well organized, high quality marketing content needed to support personalization threatens to outgrow the labor intensive content production and management systems that prevail in most marketing organizations. This lack of effective content and resources can actually hurt profitability by:
Driving up the cost to sell; Limiting the impact of investments in targeting, digital transformation, and CRM technology; Slowing down the process of getting relevant messages to market; Draining senior management time and attention;
At the end of the day, marketers will not be able to “write” or “spend” their way out of this problem. They will have to change. According to Brad McLane, Managing Director of RSR Partners “CMO’s that do not make the transition from marketing to publishing (content, curation and community) put their growth strategies - and careers- at risk”
So how can CMO’s find more sustainable and cost effective ways to produce and manage highly personalized and relevant content at the scale needed to support growth?
The PwC research suggests there are several things leading marketers can do to make it easier and more cost effective to fuel their personalization programs:
Put an executive in charge of reengineering the content supply chain and operating model. For example, according to Brian Harrington, Zipcar’s CMO put a single individual in charge of content development because “The hardest part of the business is how you create content at scale while making it relevant.” Streamline content targeting by using a consistent tagging taxonomies and open customer profile databases to improve content utilization, relevance and make it easier to execute advanced personalization strategies. To address the growing need for personalized content advanced marketers are creating modular content that can be assembled to meet the personalization needs of digital marketing assets upstream – solving the problem at its source. They are planning and structuring content to be modular so it can be easily assembled into the content presentation templates, “drag and drop” content blocks, or intelligent content frameworks within their Marketing Cloud software or Web CMS solutions.
The PWC and Forbes Insights study - Leading with customer-focused content: Driving growth through personalized experiences – outlines five best practices to deliver personalized content in a cost-effective and sustainable way.
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c7d718cd965772787a74427bbe570a79
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https://www.forbes.com/sites/forbesinsights/2016/02/18/sign-here-how-e-signatures-make-sales-teams-more-productive-while-reducing-risks/
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Sign Here: How e-Signatures Make Sales Teams More Productive While Reducing Risks
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Sign Here: How e-Signatures Make Sales Teams More Productive While Reducing Risks
Way back when organizations started adopting computers to support business, many observers predicted that the 21st century would see the dawn of the “paperless office.” Yet, as anyone who works in an office can testify, the flood of paperwork persists.
In this era of digital business, information at all levels can be captured, delivered, processed and represented electronically. Nowhere has this impact been seen in a more profound way than for the documents that are the backbones of sales organizations—quotes, contracts, statements of work and proposals—which, for the most part, are all digitized and electronically stored, capable of being indexed, searched and widely distributed at the click of a button.
However, sales processes still tend to feel slower than they should. Sealing the deal often involves delays, including waiting for emails, phone calls, visits and signed documents. Agreements and contracts may need to be sent back and forth for review, and ensuing delays mean they may sit for days or weeks until all the i’s are dotted and t’s crossed.
A recent Forbes Insights report, sponsored by Adobe, “Accelerate Your Sales Performance: Believe It, e-Signatures Can Transform Your Business,” addresses the heart of this problem.
Movement of electronic documents stops short at its most critical point—getting sign-offs from involved parties. Often, a sale or project may require multiple executive approvals on complex internal approval forms. Add to that the time and cost involved in printing and stamping the documents, obtaining physical signatures, scanning and routing the document to all parties. In today’s hectic and highly distributed work environments, getting through this process could take days or even weeks.
Electronic, or e-signature, technology enables customers to sign off on agreements or contracts right from the device on which they are viewing the document, without the need to print, scan or transfer it.
There are real costs and risks to organizations that still rely on manual, paper-based document transactions. Paper is fragile and destructible; it can easily be misplaced, human errors may occur while entering info, or parts of documents may be rendered illegible or damaged. The electronic document revolution of the past two decades promised to remove these risks. However, electronic documents still need to be converted to paper to allow for review and sign-offs.
Risks entailed in paper-based signature processes include:
Slowing revenue and productivity. The need to print out and re-scan documents as part of a sales process or agreement slows down both sales representatives and the staff members who support them. Following up on emailed documents is time-consuming, and often various teams and stakeholders are scattered geographically. Delays may even end up scrubbing an agreement.
Legal and compliance issues from inaccurate or incomplete documents. The company is exposed to legal and business risk because it’s too easy for reps to send out an out- dated version of a contract, use the wrong terms, or have incorrect or missing information in the sales contract. In addition, an inability to confirm that
documents have been signed off by appropriate parties may lead to auditing or compliance issues.
Lack of visibility/inaccurate forecasting. Even though most, if not all, documents are digitized and stored in both personal computers as well as enterprise systems, it’s difficult for people to track the course of those documents, to find the latest copy or to ascertain its current status.
Poor customer experiences. The interrupted processes resulting from the need for manual reviews and sign-offs on documents create headaches for customers as well as sales teams. One source of customers’ dissatisfaction may be potential misunderstandings or miscommunication due to errors or misfiled or unsigned documents. Lack of signed authorizations may even crop up during the course of the contract engagement, creating friction between an enterprise and a key customer.
The sales department is likely to benefit the most from e-signature solutions. The need for sales staff to deal with paper adversely impacts revenue, customer engagement and sales department productivity. Moving to e-signatures enables sales representatives to eliminate potential lag time in new sales opportunities, close deals faster and manage multiple accounts remotely, without needing to be physically present.
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85656a41375a03eed086cb5b95769726
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https://www.forbes.com/sites/forbesinsights/2016/03/07/raja-banerji-of-tata-consultancy-services-leading-the-evolution-of-thought-leadership-marketing/
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Raja Banerji Of Tata Consultancy Services: Leading The Evolution Of Thought Leadership Marketing
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Raja Banerji Of Tata Consultancy Services: Leading The Evolution Of Thought Leadership Marketing
A Series of Profiles of CMO Leaders Who Are Redefining the Marketing Discipline by the Forbes CMO Practice
Recently a team of experts from the Forbes CMO Practice conducted best practices research with leading CMOs to develop “Publish or Perish Research Report – and develop Brand Publishing best practices for creating more effective sales and marketing content and better managing the cost and complexity of content operations.
As a follow up to the report, we are conducting in-depth interviews with leading CMOs who to provide insights about scaling content operations in a large, complex organization. Raja Banerji, the Chief Marketing Officer for Life Sciences, Manufacturing and Energy & Resources Business Group, Tata Consultancy Services has taken some market leading steps towards evolving marketing content operations to differentiate the customer experience with thought leadership and support account level marketing. Below, I followed up with him to get more insight into how the role of the CMO is being transformed by the need to become a publisher.
Stephen Diorio: According to the Publish or Perish survey, 96% of the marketing executives surveyed agree that the quality and organization of their marketing content is essential to achieving their growth goals. How do you ensure your content is structured, consistent and relevant in such a large global organization?
Raja Banerji: The quality and organization of marketing content is now critical to so much of what we do as marketers—including branding, demand generation, sales and establishing thought leadership with customers. We strongly believe that four ideas that lay the foundation of a strong content marketing strategy which has worked well for business group:
• Defining the objectives and target audience for content marketing – Right content, Right time, Right place
• Assignment of subject matter experts who can produce content in a phased manner
• Socialization and Amplification via internal and external communication platforms
• And mostly importantly, measuring the audience resonance – Who, Where, When and How?
Diorio: One of the big factors that distinguishes the business practices and capabilities of high performing marketing organizations (who exceed plan by over 25% in the last year) is their ability to create content that aligns with their go to market process and the customer journey. Notably, it is their ability to deliver a consistent brand value conversation in both sales and marketing channels to change the customer’s perception of value and reinforce value selling approaches in the last third of the customer journey (during sales conversations) that allows them to outperform their peers. But many marketers are struggling to manage the complexity and costs of marketing operations because they lack a structure and strategy for organizing and aligning their marketing content with their core value messages, selling themes, and the customer journey. For example, 71% of companies lack a consistent messaging methodology and two thirds (66%) of the marketing executives surveyed do not yet target their content by stage of the journey. How are you able to achieve this?
Banerji: To achieve the consistency you are talking about it is important to have a framework – or content architecture - that helps marketing executives to manage content consistency in a large organization while providing product, territory and line of business marketing teams the freedom and creativity to create content that supports their unique markets, programs and goals. For example, we have instituted a framework called the MVP Model – Messaging, Validation and Positioning- to direct the development of thought leadership content across the company to ensure it is consistent with the overarching tone of voice and core practice area selling themes. Our content architecture provides swim lanes, guard rails, standards and guidelines for writing effective content. This gives content producers within our business areas, horizontal themes that cut across silos, business units, marketing programs and geographies.
Diorio: 74% of high performing marketer’s in our analysis are placing more emphasis at targeting their content by person (or persona) to make it more relevant. What steps are you taking to make sure your content is relevant and supports sales conversations?
Banerji: At the highest level, persona-based targeting involves breaking the core audience for front of the funnel social media, content marketing and web marketing programs. For instance, infographics have brought our business group far more resonance than other typical methods of producing content. We follow a well-defined Linkedin strategy through Sponsored posts program to reach niche audiences. B2B marketers like us are also focused on serving key accounts and use Account Level Targeting – what is called as Account Based Marketing - as our primary targeting scheme relative to person (a) or individual based targeting.
In our view, the key objective Account Based Marketing is to be a catalyst to change business, or interject our innovation, thought processes and emerging technologies. We have conducted Innovation days with some key accounts reflecting focused thought leadership and close collaboration with customers.
Diorio: Most of the marketing executives we interviewed placed a high priority on teamwork and process collaboration across functions and business units involved in content creation as essential element of executing Brand Publishing across the enterprise. How are you able to achieve role clarity and a common understanding of the publishing process?
Banerji: Our business group marketing is evolving as a key strategic function with a clear aim of creating business value by enhancing Thought Leadership, Integrated Value Messaging and amplifying Branding and Visibility to our customers and prospects. Our collaboration is twofold –
• First at the business unit level where our intellectual capital is centered, the leadership and domain experts define the topics for content creation.
• Second level of collaboration is with subject matter experts and dedicated writers from agencies who help us with actual content creation. The branding is done centrally and content is promoted through all internal and external communication channels by our marketing team. And we try hard to get salespeople (we call them client partners) as involved as possible in involved in thought leadership distribution and feedback from customers and influencers about what is working and the nature of the client conversation at the back of the funnel.
To create role clarity, we are developing internal training programs aimed at educating all employees and stakeholders involved in publishing about the process, their role in the process, and the business outcomes the collective process was attempting to drive.
Diorio: What about external agencies, partners and experts and contributors. Our research says they can make up a third or more of all content producers, particularly as marketers struggle to meet writing demands or seek outside validation and credibility. How have you managed to incorporate these outside partners effectively to support your go to market programs?
Banerji: We collaborate with industry experts/acamedia to augment our thought leadership efforts in a piecemeal fashion. As we gain experience, we are moving towards establishing deeper co-production partnerships with external institutions including analyst firms, academia, industry body networks The goal of these partnerships are to enhance thought leadership, accessibility, credibility. Our marketing strategy is multi-faceted and our intent is to reach to end customers. We focus on working with high quality publishing, academic, media brands that can give us access to influencers, brand credibility, amplify client reach, new skills, improve content quality, and accelerate speed to market. For example, we are forming academic partnerships to collaboratively develop and drive thought leadership with leading global universities like MIT Sloan Management Review. Our partnership with MIT helps us enhance the quality and credibility of its advisory content, and help TCS practice area leaders establish thought leadership. We also are evaluating deeper co-production partnerships with leading publishers like Harvard Business Review to develop and deliver sponsored research, bespoke events, and editorial content in a more sustainable way and go beyond media to better support our marketing and sales channels.
You can learn best practices and research about the evolution of the marketing function and the role of the CMO at the Forbes CMO Practice website.
Raja Banerji is the Chief Marketing Officer of the Business Group, Manufacturing, Life Sciences, Energy & Resources at Tata Consultancy Services, where he has worldwide Strategic Responsibilities across the Business Group reflecting impact on Integrated Value Messaging, Sales Enablement, Thought Leadership, Branding, and Visibility & Executive Management.
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71110a543a25146301bdf82e18ce6058
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https://www.forbes.com/sites/forbesinsights/2016/06/07/how-leading-brands-are-winning-the-direct-to-customer-conversation/
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How Leading Brands Are Winning The 'Direct-To-Customer' Conversation
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How Leading Brands Are Winning The 'Direct-To-Customer' Conversation
The Growing Importance of Directly Engaging Your Customers
Marketers across a wide range of industries are actively working to develop Direct-to-Customer (DTC) models that directly engage customers using social, mobile, and digital channels and devices. The number of manufacturers selling directly to consumers is expected to grow 71% this year to more than 40% of all manufacturers. And over a third of consumers report they bought directly from a brand manufacturer’s web site last year.
Direct-to-Customer innovation is coming from a wide range of industries – from traditional packaged goods, to apparel, building products, travel services, consumer electronics, and financial services. For example:
• Innovative packaged goods companies such as High Ridge Brands are communicating directly with millions of customers through email, social, mobile, earned and owned digital channels. Their digital direct to consumer prowess has helped the company build a business in five years that was sold to Clayton, Dubilier & Rice for a reported $415 million and provides a strategic asset to drive future growth.
• Service businesses like Hilton are improving customer satisfaction by communicating directly with customers through mobile apps. One quarter of Hilton’s most loyal guests regularly use its Hilton HHonors app to open doors, select rooms, check-in, and order services using their smart phones.
• Over 100 insurance providers like Aetna, MetLife, Cigna, and AFLAC are achieving unprecedented levels of customer satisfaction, engagement, trust, and choice by selling through advanced private benefits exchanges like Liazon which offer more direct client engagement, simplicity, and the ability to deliver more personalized client experiences.
• Consumer brands like Nike and L’Oreal are using “portable” ecommerce experiences, mobile apps that in-store beacons, and digital out-of-home digital media networks to continue the conversation started on e-commerce web sites into the store and deliver an expanded choice of personalized offerings at the point of sale.
The goal of all this effort is to more directly support, enhance, or accelerate the customer journey by adapting to changes in customer behavior and differentiating the brand experience. Some brands seek to supplement the retail, partner, and promotional channels they rely upon with education, personalized experiences, and decision support. Others are trying to displace traditional paid media, intermediary, and retail channels that keep them from learning more about their customers. In either case, the results of a well-executed Direct-to-Customer strategy can be measurable and disruptive.
The Winning Formula: Offer Personalization, Simplicity And Choice
Some of the most important ways marketers are taking advantage of direct customer engagement include to deliver personalized experiences and making it easy for customers to make choices. 94% of senior-level executives believe delivering personalization is critical or important to reaching customers. Direct interaction through e-mail, e-commerce, mobile loyalty applications, social media and in-store media provides an excellent way to turn big data into delighted customers. For example:
• Hilton gives its Hilton HHonors loyalty program members the ability to better control and personalize their stay with a mobile app that offers digital check-in with room selection and Digital Key. “The customer feedback on the digital check-in experience has been overwhelmingly positive, with 93 percent of guests saying they've felt satisfied or extremely satisfied with the experience,” reports Geraldine Calpin, CMO of Hilton Worldwide. “And the added value the Hilton HHonors app delivers is leading more customers to sign up for our loyalty program. 2016 Enrollment in the Hilton HHonors loyalty program is up over 100% compared to this time last year, and our app is now being downloaded once every nine seconds.”
• The Liazon private exchange model is helping employee benefits providers to challenge pre-conceived notions of what an exchange is, and how much choice a customer can handle. It’s a lesson every marketer can embrace in world where customers can now choose from hundreds of jeans brands (800 today vs. 6 brands in 1980) and thousands of investment and benefits options. For over a decade, the prevailing wisdom on choice has been the notion of the paradox of choice – that offering more than three choices will paralyze customers rather than delight them. DTC marketers are finding ways to use technology, data and content to create experiences that turn that idea on its head. “There is no upper limit to the number of options you can provide customers. With our private exchange, companies are offering 30 or even 300 choices to customers with a great experience,” according to Alan Cohen. “The real issue is the type of choice you offer. How you package and configure them so customers can understand the differences in value. How you personalize their choices with recommendations and easy to refine options. And the level of education and decision support you provide so customers understand what is important and why.”
• Direct models give packaged goods manufacturers like High Ridge Brands the ability to capture and utilize data about customers. This helps them to improve the brand experience and reduce the cost of sales by optimizing customer segmentation, the effectiveness of media and channels, and the impact of product promotions. “We’re working hard to build deep consumer profiles which enables sophisticated targeting for our marketing messages,” said James Daniels, CEO of High Ridge Brands which markets Zest, Alberto VO5, Salon Grafix and several other hair and personal care brands. According to Daniels, “Warranty cards, mail-in promotions and street teams have long been employed to collect direct consumer contact information and details. But direct digital channels now make this data collection much faster and deeper, and works hand-in-hand with our marketing initiatives. By leveraging analytics, we can deliver promotions and offers more efficiently to our consumers, and build our brands using owned media assets including our millions of Facebook Fans, email subscribers and website visitors vs. solely relying on paid media channels and at-shelf promotions.”
The Payoff: Customer Satisfaction, Engagement And Profitability
Direct-to-Customer innovators report significant improvement across every measure of customer engagement - awareness, acquisition, satisfaction, mindshare, and profitability. For example, Liazon reports employers who use their private benefits exchange to deliver insurance and other employee benefits directly to employees have been able to triple employee engagement and double customer satisfaction levels by making selecting benefits a simpler, more transparent, and personalized experience. Those are big numbers for an industry historically known for low levels of both satisfaction and engagement.
Leaders like Nike and Liazon have demonstrated that the convenience, personalization and choice that direct channels deliver can improve profits by supporting price with value and improving margins. Nike learned that customers will pay $170 for the option to customize their own gear using their online sites. And employees who use the Liazon the digital exchange to “shop” for, configure, and customize their benefits value the dollar contribution their employer has made in their benefits packages almost twice as much as industry norms. “By delivering customers transparency, expanded choices, and the ability to personalize benefits, progressive employers are effectively doubling the impact of their investment in their employees in terms of the metrics that matters most – employee retention and satisfaction,” says Alan Cohen, Co-Founder of Liazon.
Five Ways Marketing Executives Will Need to Lead the Way
Delivering highly personalized Direct-to-Customer experiences can pay off for almost every brand. But it’s difficult and risky. Shifting to a direct model requires business transformation, not a better web site. Without CMO or CEO level vision, leadership, commitment and ownership it will be impossible to coordinate the business units, customer touch points and enterprise processes needed to execute a Direct-to-Customer strategy. Every business leader will need to figure out how to adapt their go-to-market and distribution models in the face of some common challenges.
• Connecting the dots. It is extremely difficult for large companies to coordinate and manage customer engagement coherently across an increasingly non-linear customer journey using growing mix of direct mobile, social, and digital touchpoints. It will take executive will to put in place new direct-to-consumer processes and systems that get marketing, sales, product, agency, and communications silos working together to align go-to-market programs deliver a superior “anytime, anywhere” customer experience in direct channels.
• Finding practical ways to create value with big data. Finding the right formula for delivering choice, personalized experiences, and relevant content to customers is a key part of a successful DTC strategy. Getting the personalization formula right takes a lot of out of the box thinking, research, and experimentation. According to Randy Bean an expert in big data strategies, most businesses have invested in a big data infrastructure, far fewer have developed a vision for how they will create business value from that data. So it’s no surprise that while business leaders almost universally agree that personalization is essential to driving growth, a recent Digital IQ research data from PwC shows that 60% marketers say they are not effectively delivering personalized customer experiences today.
• Managing channel conflict. Only a fraction of CMO’s are willing to proactively use digital, social and mobile channels to transform their go-to-market approaches the way Hilton and High Ridge Brands were willing to do. In fact, only 1% of executives said their number one expectation of digital was to disrupt their own or other industries. Gillette ultimately had to make the hard decision to shift to a DTC model to protect share from online competitors.
• Supporting direct channels with quality content. Content plays a much different role in DTC channels than in front of the funnel awareness and branding programs. Video content, personalized content elements, education, stories, and thought leadership are critical fuel to the digital experience. For example, Hilton needed to get digital room layouts and pictures across hundreds of properties in order to support their room selection. 70% of the marketing executives understand that the it takes high quality and well organized marketing content to drive top-line growth with digital, social, and mobile technologies. But most organizations lack the publishing processes to support DTC programs at scale.
• Measuring success at the bottom of the funnel. The nature of a direct model defines success in terms of measurable client outcomes – satisfaction, activation, conversion, subscriptions and profitability. To enable a DTC business models, CMOs will need to embrace a “performance marketing” mentality and define success as more than impressions, brand awareness and engagement.
Until executive leadership decides to take on these very thorny challenges as a primary part of their business strategy, only a fraction of businesses will realize the full return on their very large investments in mobile, social, digital and big data platforms to support growth.
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8d84a7ede5e9500e4466236c0f3680d7
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https://www.forbes.com/sites/forbesinsights/2017/01/19/location-intelligence-mapping-the-opportunities-in-the-data-landscape/
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Location Intelligence: Mapping The Opportunities In The Data Landscape
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Location Intelligence: Mapping The Opportunities In The Data Landscape
Photo: Pitney Bowes
Everyone knows businesses today are grappling with the explosion of data. What’s less well-known is the value of location data and the intelligence that geospatial analysis can provide business decision makers, beyond those that are GIS (geographic information system) professionals.
Location data is already and will continue to be a growing component of all business data. Smartphone penetration is on the rise around the world, location infrastructure—such as cell towers, beacons, RFID and GPS—is proliferating, and the Internet of Things is poised to go mainstream within a few years. However, rather than adding to the complexity of the data landscape, location has the power to bring order to it.
There’s a huge opportunity to exploit that data to create competitive advantage and make better, more actionable business decisions. And that’s the topic explored in a recent Forbes Insights report, “The Power of Place: How Location Intelligence Reveals Opportunity in Big Data,” sponsored by Pitney Bowes. Location intelligence provides a way to reveal relationships between data sets that might not have otherwise been obvious or easy to ascertain and, through location analytics, arrive at the kind of insights that get reflected in the bottom line. Organizations today are using location-based data and analytics to do just that in a number of ways, from reducing costs through augmenting address verification to improving customer experiences with in-store location technology, and enhancing civic and community engagement in local government with spatial analysis software.
Location intelligence has moved into the mainstream enterprise technology landscape. But businesses looking for deeper, customizable functionality will still need to turn to specialized vendors for advanced spatial analytics and additional data sets such as demographics. Fortunately, changes in the technology over recent years means that spatial mapping and analysis software is becoming more user-friendly, moving out of the sole domain of GIS professionals and into the realm of everyday users.
The main applications for location data include enriching, analyzing and visualizing data. Enrichment begins with geocoding—deriving latitude and longitude from an address. Then geo-enrichment joins the geocoded data point with authoritative attributes to present a more detailed understanding of it. In insurance, for example, geo-enrichment often involves appending critical information about the attributes of a property address, including the type and number of buildings on a particular parcel of land, the property age, construction, residential or commercial usage, sale values and more—and then applying a confidence code to that data.
Other kinds of geo-enriched data sets might include global streets or boundaries, points of interest (airports, parking, recreation, transport hubs, natural features, etc.), demographics, income and purchasing power, or risk and natural hazard information.
Location then plays an analytics role by linking different data sets to reveal relationships. For example, it could link the relationship between a hurricane’s path and intensity with the number of claims adjusters an insurance company should dispatch, or between customer drive-time to a store and its sales targets.
Location also helps us visualize business data in familiar ways—typically with maps. Unlike traditional business analytics, which tends to present results in spreadsheets, pie charts and bar graphs, maps allow businesses to see the underlying proximity relationships and trends in their data.
All this serves to fuel innovation in location-based services, decision making, and marketing and advertising.
Organizations looking to add location data or analytics to their own capabilities should begin by considering the following recommendations.
Start thinking spatially—Think about how place and location matter within your organization and how answering where things are might help you better understand business problems you face.
Perform data due diligence—Understand what data you already own, how location can enhance it, and what steps are necessary to ensure the integrity of it.
Near enough is not always good enough—As with any other data that a business relies upon, precision and data provenance matter with location data.
Partner wisely—Location intelligence vendors need to be assessed not just for the technology platforms and support they provide but for the quality and depth of the data sets they offer.
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7962569d1ecf34d1bdd469f74e4acfdc
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https://www.forbes.com/sites/forbesinsights/2017/01/22/three-reasons-why-ceos-need-to-be-more-vested-in-digital-transformation/?sh=25ffd3264a40
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Three Reasons Why CEOs Need To Be More Vested In Digital Transformation
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Three Reasons Why CEOs Need To Be More Vested In Digital Transformation
The rapid adoption of digital technologies by customers and competitors is disrupting every industry and creating value at an accelerated pace. Advances in technology and marketing science have armed businesses with an expanded pallet of powerful digital platforms and tools with the potential to create new value, disrupt the competition, and delight customers.
These highly scalable technology platforms are changing the way businesses connect with and create value for customers. They have catalyzed a wave of digital innovation by both new digital “natives” start-ups like Waze and Blue Apron and legacy businesses like GE and Hilton who are using them to adapt their products, channels, and business models. These digital innovators are creating hundreds of millions of dollars of value in a matter of months with product, channel, and business model innovations that exploit the rapid adoption of these digital technology platforms and changes in customer behavior.
The pace of digital innovation is accelerating. CEOs no longer have the luxury of time to manage secular decline of their core business, develop strategic plans, or pursue late adopter strategies. As a result, 90% of global businesses have initiated a formal digital transformation initiative of some form according to a survey of 573 global business leaders by Forbes Insights entitled How to Win at Digital Transformation.
There is a significant amount of skepticism in board rooms about the impact of digital transformation will have on legacy businesses as well as the nature and speed of digital threats. Many executives feel “unicorn” business models like Uber are not realistic for their businesses. Others are gun shy about undertaking major transformation programs without the skills, financial support, investment model, incentives, patience, and culture to succeed.
But despite these justifiable concerns, responsible CEOs need to be aware of and vested in digital innovation in their capacity as stewards of their enterprise. The demonstrated success of digital business models and a growing body of research about changing customer behavior provide three legitimate reasons CEOs need to focus energy, leadership and capital on these efforts.
1. The fear of losing access to digitally enabled customers. Seventy one percent of executives’ view understanding the impact of digital technology will have on their customer’s behavior and preferences as their top digital transformation challenge according to the Altimeter Group. Most digital transformation efforts are focused on developing ways to more effectively engage customers in traditional channels and meet their rising expectations. For example, the French telecommunications company Orange has a goal of conducting at least half of customer interactions across more than 250 million consumers and B2B clients in digital channels by 2018.
2. The fear of disruption by digital competitors. The new reality is that disruptive digital business models are being successfully implemented across industries as diverse as telecommunications, recycling, investment banking, flooring, mattresses and mortgages. Threats can come from both new “digital native” competitors and existing suppliers, partners or competitors who use digital to augment, dis intermediate or disrupt the traditional value chain. 78% of business leaders believe digital start-ups pose a threat to their organization now or in the near future according to a survey of 4,000 business leaders by Dell. 62% have seen new competitors enter the market as a result of the emergence of digital technology.
3. The struggle to find new growth in new markets and channels. New revenue growth is cited as a top reason for investing in digital transformation by 46% of the executives in the Forbes study because without new digital products, channels and business models it will be very difficult to achieve their growth goals. Over half are actively developing products and services that leverage digital and cloud based platforms. 37% are developing new customer-facing digital channels as part of their digital transformation journey to reach new customers in new ways.
As a direct result of these pressures, digital innovation has emerged as a top strategic priority according to the Forbes Insights survey. The vast majority of business leaders are trying to incorporate digital platforms into their business model to stay relevant to their customers, stave off digital competitors, and grow the equity value of their businesses. These programs vary in scope and purpose. But according to Futurum Research they are generally accompanied by a significant investment in a growing array of digital platforms, including but not limited to: Big Data, Cloud Computing, Cognitive Computing (Artificial Intelligence),Mobility, the Internet of Things (IoT), and Virtualization.
While almost every company is pursuing digital transformation to some degree, The Forbes survey found that most still do not have CEO engagement in the initiative or an organization-wide strategy and execution plan in place. Less than a third have significant executive level sponsorship. And in most those cases that leadership comes from the Chief Technology Officer. As a direct consequence, recent estimates from Forbes indicate that the majority (84%) of these programs have failed to generate the desired results so far.
According to Malcolm Frank, Chief Strategy Officer, Cognizant “digital transformation does not work when it's technology-led, when companies try to blindly emulate what they see out there among the FANG gang (Facebook, Amazon, Netflix, Google), saying ‘let's be the Amazon of our space, let's be the Uber of our space,’ while not knowing how it’s applicable to their business.”
A CEO needs to be aware and vested in digital innovation for these strategies to “future proof” and grow the value of their business asset with intelligent innovation investment and purposeful action. Their leadership is necessary to separate and prioritize the critical tasks of establishing a digital innovation vision, strategy, and investment portfolio from the "noise" of digital tactics, trends, and technologies.
Under the leadership of CEO Francisco Gonzalez the Spanish bank BBVA is aggressively leading the digital transformation of the banking industry from within – building a real time digital banking infrastructure and investing $150 million into financial technology startups through an active venture capital arm. For now, digitally oriented CEOs like Mr. Gonzalez remain in the minority.
As a starting point, every CEO needs to ask and answer five questions if they are going to effectively lead the digital transformation. They are not easy to answer. But attempting to answer these questions will help your organization better understand and manage the impact of digital technologies, disruptive threats, and changing customer behavior on their business.
1. Are you playing offense, defense, or sitting on the sidelines? Most organizations only get serious about digital transformation in direct response to start-ups that threaten their business models with new digitally enhanced ways of doing business. Playing offense has several advantages. It provides learnings and insights from intelligent experimentation (few innovations are born on spreadsheets). It can effectively “future proof” your business by building a moat of digital initiatives around your core business before digital disruption can happen.
2. Are you disrupting or being disrupted in digital channels? Whether you decide to take action, play defense, or wait on the sidelines, it’s important to assess and quantify of the size, nature, and timing of the potential threats to your business and opportunities to create value. Lack of vision is not a sin. Nobody can accurately predict the future. But the lack of diligence and foresight is irresponsible in a rapidly changing digital world.
3. Do you know what your customers are thinking and doing? One of the biggest traps organizations fall into is to confuse digital innovation with technology. It’s important to remember that digital transformation is primarily about finding new ways to engage, delight, and deliver value to customers. This means it is critical to take an “insights-first” approach. This begins by establishing a strong understanding of customer behavior as a baseline for digital strategy development, experimentation, and the reallocation of capital to digital business models.
4. How sensational is your customer experience? The most successful digital innovators are using design thinking to leverage the broad pallet of digital platforms and tools in clever combinations to develop customer experiences that are functional, but also fun, relaxing, memorable or inspiring. The benefits of embracing design thinking are myriad. Design thinking provides a disciplined way to break down the large pallet of digital, analytics, virtualization and mobile tools – and then mix them together to create customer experiences that engage, delight and add value to customers. It’s also an effective way to focus investment on the highest impact and most attainable opportunities. The approach makes it easy to extract the perspective, talent and ideas from across many business functions in your company in a relatively painless way. And design thinking naturally achieves consensus and organically evolves the culture towards a digital and customer focused mindset.
5. Are you evolving as fast as your customers and competition? The most successful digital innovators like Mondalez, Intuit, and American Express are have put in place agile processes for conducting experiments that allow them to do more test, faster, at lower cost with customers. This allows them to learn fast, fail fast and build an intelligent portfolio of innovation investments with limited capital and risk.
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3b96d32e32d56fcaa79962153ade5a14
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https://www.forbes.com/sites/forbesinsights/2017/03/21/4-ways-to-accelerate-sales/
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4 Ways To Accelerate Sales
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4 Ways To Accelerate Sales
Mastering the art of selling is more complicated than ever. Widespread smartphone penetration is helping customers compare prices, research products and weigh competing offers, all in real time. These customers are armed with information and eager for real-time engagement, expecting personalized service and experiences at every touchpoint.
But delivering always-on, personalized experiences can be challenging, especially if a sales team is bogged down by slow, inefficient processes. So how can sales teams keep up in a fast-paced and demanding environment?
A recent Forbes Insights ebook, A New Era of Selling Is Here. Are You Ready?, sponsored by Salesforce, explores four ways growing companies can accelerate sales in a highly competitive environment:
• Staffing your team with the right people
• Creating and instilling a marketing mindset
• Doing more with automation and artificial intelligence
• Connecting your data for a better customer experience
Together, these strategies can ensure customers are met with compelling and consistent experiences at every step of the purchasing path.
A brand is only as good as its best sales rep. But hiring the right talent takes more than evaluating a candidate’s skill sets and work experience. It’s important to hire consultative sellers, not order takers.
Nor should sales reps rely on heavy product pitches. A whopping 80% of business buyers say it’s absolutely critical or very important to interact with a salesperson who doesn’t try to sell them products they don’t need, according to the Salesforce 2016 State of the Connected Customer Report.
The result is a new breed of sales associate — a fast-thinking problem solver and a valuable business partner. Moving beyond the traditional script of selling goods and services, this individual creates personalized customer experiences.
Adopting a marketing mindset is equally as important for growing businesses. For salespeople, that means looking at everything through the eyes of the customer. The old paradigm of marketers generating leads and sales qualifying them is fast crumbling. Today’s sales forces are borrowing a page from the marketing playbook: seeing the selling process as a prime opportunity to build a positive customer experience.
Yet many sales teams can’t focus on customizing the customer journey because they’re bogged down by time-consuming administrative tasks and inefficient processes.
In fact, a recent study by Adam Rapp of the University of Ohio discovered that 32% of front-line sales managers’ time is spent managing their sales team, but as much as 44% of their time is spent managing information and performing administrative tasks. Rapp’s research also revealed that managers who spend more than four hours per week managing information experience a reduction in productivity. Intelligent technologies promise to change all that.
Artificial intelligence is already the top growth area for sales teams, with 139% growth in AI usage expected over the next three years, according to Salesforce’s State of Sales report.
By combining and crunching the right data sets, brands are removing the guesswork from identifying leads and targeting high-value customers. For instance, an AI system can reveal a customer’s readiness to close a deal, a particular segment’s buying behaviors, a sales team’s top performers or the prospects most likely to generate profits.
AI shines a light on all these blind spots, illuminating the sales pipeline so sales reps can determine the best time and channel to connect with customers. Emboldened with information they’ve collected on their customers, these growing businesses can begin to deliver more personalized and predictive customer experiences without the luxury of a global workforce or sprawling IT environment.
But as an IT environment expands, it can become riddled with data silos — disparate and disjointed pools of customer information. As a result, salespeople often lack a unified, integrated view of their customers and have no way of knowing about previous interactions a customer has had with the brand.
The benefits of a comprehensive customer view are twofold: On the one hand, it’s an opportunity for sales reps to understand customer behavior in context and pinpoint the right times and channels to take action. For growing businesses, connecting the dots creates a solid foundation for making executive decisions on everything from product planning to marketing spend to new hires. Either way, this unified view helps to create exceptional customer experiences.
Talent that’s trained to add value, closely allied sales and marketing teams, reps rich in AI’s predictive powers and leaders willing to recognize that customer experience is as much about mindset as it is computer models — these are the strategies businesses need to grow.
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ac53b2f52a1cb29a12e5856ba90bd65a
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https://www.forbes.com/sites/forbesinsights/2017/05/02/the-marketing-performance-credibility-gap/
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Closing The Marketing Performance Credibility Gap
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Closing The Marketing Performance Credibility Gap
The Growing Importance of Developing Financially Credible Measures of the Contribution of Marketing to Enterprise Value, Profits and Growth
The return on marketing investment has long been an inexact science. The CEOs and CFOs who approve marketing investment budgets and capital outlays often compare quantifying marketing performance to “stapling Jell-O to a tree.”
This challenge has spawned an entire industry of modeling, measurement, and analytics businesses hoping to provide marketers the facts they need to measure and optimize the performance of their marketing budgets.
But despite years of vetting and advances in media measurement, analytics, models, and attribution – CMOs still struggle to quantify and communicate the value marketing creates to their leadership, peers, and partners.
“The role of the CMO has evolved into an orchestrator of an increasingly complex marketing ecosystem as marketers struggle to keep up with an ever-changing customer journey. Marketers are investing more, yet most are unable to connect their investments to enterprise value, leaving CEOs and Boards uncertain on the true value of marketing,” says Bruce Rogers, Chief Insights Officer and Head of the CMO Practice for Forbes Media.
While big data, analytics and technology offer the potential to increase transparency, attribution, and accountability for business results – so far, they have failed to deliver that promise. Most CMOs are still making the critical trade-off, reallocation, and risk investment decisions required to adapt to a dynamic and rapidly changing marketplace based on “gut feel” or historical investment.
The result is a marketing performance credibility gap between boards, CEOs, CMOs and the supply chain of agency, media and solution providers that support them. The consequences of this gap are getting bigger over time. Millions of dollars of investment will be wasted with sub-optimal marketing allocation or outright fraud due to lack of transparency. Strategic marketing investments will not be able to compete effectively for resources. CEOs risk leaving the door open to disruption by more digitally savvy competitors on their watch. And CMOs will continue to have no voice in the board room to inform critical digital transformation and customer experience investments and strategies.
The first step to closing the communications and credibility gap so that organizations can adapt to a rapidly changing customer, technology, and competitive landscape is to understand the underlying reasons why it has grown so large. Four fundamental issues need to be addressed:
• The definition of marketing performance is not clear or broadly understood. A primary reason technology partners have failed to better quantify the contribution of marketing to enterprise value is that CMOs have not defined the strategic problem they are trying to solve clearly enough. The lack of common standards for measuring how marketing investments contribute to financial outcomes limits the ability of organizations to make the big investment trade-off and allocation decisions required to remain competitive. These decisions are now critical in world where half of CEOs don’t know what their industry will look like in two years and 97% of have initiated a digital transformation initiative of some form. “Marketing does not have the industry-wide, "generally accepted" or legally mandated standard for reporting results that sales, legal, operations, finance, and almost every other business function does. This hurts our ability to justify and compete for investment on an “apples to apples” basis, according to John W. Chandler the former CMO of MassMutual. “On top of that, gauging the ROI of our work using only marketing-specific measures too often fails, because attributing business results solely using current marketing measures is too imprecise. This is why we must develop solid ROI linkages between marketing spend and core business results using a deeper analysis, and ideally, develop a common standard that makes this attribution resonate across firms and industries."
[caption photocredit="Forbes Insights"] Forbes Insights
The pace of innovation has accelerated to the point that that CEOs no longer have the luxury of time to manage secular decline of their core business or pursue late adopter strategies[/caption]
• The composition and complexity of the marketing investment mix is changing. Managing marketing investment has evolved to become much harder than balancing television ads and sales promotions. Today, the CMO is under growing pressure to show returns on rising investments in marketing assets, new media, data, analytics and technology needed to compete for digitally enabled customers. This has added many more investments to the marketing portfolio and changed the economics of marketing. The CMO of the average Global 5000 company must now allocate resources across at least 20 primary investment types in their annual budget. A bigger issue according to Connie Weaver, the former CMO of TIAA, is “the CMO is being asked to raise funds for a multi-year technology roadmap to support the customer experience and multi- channel execution, while at the same time balancing short term demand generation tactics with long term brand investment. Each objective has a unique set of economics, investments, and time frames. Without a long-term commitment to strategic brand and technology platform development – CMOs will not build the critical business advocacy and are being set up to fail”.
• Executives lack the vocabulary, economics, and financial models needed to manage intangible assets in the current economy. In today’s economy - where over 80% of shareholder value is attributable to intangible assets - marketing directly and indirectly impacts a significant portion of shareholder value in terms of brand equity but also margin, customer experience and organic growth at low cost. “Our empirical analysis shows the brand name by itself is worth nearly 20% of corporate value, and brand indirectly impacts over half of purchase drivers. Yet most businesses don’t measure it, report it. Leadership tends to collapse the notion of brand equity with the notion of the ‘brand’ as the ability to put a stamp on a common good that is only differentiable due to its logo” according to Edgar Baum, the Chief Brand Economist & CEO of Strata Insights. Karen Walker the CMO of Cisco suggests that the impact of brand on shareholder value is even higher. Organizations will fail to make optimal investment allocation decisions until they can agree upon the size and nature of the contribution marketing makes to a company’s growth, profits and value.
• The role of marketing and its contribution to growth has expanded dramatically. Marketers are being mandated to manage and measure a broader investment portfolio, deeper in the sales funnel, with more touch points and higher degrees of business unit integration. In the last decade, the role of the CMO has expanded to include e-commerce, marketing technology, the customer experience, and greater accountability for sales outcomes. Gartner reports that most (62%) of CMOs have ownership of E-commerce and will buy more technology than the Chief Technology Officer. And a survey by Forbes found that almost half (49%) of senior marketing leaders are individually accountable for supporting sales channels and driving more measurable sales outcomes deeper into the sales funnel. If marketers are going to successfully take on a bigger role in the growth equation, they will need commensurate funding and support from their peers in finance, sales and IT.
To help marketers address these issues, the Forbes is working with a network of CMOs and subject matter experts to establish objective benchmarks, methods, and standards to change this dynamic and better connect marketing investment to business outcomes. We invite CMOs to participate in our research and advisory council to help us develop, validate, and share common sense solutions to the top measurement challenges facing marketers. Our goal is to provide a practical set of tools to help executives answer four practical questions:
1. What is the financial and strategic contribution marketing makes to enterprise value in terms of brand equity, margin, growth and acquisition costs?
2. What investments are required to create that enterprise value in the short and long term?
3. How effectively are those investments achieving the desired financial and strategic outcomes?
4. Where are they biggest points of failure, leverage and opportunity to improve performance?
Participants will get full access to the research findings and a CMO blueprint quantifying the value of marketing investment to enterprise value and growth strategy – with actionable recommendations and benchmarks and research from over 500 CMOs and Board Members from Global 2000 organizations.
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3275b04aa487492064dea36f078dd367
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https://www.forbes.com/sites/forbesinsights/2017/06/01/consumer-spending-gains-benefiting-online-off-price-and-beauty-retailers/
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Consumer Spending Gains Benefiting Online, Off-Price And Beauty Retailers
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Consumer Spending Gains Benefiting Online, Off-Price And Beauty Retailers
Consumer confidence is down for the second month, but it is tracking 19% higher than last year. What does it mean for spending? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on consumer confidence, spending and impulsivity.
• Prosper Consumer Confidence: Economic sentiment declines for the second month in a row: in May, 52% report that they are confident/very confident, down nearly two points from April. Despite recent setbacks, sentiment is tracking 19% higher year over year and remains well above the 13 month average (48.2%). At 68.6%, confidence among small business owners is flat from last month (68.4%). “Confidence remains high, but modestly lower than the post-election period when sentiment rode high. Strong employment growth in tandem with mild to moderate growth in real wages are bright spots in the US economy and support prevailing confidence levels. We entered May with unemployment at 4.4% and more expansive unemployment measures such as discouraged workers and involuntary part-time workers are tracking favorably as well,” commented Weinswig.
Consumer Confidence Prosper Insights & Analytics
ABOUT: Consumer confidence is based on respondents who indicated that they are either confident or very confident in the chances of a strong economy during the next six months.
• Prosper Consumer Spending Forecast: At 86.9, the May Consumer Spending Forecast is up from last month (86.5) and last year (84.0). Spending on Softlines is up +3% month-over-month and +5% year-over-year. Hardlines spending is down month over month (-1%), but up +5% compared to last “According to the Prosper Consumer Spending Forecast, both Softlines and Hardlines should enjoy mid-single digit growth this summer on a year-over-year basis. Welcome news for retailers! Fung Global Retail & Technology believes online, value and beauty retailers will capture the bulk of the forecasted increment. We see the growing number of Amazon Prime members as well as its extensive merchandise assortment driving further market share gains. Online retailers also appeal to the consumer’s preference for convenience in a world of little free time. Off-price retailers offer shoppers value and the thrill of the treasure hunt, while beauty products are a relatively inexpensive luxury that have the added benefit of enhancing selfies on social media posts,” Weinswig opined.
Spending Forecast Prosper Insights & Analytics
ABOUT: The Prosper Consumer Spending Forecast is an advanced predictive analytic derived from two established databases (the Bureau of Labor Statistics' Consumer Expenditure Survey and Prosper's Monthly Consumer Survey) and represents consumers' intended spending levels over the next 90 days in 20 retail categories. The consumer intentions data for the 20 categories is weighted by age and gender to reflect the U.S. population and then weighted to reflect the actual percentage of total retail expenditures for each of the categories.
• Prosper Impulsivity Score: At 2.95, the Prosper Impulsivity Score is up year-over-year (2.87) and down slightly month-over- month (2.97). Weinswig stated, “Technology has changed the notion of impulsivity. The average US consumer spends five hours a day on mobile apps—texting friends, watching YouTube, planning vacations and comparison shopping. Having nearly everything at your fingertips increases access, but not necessarily impulsivity. Most shoppers price check before committing to an ecommerce transaction, as rational analysis supersedes impulse for a moment. Gamification strategies can engage shoppers, leverage impulsiveness and result in a sale. Let’s not forget the basics, great product combined with great storytelling and access drive impulsive spending.”
Impulsivity Score Prosper Insights & Analytics
ABOUT: The Prosper Impulsivity Score is an indicator of how much, or how little, consumers are living in the moment when it comes to their spending habits. Highly correlated with many key government data series, the Impulsivity Score is a key indicator of how consumers will be spending.
• Consumer Mood Index: At 106.6, the Consumer Mood Index is down from last month (108.4) but up from last year (105.6).
Consumer Mood Prosper Insights & Analytics
ABOUT: The Consumer Mood Index provides the current happiness level of U.S. Consumers. It analyzes consumer happiness across several key variables. Prosper has found that happiness highly correlates with consumer spending decisions, knowing that happier people buy houses and cars and are more likely to open their wallets.
• Prosper Auto Outlook: The automotive outlook for the next 90 days is up +5% from both last month and last year. Chevy, Ford, and Honda are the top three brands being considered by people planning to buy a vehicle in the next six months.
Prosper Auto Outlook Prosper Insights & Analytics
ABOUT: The Prosper Auto Sales Outlook provides marketers with directional insight into lightweight vehicle sales both month-over-month and year-over-year. Prosper applies their proprietary algorithm to commerce data sets on lightweight vehicle sales and Prosper’s unique purchase intentions data to derive the Auto Outlook.
To view these and additional insights, please visit: www.ForbesExecutiveInsightCenter.com (Registration is required for complimentary access.)
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Disclaimer: Prosper makes no warranties, either expressed or implied, concerning: data gathered or obtained from any source; the present or future methodology employed in producing PI&A statistics; or the PI&A data and estimates represent only the opinion of Prosper and reliance thereon and use thereof shall be at the user’s own risk.
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2c10c295ede6bc698a7c894672bcfd33
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https://www.forbes.com/sites/forbesinsights/2017/08/22/why-your-board-isnt-optimized/
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Why Your Board Isn't Optimized
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Why Your Board Isn't Optimized
What is an optimized board and are you serving on one? I have found that the key factors contributing to an optimized board are boards that have a strong culture, focus on ensuring company strategy and succession planning and have engaged directors who are prepared for all meetings. Unfortunately these four factors aren’t easily achieved and require strong leadership from the CEO and dedication from all the directors.
Shutterstock
This month, Passageways featured Peter Gleason, President & CEO of the National Association of Corporate Directors (NACD) on their webinar Board Meeting Optimization: Driving Excellence. During this webinar, participants who are also directors, were asked interesting questions regarding how their board functions.
When participants were asked how they would describe their board’s culture, 54% said fairly collaborative, 6% said ineffective and 2% said toxic. That’s 62% of board members surveyed who did not believe that their boards were highly collaborative. According to Peter Gleason, a recognized expert on board leadership and board governance, “When you think about board culture, ensuring a highly collaborative environment requires a constant awareness of communication — asking what are the values expressed on the board and company and how is this being projected and tracked out to the marketplace.”
Senior leadership takes their signals from the board. The engagement of the board, including how seriously they are digesting materials, and how board members and senior leaders come together becomes part of the culture of the entire organization. Culture and tone starts at the top.
Boards can become very operational and tend to look backwards instead of focusing on strategy and the underlying assumptions of the strategic plan. It’s easy to fall into the trap of the dog and pony show, with powerpoints and presentations that lack executive summaries which can be digested quickly. When asked whether their board agendas properly address strategic priorities, 35% of participants in the Board Meeting Optimization webinar said yes, 50% said yes, but not often enough and surprisingly 14% said no. More than half of the 345 webinar registrants were not pleased with the amount of board agenda time allocated to strategic issues.
A big opportunity exists to increase the level of discussions and get ahead of strategic issues like cybersecurity, AI and geopolitics that will impact the strategies of your organization. Board member optimization includes drawing on board member experiences to identify flaws in the strategic assumptions, potential risks and where they can support the company. These deep dive issues are often discussed over dinner the night before the board meeting providing directors the change to engage and provide invaluable insights. This requires good facilitation. Some directors can take a lot of oxygen out of the room, and it may required someone meeting with that director privately to discuss tone and culture to ensure everyone has time for participation. We often call these people the kings and queens of chaos. There’s only so much oxygen in the room.
When asked the question, Are your directors adequately prepared for board meetings, only 22% said yes. About 40% said 75% of directors were prepared and 35% said half were prepared. 4% said that their directors were not prepared. These numbers certainly provide insights into room for director improvement and increased board optimization. It’s impossible to run a company and a strategic board if only 22% are fully prepared. Board meeting preparation should have a discipline around before, during and after. Board optimization best practices include a pre-call discipline where board members are plugged into the CEO in order to anticipate any questions that are on the minds of directors. Directors need to understand what’s on the CEO’s dashboard. Conducting executive sessions with adequate follow up to the CEO, ensures that there is continuity of conversations after the board meeting.
With the advent of board portals, the old adage of ensuring that board materials are no thicker than one inch deep no longer applies when all the information is online. It’s important not to drown directors in data, where additional information keeps being added into the portal. Summary sheets and executive summaries become critical to board optimization to ensure materials can be digested in a timely fashion and with the greatest amount of ease. Most directors who come prepared, will review the materials more than once, and have a conversation with their CEO beforehand to understand what they are trying to drive and what’s on their mind.
The lastest NACD 2016 report shows that director’s spend approximately 245 hours or 30 days per year on board activities . If a board member serves on four boards, do the math. If an activist knocks on your door, these numbers can double. For board members serving on newly formed companies, the time commitment is often greater, with less management bench strength available. It becomes important to think about the time commitment you have for the boards in which you serve. Managing and prioritizing multiple board issues can be challenging and it’s important once you make a commitment to be an effective board member, to understand how to manage the time required.
Board members need to be participating and invested in the success of the company. They are there for a purpose. It’s the dialogue they bring to the table that’s critical. Board seats are the most expensive real estate for your company. If you are not participating at the highest level, you are taking up the most expensive real estate. Engaging and participating at the highest levels will ensure that you are not an underperforming asset and are leaning in with currency. This will go a long way towards optimizing your board.
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8e8a480904c9cb664fef81d1b0dad0bf
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https://www.forbes.com/sites/forbesinsights/2018/06/12/annual-reviews-lower-employee-engagement/
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Annual Reviews Lower Employee Engagement
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Annual Reviews Lower Employee Engagement
Prepare your employees to be coached and your managers to become effective coaches. Employees don’t want annual reviews. They want more coaching , feedback and talent development focused on their strengths. A culture of engagement starts at the top. When senior leadership commits to move from backward looking performance evaluation to forward-looking performance development, they commit to increasing engagement and the results are significant. Integrating this approach into your organization will be one of most important investments you can make.
Shutterstock
But why is this easier said than done? Managers rarely have the training and tools they need to become effective coaches. Employees are too often passive recipients of feedback that is then disregarded. An effective coaching conversation with an employee requires thoughtfulness, planning, a certain level of knowledge and enough time to do it well. But managers never seem to have enough time and don’t consider this to be part of their job responsibility. Even with the right coaching skills, managers may not regularly undertake this effort unless they are being held accountable for it. Too many CEOs are not holding their management accountable for increasing engagement or providing them with the training to do so. Gallup’s dismal statistic shows that only 33% of employees at U.S. companies feel engaged at work. This fact indicates a lack of senior leadership focus on and commitment to this important performance improvement tool.
With the commitment, focus, and support of leadership, managers can learn to coach and be coached. The annual performance review should give way to more important coaching conversations that are frequent , regular, real time interactions occurring throughout the year, not just at year-end. Structured coaching instruction, usually offered by outside experts, provides your team with the tools, templates and processes to give managers what they need to do it well. High quality education allows managers and employees alike to hone their skills, by practicing coaching conversations and receiving immediate feedback on ways to improve the coaching outcomes.
Once your team is equipped with the needed skill set, managers are in a position to plan and execute coaching conversations. First of all, the manager and employee must both be clear and agree on the employee’s roles and responsibilities; the job description must reflect the employee’s actual work. There is a great opportunity for improvement in this area, when Gallup reports that only 41% of employees strongly agree that their job description aligns well with the work they are asked to do. The alignment of job responsibilities with accountability will directly serve to enhance engagement. An employee is 2.5 times more likely to be engaged when they strongly agree that management expectations for their work aligns with their actual work responsibilities.
Managers need to learn how to develop their employee’s skills and coach them on behaviors that will support their success. By focusing on what needs to be done differently in the future rather than on past mistakes, manager can impact employees in a positive and thoughtful way. Preparation is required that includes simple, direct, candid, and actionable dialogue aimed at developing employees strengths and driving performance.
Here are just a few helpful ideas to begin thinking about:
Managers should identify two or three things that the employee does well, should keep doing and build upon. Be clear about things that the employee needs improve, do differently or stop doing. Plain examples should be provided for each of the behaviors --both the strengths and the weaknesses, in order to help employees see themselves through these honest descriptions. Discuss and identify the elements that the employee will address moving forward. Jointly check in on a consistent basis, reconfirming and clarifying priorities and expectations.
When obstacles exist, identify solutions together. When learning is needed, develop a plan to bring it about. When things appear to be off track, feedback should immediate, forward looking and performance oriented.
In this two-way conversation, employees have a voice. This collaborative approach aligns expectations and priorities of both the employee and the organization. Gallup reports that when there is this level of alignment, when “my goals” become “our goals”, there is a 3.6 times greater level of engagement than when the goals are not so aligned.
These ongoing, encouraging, purposeful and rewarding conversations celebrate achievements, reduce defensiveness, eliminate surprises and build trust. As organizations shift their approach to employee development, they see real improvements in performance as the Gallup’s data proves.
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6a22ac00259c48371028bd77b07aa620
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https://www.forbes.com/sites/forbesinsights/2019/06/21/carpe-brand/
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Carpe Brand
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Carpe Brand
Why Marketers Should Seize the Moment and Embrace New Standards for Evaluating the Financial Contribution of the Brand
The value of a brand - creating it, maintaining it or, even better, growing it - is of significant importance to any enterprise that currently has, or aspires to have, brands. Brands influence customer choice, and the power of a brand’s attraction influences sales today and tomorrow.
The Average Contribution of Brand to Enterprise Value Forbes Marketing Accountability Initiative
And yet the measurement of brands and their value remains a complex topic to explore, with many divergent points of view. The totality of a brand’s value often only comes into focus when an acquisition occurs and the acquiring entity must establish a value to put on its balance sheet to account for the brand or brands it acquired.
In common practice, this valuation is generally acknowledged to be quite conservative, as the internal financial team argues for the lowest valuation possible so as to reduce the risk of potential impairment at some future date. They will push for a larger goodwill amount and a lower brand amount to be translated to the balance sheet. If a marketplace transaction has some inherent limitations in valuing a brand, are any other methodologies available? Yes, there are many, and most of these methods will acknowledge greater precision and reliability of their outcomes if they work directly, and confidentially, with companies to have access to data that goes beyond that which is publicly available.
So, if book value for brands generally understates their value and other proprietary methodologies contain assumptions that can be debated, is work to value a brand still inherently worthwhile?
The answer is yes on several counts. First, a new report – Entitled Proving the Value of the Brand - published by the Forbes MASB Marketing Accountability Initiative outlines, the linkage between brand value and enterprise value is clearly demonstrated. Businesses that want to generate consistent growth would be well-advised to apply its principles to their marketing and business circumstances.
Second, there is a new mandate to regularly evaluate brands, and in doing so, value them. Recently, the International Standard Organization (ISO) unanimously passed a brand evaluation standard, which requires companies to perform annual evaluations of their brands. While many marketers may not be aware of ISO, they might check with their colleagues in engineering, science, procurement and even human resources to understand ISO’s unquestioned role as the global standard setter.
Conversation with marketers about this new standard, officially known as ISO 20671, have indicated that there is more trepidation than appreciation for the powerful tool this standard can be when appropriately applied. The Marketing Accountability Standards Board (MASB) – a standard setting body behind the development of the ISO 20671 views the new brand evaluation standard as the “Golden Ticket” for marketers. It will allow them to raise the issue as to whether their organization will comply with ISO’s requirements of annual brand evaluation, and in that context, valuation. While anything new understandably creates some apprehension, the ability to elevate brand discussion and assessment to the highest levels of any organization should be welcomed by any effective and accountable marketing leader.
The new ISO standard is a meta standard in that it will require some guidance as to how it can best be implemented. MASB, as the North American designee to ISO Technical Committee 289, is currently in the process of developing that guidance.
The evidence that brand valuation is essential in creating a sustained growth orientation is compelling. Organizations must Carpe Brand, to unlock the long-term enterprise success.
We invite commentary on both our thesis and on the forthcoming guidance regarding the implementation of Brand Evaluation as required by ISO 20671. Please review and enjoy the Proving the Value of the Brand report. It is current, and in many ways, groundbreaking.
Brand Report Forbes
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93d905ac27a879a3d2e1ed2327180485
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https://www.forbes.com/sites/forbesinsights/2019/12/17/90-of-women-complain-about-their-bras-can-this-be-the-solutionpodcast-with-mary-fenske/
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90% Of Women Complain About Their Bras, Can This Be The Solution? - Podcast with Mary Fenske
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90% Of Women Complain About Their Bras, Can This Be The Solution? - Podcast with Mary Fenske
90% of women complain about their bras. Something is fundamentally wrong in age of personalization. How do we get it to the right place in ten years’ time?
The industry is locked into a look that feels the same and often only has small incremental changes. For wellness and wearables we should be able to see how the bra is performing for your body, your digestion, respiration. Posture and confidence are important drivers of a sense of confidence and sometimes capabilities so that a re-designed bra should be the norm.
50% of women believe bra failure or discomfort puts them off exercising. How do we solve this in 10 years’ time or sooner? Functional fashion should be the norm.
Tech neck (watching cell phone screens) is an even bigger issue for women than men and average breast sizes have increased two sizes in less than forty years. We test for immediate comfort and bounce. We need to look at the whole design process around breathing, muscle strain, etc.
Mary Fenske CEO Mary Fenske CEO
Our visionary today, Mary Fenske the CEO of PostureWings talks about a whole design paradigm. We need a new innovation flow where biology and anatomy sit at the heart of the design process. The basic bra has not changed in over 100 years. Everything else around us has changed many times over that period.
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This is a huge market where women will wear different bra designs through-out their lives. Imagine the ability to use science to design something so personal and valuable that women can get what they need, want when they want it.
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d95785fe6109f867dded3bf94da5f23d
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https://www.forbes.com/sites/forbesinsights/2020/01/30/how-the-possible-lvmh-purchase-of-ac-milan-changes-the-formula-of-sports/
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How The Possible LVMH Purchase of AC Milan Changes The Formula Of Sports
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How The Possible LVMH Purchase of AC Milan Changes The Formula Of Sports
AC Milan, a historically significant soccer/football team in Italy, has been reportedly negotiating with, and may soon be owned by the most significant luxury conglomerate in the world, LVMH. I love football / soccer, and I am a huge fan of how LVMH has built the globe's most dominant multi-dimensional luxury brand from the highly affordable Tiffany acquisition to travel trunks that cost more than a family vehicle.
Their much publicized and highly possible purchase of AC Milan is unlike any other acquisition of a sports team that we have seen. Purchasing any team could historically be described as the ultimate vanity exercise. Look at this page for the list of owners of over 300 sports franchises across the globe on this list on Wikipedia. Just look at page one and count how many times you can’t see where real economic value or growth can come from.
CEO of LVMH Bernard Arnault presents the group's 2019 results during a press conference, in Paris, ... [+] Tuesday, Jan. 28, 2020. (AP Photo/Thibault Camus) ASSOCIATED PRESS
This purchase by LVMH is fundamentally different (in a digital age) in terms of teaching leadership to think towards what I call adjacent boxes with incredible economic and brand upsides. Adjacencies are all around us. Some good, some illogical
Take two simple examples. Cars and tyres for vehicles share a very similar ecosystem. However, would you buy a Toyota tire? The answer is mostly no from a label standpoint. Take breakfast cereal and an in-store brand of breakfast cereal. The answer is mostly yes, you would buy the store brand, even although the food retail store is white labeling the breakfast cereal from somebody else. Near adjacencies are about logical products, services, or experiences that fit together or are super easy to make based on a simple trade-off (price, availability, low threshold for error).
In a digital-age, adjacencies are absolutely everywhere if the platform (Amazon) or the brand (in this case, LVMH) makes that decision easy. In a digital age, the barriers to entry still exist, but they are far more fluid than ever before. Leaders need to abandon traditional blinkers and open their eyes to the new digital society possibilities.
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Affordable extensions of your product services can tilt traditional markets owned by Nike, Puma, etc.
No offense to Nike or Puma, but an LVMH designed football shirt should win hands down against these other brands in terms of affordable luxury. While sports and a fashion sense can generate oxytocin almost at will, the world's leading luxury brand should be able to out-think a sports-wear company in terms of bringing luxury wear down to a daily basis.
Sports brands do a great job of making sport's clothing more than just stadium wear. However, a luxury brand that can make itself affordable and relevant is the golden in a digital world. Sports clothing should be placed where affordable luxury naturally extends itself. Just imagine Manchester City blue becoming Tiffany blue and how many more people would buy into the brand.
Milan's Zlatan Ibrahimovic, foreground, controls the ball, during a Serie A soccer match between ... [+] Brescia and AC Milan, in Brescia, Italy, Friday, Jan. 24, 2020. (Spada/LaPresse via AP) ASSOCIATED PRESS
Not just in shirts but jackets, pants/trousers, even underwear. Imagine the economic upside of not only owning a global soccer/football brand but also being able to show all the clothes and products across all the social channels, week in and week out. Example: replacing the iconic Puma logo above with an LV monogram. This logic makes LVMH's upside outside their acquisition a little cost relative to the global upside outside football/soccer and the Italian market.
The old models that defined economic opportunity no longer prevail. The positive multipliers from building a real platform (brand or technology-based) stretch far past the traditional Michael Porter five forces. Consumers converge ideas now more than ever before (Tiffany and Manchester City, AC Milan, and LVMH). The upsides are almost incalculable given the fluid nature of modern digital consumers and how they fluidly think across traditional boundaries if the brands they work with are either digital platforms or digitally adroit luxury brands like LVMH
As a leader, you may well have to handle new competitors who can change the shape of your traditional markets because consumers, millennials and digital natives are far more open to transitioning and mixing ideas than ever before.
A world of constant change encourages us all to review tradition
The same is true for Business to Business market sectors you might be serving. Imagine selling a perpetual license in software, and a new company offers a SaaS license model that encourages customers to think about the value of continuing the way they used to work in a world of constant change. 75% of significant corporations we interviewed accept that we live in a world of continuous change. Yet only 25% of all companies actually think about leveraging that idea.
LVMH teaches us
A new world needs to think about new currencies for brand and leadership extension.
LVMH is the global leader in luxury, but they see the potential for logical adjacencies. As leaders, we cannot afford to apply old world paradigms to new world orders. If you can make yourself a digital platform (Amazon) or a digital age brand (LVMH), then the world should be your oyster.
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d010c3d32eb667cf788260dbb961fb48
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https://www.forbes.com/sites/forbesinsights/2020/02/11/the-ai-revolution-is-herea-podcast-and-interview-with-nate-yohannes/
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The AI Revolution Is Here - A Podcast And Interview With Nate Yohannes
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The AI Revolution Is Here - A Podcast And Interview With Nate Yohannes
Nate’s perspective on AI being built for everybody on the planet is birthed from one of the most unique foundations possible. He’s the offspring of a revolutionary who stepped on a landmine in 1978 fighting for democracy on the Horn of Africa, Eritrea, one of the worst violators of human rights in the world to becoming a lawyer who was then appointed by President Obama to serve on behalf of the White House. Nate’s father losing much of his vision in the landmine attack was the catalyst for his passion for AI Computer Vision; computers reasoning over people, places and things.
Nate Yohannes AI, Microsoft Nate Yohannes
His role at Microsoft AI merges the world of business and product strategy, while he works closely with Microsoft’s AI Ethics & Society team. Nate believes that Microsoft’s leadership decision to embed Ethics & Society into engineering teams is one of the most durable advantages they offer — design products with the filter of ethics up front is unique and valuable for everyone. AI is the catalyst for the fourth industrial revolution - the most significant technological advancement thus far and, AI has the potential to solve incredible challenges for all of humanity (climate, education, design, customer experiences, governance, food, etc.). The biggest concern could be the potential for “un-expected and un-intended consequences” when building and deploying AI products. Very similar to the unintended consequences we see today with social media companies and the misuse of privacy and data. AI will change the world, how it does this is our choice. It’s critical to have appropriate representation at decision making tables when building AI products to mitigate thousands or millions of unexpected consequences potentially. From gender and race to financial, health and even location-based data. Solving this challenge of the unexpected consequences and incorporating inclusivity shouldn’t hinder innovation and the ambition from maximizing revenue; instead, it should enhance it. Creating products that will have the most extensive consumer base possible, everyone. It’s an inspiring conversation about how to make the possible a reality with a different mindset.
This should be a guiding light for how all companies develop AI for the highest good (not just greater good). If every company or even the government will be a digital platform by 2030, OK, 75% of us will be, then AI will sit at the center of these organizations.
Nate Yohannes Speaking to AI. VERTEBRA FZ LLC www.vertebrallc.com +971528804166
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Doing it the right way is part of the puzzle. Thinking more about how it can be applied to the whole world is the tantalizing promise. Nate Yohannes is a Principal Program Manager for Mixed Reality & AI Engineering at Microsoft. He recently was a Director of Corporate Business Development & Strategy for AI, IoT & Intelligent Cloud. He’s on the Executive Advisory Board of the Nasdaq Entrepreneurial Center and an Expert for MIT’s Inclusive Innovation Challenge. From 2014 – 2017, he served in President Obama’s administration as the Senior Advisor to the Head of Investments and Innovation, US Small Business Administration and on the White House Broadband Opportunity Council.
Nate was selected for the inaugural White House Economic Leadership class. He started his career as the Assistant General Counsel at the Money Management Institute. He is a graduate of the State University of New York College at Geneseo and of the University of Buffalo School of Law, where he was a Barbara and Thomas Wolfe Human Rights Fellow. He’s admitted to practice law in New York State.
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8eced99c471991087b9107534f186eaf
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https://www.forbes.com/sites/forbesinsights/2020/05/08/realizing-the-growth-potential-of-ai/?sh=415cd83b33f3
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Realizing the Growth Potential of AI
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Realizing the Growth Potential of AI
Applying Past Lessons to Harness the Future Potential of AI
Business leaders and investors universally agree that Artificial Intelligence (AI) and Machine Learning (ML) will transform their businesses by reducing costs, managing risks, streamlining operations, accelerating growth, and fueling innovation.
The potential for AI to drive revenue and profit growth is enormous. Marketing, customer service, and sales were identified as the top three functions where AI can realize its full potential according to a survey of 1,093 executives by Forbes.
· Sales organizations are dramatically improving sales performance by using algorithms to help with the basics of account and lead prioritization and qualification, recommending the content or sales action that will lead to success, and reallocating sales resources to the places they can have the most impact.
· Marketers are looking for AI to fuel enormous efficiencies by targeting and optimizing the impact of huge investments in media, content, products, and digital channels.
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· And in customer service, AI is opening entire new frontiers in customer experience and success by applying NLP, sentiment analysis, automation, and personalization to customer relationship management. 90% of organizations are using AI to improve their customer journeys, revolutionize how they interact with customers and deliver them more compelling experiences.
To realize this potential to grow revenues, profits and firm value, businesses in every industry have announced AI focused initiatives. On average, investment in advanced analytics will exceed 11% of overall marketing budgets by 2022. Spending on AI software will top $125B by 2025 as organizations weave AI and Machine Learning tools into their business processes. In parallel, investors have poured more than $5 Billion into over 1,400 AI fueled sales and technology companies to meet this demand.
So far, the impact of these investments on growth and profits has not yet been transformational. Right now 70 % of AI initiatives are showing little or no return. And more businesses will struggle to realize the full potential of AI to grow firm value if their leaders don’t learn lessons from past transformations like the internet in the 1990s and cloud computing in the mid-2000s, according to Kartik Hosanagar, Professor of Technology, Digital Business and Marketing at the Wharton School and author of the influential book A Humans Guide to Machine Intelligence.
“What separates the AI projects that succeed from the ones that don’t often has more to do with the business strategies organizations follow when applying technologies than the ability of the technology itself to transform the business,” according to Professor Hosanagar. “Many of the problems are less about the tools and more about leadership. Most of the failures to harness the power of AI lies in human behavior, management understanding, and the failure to mesh algorithmic capabilities into organizations, business models and the culture of the business.”
Today most executives feel like the pace at which AI can be made successful has been overstated, and the challenges have been understated according to the Forbes survey. That is totally understandable based on the current level of acumen in the business community about AI and advanced analytics. But the perception of hype and speed is an education and skill problem. AI works today in many business applications. It’s more a matter of the managers tasked with harnessing the power of AI don’t have the experience and framework to understand it. Just as a calculus class will move far too fast for a sixth grader to grasp, growth programs based on AI and ML will be far too advanced for the executives who define, direct, and fund their development and are ultimately accountable for the results they deliver.
“Algorithms are opaque to the average business executive and can often behave in ways that are (or appear to be) irrational, unpredictable, biased, or even potentially harmful,” continues Kartik. “It’s up to business leaders to shape the narrative, direction, and ways algorithms can -and cannot - impact work, customer relationships, and the way business creates value.”
Executives who allocate capital and the managers who will lead the AI transformation cannot afford to have a poor understanding of something so fundamental to business and the creation of value today. “Ignoring the problem because it’s complex is not really an option. AI-based algorithms are here to stay,” continues Professor Hosanagar. “To discard them now would be like Stone Age humans deciding to reject the use of fire because it can be tricky to understand and control”
To help bridge this knowledge gap, The Wharton School of the University of Pennsylvania announced yesterday the establishment of Wharton AI for Business (Artificial Intelligence for Business), which will inspire cutting-edge teaching and research in artificial intelligence, while joining with global business leaders to set a course for better understanding of this nascent discipline. The goal of AI for Business is to educate a new generation of business leaders with a deeper understanding of AI – its fundamentals, capabilities, use cases, risks and limitations – so they can align AI with their business strategies and effectively direct, prioritize and invest in applying AI in their unique business models.
A cornerstone of the launch is a 4 week Artificial Intelligence for Business online certification program for business leaders and professionals. The program is aimed at providing executives, managers, and business professionals in the fields of marketing, operations, automation, and analytics a competitive edge in the emerging field of AI analytics.
According to Hosanagar, one of the primary reasons Wharton launched the AI for Business initiative is because it can help managers avoid very common mistakes their peers make when they define, invest in, and deploy AI-led transformational initiatives. Specifically, managers leading AI transformation typically make the same set of mistakes:
· They execute AI development in siloes isolated from the business, or outsource it entirely, instead of making it a core part of the business;
· They treat AI led transformation as a separate strategy instead of using it to support their core business objectives and growth agenda;
· They fall into a trust and transparency vortex in which they either trust AI tools blindly without truly understanding them, or not at all, because they don’t understand what is inside their “black box” algorithms.
Kartik is emphatic that today’s managers must learn from the mistakes of past transformations. “Today nobody denies the internet was transformational to businesses and created billions of dollars of shareholder value,” reminds Hosanagar. “But despite the huge hype and promise, it certainly did not start that way. If you look back at the dawn of the internet 20 years ago, almost every organization quickly set up an independent dot.com division to lead the transformation to digital. Most of these failed.” Hosanagar cites the example of Kmart who in 1999 aggressively invested in bluelight.com - a separate dot.com division - ahead of most of their competitors, but failed because they did not stick with it long enough and did not integrate the digital division with the rest of their business. The company soon went bankrupt in 2002. “A siloed approach to transformation is a flawed strategy. Ask yourself how many businesses have independent dot.com divisions anymore? What eventually did succeed was to find ways to use the internet to augment and accelerate their core business strategy – simplifying ordering, improving customer services, and supporting omnichannel sales models.”
“In my 10 years of working with data science and AI strategies in business, I see executives tend to fall into two camps when it comes to applying AI to their business,” shares Professor Hosanagar. “They either don’t understand it but trust it. Or don’t understand it and do not trust it. Both are failed strategies. The key message here is leaders need to understand enough about how AI works to strategically align AI with value creation and make smart investment decisions.” Specifically, Professor Hosanagar advises managers leading AI transformation initiatives to:
· View AI as a tool, not a strategic goal;
· Take a portfolio approach to AI project that balances quick wins with fundamental process redesign;
· Grow your talent base by both re-skilling existing employees and hiring new talent;
· Focus on the long term by sticking with AI through inevitable early failures;
· Be aware of new risks AI can pose and manage them proactively.
“AI can be a force for positive change if business leaders apply it thoughtfully,” according to Sajjad Jaffer, founder of Two Six Capital, a firm that pioneered data science for private equity. “Wharton is unmatched in its depth and breadth of research in the fields of Statistics and Analytics. Programs like Wharton's new AI offering are table stakes for next generation leaders as companies increasingly rely on large data sets, cloud computing infrastructure, and open source software to scale their businesses," continues Jaffer, who serves on the board of Wharton Customer Analytics and is a Wharton Senior Fellow. "Investment committees and company boards need to bridge the widening chasm that exists between sound business judgement and AI skills across industries and asset classes."
Christine Cox, the VP of Marketing Operations and Demand Generation at Ricoh USA echoes this sentiment. “Based on my 20+ years leading marketing and sales teams across financial services, telecom and technology, AI is only just beginning to break into the Martech stack of traditional brands, enabling hyper-personalization of the Customer Experience,” reports Cox. “As large organizations develop greater AI capabilities for driving customer acquisition and retention, we will see these organizations innovate faster, engage with customers in new ways and start to compete with the digital-native companies. Holistically, AI has catapulted digital marketing and digital sales in the last five years, and I expect AI will exponentially accelerate the research and response process for marketing and sales teams to address evolving buyer needs in the future. However, this won’t happen with technology and data alone. In my experience, the business leaders who work to truly understand the nature and capabilities of AI and advanced analytics will be the ones who will realize the greatest impact and value from this transformation for their respective audiences.”
Saurabh Goorha, a Senior Fellow at The Wharton School, reinforces Kartik’s advice that managers gain an fundamental understanding of AI and ML to make them aware of new risks AI can pose and manage them proactively. “Executives make significant decisions about how they should invest capital, resources and talent to realize the full potential of AI and ML technologies to transform their businesses,” relays Goorha, who has decades of experience in product managment in EdTech and MarTech. “These decisions should be an outcome of a grounded understanding of AI and ML starting with first principles: what are the business and functional problems that can be solved and measured with comprehensive data strategy. At the next level they must ensure their AI strategies are informed by a solid understanding of both the potential and risks of AI as well as the strengths and limitations of the underlying data fueling these programs.”
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f6e97ef8004a239526578e58cc729523
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https://www.forbes.com/sites/forbesinsights/2020/07/01/five-keys-to-managing-remote-sales-teams/?sh=33111b32736a
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Five Keys To Managing Remote Sales Teams
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Five Keys To Managing Remote Sales Teams
The coronavirus pandemic has forced billions of people worldwide to remain at home – displacing selling teams and accelerating the adoption of virtual selling channels. Few organizations were prepared for this scale of employee dispersion.
98% of sales leaders report their businesses will be disrupted by the pandemic by over five sales quarters as they adapt to uncertainty, changing buyer behavior, and new ways of working according to research by the Revenue Enablement Institute. Sales productivity has dropped by 20% since the pandemic started as executives struggle to adapt to managing and measuring remote salespeople, call center representatives, and customer support agents. And most executives believe the changes brought on by the pandemic will transform the way they sell forever.
Sales leaders are now being forced to quickly adapt their commercial models to this new buying reality by:
· Transitioning from “old school” face-to-face selling to virtual selling approaches better suited to the demands of “new school” buyers who prefer to work through digital channels;
· Building “digital first” sales infrastructure to support remote selling at scale;
· And getting much more leverage, visibility, customer engagement, and speed from technology.
“The global spread of the coronavirus is the tipping point for virtual selling, which represents the commercial model of the future,” reports Michael Smith, a Managing Director at Blue Ridge Partners who has helped over 100 businesses improve their selling performance. “Looking past the pandemic, the coronavirus response has pushed most sales organizations past the point of no return where the adoption rate of remote selling channels and “new school” digital buying practices will transform selling as we know it. This will redefine the commercial model by accelerating the cadence of sales, forcing higher levels of digital engagement, and introducing entirely new sales management practices.”.
Bob Kelly, Chairman of the Sales Management Association (SMA) which co-sponsored the Remote Sales Productivity Report, anticipates the pressure to respond to the coronavirus will finally give sales leaders the shove they need to become adaptable, technology-enabled, and learning agile. “The response to the coronavirus crisis has created a “shoving point” that will force sales managers to truly rely on technology or be left behind. That shove will send many reeling. But I ultimately believe most sales forces, or their managers will rise to the challenge and adapt to challenging markets, re organize with heightened purpose, and remake their organizations in a more remote selling model.”
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Unfortunately, sales leaders have limited time or resources to make this transition. This raises the stakes on the difficult resource allocation and investment decisions they must make in the coming year. With planning for the 2021 fiscal year just months away, the vast majority (98%) of organizations will have no additional funds to make these changes. In fact, two thirds have had to cut their sales budgets in response to shrinking demand. At the same time, the decisions they make on where to cut, invest, and refocus sales resources will disproportionately define their future profitability and competitiveness in the new buying reality.
To help growth leaders make the smartest possible choices, the Revenue Enablement Institute and the SMA conducted a survey of sales leaders. The findings of this study are published in the Remote Sales Productivity Report, which outlines five actions sales leaders can take to both improve remote sales team productivity today and set the stage for selling effectively in the recovery.
1. Speed: Accelerate the speed of communication, lead flow and response
2. Tools: Arm your sales teams with four basic tools to sell remotely
3. Visibility: Stop flying blind and leverage customer engagement data
4. Hyper-focus: Double down on pipeline and relationship building
5. Run new sales plays: Create a new playbook for virtual selling
1. Speed: Accelerate the speed of communication, lead flow and response. Three quarters of the sales leaders surveyed in the report identified adapting to changing customer expectations and demand for responsiveness as their top sales productivity challenge. To lead effectively in a remote setting, managers must find ways to accelerate the speed of communication to provide the entire selling team with fast, transparent, and inclusive information about all client activity and engagement. This gives remote salespeople purpose and direction, and it allows managers to delegate authority without giving up control and accountability to support quick actions and decision-making by front line sales employees.
Michael Smith echoes the importance of accelerating the cadence of communications to get sales teams to focus on a tight set of execution priorities and address rising customer expectations for fast and complete communications. “With the advent of digital buying, clients have become increasingly unwilling to wait for answers, information, and advice,” reports Smith, who has coached a dozen leadership teams on ways to adapt effectively to remote selling in the last several months. “The shift to remote work will only accelerate this trend. Your customers are going to expect answers in minutes or hours not days or weeks.”
2.Tools: Give your sales teams the basic tools they need to effectively sell remotely. This sounds fundamental, but less than 6% of enterprise work forces were formally equipped for telecommuting at the start of the year. Newly displaced sellers lack the basic tools to operate effectively in a remote environment – unified communications, network access hardware, collaboration platforms, and sales enablement tools. This is changing fast as organizations realize the commercial model has hit an inflection point – and face-to-face selling, travel and events are going to become a smaller part of the mix. Like Y2K and similar disruptive events – the pandemic is forcing companies to upgrade their infrastructure to equip their remote sales reps with the bandwidth, flexibility, and capability to deliver superior customer experiences while reducing costs. As an illustration, AT&T experienced a 400% increase in the use of online collaboration tools from home and business users and a sharp rise in video traffic over mobile networks since the crisis began. This foreshadows the growing importance of digital and video collaboration in remote selling. “Network performance is becoming more tightly linked to employee performance as the economy becomes more virtual and more customers engage in digital and virtual channels,” forecasts Mo Katibeh, the CMO of AT&T.
3.Visibility: Get better visibility into buyer and seller activity to stop flying blind. Visibility is an urgent issue for the simple reason you can’t manage what you can’t measure, and you can’t measure what you can’t see. In fact, the study found that getting better visibility into seller activity, customer engagement, forecast commitments, and pipeline health were identified as the top 4 ways to better manage remote sales productivity. Unfortunately, the lack of visibility is the “Achilles heel” of remote selling productivity. “To make the greatest use of scarce time we must equip sellers with better information about where the buyer is positioned in the buying cycle and meet them there with the information, content, and plays the buyer needs much faster,” reports Michael Smith. This means getting better control over the customer engagement and buyer activity data they already have. Greater visibility is now essential in a post Covid-19 marketplace. It gives sales managers the information they need to better manage, measure, coach and empower remote revenue teams at the edge of the organizations with the information they need to engage customers and make the right decisions faster.
The Growing Importance of Visibility in Selling Revenue Enablement Institute
4.Hyper-focus: Double down on pipeline and relationship building. Uncertainty about demand is regarded as the biggest risk to the revenue plan by sales leaders. According to the research, only one in five customers you call will be in market to buy in the short term. Sellers anticipate a 77% decrease in customer retention, 42% drop in cross sell and upsell opportunity, and an 18% drop in new business acquisition. And most don’t anticipate demand will rebound until the end of 2021. So, surviving today and succeeding in the next normal will require extremely productive and focused relationship and pipeline building for the third and fourth quarter. Every organization needs to double down and move forward – whether they can exploit advantages in the post-Covid economy, defend customer relationships, or pivot to become part of the solution. “Sales leaders need to be much more disciplined and focused in how they respond to the crisis,” warns Michael Smith. “You cannot afford to waste precious sales time on the wrong leads, customers and prospects in this environment. Sellers need to focus their limited time on opportunities that can close, and sustaining relationships with key customers and the most valuable prospects. Achieving this hyper-focus will require information that supports trusted advisor interactions and much more scientific management of accounts. For example, this means using sales AI to better qualify leads based on data about customer engagement and recommend specific actions required to convert those opportunities to sales. This is going to force sales operations to shift the focus of their sales technology stacks and systems from reporting on workflow to driving workflow.”
5. Run new sales plays: Create a new playbook for virtual selling. The dramatic pivot to remote selling will bring the growing disconnect between tried and true “old school” field selling practices and “new school” digital buying to a flash point. Sales managers and sales effectiveness leaders will have their work cut out for them over the next several months, according to Bob Kelly. “They will be forced to adapt their organizations to unaccustomed modes of selling, learning, and collaborating,” predicts Kelly. “Sales managers will have to redesign sales process and selling messages, restructure sales roles, replace suddenly obsolete activity models, incentives, and territory assignments. They will retrain the salespeople who must make sense of these changes, then retrain them again as fluid strategies evolve.”
Michael Smith agrees that sales leaders need to write a new playbook for virtual selling based on experience helping over 100 businesses improve their selling performance. “Veteran/traditional field sellers will not be immediately comfortable with virtual selling as the tools of the trade change. Many will struggle to quickly shift from face-to-face relationship building and advice over time, to using digital communication channels and virtual, video and collaboration platforms to deliver answers to new school digital clients in the moment,” according to Smith. “This will force sales organizations to update or create new sales playbooks to be specific about what is expected of everyone in their new virtual sales roles – including setting new expectations for video presentation skills, a faster operating cadence, more personalized content, and team selling.
You can learn more about how sales leaders are adapting to the new buying reality and these five ways to increase the productivity and competitiveness of your remote sales team in the new report: Five Keys to Leading, Enabling, and Managing Highly Effective Remote Selling Teams.
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5e109a1ce1e0c064d8b08b74c7be3066
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https://www.forbes.com/sites/forbesinternational/2016/03/21/moscow-fashion-fit-to-size/
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Moscow Fashion, Fit To Size
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Moscow Fashion, Fit To Size
Mercedes-Benz Fashion Week Russia in Moscow, March 11, 2016. Designer: Lena Burduzha. Photo: Natalia... [+] Kolesnikova/AFP/Getty Images
These days Russia tends to make international headlines due to the Kremlin's awkward attempts to "make Russia great again” – by making unpredictable, mostly militaristic, destabilizing moves in other lands. But not all in Moscow is camouflaged. The latest Mercedes-Benz Fashion Week Russia was held there last week, with more than 50 designers from Russia and a few neighboring post-Soviet countries presenting their Fall/Winter 2016-2017 collections.
Even with a declining economy and bogged down by international sanctions imposed for annexing Crimea and allegedly fueling the crisis in eastern Ukraine, the Russian fashion scene is as vibrant as ever and the creativity flourishes. Below is a report from FORBES contributors Stephan Rabimov and Alexey Timbul, who were on the scene at Moscow Fashion Week.
Shark Burka; Sorry, I Am Not F/W 2016 Runway Collection Show. Photo: DEPESHA.
Sepia-toned nostalgic furs, gold hued gala gowns and a shark burka… Held at an expo center directly across from the Kremlin, the latest edition of Mercedes-Benz Fashion Week Russia offered less global glitz than local fashionistas have come to expect in previous years. Sanctions, proxy wars, corruption scandals—fashion as a cultural barometer shows an apparel industry in flux as the socio-economic focus shifts towards all things domestic. One thing Russian people have learned from over a millennium of their tumultuous history is resilience. When things are good, you flaunt it. When life gets tough, grit and bear.
What crisis? “We get textiles from Spain and France, so the instability of the ruble’s exchange rate is a nuisance. Otherwise, if anything, there is probably more interest from foreign buyers now,” says designer Oleg Ovsiev, who took over a popular Russian brand, Viva Vox, after studying design in the Netherlands. His collection was an assured study of an elusive, emerging next Russia: colorful but not garish, with subtle eastern accents on western trends, without boasting either.
Designer Jenya Malygina, whose brand Pirosmani is represented in the collection of the Museum of Fashion at Fashion Institute of Technology in New York, also finds the current challenging conditions inspiring. “This tough moment in history is an exciting pivot towards daring greatly in terms of creativity. It gives impetus to take bolder risks.” Her collection paid homage to transcendent works of Mikhail Vrubel, a Russian artist who painted fable illustrations and Orthodox church icons. Russians embrace their hardships, in the same way the French savor the joie de vivre or the Italians cultivate la dolce vita.
Designer Oleg Ovsiev of Viva Vox at Mercedes Benz Fashion Week Russia; Photo: Julia Mayorova
The celebration of Russian cultural heritage is in overdrive mode these days. It is part of an expansive clamor of patriotic rhetoric that’s been ratcheting up for years. The Tretyakovskya Gallery in Moscow was inexplicably besieged this winter by tens of thousands of people queueing for hours in subzero temperatures to see the retrospective of painter Valentin Serov. The ‘Queue for Serov’ had become a social media phenomenon prompting satirical memes such as “Russia annexes the Queue for Serov.” The state media promptly brought up historic images of Muscovites lining up at the doors of the first McDonald’s in 1990 with the implied connotation that a quarter of a century later, the Russians are rejecting Western “fast food” values in favor of higher morals. Three days after Russian President Vladimir Putin’s televised tour of the exhibition, the swarming crowd bloated to uncontrollable size and broke down the doors. One thing foreigners learn fast in this country is that Russian enthusiasm turns manic in an instant.
“Import substitution” is the new state agenda. While the idea of “Russian Parmesan” recently drew a laugh from the Italian ambassador, limitations on foreign pharmaceutics and software sent hospitals, schools and other government-financed institutions scrambling for solutions. The continuing exodus of European retailers (Stockmann, Esprit, River Island, Lindex, OVS, among others) from the Russian market opens a wide niche. However, when it comes to efficient production, most Russian brands struggle. Alexander Shumsky, the week’s venerable organizer, echoed these sentiments: “Recent research shows 70% of Russian consumers are ready to give preference to Made in Russia labels. In the last decade we supported over 100 new designers, but more than half of those brands are nonexistent now. They make three to five collections and then something goes wrong.” The inaugural Fashion Futurum conference, organized by the Russian Fashion Council under patronage of the Mayor of Moscow, facilitated some soul searching among designers, manufactures and retailers to jumpstart a new approach to fashion industry development in Russia.
Gallery: Mercedes-Benz Fashion Week Russia: Fall/Winter 2016-2017 9 images View gallery
Meanwhile, Moscow continues to draw aspiring designers from Central Asia and the Caucuses despite volatile circumstances. A few years ago, at the height of Russia’s short war with Georgia, it would have been unfathomable to see Georgian designers on these runways. This season there were three. And they weren’t the only outlanders: representatives from neighboring Belarus and Ukraine were on hand as well.
Ukrainian designer Yasya Minochkina braved the geopolitical quagmire and, despite the conflict between Russia and Ukraine, came to Moscow in search of better opportunities only to find that consumer confidence is faltering here as well as in her native Kiev. “It is a crisis not just for my brand, but for everybody who are not oligarchs’ wives. I lost many clients. People don’t want change, change, change anymore. They maybe buy just one designer thing now. It’s not about fashion at the moment, but cash in the pocket,” she said.
With resilience comes defiance. The aforementioned shark jaws burka ignited social media with buzz for a provocatively titled new brand “Sorry, I am not”. How it fares on the changing cultural tides remains to be seen. One thing Russia and Russian fashion is definitely not, is boring.
Designer Slava Zaitsev, Mercedes-Benz Fashion Week Russia in Moscow on March 12, 2016. Photo: Vasily... [+] Maximov/AFP/Getty Images
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9ee509092b6433658284516d6a9e8603
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https://www.forbes.com/sites/forbesinternational/2017/11/01/enjoy-the-pain/
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One Man's Quest to Cure Diabetes 2
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One Man's Quest to Cure Diabetes 2
Sami Inkinen prefers to work by standing up and enjoys the views from the 20th floor. The office for... [+] the staff of 65 people is decorated modestly. Inkinen’s screen in on a cardboard box. “We try to save our investors’ money where ever we can.” Elina Simonen for Forbes Finland
After leaving Finland for California, Sami Inkinen pushed himself to the limits as a triathlete and an entrepreneur. His real-estate site Trulia became a big winner. But his latest venture, a new online medical clinic, is a lot riskier—and potentially far more lucrative.
This article appeared in the October 2017 issue of Forbes Finland.
Every pull of oar was torture. He could feel each wave in his back, his shoulders, his buttocks, and, of course, in his hands. Although he was in superb shape, someone who had participated in Ironman triathlons for years—a 3,9-kilometer swim, 180-km bike ride, and 42-km run—Sami Inkinen began to doubt himself. Here he was, just one week into a 45-day, 4 400 km rowing marathon from California to Hawaii with his wife, Meredith Loring, and he had thoughts of giving up. “I said to myself, ‘I’m not sure I can do this,’” recalls Inkinen, a co-founder of the real-estate site Trulia, who is now launching a bespoke online service for diabetics.
Inkinen had been inspired by Unbroken: A World War II Story of Survival, Resilience, and Redemption. The book recounts the remarkable tale of Louis Zamperini (1917-2014), a former Olympics track and field star who spent 47 days on a raft with two others after their plane crashed in the Pacific Theater, and how he lived through his ordeal at sea and brutal treatment in a Japanese POW camp. Moreover, Inkinen had set out to prove that he could overcome his pre-diabetes and with their sugar-free diet the couple wanted to raise awareness how harmful sugar is for health.
But with strong westerly winds that refused to let up for weeks, blowing Inkinen and his wife way off-course, Sami found less encouragement in Zamperini’s example—and was overcome by thoughts of his own folly in attempting something so challenging. He wasn’t worried about drowning: The couple wore harness that connected to the 6,5-meter long carbon-fibre boat by a rope; if a wave capsized them, the boat would have righted itself. He was more concerned about his black mood.
“After a week of rowing practically nowhere, I was in a deep place,” he says. He was making 5 km westward and 70 km to the south each day—and, at that rate, he would reach Mexico instead of Hawaii. “I felt depressed. I was tired, cold and afraid. I thought we could never make it to Hawaii.”
Ironically, it should have been a moment of triumph. Just as his spirit was bottoming out, Trulia was signing a deal to be acquired by larger online real-estate rival, Zillow, for the astonishing sum of $3.5 billion. Many times diluted, Sami’s shares were then valued tens of millions of dollars. But his thoughts were millions of miles away from his net worth.
How did he pull himself out of his funk? With a powerful discovery about what it takes to be successful in both entrepreneurship and extreme sports. Given the choice between focusing on the long-term goal and succumbing to the agony of reaching it, he decided he had to surrender to the pain.
“The whole essence about entrepreneurship is about solving problems,” reasons Inkinen who, at 41, is still trim, muscular, and tanned. “And it’s painful. Like every pull of an oar was painful. And then you think that you have to pull them a million times more. The only way to get over it is to become one with the pain. If I think about the goal, the warm shower and dinner I’m gonna have in Hawaii, it just adds the pain. It’s the same with running a business: Enjoy the process.”
“Paul Sytsma (left), the marketing manager of Virta Health, says Sami Inkinen encourages people to... [+] make mistakes. Near headquarters, on the streets San Francisco, the two happened to run into Nicholas Letourneau (right), who once was Trulia’s engineer and now runs his own company.” Elina Simonen for Forbes Finland
“Enjoy,” of course, is a relative term. In Sami’s case it means challenging yourself and testing your limits beyond anything you’ve ever done before. He started pushing himself before he moved to California 14 years ago to get an M.B.A. at Stanford. But as a Finnish émigré, he has been able to think more untraditionally, more globally. And, as the expatriate life of Finns from Eero Saarinen and Esa-Pekka Salonen to Linus Torvalds and Teemu Selänne suggests, Inkinen has found a bigger stage in America to strut his stuff.
“I wanted to come to Silicon Valley for the same reason that actors want Hollywood and hockey players come to the NHL,” he reasons. “Bigger patterns, the chance to learn and challenge myself more.” Finland, he says, was too closed a society.
Breaking into the cozy and closed real-estate market back in early 2000’s was anything but easy. But Sami’s latest venture—Virta Health, a personalized online medical clinic that is trying to reverse the notoriously tricky and incurable disease, type 2 diabetes—will be much tougher to validate. Still, he says, “We launched less than six months ago and have made much more progress than we expected.”
Inkinen grew up very modestly in southeastern Finland. Although his family lived in a farmhouse, with animals, in Ruokolahti, his dad worked as an electrician and his mom ran a diner at paper factory. As a kid, Sami didn’t dream of becoming a football or hockey star; he liked technology and things. At age 15, he was one of the firsts to launched a bulletin board system, BBS, that allowed users to read news, send e-mails, and participate in chat rooms via a phone dial-up—a precursor to the Internet. “BBS opened a window to the world for me,” he recalls. “It inspired me to read books and magazines—a great way to escape the farmhouse.” In Ruokolahti, “I didn’t have many role models. No one else in my family made it to senior high school. But I always dreamed about what the future would hold for me.”
During high school, Sami moved in with his grandparents in Imatra. People there still remember him as the kid who never took the school bus but always biked the 10 km to class or else skied there during the winter. It took 10 minutes before the ice in his hair melted enough for him to remove his hat.
Majoring in engineering, with a concentration in math and applied business, Inkinen completed a masters at the University of Helsinki in 2000. He also launched a company called Matchem that provided programming for television companies like the late-night text message chat on Channel Four.
Getting into Stanford’s M.B.A. program was a big deal, even if he had to take out loans for two years of courses that cost $200 000. He was exposed to spectacular ideas and people. One day he might listen to Michael Moritz of Sequoia Capital explaining his investment philosophy as an early backer of Google, Paypal, Zappos, and others. The next, he could be lunching with Amazon founder Jeff Bezos. It was at Stanford that he met his Trulia co-founder, Pete Flint.
A tech entrepreneur from Britain, Flint had helped to set up Lastminute.com, a pioneering online travel business. While looking for housing in California, he realized there was no national Web-based service for homebuyers. Back in 2003, Americans still had to rely mostly on their real-estate agents, the only ones who had access to the listings, to find out what was on the market. And even the agents didn’t know what might be for sale outside their territories or cities; they usually belonged to a national brokerage, but their franchises covered only small areas. So Flint drew up a business plan and invited Inkinen to co-found Trulia.
An advertising driven-site, Trulia was very early to this market. (Realtor.com, which brought together multiple listings for the National Association of Realtors, was founded in 1995, but originally was not as consumer-friendly.) Its site enabled users to search multiple listings by city, state, and zip code, and gave them information on each home’s square footage and the number of bedrooms and bathrooms, along with a suite of photos and an idea of the quality of local schools, crime statistics, and comparable home prices. The real-estate agents could buy visibility for their listings.
Inkinen and Flint co-operated with agents while building up the site. Everything proceeded according to plan until just before the launch the agents suddenly threatened to sue Trulia if they publish the listings.
Seeing the travel agency business tossed on its head, many wondered if their careers were in jeopardy. Who owned the copyright for them—the seller of the home, the agent, or the brokerage? And, most important, would a site like Trulia threaten broker commissions, 6% of the sale, split between the buyer’s and seller’s agents? They feared that people would start to sell their own houses themselves without the agents.
“It was a frightening, paralyzing situation,” Flint recalls. “Everybody who had tried to launch a similar business had tried to kill the real estate business. But when we were building up Trulia, we actually asked agents what they wanted us to do and what they didn’t want us to do. They were paranoids for tech wizards like us. We really had to convince them to put money in online advertisement instead the traditional one.”
Flying across the U.S., Flint and Inkinen met with dozens of executives, agents, and brokers, convincing them to accept a new model that wouldn’t put them out of business. “We charmed our way into their hearts – and in their board-rooms,” says Flint. “In the end I think they were more curious about who we Europeans were than what we were doing.”
As Trulia expanded, other competitors piled into the market, including Redfin (2004) and Zillow (2006). In 2012, Trulia went public (a year after Zillow did), raising $102 million. It still wasn’t profitable then. By that time Inkinen was gone, on to other pursuits, though he still owned a couple of million shares. Flint stayed on another three years, guiding Trulia to its acquisition by Zillow. By then the site had 50 million unique visitors and $250 million in revenue. By gobbling up Trulia, Zillow acquired many viewers, found new economies of scale—and rendered the field of real-estate sites all but off-limits to would-be competitors.
Inkinen was dealing with a new challenge: his health.
This amazing physical specimen, who measured his sleep and vitals and records of fitness routines as often as any obsessive health nut, was suddenly diagnosed in 2012 with pre-diabetes. “I didn’t understand how was it possible,” says Sami, with a small measure of shock even five years later. “I had thought that diabetes was a disease of the uneducated, lazy people who had no will-power. And I was none of those things. I have self-control and grit for anything. If you tell me to row a week without food and water I can do that. I dived in to research and the more I learnt the more I felt this might be a key to something bigger.”
Over the next two years, Sami decided to focus on his own condition, reading widely about diabetes and the latest research, while adjusting his diet. But, in 2014, after meeting Stephen Phinney, who got his M.D. at Stanford and Ph.D. in nutritional biochemistry, he realized there was far more at stake. The two decided to create a company. “Starting Virta came from a sense of duty,” says Inkinen. “I could not stay home and just talk about it. That has been the best decision I’ve made professionally.”
Virta Health is a $400-a-month online service with a very ambitious claim: that its regimen reverses type 2 diabetes without the need for surgery or drugs. Launched in the spring 2017 after three years of development and clinical research phase, the company sends new patients a blood glucose (sugar) meter and strips, blood ketone (what your body makes when it breaks down fats for energy) meter and strips; and a scale connected to your mobile phone, among other things. Virta prescribes a low-carbohydrate, high-fat diet—that resembles the Atkins Diet a bit—and encourages patients to test their blood chemistry regularly with finger-prick kits. Every patient is monitored and guided remotely via smartphone by a team of doctors, coaches, and a set of algorithms. The dosage of diabetic medicine is adjusted according the test results until it’s safe to stop taking them all together.
Inkinen and Phinney promise that you can stop taking your diabetes medication in 10 weeks. They offer a money-back guarantee if you aren’t healthy in a year.
This is both an astonishing—and controversial—claim. While type 2 diabetes is relatively easy to manage with one of many available drugs, a rigorous exercise regimen, and weight loss, it cannot be cured. Reversals are possible, depending on the severity of the case and one’s genetic makeup, but are very difficult to maintain, largely because most people don’t stick to their diets and usually regain the weight.
Type 2 diabetes adversely affects how your body metabolizes sugar, resisting the effects of insulin, which regulates the movement of sugar into the cells, or preventing the pancreas from producing enough insulin to keep the body’s blood glucose at normal levels. (In type 1 diabetes, which is less common, your immune system destroys cells in the pancreas that make insulin; it can be treated with insulin.) Most medications, which stimulate the pancreas to make and release more insulin, correct the imbalances in type 2 diabetics. But if they don’t or become less effective, doctors usually prescribe insulin or, in some cases, bariatric surgery, which creates weight loss by reducing the size of the stomach with a gastric band, removing a part of the stomach, or by cutting and re-directing the small intestine to a stomach pouch.
Left untreated, diabetes is an awful disease. It can lead to heart attack, stroke, kidney failure, blindness, amputation of a foot or leg, and death.
Still, there is a huge opportunity for new approaches to dealing with type 2 diabetes. Worldwide, the markets for drug treatments, human insulin, bariatric surgery, and weight loss and diet management are, respectively, $35 billion a year (growing at an average annual rate of 6.5%), for insulin $32 billion (8.3%), for bariatric surgery $1.6 billion (10%), and for weight loss and diet management $180 billion (6.9%).
In the U.S., where Virta Health is focusing its efforts, 30 million people have type 2 diabetes. Annual costs for both type 1 and 2 diabetes in America are $105 billion, according to a study by the Harvard T.C. Chan School of Public Health (Inkinen insists the figure for type 2 alone is $300 billion and refers to the report of American Diabetes Association which says the cost is $245 billion before the cost of pre-diabetes). In China, there are 100 million diagnosed diabetics and annual care costs for both types of diabetes are $170 billion, says the Harvard report. “Without a cure for diabetes, China will fall into bankruptcy,” says Inkinen. “We aim to radically reduce that total cost and charge less than we can save for the patients, employers, insurance companies and government.”
Sami Inkinen Elina Simonen for Forbes Finland
But is Virta’s approach the right one? Steven Heymsfield, an M.D. and professor of the Pennington Biomedical Research Center at Louisiana State University—which conducts clinical research on diabetes, obesity, cancer, and neuro-degeneration—doesn’t see anything new here. “There have been many ‘miracle cures’ for diabetes over the last 100 years,” he says. The basic problem with Virta, as with so many similar diet-and-exercise regimens, is recidivism. “People do very well for a few months,” Heymsfield says. “But if you come back in a year or two, people are off the diet” and regain the weight; the type 2 symptoms return.
Heymsfield points out that the scientific paper Virta publicizes is not a randomized study, where people are selected at random for one of several clinical approaches and followed for a long period. This study lasted two years but the published report is only about the results of 10 weeks—hardly enough time to rate the success or failure of the approach. He adds that $400 a month, without insurance coverage, is expensive, given that a standard and effective drug like Metformin is covered and costs $4-$27 a month. Finally, he points out that several pharmaceutical giants—Nova Nordisk, Novartis, Merck, and Johnson & Johnson among them—are working on drugs to reverse type 2 diabetes. Any drug breakthrough could bury Virta Health or any of its competitors like Omada Health, which purports to be an “online specialty medical clinic.”
Inkinen concedes his research is limited, but says Virta’s results will be published in a peer-reviewed scientific journal by the end of the year. “All I can say is that we can prove that this works.” He adds: “If I could cure diabetes as simply as telling people to avoid sugar and eat low-carbohydrate food I would had just written a tweet and not taken the trouble to set up a company around it. If there was an easy solution for diabetes thousands of companies would had done this already.”
Virta Health is pushing ahead with its program, full throttle. By yearend, the subscription service will be available in all 50 states in the U.S., up from its current 47. Inkinen has budgeted nothing for marketing, and doesn’t think he will have to do so. “We don’t currently spend any money on traditional advertising and are unlikely to invest substantially on it anytime soon. We have to scale with transformative results and the word of mouth.”
Sami declines to comment on the number of subscribers who have signed on for the service. He says his goal is to reverse type 2 diabetes in 100 million people by the year 2025. But he concedes his initial startup costs are high, given the need to sign appropriately certified doctors, software engineers, data scientists, and others, to say nothing of the expenses of renting cloud servers from Amazon. Virta’s biggest task is to create completely new way to produce health services online, since it’s not necessary to see your doctor face to face very often when treating a chronical illness.
Virta Health certainly has believers. To date it has raised $37 million, mostly from Venrock (which invests Rockefeller money, among others) and Allen & Co., the boutique (and secretive) investment bank. Other investors are for example Evan Williams (the founder of Twitter) and Max Levchin (the founder of PayPal, Yelp and Affirm). Pete Flint was one of the first investors.
What kind of valuation does that imply for Virta—or Sami’s net worth?
“No comment, partially because nobody knows,” Inkinen bristles. “It’s near impossible to evaluate outside of funding rounds. The latest was in 2016 and we’ve made a lot of valuable progress since then. My net worth doesn’t interest me. I don’t want to see those numbers, and besides it’s something that would haunt me the rest of my life.”
For a multi-millionaire Sami doesn’t show off much. His has a plastic Polar Watch to monitor his heartbeat (40 beats a minute, usually), as well as the time. He wears the same outfit every day: black t-shirt, jeans, and sneakers by Kenneth Cole. When he’s asked to put on a suit for the shoot he laughs. “Sure!” Then he asks, “Were you just joking or are you serious?”
If he has any extravagances, it’s not his car. He bought his first one, a Ford Explorer, five years ago. Besides, he usually rides Cervélo R5 bicycle to work in downtown San Francisco, 21 miles each way. His home in tony Marin County, just over the Golden Gate Bridge, is equipped with an Olympic size swimming pool and a gym. His other luxury: 24/7 childcare for his two daughters, aged 2 years and 3 months, so that he and his wife can both work fulltime in Virta.
“For me the success is not how often I do the 99 easy tasks but how often I do the hardest one out of 100 task. I accept no shortcuts. High moral is very important to me.”
The company’s 20th floor office in a We Work building for startups offers spectacular views of the San Francisco Bay and the ever-growing skyline. Furnishings are colorful, but modest. Sami doesn’t have a corner office and his desk is a large cardboard box on which his laptop sits. “We save our investors’ money wherever we can”, he shrugs.
One thing Inkinen does shell out for: experimentation and mistakes. Paul Sytsma, Virta’s Marketing Lead, mentions that Sami recently offered $500 to anyone with the best story about screwing up. “I realized one day that I hadn’t heard about failures for a long time from anybody,” Inkinen says. “Don’t we have a culture where failures are not only accepted but encouraged, too? It’s important to share these stories because someone might have a solution and we all can learn from them.”
Failure, however, is not an option for the company. “Virta will not fail,” Sami says emphatically, “not when you’re on a mission to do something remarkable.” In fact, he says, the basic platform will one day be an ideal way to treat other diseases besides type 2 diabetes.
Whatever the long odds of his succeeding, you have to believe in Inkinen’s drive—and his extraordinary tolerance for pain. That day back in August 2014, when he and his wife were toiling in the middle of the Pacific Ocean, Sami found the resolve to keep going – and surrender to the pain. Meredith made him realize that it didn’t matter if they progressed 2 km a day, they would go forward none of the less. The couple managed to make it to Hawaii in just 45 days—setting a new world record.
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eadd1b2e5e2f226a69a146f2761d7ba9
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https://www.forbes.com/sites/forbesinternational/2018/05/16/a-booming-entrepreneurial-heartbeat-in-belarus/
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A Booming Entrepreneurial Heartbeat...in Belarus
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A Booming Entrepreneurial Heartbeat...in Belarus
Minsk, Belarus, April 24, 2018: A broadcast of Belarus' President Alexander Lukashenko annual... [+] address to the Belarusian people and the Belarusian National Assembly. PHOTO: Viktor Drachev/TASS via Getty Images
This article appears in Forbes Finland.
“Belarus? Where exactly is that—and why are you going there!?” That’s what my U.S. friends asked when I told them I was spending a few days in Minsk.
If they had even a vague sense of where Belarus is, they wondered why anyone would travel to such a cold place in winter—especially to a dreary, Soviet leftover, a closed society run by a dictator.
Reality is more nuanced than stereotypes. Minsk is chilly, but its people are warm and open. The city has Stalin-era architecture—most of Minsk was leveled by the Nazis—but also handsome plazas, as well as government buildings and retail chains.
And, yes, Belarus is an autocracy. Alexander Lukashenko is, in effect, president for life. He calls all the shots, and tolerates no political opposition.
But he has boldly challenged himself and spurred the private economy—without suffocating oversight. Says Ivan Shumsky, director and cofounder of Regula, which makes devices to authenticate documents, securities, and banknotes, “The main thing we ask of the state is not to interfere.”
A scale model of the Great Stone China-Belarus industrial park near the village Bykacheno, near... [+] Minsk; May 12, 2015. Photo: Sergei Gapon/AFP/Getty Images
Lukashenko has also encouraged entrepreneurship. In 2005, he established an economic safe haven in High-Tech Park (HTP). Today the roughly 200 companies, 80% of them IT concerns, generate revenue of €887 million and are shielded from corporate income taxes. Its 32 500 employees earn, on average, €1 623 a month (five times the normal salary for Belarusians), pay 30% less in income taxes; 5% on dividends, interest, and royalties; and no VAT. Most of their work is outsourced to European and American corporations. By necessity, Belarus is a very outward looking nation.
Recently, Lukashenko signed another decree that legalizes smart contracts, crypto-currencies, and initial coin offerings. HTP expects to be flooded with applicants and will likely have 300 companies by year-end. Thanks to ICOs, entrepreneurs will get a new source of funding.
Visitors look at a scale model of the Great Stone China-Belarus industrial park near the village Bykacheno, some 25 kms east of Minsk, on May 12, 2015. AFP PHOTO / SERGEI GAPON (Photo credit should read SERGEI GAPON/AFP/Getty Images)Will these efforts alone have a material impact on Belarus’ economy? Not for a while. The IT sector contributes only 5% of total GDP and 3.25% to total exports. HTP Director Alexander Martinkevich likes to talk up HTP alumni that have made good: EPAM Systems, a software maker and the first Belarusian company listed on the New York Stock Exchange; Viber Media, an instant messaging and VoIP app acquired by Japanese retailer Rakutan; MSQRD, a social app bought by Facebook; and AIMatter, a mobile photo neural network snapped up by Google. But most startups are small.
Still, they are impressive—companies like Juno, which is taking on ridesharing giants Uber and Lyft with a unique strategy in New York City, and Synesis, with its breakthrough facial recognition platform and unusual games. The biggest engines of the economy are still smokestack businesses: food, beverages, tobacco, coal, petroleum, chemicals, metals, plastic, and rubber.
In fact, basic industry led us to our most remarkable example of entrepreneurship: Great Stone Industrial Park.
Few Belarusians, much less westerners, have heard of this mammoth, multi-billion-dollar joint venture between Belarus and China, which owns 68%. At 91 square km, Great Stone is the nation’s largest economic free zone; resident companies in electronics, chemicals, biomedicine, new materials, and engineering don’t pay income, property, and land taxes or customs duty on equipment imports.
Phase I has brought new roads, railways, and power stations; construction cranes and new buildings are everywhere. By 2020, the Park will have 100 major companies from China, Belarus, Germany, Russia, Australia, the U.S., and elsewhere, producing billions of dollars in goods and services every year. The first probable tenant: IPG Photonics, the Oxford, Massachusetts maker of fiber lasers and amplifiers. The Park aims not just to extend China’s Silk Road as far as Germany; it hopes to reinvent industrial production using state-of-the-art technologies.
Great Stone is the brainchild of the most understated entrepreneur I’ve ever met. Slight, soft-spoken Kirill Koroteev is First Deputy General Director, a title reminiscent of his career as a government apparatchik. But this guy has guts as well as visionary imagination: Back in 2010 he made his case to a skeptical Lukashenko.
Will Belarus grow into a thriving entrepreneurial ecosystem? It has some of the right stuff: a solid educational system, a strong IT base, and a culture of thrill-seekers willing to risk everything and fail.
It may not have multiple sources of capital or a mentorship network. But Belarus does have something else going for it—something I saw in every entrepreneur, waitress, opera singer, and our guide Yuri in the National Library: heart.
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9f20173e1caab05f8322f7745e7faaa1
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https://www.forbes.com/sites/forbesinternational/2019/12/07/argentinas-2020-plan-to-avoid-default-and-seek-prosperity/
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Argentina’s 2020 Plan To Avoid Default And Seek Prosperity
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Argentina’s 2020 Plan To Avoid Default And Seek Prosperity
By Alex Milberg
Mr. Milberg is the publisher of Forbes Argentina and has over 20 years of experience as a journalist.
Newly Elected President of Argentina Alberto Fernandez. (Photo by Ricardo Ceppi) Getty Images
“Under the current conditions, Argentina can't pay its debt.” These words, uttered by president elect Alberto Fernández, are the cornerstone of the negotiations that will be a top priority for his administration, set to begin on December 10 when he will officially succeed Mauricio Macri.
Fernández won the election with 48% of the vote and was anointed as a candidate by his running mate, former president Cristina Fernández de Kirchner, after the two mended fences following five years of estrangement and harsh criticism of one another. What will the government's “New Deal” consist of? I interviewed a minister and a state secretary of the new government to outline, off the record, a road map of the challenges the new administration faces.
“The macroeconomic situation is grave and backward steps were taken in recent years,” said Martin Guzman, the new economic minister. “However, we believe that Argentina has been excessively punished due to its historic record.” The incoming official refers to the political instability in the region, which includes strong social protests in Chile, a controversial electoral process followed by a coup in Bolivia, an institutional crisis in Peru and a rising social and judicial conflict in Brazil. However, in most of these countries, economic variables appear to be more solid.
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The strong political winds in the region can turn into hurricanes in Argentina, where the transition from Kirchnerism to Macri and now from Macri to Alberto Fernández has been achieved with institutional transparency. What isn't helping is the macro economy and an additional challenge is calming the concerns of the international markets.
It's true that the Peronist victory could signal a return to populism due to Macri’s failed management of the economy. But Alberto Fernández, in his moderate and pragmatic style, is trying to portray himself as the “first centrist Peronist” in the history of a party that in its 70 years has embraced extreme left wing, extreme right wing, progressive, conservative, protectionist and neoliberal policies. Due to its own history, its unlikely Argentina will go the way of Venezuela.
What will be the five main objectives during the first half of the year?
1) A stable exchange rate.
Over the past four years, the peso suffered a depreciation of 333%: the value of a dollar went from 15 pesos to 65 and Argentina’s top CEOs estimate in their 2020 budgets that, on average, a U.S. dollar will be worth 84 pesos. To achieve this, they expect the Central Bank to play a leading role while it continues to consolidate its reserves (now at $14 billion) to withstand possible runs and meet debt obligations (see point 3).
Argentina’s incoming administration also expects to keep foreign currency controls in place (known locally as “the clamp”), introduced by the Macri administration on October 28, a day after losing the elections (no Argentine can purchase more than $200 a month for savings and to pay debts abroad, and private clients and companies must submit contracts for approval by the Central Bank). What is not in the cards is a dual exchange rate system (a “tourist” dollar or a differentiated dollar for exports).
2) Reducing inflation and avoiding hyperinflation.
In 2019 inflation will clock in at about 57% for the year—the third highest rate, behind Venezuela and Zimbabwe. Over the past four years accumulated inflation has accelerated to the pace of devaluation—nearly 300%. The target for the first year in office is to cut it 17 to 27 points, to hit an annual target of 30-40%. Inflation is attributed to multiple causes and not just considered a monetary issue, in a country with a traumatic history when it comes to the impact of macroeconomic instability on the peso’s value against the dollar. Asked about the real possibility of hyperinflation, the incoming minister asserted: “There's no chance of such a scenario. We are very conservative on other fronts like, for example, future growth targets.”
3) Negotiations with the IMF, international agencies and private creditors. In 2020 Argentina must pay debts to the tune of $37 billion. The first $7.651 billion are due between December and March and the payment is expected to be made with Central Bank reserves. But, payments totaling $8.5 billion are due already in April and May and they look unpayable, given a 3% drop in GDP in 2019. The negotiation with the IMF will be vital because the lender will also face strong internal tensions for having pledged 47% of its portfolio in loans to Argentina for the sum of $56 billion, of which it has already disbursed $44 billion.
The Argentine government's proposal will not include a haircut like it did over ten years ago, but it will include a grace period of at least four years to start paying. Why? In 2019 the economy will end with a primary deficit close to 0.5% of GDP. A similar deficit is contemplated for 2020, a balanced one in 2021, a slight surplus in 2022 and only the hope of more significant growth in 2023. At the same time, the government will try to achieve a successful negotiation with private creditors as a means of applying pressure as it faces the IMF.
4) Jumpstart the economy.
It was Alberto Fernández’s slogan and also that of another Macri opposition leader and now possible ally, economist and former politician Roberto Lavagna. They’ve reviewed the years of stagnation and bet that exports will reactivate the economy: “beef could be the next soya,” they say, in reference to the price of commodities that hit record value in 2005 when a debt restructuring was successfully negotiated after Argentina’s default in 2001. Due to the African swine fever hitting China, there's also hope that Argentina will be able to meet part of the pork demands of Asia and Europe.
5) Aid for the needy, development of small- and mid-sized companies (PYMES) and consumption.
Among targets for the initial phase, Argentina is contemplating a deep analysis of the public budget to inject money into the more vulnerable sectors and the middle class to reactivate consumption. Where will the cash come from? From budget reallocations and debt payment breaks. “Without consumption there is no growth and without growth we can't pay,” say the incoming minister and state secretary. They also warn that they must avoid the mistakes of the past, like allowing out of control monetary emissions that could trigger even more inflation. The domestic market is vital for PYMES, which generate 80% of national production with less that 2% of companies exporting. However, PYMES are enduring the worst period since 2001, as more than 22,000 have gone bust in the last 4 years.
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b8b03f1f922e4fe1cf0337052cecd219
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https://www.forbes.com/sites/forbesinternational/2019/12/23/ukraine-how-a-us-ally-is-being-made-a-scapegoat/
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Ukraine: How A U.S. Ally Is Being Made A Scapegoat
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Ukraine: How A U.S. Ally Is Being Made A Scapegoat
House Judiciary Committee Holds Hearing In Trump Impeachment Inquiry. Photo by Anna Moneymaker - ... [+] Pool/Getty Images Getty Images
Congress has officially impeached President Donald Trump for abusing his power in his dealings with Ukraine. On the other side of the world, Russian president Vladimir Putin—whose country is currently spearheading a military campaign against Ukraine—has condemned the impeachment.
Meanwhile, Trump’s administration is pushing back against sanctions approved by his own Congress that would punish Russia for its role in interfering in the 2016 U.S. elections, for its activities in Syria and for targeting Ukraine. Congress had previously committed to giving military aid to Ukraine to help defend itself from Russia (that’s the money Trump held off on delivering to Ukraine). You’d be forgiven for becoming dizzy over what appears a somewhat conflicted and mind-bending situation.
But if you take a closer look, it’s actually not so confusing. Having Trump in office has been good for Russia as he has proved easy to influence: Russia had a hand in souring Trump on Ukraine in the first place—one of the many plots the Kremlin has hatched in recent years involving Ukraine and other nations.
It’s been almost three decades since the fall of the Berlin Wall, the dissolution of the Soviet Union and the end of the Cold War. You wouldn’t know it, though, as the former KGB operatives running Russia today continue to oversee a global power game against the west.
An important front in this match is Ukraine, a fledgling democracy whose search for assistance against its aggressive neighbor to the east dragged it into a political scandal in the United States—one that has led to the impeachment of a president.
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Sure, the world is full of powerful economic and political players: the U.S., the European Union, China, Russia, Middle Eastern nations. But the Kremlin declines to see global politics as anything other than a struggle between itself and The West (meaning the European Union and the United States).
With that in mind, the Russian government deliberately and systematically conducts misinformation campaigns—as it did among U.S. voters in the run-up to the 2016 presidential election—and finances numerous provocations outside of its borders to create disruptions in liberal democracies. The Kremlin murdered people with chemical weapons on the streets of Britain, and its weapon systems even downed an airplane with 298 people on board—and the list can go on. Russia also has worked to keep a number of countries—mainly, former Soviet republics—in its orbit for decades. Ukraine, with its 42 million people, is one of these, though it has fought hard in recent years to free itself of the Kremlin’s influence.
Trump Brings Ukraine Into The Spotlight
When Ukraine began popping up in American media headlines as a focal point of the scandal that ultimately led to Trump’s impeachment, I spoke with Yuri Shevchuk, a Ukrainian language and culture lecturer at Columbia University, and asked for his impressions. “It’s no different from how Ukraine has been treated all these years,” Shevchuk told me. “Basically, as some country in the big shadow of Russia—politically, economically and, most importantly, culturally.”
The sudden prominence of Ukraine in American political discourse didn’t translate into better familiarity with Ukraine, it’s culture, language, or national character. “Suddenly, all these people who are specialists on Russia, overnight became self-appointed specialists on Ukraine,” Shevchuk explains. Many of those, he adds, overlook basic facts.
It’s been several months since a whistleblower alerted the world to Trump’s quid pro quo demand that Ukrainian President Volodymyr Zelensky open an investigation into the Biden family in exchange for the release of $400 million of U.S. aid and a meeting. The intention, it seems, was to show Joe Biden—a candidate Trump fears—in a bad light and handicap him as a 2020 presidential contender, despite the fact that there is no evidence Biden and his son have done anything wrong.
Another of Trump’s demands was that Zelensky provide information to support a debunked conspiracy theory that Ukraine meddled in the 2016 election, not Russia. Why would Trump believe this? It seems Putin told him so back in 2017. Now prominent members of the Republican party have embraced the same theories in order to defend Trump as evidence against him mounts.
As for Zelensky, since the impeachment scandal erupted in Washington this past fall, he hasn’t been able to get a one-on-one meeting with the POTUS, yet authoritarian leaders like Hungary’s Viktor Orban, and Turkish President Recep Tayyip Erdogan have all posed for photographs with Trump in the Oval Office, as has Russian foreign minister Sergei Lavrov.
Ukraine As An Ally
Ukraine has a lot to offer as an ally and trade partner. Several years ago, Ukraine declared its wish to be a Western-style democracy, complete with a free market economy and freedom of movement on the continent. It is a nation with a vibrant political life and a strong civil society. Ukraine is the eighth-largest country in Europe by population—the largest if you measure in square miles, followed by France and Spain.
Out of 15 former Soviet Socialist Republics, Ukraine is one of the few countries that has had six democratically elected presidents in twenty-eight years, one of which—the Russia-backed Viktor Yanukovych—was overthrown during the Maidan Revolution in 2014 for corruption and failing to align the country more closely with western Europe. For the record, since 2000, Russia has had only two presidents, Medvedev and Putin, with Putin heading into his twentieth year in power. Nearby Belarus has only had one president, Alexander Lukashenko, who has ruled the country since 1994.
Ever since Ukraine declared its independence from the Soviet Union in 1991, Russia has felt the sting of its loss and the Kremlin has sought to prevent its neighbors from adopting Western ways of politics, life and economy.
In 2004 Ukraine’s pro-Western protests, known as the Orange Revolution, prompted Russia to launch a targeted political campaign to slow the country’s slide toward a Western-style democracy. And when electing Kremlin-friendly president Yanukovych in 2010 didn’t help bring Ukraine back into the fold, Russia mobilized its military and invaded and annexed Crimea in 2014 in response to Ukraine’s Maidan Revolution.
In recent years the will of the Ukrainian people has, for the most part, aligned with U.S. national security interests. Polls show Ukrainian support for NATO has grown to 53%. Former U.S. ambassador to Ukraine Marie Yovanovitch, who was removed by the Trump administration in May, explained that Ukraine is a strategically located country bordering four NATO allies. Besides U.S. interests, Ukrainians themselves have demonstrated a strong desire to do business with European countries, and the country has signed an association agreement with the EU that allows for closer business ties and cultural cooperation with its neighbors.
Ukraine has had issues with corruption—in 2018 the country scored a 32 on the Transparency International Corruption index, with 0 being perceived as highly corrupt and 100 signifying squeaky clean. Still, Russia managed to rank even lower on the index, with a score of 28.
Constant Pressure From Russia
Despite a stabilized economy with 3% growth forecast for 2019, Ukraine has some big problems. The most volatile is an active war in its eastern provinces, ignited by Russia in 2014 following the Maidan Revolution. To date, the fighting has accounted for more than 13,000 casualties, 28,000 people injured, 2 million misplaced civilians and over 50,000 homes damaged or destroyed along the contact lines.
Despite facts on the ground, it’s still not uncommon to hear that Ukraine is undergoing a “civil war.” That is a theory that deserves debunking: The separatist war in Ukraine’s eastern region of Donbass is with Russia. It is an armed operation carefully planned and executed by the Kremlin, which sent trained soldiers and operatives to spark a separatist movement in areas along the Ukraine-Russia border. Russia has sent weapons and armor to the conflict zone, and has general control over the occupied territories.
Ukraine is defending its territorial integrity and independence. For six years, entire towns have been in a constant state of war, with no running water, interrupted electrical services and food shortages. There has been plenty of reporting on the conflict, in English, including by Radio Liberty, and documentary films have been produced that focus on people living in the war zone.
Make no mistake, the military aid promised to Ukraine by its U.S. and European partners was much needed. President Trump’s decision to freeze $400 million in military aid in exchange for a Ukrainian investigation of the Biden family represented a threat to Ukraine’s security and choked the resources of a nation— a U.S. ally, no less— that was under attack by Russia.
Ukraine Caught In The Middle
The events of recent years have taught Ukraine that it is ultimately on its own but still must plead for assistance from the Western nations with whom it hopes to align. A past promise, The Budapest memorandum, signed on December 5, 1994, assured Ukraine protection from the United States, Russia and the U.K., in exchange for giving up the nuclear arsenal it inherited from the Soviet Union (which would have made it the world’s third-largest nuclear power). That agreement also came with the promise to respect “the independence and sovereignty and existing borders of Ukraine.”
Today, one of those security guarantors—Russia—has invaded and annexed Ukrainian lands. Another, the U.S., despite Congress's bipartisan support for Ukraine, delayed transferring vital aid to Ukraine by order of President Trump, who’d hoped to pressure Ukraine for help getting reelected.
Ukraine is a young democracy. It is a beautiful, educated and talented European nation with more than enough political and economic problems of its own to deal with. Yet it became a pawn in U.S. political games and Russia’s imperial ambitions.
“It’s a convenience for Russia to use Ukraine as a battleground,” says Anders Aslund, a Swedish economist and a senior fellow at the nonpartisan think tank The Atlantic Council.
Not obvious on the surface, the Russian connections to Trump’s recent scandal over his Ukrainian quid pro quo are everywhere. Trump and his personal attorney Rudy Giuliani’s knowledge of Ukraine comes from either Russia or people closely connected with Russia. Lev Parnas, an indicted associate of Trump’s attorney Rudy Giuliani and his fixer in Ukraine, received a $1 million transfer from a Russian bank, which in turn was partially transferred to Giuliani. That money came from Dmitry Firtash, a Ukrainian oligarch with connections to the Kremlin who is in danger of being extradited back to the U.S. on bribery charges.
During his surprise visit to Kyiv last week, Giuliani met with Ukrainian lawmaker Andriy Derkach, a graduate of a KGB academy who was a member of the pro-Russian political party headed by ousted Ukrainian president Yanukovych. It seems most of Giuliani’s information sources and contacts are dubious or have connections to Russia.
Looking back even further, other threads connect the American president to eastern Europe. It was Russian money that financed former Trump campaign manager Paul Manafort—now in prison for federal financial crimes— who also, as it happens, helped bring former Ukrainian president Viktor Yanukovych to power in 2010.
Some day, as more details about the ongoing situation emerge, we will have a clearer picture of the connections between all the players.
Looking Back, Looking Forward
Standing by the Berlin Wall Memorial in Germany, looking to the east, one sees what used to be communist Germany, which was controlled by the USSR. Looking to the west, one sees the section of Berlin controlled by the western allies—the U.S., the U.K. and France. A 12-foot-tall wall separated two worlds that couldn’t be further apart: the capitalist, free market economy and democratic values of the west—and the communist regime of the Soviet bloc defined by propaganda, a socialist economy, displacement of entire ethnic minority groups, intelligence agents spying on society and poor quality of life for millions.
The standoff between Russia and the West has evolved, not disappeared. Those KGB operatives of the past have changed color but are essentially the same in their aim to disrupt democratic systems on various fronts. In this contest, it’s important not to overlook Ukraine’s position in this new game of post-Cold War “divide and conquer,” nor its efforts to become a stable European country with the West as its inspiration. Ukraine should be a unique and valuable ally to the U.S. and western Europe, but Trump’s actions and the Kremlin’s ability to exploit the situation, have gotten in the way
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4ec319c4bba14724d99b2d10bd63aa33
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https://www.forbes.com/sites/forbesinternational/2020/03/29/when-governments-bungle-a-crisis/
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When Governments Bungle A Crisis
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When Governments Bungle A Crisis
Times Square on Friday night, March 27, 9:30 pm; lockdown in New York City, day five. Katya Soldak
Having grown up in Soviet Ukraine, I have lived through various tumultuous times and disasters—including Chernobyl and the disintegration of the USSR. Now, living in the US and watching how the government failed to address the COVID-19 crisis in a timely manner, I feel I’m experiencing deja vu.
This March marks an important personal anniversary for me: twenty years since I moved to the United States from Ukraine. I never would have imagined that I would be spending it in lockdown in a cramped New York apartment with my family while the entire world endures COVID-19—a deadly virus that doesn't recognize geographical boundaries or political affiliations.
I was born and raised in Ukraine – then part of a crumbling Soviet Union – when the government still controlled everything but was losing its grip. When the Chernobyl disaster happened in the spring of 1986, I was eight. It is difficult to estimate the number of deaths from the explosion due to government secrecy, a lack of data, and the fact that radiation fallout has caused the deaths of many in the years following the event. Less than 100 people died immediately following the disaster but nearly 8.4 million people in three soviet republics, Ukraine, Russia and Belarus, were exposed to radiation.
The explosion took place on April 26 and by the first of May, residents of Ukraine's capital, Kyiv – 110 miles away and within its radiation fallout path – were out for a mandatory May Day parade as radiation levels were at their highest.
Media, which was controlled by the government, spread lies and deflections to every corner of the USSR via radio, television and propaganda newspapers, reaching roughly 300 million people. Those living outside of the Iron Curtain knew more about the disaster than those of us behind it.
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My hometown, Kharkiv, was ostensibly unaffected by airborne radioactive material. But Belarus, where my grandparents lived, was. While other families, alarmed by inside sources they knew, fled Ukraine for safer corners of the USSR, my family, unaware, embarked on our annual trip to visit my grandparents in Minsk. In contaminated woods, we peacefully picked mushrooms for pickling and berries for jam.
In the early weeks of the coronavirus pandemic in the United States, New Yorkers were faced with panic-shopping and the resulting empty shelves in grocery stores. Take it from me, this wasn’t even close to the lack of food and consumer goods we experienced during the final years of the Soviet regime, when the economy came to an astonishing collapse.
Following an economic crisis, the Soviet world crumbled in 1991—a jarring event for those raised to have faith in the communist party. In the end the government couldn’t protect us from anything; it let us down at every step. Companies ground to a halt, salaries went unpaid for months (if at all), and hospitals had no supplies.
Meanwhile, information from the government and the newly birthed private media industry was confusing and unreliable. No aspect of life or future was certain or stable.
And it got worse. In 1992, during Ukraine’s first year of independence, candy-wrapper-coupons replaced Soviet rubles, followed by hyperinflation. Electricity, hot and even cold water were frequently disabled. In winter, when temperatures would often fall far below freezing, it wasn’t unusual to go for a couple of days without heat or power. Crime rates began to rise, and, in several parts of the former Soviet Union, armed conflicts raged. Most people just lived day by day, in chaos and anxiety.
The uncertainty and instability lasted for years—crisis became the new normal. And some former Soviet countries are still in a perpetual state of tension in which many citizens feel they can only rely on their wits and connections.
As for me, once in the U.S., I did feel that my new country offered a level of stability that allowed me to focus on different, more personal things, while learning to plan a few steps into the future.
I wouldn’t say that my life as an immigrant was a breeze. I certainly wouldn’t say that American capitalism cradled me or offered protection when it was most needed.
I graduated from the Columbia School of Journalism in the spring of 2008 at the beginning of the Great Recession; a single mother with about $50,000 in student loan debt, without health insurance, who needed childcare in the summer and after-school care when the academic year resumed. There were few job prospects in journalism, as many positions had been eliminated due to a down economy and the internet’s disruption of traditional media.
The federal and state government didn’t provide housing or healthcare assistance for people like me. I used my eastern European survival skills and miraculously found freelance work until the economy picked up. But nevertheless, even at my most difficult moments, this country offered the rule of law, working institutions, security, and enough stability to plan the next move. And there was a notion that the government’s actions would be lawful and appropriate, despite not being agreeable to everyone. The focus of government, however partisan or bureaucratic, is to serve the people.
Has this latest crisis weakened that truth?
U.S. president Donald Trump didn’t have to shut down the White House pandemic office in 2018, but he did. Early in the virus’s spread throughout the world, he could have pushed for the production of more COVID-19 tests, but he didn’t.
In January, Trump said he didn’t worry about the COVID-19 virus and a possible pandemic: “We have it totally under control,” he said. “It’s one person coming in from China, and we have it under control.”
He disregarded the World Health Organization’s declaration that COVID-19 was a “public-health emergency of international concern.” In February the president declared the danger would disappear in the spring heat, saying “when it gets a little warmer, it miraculously goes away.”
Trump mocked politicians who pushed for a more aggressive strategy to deal with the virus, and he falsely blamed the Barack Obama administration for his own administration’s inability to produce enough test kits. Along the way Trump has issued confusing or untrue statements and missed many opportunities to show decisive leadership, meanwhile declaring his performance exemplary and disavowing blame. All while the nation’s healthcare workers are locked in a desperate battle with the effects of a deadly virus while short on critical equipment, protective gear and beds. I myself have spoken to several healthcare professionals in New York who confirm that local hospitals are intubating patients all day long and hospital staff have resorted to reusing masks and other protective equipment. As of March 28th, the death toll in New York City alone surpassed 780 and rising.
The Soviet government resorted to denials, deflection, and spin in the face of mistakes or catastrophe in the aftermath of Chernobyl. I have also seen these tactics before in Ukraine, when politicians would deny the obvious and reinterpret disaster to benefit their political campaigns. It’s also been a strategy of Russian president Vladimir Putin, who has used the pandemic to drive home his own agenda.
On March 27th, congress passed a $2 trillion stimulus package, and leading up to its passage, politicians fought over its power to assist companies over people and families. For many, the payout they will receive may do little to help them offset weeks or months of joblessness. We can only wait and see whether the finished product will help middle-class families and those who face losing homes and possible bankruptcy.
The delayed response to the pandemic, and the lack of preparedness in the face of the obvious and imminent spread of the virus has cost people their lives. It’s hard to explain how it happened in a country that is supposed to champion its people and defend them as its greatest treasure; not put them in harm’s way and then avoid responsibility. That’s what autocratic regimes do.
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363bd83968d57d45df467fcd3e97d3d8
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https://www.forbes.com/sites/forbeslacouncil/
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Forbes Los Angeles Business CouncilCOUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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Forbes Los Angeles Business CouncilCOUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.| Membership (fee-based)
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17544baebd09bc4d23a40aa5a3caa210
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https://www.forbes.com/sites/forbeslacouncil/2018/03/22/five-tips-to-help-self-fund-your-startup/
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Five Tips To Help Self-Fund Your Startup
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Five Tips To Help Self-Fund Your Startup
In a world full of startups with big-name backers, it often surprises people when I tell them that I self-funded my skincare company. On one hand, self-funding your business usually means that your budget is a lot more limited than you’d like. But on the other hand, it keeps you accountable to make conservative and smart financial choices. Want to give it a shot yourself? Here are a few of the things I learned along the way that you can try.
Shutterstock
Start Small
When I first launched my business, I had only four products and a very basic website. While the product formulations were best in class, the website was a little lackluster. I learned to live with it, knowing that the quality of the products was far more important than the complexity of my website. Instead of buying a huge amount of products, I placed small orders. My cost of goods was high, but I was willing to take a smaller profit margin in order to grow sustainably. As my sales grew and my orders increased, my cost of goods went down and my profits soared.
When you’re starting out, try to focus on what’s going to be the most important to your customer and make it perfect. For me, that was my formulas, but for you, that might be branding, packaging or a tech experience. Then, let everything else be just OK until you have the money to make it perfect. If funds are tight, don’t be tempted to commit to huge contracts or stressful minimum orders. As you grow, your profits will increase. It’s OK to start small until you’ve built steady traction.
Go Slow
I’m a big believer in slow and sustainable growth. Being accountable to investors puts pressure on you to grow as quickly as possible. But because I was my own investor, I was able to make more conservative choices and focus on incremental monthly growth. Instead of dazzling my customers with new products every month, I kept communication going by providing them with a library of skin advice and content. That content kept me at the forefront of their minds for a relatively low cost.
It can be tempting to move really quickly when you’re starting your business, but you can build a sustainable profit flow by starting slow. Instead of focusing on new product launches, try to optimize what you have and build a relationship with your customer. Pulling the focus away from newness and toward your customer relationship will help you build the infrastructure you need to support future products.
Lead With Innovation
Many skincare brands launch with a full regimen of very basic products: cleansers, toners and moisturizers. If you have a lot of marketing money to spend, this can be a great technique since these products are used by almost everyone. But if you don’t have a lot of marketing dollars, it can be hard to build traction around basic products. A cleanser usually isn’t that exciting to beauty editors, and probably won’t gain a lot of organic traction. Instead, I decided to launch with four products that were a little unorthodox: two innovative serums, a self-neutralizing face peel and a micro-needling device. My customers would still have to get basics like cleansers and creams from another brand, but in the meantime, I was getting a huge amount of free exposure thanks to the inventiveness of my products.
To try this strategy yourself, look at your launch plans and ask yourself which product or feature is the most exciting and innovative. Then, push that to the front of your pipeline. Building your name around your most innovative product will help provide support for your other products later.
Build Your Cred
Launching my own skincare line was always the plan, but I started laying the foundation for my growth long before I had formulated even a single product. When I was still working as only an aesthetician, I began building my credibility in the industry. I seized every chance to do interviews and write articles, knowing that the more my name was out there, the more support I would have for my line when it launched. Say yes to opportunities that will help establish you as an expert in your industry.
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Partner With Press
The press has been an indispensable part of my company's growth, thanks to the relationships I built with editors and writers early on. Before I launched my line, I invited beauty insiders to come down to my studio for a free facial. As I worked on their skin, we’d brainstorm ideas for articles and I’d offer them new angles on beauty trends. When it came time for them to write the piece, guess who they called first for a quote? It was a seamless symbiotic relationship — as I was helping them come up with new ideas, they were helping me with exposure. Beauty writers need content — if you have a new take on something, they’re into it! Once it came time for me to launch my line, I had already built close friendships with a wide network of editors and writers who were eager to support me in my next venture.
Getting a hold of editors and writers can be a challenge, but social media makes it easier than ever. When in doubt, I offered editors free treatments to start the relationship. These are people who are constantly solicited. Try to think about what perks you can offer them in the beginning, and then approach it like any friendship — put the work in and you’ll see it come back to you.
The biggest lesson I learned from self-funding my business? Don’t compare your company to those backed by lots of funding. While some have a lasting impact, I’ve seen a lot of beauty companies launch with a bang and fizzle out shortly thereafter. It’s like the old parable of the tortoise and the hare: Right out of the gate, it may seem like fast is best, but in many cases, slow and steady wins the race.
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c617cd4bb39577af4ec246a6b2ab4f35
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https://www.forbes.com/sites/forbeslacouncil/2018/04/19/five-ways-to-start-an-e-commerce-business-on-a-budget/
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Five Ways To Start An E-Commerce Business On A Budget
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Five Ways To Start An E-Commerce Business On A Budget
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When I started my skincare company, finances were tight. I’d decided to completely self-fund my business, which meant that I had to be really careful with my budgeting. I quickly learned how to stretch my dollar. Here are some of the things I learned along the way.
Invest In Search Engine Optimization
One of the first things you should do when you launch your site is to hire a content writer who understands how to write for SEO. Building a library of content helps boost your search engine ranking. Try to write about topics you know that people are searching. The more in-demand your content, the better your ranking.
Content drives SEO, but getting backlinks also helps. Make sure you’re partnering with influencers and digital publications to get links. You want high-value traffic, so try to partner with a mix of sites with strong traffic.
Once you have a more robust budget, I recommend hiring a firm that specializes in SEO rather than an agency that claims to do it all. We now work with an SEO-specialized firm that utilizes patented technology to help us achieve better results. They also insert keywords into content written by our copywriter to boost our rankings. Since we started with them, we’ve more than doubled the number of listings we have on the front page of Google searches.
Test Digital Advertising
If you have a smaller budget, Google AdWords or AdRoll canbe a great place to start testing ads. Before you run a campaign, you need to understand what a strong return looks like for you. We implement a Return On Advertising Spend (ROAS) strategy for evaluating our digital campaigns. ROAS is a ratio of the revenue the ad generates divided by the cost. Determining your target ROAS depends on specifics like your product margins.
We’ve also seen results from retargeting ad campaigns. In case you don’t know, retargeting is when you reapproach someone who has already interacted with your site to entice them to return.
After we grew, we began running ads on Facebook, Instagram and Pinterest. When you try social ads yourself, I'd advise giving the ad at least 7-14 days before judging the results — lest you cut ads before they have had the chance to reach a large audience.
Try A Conservative Email Approach
We only send about two emails per month, and our click-through rates are way above the industry standard. We’ve never purchased email addresses, so we know that our audience is engaged. But we also know from experience that bombarding the customer with emails increases unsubscribe rates. That’s why we keep it to just two a month.
That said, it’s important to enable all the automatic email features that you can — especially abandoned cart reminders. This is often an easy feature to enable if you use an email marketing service and requires no manpower after it’s set up.
Utilize The Press
As I mentioned before, a lot of our SEO success is due to robust press coverage. Press is everything. When building my public relations strategy, I knew I wanted to focus on digital. As thrilling as it is to see your product in the print version of a magazine, it doesn’t always translate into results. The good news? It’s often far easier to get your product featured online than in print where real estate is limited.
Rather than hiring a PR firm, try building your press credentials yourself by nurturing relationships with editors and writers. I’ve mentioned this in my column before, but editors are always on the hunt for new content. Pitch them ideas for articles, and you’ve done half the work for them. Do your research and make sure you’re offering them a story of real value. (Some free product doesn’t hurt either.)
Once you’re in a place where you can no longer handle PR yourself, look for a consultant. We’ve seen stronger results from a consultant than a PR firm. Because our PR consultant is independent, she is more affordable, gives us the attention we need and acts like an extension of our team.
Keep Your Site Simple
It can be tempting to invest in a fancy website, but you can save money by starting off with a template on Shopify or Wix. Look for plug-in apps to customize your template with the features you want. The best part is that you can do most of this with virtually no programming skills.
It’s only been a few years since I started my business, but there are now many more online tools available to people who are starting out. Read as much as you can and look for templates and tools that can help you figure out how to "DIY" your business until you can afford to hire specialists.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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5f949aa4e54d1d760f103d18c071f5a9
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https://www.forbes.com/sites/forbeslacouncil/2018/05/16/four-ideas-to-kick-start-your-companys-video-marketing/
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Four Ideas To Kick-Start Your Company's Video Marketing
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Four Ideas To Kick-Start Your Company's Video Marketing
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If I were to ask you to name the world’s largest search engine, you’d probably know immediately that it’s Google. But were I to ask you to name the world’s second largest search engine, what would your answer be? (Hint: It’s not Bing.)
It’s YouTube.
That’s right. YouTube, with 1.5 billion logged-in users per month, isn’t just a repository of cat videos and viral memes. It’s a go-to resource for answers to questions, with viewers watching an aggregate of 1 billion hours of YouTube a day. In fact, a Cisco study projects that video will represent 82% of all consumer internet traffic by 2021.
How can your business take advantage of the huge volume of search traffic on YouTube? Create videos that engage your customers and potential buyers. To get started, consider these four ideas:
Help solve problems.
Video is an effective platform for answering industry FAQs. Think about questions your customers commonly pose to you or that they might be too embarrassed to ask. For instance, a restaurant might upload a video on tipping etiquette. A jewelry designer might share a tutorial on how to change a watch battery. A flooring contractor might explain how to measure a room’s square footage. These how-to videos don’t need to be overt sales pitches, but instead seek to position your company as an approachable, knowledgeable and helpful resource.
Delineate differences.
Another way to use video is to explain differences between products. Talk about situations where a certain product is especially beneficial. Help customers choose between your various product offerings by going through the pros and cons of each one in detail.
Create a buying guide.
The kinds of products that people research on YouTube are likely to be somewhat intricate. Create a video to discuss the factors buyers should consider before purchasing, such as key features, price and customer use cases. Include smart questions that consumers should ask as they make their choice.
Demonstrate your products.
Showing your product in action can impact whether a customer buys it or moves on to another corner of the web. Video can be an effective way to show how easy your product is to set up or install, for instance. For physical products, give a sense of scale by showing hands using the product or how it fits in a setting such as a kitchen or a garage. Your product demonstrations should highlight the main features of your product as well as any features that may not be obvious, such as keyboard shortcuts on an app or hidden pockets in a garment.
By incorporating video into your overall marketing strategy, your business can start to capture a piece of YouTube's enormous search traffic. Think through the various stages of your customer funnel, and create video content to address viewers at each stage. Once you’ve got a few videos under your belt, start driving traffic to them to grow your network of viewers and subscribers. Keep creating videos to answer new questions from the community and to provide product updates. Optimize each video listing by including a clear call to action, writing a concise video description and creating a video thumbnail that encapsulates your content.
Meet your customers where they are, and remember that — increasingly — where they are is on YouTube.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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be0d297f56ff03551eceddd5e10d59ed
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https://www.forbes.com/sites/forbeslacouncil/2018/05/21/women-on-boards-why-the-conversation-matters/
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Women On Boards: Why The Conversation Matters
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Women On Boards: Why The Conversation Matters
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Women are taking their rightful spots in American boardrooms in Fortune 1000 companies across the country, but progress is slow. In 2015, 18% of board members in Fortune 1000 companies were women. In 2016, women held 20.2% of board positions (registration required) in Fortune 500 companies – up from 10.2 % in 1996.
This information tells us that companies across the United States are making progress addressing gender parity in the boardroom and in leadership in general, but we still have a long way to go.
In April, the founder and CEO of Salesforce, Marc Benioff, announced that the company was doing its part to change that. In an interview with CBS News, Benioff stated, "We saw in our company a lot of meetings where there were just men ... I would look around the room and I'm, like, 'This meeting is just men. Something is not right.'"
Even newer and more innovative companies are struggling to diversify. In 2012, protesters demanded that Facebook add women to its board when the company went public without any female board members. Facebook shareholder Anne Sheehan noted in a letter to CEO Mark Zuckerberg that Facebook’s action was strangely conspicuous in a time when “[there is] clear evidence that companies with diverse boards perform far better than the companies with more homogenous boards.”
Research shows this to be true: A recent analysis from 2020 Women on Boards found 55% of companies that fell off the Fortune 1000 index had one or zero women on their boards. An analysis from Harvard's School of Public Health ranked Fortune 500 companies by number of women directors present on their boards and found those in the highest quartile had a 42% greater return on sales.
Why Diversity Matters
Diversity in American boardrooms matters. The “boys clubs” of days past are fading into obscurity -- and for good reason. The same Harvard analysis above concluded that diverse boards tend to perform better because they are more likely to mirror their customer and client bases. This helps produce better purchasing and buying decisions.
In the hospitality industry, for example, women make up a large portion of both employment and consumerism, so it makes sense to have commensurate representation in the boardroom. Travel companies can make better-informed decisions to serve their customers and provide top-quality service with more women on hospitality boards. Travelzoo, for example, boasts a board of directors that’s 80% women.
Why The Conversation Matters
Despite progress in female executive leadership, stereotypes and gender bias continue to pervade the American workplace. According to a study from Catalyst, a women’s advocacy group, men’s perceptions of women in the workplace can starkly differ from the reality. For example, decision-makers may apply old stereotypes to corporate leadership: Women “take care” and men “take charge.” Corporate leaders may subconsciously believe women are relatively poor problems solvers, so they could skip over women for promotions and executive positions.
The simple act of hiring women into leadership positions isn’t enough to eliminate stereotypes. Exposure to female leadership is a valuable step in better serving customers and the workforce, but organizations must take other proactive steps to banish stereotypes and biases in the workplace.
As outlined in the above-mentioned Catalyst study, The Georgia Pacific Corporation, for example, addresses the inherent bias in the male-dominated manufacturing industry by issuing a “Women of Achievement Award.” This allows the company to showcase the innovations of women, which is an effective method for counteracting any stereotypical beliefs about women in the sector.
Your Call To Action
What can women do to get board positions?
• Start young. Women early in their careers can participate in company activities, meet and network with older colleagues and board members, and start out on nonprofit boards.
• Think globally. Travel experience, foreign language fluencies or experience with international business are all aspects a board member should consider integrating into their skill sets.
• Have a board CV. Different from your career resume or CV, a board CV offers a short summary of skills and experiences relevant to the board.
• Have an online presence. Use websites like LinkedIn to connect and network with others in your field.
Creating a more diverse boardroom is essential, but so is addressing the inherent stereotypes that drive male-dominated executive leadership in the first place. Companies must work to objectively evaluate worker performance, showcase female innovation and educate individuals about quashing the stereotyping process.
We cannot ignore the fact that gender bias in the workplace exists. We are truly working toward gender parity when we address the underlying cause and spark a conversation about diversity in the boardroom.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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697b03a206e96da2fd4866b69f2db827
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https://www.forbes.com/sites/forbeslacouncil/2018/07/16/cultural-competency-is-key-to-international-brand-success/
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Cultural Competency Is Key To International Brand Success
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Cultural Competency Is Key To International Brand Success
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Cultural context, or lack thereof, is the Achilles' heel of market globalization. Navigating foreign markets with regard to price, manufacturing regulations and sales interactions is difficult. What can be done if your “wonder product” in your native market simply cannot attain global traction? Could it be your sales team is unaware of normative cultural business interaction in a particular country where you seek to sell your brand?
Drawing upon my own practical experience as a corporate cultural competency trainer for nearly two decades, as well as the experiences of my team, this article explores how understanding cultural norms in business can lead to a successful sales process. Embracing cultural norms in business is the key to penetrating new markets, attracting international customers and enabling a local product or service to find a global audience.
Chances are when introducing new products and services to a foreign market, you may need to meet in person with purchasing agents, potential customers and clients of another culture. It is vital that you learn in advance the culture or cultures of the people with whom you will meet. Then, brush up on expected forms of greeting, business meeting etiquette, managing business appointments involving meals and finally, how to respectfully negotiate a deal in a particular culture with regard to claims, promises, pricing and settling disagreements.
One of the ways to immerse yourself in a foreign culture before ever setting foot in a particular new market or having your first interaction with a native of that culture is to take a cultural competency course, which is one of my company's offerings. If time constraints prevent taking a course, there are resources you can find online that will help you broadly understand which cultures are more hierarchical as opposed to egalitarian, relationship-oriented or task-oriented, and which emphasize a team/collective psychology in business dynamics versus an individualistic mindset. For instance, there are multiple-choice questionnaires that enable one to compare his/her own cultural imprint and psychology to the general imprint of other cultures. Discovery of such knowledge allows an individual to become more sensitive to the culturally ingrained behaviors of others and adjust his/her own behaviors to engage in successful discourse.
Many cultures are innately relationship-oriented in business. They have their trusted suppliers, vendors and advisors, which can make permeating that veil to build a new relationship quite challenging. However, establishing rapport with someone from a culture that prefers to engage repeatedly with long-time, highly trusted associates is a much less daunting process when one has prepared in advance to successfully navigate the business landscape of that particular culture.
The simplest of gestures, such as knowing how to greet a person from another culture, will go a long way toward creating the essential environment of trustworthiness. Additionally, it's important to understand written etiquette in formal communications and email protocol, when and where to sit in a business meeting, how to socialize at business lunches and all other related aspects of social engagement. For instance, if you were to be invited to dinner by a business prospect, it would be best not to bring up the topic of business at all until your host does -- some cultures consider discussing business in a social setting as inappropriate and view such occasions as purely opportunities for building rapport.
Beyond socializing, it is imperative to understand how a particular culture relates to the exchange of money in business. Some cultures are more economically incentivized to achieve the best price in a business interaction, regardless of the vendor. Other cultures emphasize building a long-term relationship and become concerned about damaging a business friendship by rejecting a deal based upon price alone. It is plain to see an unsuccessful outcome may occur if someone from a culture that emphasizes economic considerations over relationships in business were to meet with a person of a culture that wanted to spend time building a relationship before doing business. Both persons would be well-intended, but they could miss the opportunity for a successful business interaction due to each operating from a “cultural blind spot.”
When doing business with someone from another culture in your own country or the other person’s native land, at a minimum, do some research to learn the general attitudes of that culture regarding time, money and communication style. In addition, master the typical social concerns of etiquette, meal dynamics, engagements with elders and women, proper forms of address and the related basic interaction concerns most of us have when traveling to another country. Even when on your own turf, when interacting with people from another culture or country, try to connect with them as though you are doing business in their country of origin.
Adherence to cultural norms while conducting business communicates respect, appreciation and admiration for the target culture. These human traits translate better than language or technology and build the foundation of trust that is vital to all intercultural business interactions.
When it is obvious you respect another’s culture, seemingly magical good fortunes ensue: Deals are closed, a brand attracts global customers and long-term business relationships are formed. Next time you face a challenge in growing your brand abroad, consider the often overlooked cultural component of business success. It might just be the key to penetrating new international markets with a culturally informed mindset that broadens your international footprint.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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e640d2b8f2ace2b198b170bab2c07c29
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https://www.forbes.com/sites/forbeslacouncil/2018/08/09/how-the-law-niche-proves-expensive-ppc-can-pay-off/
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How The Law Niche Proves Expensive PPC Can Pay Off
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How The Law Niche Proves Expensive PPC Can Pay Off
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Pay-per-click (PPC) ads appear depending on what a user is searching for, and the advertiser only pays a fee when they actually on the ad. Due to PPC marketing’s quick results, simplicity and level of control and customization, it’s one of the more popular digital advertising techniques. However, if your business is in a highly competitive industry, you could be looking at high prices per click that might seem insurmountable. But as the law niche proves, no matter the price, PPC can really pay off.
High Price, Great Results
In the law niche, keywords can be expensive. In fact, "lawyer" and "attorney" are among the priciest keywords in Google AdWords -- the most popular PPC platform. As a particularly stark example, this case study showcases how the search term "Car Accident Lawyer" can run Georgia law firms over $1,000 per click, but they still pay for it!
As the founder of a business that specializes in PPC marketing, I understand that when your industry is highly competitive, competing businesses in your region are likely using the same keyword combinations. To see for yourself, google “Personal Injury Lawyer.” You’ll see a handful of PPC advertisements in the form of search campaigns -- highlighted at the top of the search results by the word “ad”-- that are specific to your city and all vying for the same clicks. It doesn’t matter your industry -- a few related keyword searches should garner similar insights.
But don’t be deterred. High competition means AdWords is being used at a successful enough level to continue keeping the price high. And while their PPC ads are bringing in clients or customers that continue to justify their investment, you’re losing out on all that potential business.
Real-Time Measurements Mean Effective Adjustments
Even if your website was created yesterday while all your competition has been using PPC for a decade, you could set up and launch a small campaign quickly and start getting traffic on the same day. This is in direct contrast to SEO, which will take at least six months before your site reaches close enough to the top Google result to garner free, organic clicks to your business.
Once you have both Google AdWords and Google Analytics accounts, you can connect the two to measure everything related to your PPC campaign, from cost to purchase to phone calls by keyword reports, as well as the demographics of your visitors. By tracking every action, you’re able to continuously optimize your marketing approach in its every facet, as the data you’re generating reveals what’s working best and what’s falling short. Multiple form submissions, ensuring the phone number is easy to find, offering quizzes, publishing blog articles and implementing an online chat box are all website upgrades that are easy to execute and add rich data to your advertising approach.
Continuously Improve Return On Investment
In my experience, most people looking for legal help online almost always need a phone call to go from “lead” to “paying client.” And the same surely applies to a wide range of businesses, from food delivery to pricey financial services.
Through Google Adwords, you can generate unique insight that comes exclusively from tracking phone calls from the site without the need for additional tools, revealing report statistics like date, time and duration of every call that comes in. Search campaigns aren’t the only form of PPC marketing, either. Businesses find particularly remarkable results from call-only campaigns, designed specifically to get your company more phone calls.
And every time an interested party is on the line? You have the chance to gain a new client.
Quickly Establish Your Authority
Through what’s known as display campaigns, AdWords offers the ability to show your ads across websites on the Google Display Network, which spans 2 million websites and covers more than 90% of web traffic. It’s where your brand will appear on sites related to your offerings.
Display campaigns can also utilize a strategy called retargeting -- also known as remarketing. By employing this ad strategy, a person who visited your site but clicked off will see an ad for your business later on, reminding them of your services or products and potentially reengaging their interest.
Control Every Last Detail
AdWords provides a lot of budget flexibility despite law practices being up against pricier cost-per-action costs. With that said, if you want to start with a small budget, you absolutely can. You can carefully control your budget and bids, start and stop on a dime and readjust according to new revelations, giving you plenty of opportunities to scale as your approach develops. This applies to your business whether you’re in the law niche or in an uncompetitive -- or currently untapped --PPC market. The price per click in relation to your budget will just dictate how many clicks you can afford before you have to start seeing a return.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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1cadd333fbf5aebb55c72307881751c6
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https://www.forbes.com/sites/forbeslacouncil/2018/08/22/how-you-can-create-a-process-build-a-system-and-automate-operations/
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How You Can Create A Process, Build A System And Automate Operations
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How You Can Create A Process, Build A System And Automate Operations
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Over the past 10 years, I have been creating processes and developing systems for almost everything that I do within my business. They say every business should begin with a plan, but more specifically, your success hinges on your ability to create a process, build a system and automate your business. It took me a long time to slow down from “the grind” to become aware of my process. I have learned that if you are able to follow these simple steps, you will be able to achieve your goals as we move into the golden age of automation.
Create A Process
First, you have to determine the most efficient and effective way to solve your problem or accomplish your goal. List out the steps you need to take to accomplish the objective, then you can rank these tasks in order of importance. Create another list of resources that you will need to accomplish your overall target. For example, if you wanted to start selling watches like we do, you need to make a list of tasks to accomplish before you start selling. At the top of that list would be things like designing a watch, finding a manufacturer, creating packaging and finding a fulfillment solution. Once you have created the step-by-step process for creating a watch, then you can develop a system to execute it.
Develop A System
You have to determine how to make the step-by-step process function so that you can earn money from your efforts. It is a good idea to clearly document how you will execute your process from beginning to end. Once you can visualize how to achieve your goal, you can break down the steps and develop a profitable system. Take a close look at the staff and technical requirements and try to find solutions for any potential roadblocks. Often, other people have already found a solution that you can easily implement in your own system.
For instance, if you need to track your inventory, you can leverage existing technology that will help you make better decisions, rather than creating a system to track inventory from scratch. Once you have determined the best system through trial and error, you can begin optimizing it. In college, I learned a term that has motivated me for the past decade called Kaizen -- an effort to better all aspects of your business, productivity and organization. In Japanese, Kaizen refers to the word “improvement,” and this should include members of your team from all levels and happens over time. This simple idea means that your process is never perfect. You have to analyze and improve your business to prevent it from becoming stagnant or obsolete.
Automate Your Operations
Once you begin to streamline and improve your system, it is time to automate as much as possible. That does not mean you need to employ robots, but you should eventually be able to remove yourself from day to day tasks and learn how to levy artificial intelligence to your advantage. There are currently several techniques and tools available that you can use to collect data, analyze decisions and automate tasks. It's estimated that over 1 million jobs will be lost to automation by 2026, so it is imperative that we recognize this and begin to automate our businesses as much as we can.
Some things in life are easier said than done. However, this concept is applicable to anything and anyone can accomplish it, regardless of your company's industry and size. What is important is that you take the time to slow down and think. There will always be a need for creative problem solving and emotional intelligence work. I personally like to spend my time solving problems, being creative and coming up with new ideas. If you are able to create an environment of productivity and efficiency, you can slow down and focus on the things that will add value to your process and result in a thriving business.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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12a91e3ce909bcfdc8d025bab29a733a
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https://www.forbes.com/sites/forbeslacouncil/2018/09/04/nine-of-the-best-ways-to-build-wealth/
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Nine Of The Best Ways To Build Wealth
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Nine Of The Best Ways To Build Wealth
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It is often said that the three main sources of wealth creation are the stock market, real estate and entrepreneurship. With this knowledge as a starting point, I embarked on a journey to find how people around the world had built significant wealth. I graphically documented and codified the results of my study into the chart below. Much of what I share comes from my experience of over 36 years as an entrepreneur, investment banker, securities analyst, investment portfolio manager, private equity fund manager, university professor and investment newsletter editor and publisher.
The Wealth Creation Pyramid Dr. Paul M. Wendee
1. The Stock Market
Starting on the right side of the pyramid, from the bottom up, the first category is how we like to invest in stocks. While there are many ways to invest in the stock market, in my experience as the CEO of my management consulting and investment management firm -- as well as the vast amount of academic and practitioner literature that I have reviewed -- I have found that value and dividend stocks produce the best long-term performance results of any stock selection methods. I created a model known as the Cassandra Stock Selection Model, which is a quantitative stock-picking model I developed 24 years ago to pick value and dividend stocks that also have good growth prospects. You can see this model in the chart above. (See a more detailed version here.)
2. Alternative Investments
Alternative investments can provide very attractive returns but also generally carry a much higher level of risk. Accordingly, I've placed them higher on the pyramid. There are many different asset classes that are considered alternative investments. Some examples are real estate, fuel sources and private equity. Alternative investments may reduce the overall volatility of an investment portfolio and provide greater investment returns and diversification.
3. Special Situations
The investments in this category can take many forms. For example, a special situation could be a very undervalued real estate investment. Some stock analysts consider special situations to involve corporate event-driven actions such as mergers, spinoffs, liquidations, acquisitions, situations involving activist investors and turnarounds. In almost all cases, stock analysts believe the target company or investment must be undervalued to be a good special situation opportunity. In the case of undervaluation, the more undervalued the better, as this provides a margin of safety. As with other investments, we calculate our estimate of the special situation’s intrinsic value where possible.
4. Visionary Ideas
We conceive of a visionary idea as a business idea or model that is new and transforming. By transforming, we mean that it is an idea or model that has not been used before, but that will have a significant influence on the way the world does things in the future. Examples of visionary business ideas from the recent past, which are playing a significant role in today’s world, are Starbucks and Uber. If we go back further in time, the automobile had a significant impact on the world when it was first introduced. Going back even further, the printing press transformed the world of its time. Visionary ideas that are moving to the forefront at the current time are self-driving cars and artificial intelligence, to name just a couple. These are the ideas that many entrepreneurs strive for and have been known to deliver both industry-wide disruption and success.
5. International Stocks
Starting down the left side of the pyramid, the first category is international stocks. Studies have shown that international stocks can provide good diversification for a stock portfolio. Buying individual international stocks, though, is not for everyone. Successful investing in international stocks requires knowledge of different countries and their languages, customs and accounting standards. There are also major differences in international stock markets, currency issues and the general reliability of international companies. For these reasons, it may be best for most people to invest in the international markets via well-run and knowledgeable mutual funds.
6. Real Estate
Real estate is one of the main sources of wealth creation. There are many types of real estate one can invest in -- examples include single family homes, multifamily residential, self-storage, office buildings and industrial. There are many good real estate investment clubs around the country that help people invest in real estate. They provide education, networking and resources, which can help you with entrepreneurial and business-related efforts. You can do a Google search to find groups in your geographical area.
7. Fixed Income and Cash
Fixed income investments such as corporate bonds, government and federal agency securities and cash have only limited wealth building properties. They can provide reliable income, and many financial planners recommend that one holds a portion of their assets in these types of fixed income -- particularly as they get older and their investment time horizon gets shorter. Many financial planners also recommend holding a certain portion of one’s assets in cash for liquidity, emergencies, spending and other reasons.
8. Entrepreneurship
In my years of experience, I have seen that starting one’s own business is one of the best ways to build wealth. The business must be successful, of course. Unfortunately, statistics show that most businesses either are not successful or, perhaps worse, are only marginally successful, leading one to a subpar means of making a living. But starting a business can be one of the most interesting challenges that a person can pursue. There are many resources for entrepreneurs who want to start and grow a business. The U.S. Small Business Administration is a good place to start.
9. Multiple Sources Of Income
Having multiple sources of income and wealth provides increased opportunity and diversification. Some people have two or more jobs, some have two or more businesses, some have a job and a business -- a good strategy, in my opinion. Having two or more sources of income and wealth increases the likelihood that your total income and wealth will be greater over time. A word of caution though -- in pursuing multiple sources of income and wealth building strategies, be careful not to overextend yourself. This is especially true for business owners and entrepreneurs who have multiple endeavors operating at once.
Well, there you have it! These are nine of the most important ways of creating wealth. Good luck on your own journey to building wealth -- and have fun with it!
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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26afddf031bb8a2898fdf1b41270fd54
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https://www.forbes.com/sites/forbeslacouncil/2018/09/07/the-benefits-of-fitness-and-activity-trackers-in-the-workplace/
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The Benefits Of Fitness And Activity Trackers In The Workplace
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The Benefits Of Fitness And Activity Trackers In The Workplace
Millions of Americans use wearable devices to monitor their health and fitness. Sensors on these devices track everything from body movements to heart rate and even blood pressure. They also include audible alarms to remind users to stay active throughout the day.
The focus of these devices up to now has been on individuals interested in working toward specific health and fitness goals; however, wellness initiatives are incorporating technology progressively more into their programs with the aim to improve overall employee health. I've been a user of personal technology for years. Specifically, I enjoy tracking my daily activity, exercise and more with my own fitness tracker. As a CEO of a business focused on offering employees health options, I know that this is vital.
Many companies are already jumping on the wearable technology bandwagon. Glassdoor reported in December 2017 that an estimated 13 million wearable fitness and activity-tracking devices were projected for workplace wellness programs in 2018 -- a dramatic upswing from 200,000 devices just a few years ago.
Employers are creating more and more benefit programs that focus on wellness with initiatives that support physical health. Many of these are being developed in partnership with health insurers to provide access to activity and wellness devices, along with program designs that are cost-effective to manage for employees. Ultimately, this method leads to a more productive workforce. Plus, it also appeals to prospective employees during the important recruitment process, as job postings now exceed the nation’s unemployment rate.
There are a number of benefits for employers who partner with their health insurer to increase the access to health and activity trackers in the workplace. The top benefits are:
• A Culture Focused On Health And Well-Being: For many years, work environments have made productivity and profits the top priorities, while health and wellness received little to no attention. The good news is that the advent of fitness and activity trackers, along with other wellness devices tied to specific outcomes and insurance requirements, have moved health to the forefront of workplace culture. This, in turn, creates a stronger sense of camaraderie, happiness and overall employee retention.
• Enhanced Chronic Disease Management: According to the Centers for Disease Control and Prevention (CDC), approximately 84 million Americans -- more than one out of three -- have prediabetes. Of those, 90% do not realize they have it. Another 30.3 million adults in America are living with diabetes. It is the seventh leading cause of death in the country. High blood pressure is another chronic disease that requires constant monitoring and management.
Fitness trackers allow people to monitor their physical activity, what they are eating on a daily basis and more. This can lead to improved overall health and, ultimately, increased productivity due to a decreased rate of workplace absences related to illnesses and other ailments.
• Incentivize Healthy Habits: The rising use of smartphone apps with built-in incentives, such as points or badges, has turned health monitoring into a game. In fact, both small and large companies have taken the of gamification and expanded it further by putting programs in place that incentivize healthy employee habits. For example, an app that emphasizes accountability, while also encouraging movement toward a common goal, creates competition and, in the end, more engaged employees.
• Health Care Cost Savings: A report released last year by the Kaiser Family Foundation found that premiums for single employees rose 4%, while family health care premiums increased 3%. Coupling wearable technology with employer-sponsored workplace health and wellness programs can help to offset these rising costs. For example, a more physically active workforce may not need to see a doctor as frequently. As a result, employees -- and, possibly, their spouse and kids -- may have a reduced need for a robust -- and often, costlier -- health insurance plan. That translates to possible significant savings to the employee and employer.
Technology will continue to play an important role in overall employee health for years to come. Workplace-based wellness programs coupled with personal technology can lead to significant cost savings for both employers and employees while also helping to create a more engaged and healthier workforce.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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59fa019e92da32ec1020e3d30e8ef8fe
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https://www.forbes.com/sites/forbeslacouncil/2018/09/10/six-tips-for-licensing-products/
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Six Tips For Licensing Products
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Six Tips For Licensing Products
Shutterstock Shutterstock
When I attended San Diego State University, I started printing T-shirts with my friends. During that time, I obtained a number of collegiate and Greek licenses to help grow my printing business. The concept of licensing has not only worked for me but is a proven business model for many entrepreneurs. After going through the process of licensing products for many years, I have come up with six tips for brands looking to get into product licensing.
1. Target Market
First, you have to identify the exact group of people you would like to attract to your business. This is the most critical step because if you attract the wrong customers to your brand, it’s unlikely they will become repeat customers. For instance, if you are selling beauty products to women aged 45–65, you probably won’t want to obtain NFL team licenses.
2. Pick A Good Brand
You have to find a well-known brand that has a licensing program and speaks directly to your target market. You want to make sure the brand has a good reputation and will help you attract a loyal fanbase. To my point mentioned above, if you determine that you are selling a line of sporting goods products to males between the ages of 18 and 35, then maybe NFL team licenses are absolutely perfect for you.
3. Guarantee Sales
The only way you are going to make this work for yourself or the licensee is to guarantee a minimum amount of sales and actually hit your goal. Most of the major licensees have a minimum guarantee, so it is extremely important to demonstrate that you are prepared to sell. The biggest factor in a successful licensing campaign is marketing and sales, after all.
4. Be Legit
Closing a deal can be fun and exciting, but it opens you up to a new set of rules and requirements. You have to be legit and comply with the licensee's processes. You must be prepared to have your factories and your books audited. The licensees expect to see regular reporting and timely royalty payments, so you have to be on top of everything from beginning to end.
5. Find Opportunities
The point of getting a licensing deal is to gain exposure, attract new customers and make money! Once you have overcome all the obstacles of obtaining a license, you have to leverage the brand and kick down doors. By creating buzz around your campaigns, you can finally access some of the bigger press outlets and influencers.
6. Be Willing To Work
Just like anything else in life, if you want to be successful, you have to work for it. I am not going to pretend that getting a major license is easy. Over the past few months I have been working with Disney on a Star Wars licensing program for my brands, and I can tell you that it takes hard work at every level.
Simply put, licensing can open doors and catapult your brand to new heights. While it can be confusing and stressful to license your products, if you follow these six tips, you will greatly increase your chance of success. Good luck!
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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6833d752da764f95400e9fbf55cf7cfa
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https://www.forbes.com/sites/forbeslacouncil/2018/09/20/five-tips-for-surviving-the-lean-years-from-a-startup-founder/
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Five Tips For Surviving The Lean Years From A Startup Founder
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Five Tips For Surviving The Lean Years From A Startup Founder
Most startups fail. Based on an analysis of 101 startup post-mortems by CB Insights, the top two reasons for failing are "market fit" and "running out of cash." Logically, then, one of the best ways to optimize for success is to make sure you always have plenty of cash in the bank. That's easier said than done when you are a scrappy two-person team working out of a flat in Kentish Town, London, and are fueled by caffeine and a simple desire to create something better. How do you find enough cash to see things through, and how much control do you cede in the interim to have a profitable product? It’s a tricky balance. In the end, if the product is viable, I believe you need less money than you think but more risk appetite than you ever envisaged.
As an American who’s set up a company in the U.K., I have dealt with investors on both sides of the Atlantic. There is a difference between investing styles in Silicon Valley versus Europe, and I was reminded of this when I moved to Los Angeles after a decade building a company overseas on $3.5 million. In Europe, the tendency is to build for profit or at least break even. Investors are more risk-averse, and you need more than an idea and a business plan to get capital. The U.S. is ahead in the tech investing game and has been doing it for much longer. In some cases, raising itself almost determines the winner in that market, and the sums can be far higher than the amount we have raised to date.
Let’s say you have the right business contacts and network connections. Let’s say you have proof of concept or past results. Let’s say you have your sights set on terms like "unicorn." Let’s say you have the big idea and now you require pace. And let’s say you make it through all the investor meetings, presentation decks, sleepless nights, valuation negotiations and expected number of rejections, and you raise some money (hurray!). Here’s the thing about raising money: Although you are getting something valuable, you are also giving value away. Control, maybe. Equity, for sure. Information, definitely.
My company broke even around the 2014 World Cup. This was six years after I founded the company. Although those were the most challenging years, they also helped me pave the way for the success we are enjoying today and gave me insights I would never have had otherwise on how to navigate that early period during which so many companies disappear.
1. Having no money focuses the mind.
The pressure of a shorter runway will be a prioritizing force in your company and ensure you build a product with the right market fit. You will have no choice but to try to make sure every penny you are spending is going to the right place. You will build a plan around your budget and not around your wishes. You will choose to work from home instead of renting swanky office space, and you will be grateful for this later.
2. Hiring the best is key, even if it costs a little.
As a founder, when you are just starting out, hiring is one of the most critical aspects of building your company. In fact, your second hire can sometimes be the most important. Good people can be expensive, but there are ways to attract and keep them. Although you don’t want to cede too much control early on, equity can be a good asset to capture good people and ensure their commitment and focus. It gives team members a vested interest and aligns their goals with yours.
3. Ownership and accountability equal progress.
Without investor involvement, you won’t have anyone looking over your shoulder and second-guessing your every move. This also means that all the accountability lies with you and every subsequent employee you hire. Members of your team will feel an unprecedented level of commitment and ownership because the stakes are so high, and more importantly because they get the opportunity to make decisions and shape the journey from the outset.
4. You can stay off the radar.
Raising outside investment can attract attention, so you will have a major advantage: operating off-grid for a period of time as you get your product right while you fund operations. This can sometimes make quite a difference maneuvering around competitors and keeping information in-house. It will allow you to adapt to market changes and customer feedback quickly.
5. Negotiating becomes an art.
As every dollar is sacrosanct, your inner negotiator will come to life. Business terms with suppliers, vendors, distributors and employees will have to be as favorable as you can get them to be. In the initial period, this will have a significant impact on your runway, and your negotiating skills will serve you well when you are eventually on the delivery circuit to investors making deals down the line.
If you are lucky enough, as I was, to make it through this baptism of fire and eventually see your products take life, your revenues increase and your employee base grow, there might be a time when you are thinking about your second phase of implementation: growth. You will need to graduate from being a scrappy startup and blossom into a growth company; in this case an injection of capital could make sense. Make sure you stay true to your mission and align yourself with partners who understand and share your vision for the idea or product you have worked so hard to make a reality. The approach I took to sustain my bootstrapped company in the early days helped me understand the market in unique ways. Having said that, I can’t help but look at 2017, when 60 new startups were added to the unicorn list. Our own dream of becoming a unicorn is very much alive. Until then, remember, "greed is good" at first. But then, "show me the money."
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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abaed477a0d59e18309d5d835d9732de
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https://www.forbes.com/sites/forbeslacouncil/2018/10/19/six-options-for-finding-local-talent-in-los-angeles/
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Six Options For Finding Local Talent In Los Angeles
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Six Options For Finding Local Talent In Los Angeles
Hiring talent can be a difficult task — especially in Los Angeles — because while there are a lot of places to look, it can also be difficult to find the right match. Sometimes the perfect match may be looking for you, and sometimes the perfect match isn't looking at all. Additionally, there are so many different kinds of talent out there that it can feel impossible to swim through all of the options to find just the right person. Having an area or two to focus on can really help improve the odds.
We asked members of the Forbes Los Angeles Business Council for their advice on where to find top talent to fill open positions. The next time you're looking to hire someone, consider one of these tools or approaches before narrowing down your search to a few individuals.
Local experts share their tips for finding talent. All photos courtesy of individual members.
1. Facebook Facebook isn’t just one of the most wildly successful social networks online; it’s also a place to post your jobs and find qualified candidates. So many of us spend so much of our time on Facebook that it’s a natural place to let people know that you’re hiring. - Ken Goodwin, Pacific Preferred Insurance Brokers
2. TechFair Participating in the TechFair organized by the city of Los Angeles is great. It had big local companies in attendance, which attracted many job seekers and in turn led to more great resumes for us! - Anna Nguyenova, TubeScience
3. Referrals Turn to your company’s best employees and ask them for referrals. That really can be the best way to get a full or accurate read on a person. Resumes these days can often be inflated and rarely ever paint a clear picture of a candidate’s full potential — or lack thereof. - Skyler Ditchfield, GeoLinks
4. Local Meetups Using Meetup (now owned by WeWork) is a great way to network and meet fellow specialists who can themselves help or refer someone to you right in your neighborhood. A few people create their own and drive relevant prospects to it! - Zaid Ammari, PPC Masterminds
5. Indeed And Linkedin I have two resources that I regularly use. One is Indeed, and the other is Linkedin, which I use for finding full stack developers and other talent for our company. Mainly, I will advertise on Indeed and then do follow-up research on Linkedin to see more information about each applicant. It is not easy to find full stack developers that are available and local, but this seems to work pretty well. - Ron Berkes, ManufacturingChina.com LLC
6. Your Community
I find participating in your community really helps. Specifically, speaking at my alma mater (USC) has been a great way to attract extremely promising candidates — from MBAs to people fresh out of college. - Brett Crosby, PeerStreet
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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65af594232618926c15662f736bc621e
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https://www.forbes.com/sites/forbeslacouncil/2018/10/26/five-ways-to-use-social-networks-to-sell-products/
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Five Ways To Use Social Networks To Sell Products
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Five Ways To Use Social Networks To Sell Products
Pexels Pexels
I have been hearing a lot of marketers talk about “social commerce,” which is exactly what it sounds like: using social media networks to help sell products online. This may sound like a relatively new idea, but when you take a deeper look, social commerce was actually introduced by Yahoo in late 2005. At the time, things like product reviews and sharing wish lists were cutting edge, but that was one of the early examples of combining social networking with online commerce. Technology has since evolved, but the idea remains the same. To understand how to succeed in social commerce, here are five tips for using social networks to sell products online.
Create Authentic Content
You want to create content that speaks directly to the customer you are trying to engage with. Think of your content as a conversation with someone, just online. For example, if you were to meet in real life, what would you want them to know about you at first? Would you jump into selling them something, or would you let them know who you are and what you do? The same idea applies to create content for your social media marketing funnel. First you have to introduce your brand’s story, then move into educating them about what you are selling. I like to use videos to make an introduction.
Tell Your Story
My brand’s story is based on the real-life events that led to starting our company, and it's also about the impact we are creating by selling products online. I have learned that people like to connect with both the story of the brand and with me personally as the founder. If you can create content that people want to like and share, then you can begin to build your audience and leverage social media to sell your products.
Maximize Social Media
As you manage your brand's social media channels, remember to post regularly, be authentic and engage your audience. You can create a community around your brand that will spread your story through word of mouth, eventually drawing in more customers. I have grown all of my social channels organically by simply creating content on my iPhone and sharing it on social media with like-minded people.
Leverage Microinfluencers And Bloggers
Another great way to use social media to sell products is to connect with micro-influencers and bloggers. These can be photographers, writers, artists, musicians or stylists that have a social following of 10,000 followers or more. I have found that they have a strong community of fans who engage with the content and trust what the influencer is promoting. I have even tested this theory on my own social media accounts. I posted the same video on my brand's Instagram and on my own Instagram on the same day at the same time. The engagement on my personal page was three times higher than on my brand's page. This isn't surprising: People naturally engage more with other people than they do with brands.
Leverage User-Generated Content
When other people start telling your story, share what they are saying. It builds credibility with potential customers, which could lead to more purchases. One popular way to do this is to repurpose customer reviews or content that was created by micro-influencers. You can turn their material into clean, creative content for social posts or even paid media. I have seen an increase in conversion on my retargeting ads when I show people what customers are saying, and the same has been true about unboxing videos.
Over the years I have experienced how important it is to leverage social media to sell products online. The term “social commerce” has become increasingly popular, but this is still just the beginning. In the near future, I believe we will start to see major social platforms merge into commerce platforms. In the end, it will be the brand's story and content that attracts users and creates loyal customers.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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86058f27660fdf0e1dda9dbf3cf65b7d
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https://www.forbes.com/sites/forbeslacouncil/2018/12/18/why-more-businesses-should-invest-in-better-customer-service/
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Why More Businesses Should Invest In Better Customer Service
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Why More Businesses Should Invest In Better Customer Service
As someone who's based in Los Angeles, I've long taken stellar customer service for granted. Unhappy with your Uber ride? Go online and automatically receive a $5 credit for your next one. Unhappy with your Starbucks drink? Get another one made for free. Unhappy with a restaurant's service in Malibu? Let the manager know and receive a discount and a personal apology.
The same principle applies to various other stakeholders within a business. Whether it's their customers, investors or their employees, companies are highly aware of the impact a negative Yelp or Glassdoor review can have on their bottom line. After a pregnant Sheryl Sandberg couldn't find a close parking space at Google HQ, the company started assigning priority parking spaces for expectant mothers. At Facebook, Sandberg introduced a 20-day time off period for employees mourning the death of an immediate family member. And unlimited paid time off has become another popular benefit at many well-known tech startups.
Not surprisingly, I have personally seen an increase in productivity when employees were afforded benefits that help build trust between them and the employer. On the client side, I have seen an increase in word of mouth for new clients when existing clients felt that their emails and concerns were responded to swiftly, sufficiently and consistently.
Customer service has long been recognized as an incredibly important revenue driver. Yet businesses all around the world seem not to recognize what many consider a well-known fact. I recently traveled to Europe, where I couldn't help but notice the major differences in European versus American customer service. One particular difference I noticed was in hospitality. Just like you can always expect the same customer service in any Starbucks store, I've always received consistent, above-average treatment from Airbnb staff.
This time I opted to try out a new startup, essentially a European version of Airbnb. When I brought up an issue I was having with my London apartment, there was a lot of direct questioning to check whether what I was saying was true (the customer isn't always right in Europe, and a lot more evidence has to be provided). The information I received via online chat differed from what I received over the phone, so the handling of the entire problem took longer and I was required to keep a tab on it and constantly call back.
Part of the difference in customer service is simply cultural. Europeans tend to go straight to the point, while Americans are known to take the friendly, helpful and slightly more time-consuming approach. Each one is great in its own way, depending on the type of customer you are. Aside from these cultural discrepancies, however, there is a good business argument for why "the customer is always right" mentality pays off better in the long run.
Lower Churn Rate
A churn rate is a ratio of customers who choose to end their relationship with a company over a specific period of time. On the contrary, when the customer chooses to return to the product or service, the company’s retention rate improves. Excellent customer service vastly lowers churn rate because customer acquisition can be anywhere from five to 25 times more expensive than customer retention. Consider the way we form friendships. Those that are able to survive through tough times are often stronger than the untested friendships. The same applies in business. When complaints are handled well, customers become more loyal than they were before the issue. Personally, I have reviewed over 50 homes on Airbnb, and having now had issues with its competitor and Airbnb, I know I am loyal to Airbnb. Given this fact, it should be a no-brainer for companies to invest more in better customer service.
Word Of Mouth
We know that word of mouth works. Sara Blakely’s company Spanx became a billion-dollar business through word of mouth without her having to spend any money on advertising. When you have a good product and excellent customer service, a word of mouth strategy will outweigh any flashy marketing campaigns. In addition, it is free and it ensures that companies will attract the right kind of customers who are more likely to stick around than add to your churn rate.
Running A Business On Kindness
Last but not least, I simply cannot imagine a good argument for why businesses shouldn’t always be striving to be kinder. Sure, some customers may abuse this privilege as we see with PayPal or Amazon, whose buyers sometimes take advantage of their lenient return policy. But for the most part, being good is the way to go. There is too much at stake in this hyperconnected world to not care about your reputation online and offline. Recent events have proven that we have the power to hold companies accountable for their actions, however large the corporation may be. Being kinder not only helps businesses stand out among their competitors but it also — as I like to believe — helps CEOs sleep better at night.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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c2caf123cb0c409edd91d6ff84697691
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https://www.forbes.com/sites/forbeslacouncil/2019/01/07/networking-is-not-about-you-lessons-from-experience/
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Networking Is Not About You: Lessons From Experience
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Networking Is Not About You: Lessons From Experience
Karen Wickre, a former colleague and communications professional who is known for shaping the voice of Google, recently released her book, Taking the Work out of Networking. In it, she lays out strategies to help introverts network in ways that feel natural to them. While I’m by no means an introvert, this did get me thinking about my own experience networking.
There is no doubt that networks are powerful tools, and more often young professionals are being told to network as if it is an obligation of their career. Technology platforms have been created to help people network better. Companies now even dedicate time and events purely for networking purposes. Part of this is positive because it recognizes the value of building new relationships, but part of it is also negative because it makes it easier to lose sight of what networking really is.
At its core, networking is making a meaningful and valuable connection at multiple levels, including with the individuals networking and within the greater ecosystem they belong to. In other words, networking isn’t just about you. To see it that way is shortsighted, in my opinion, and it also adds an unnecessary amount of pressure to an activity that already makes many uncomfortable.
The community connection, to me, is the definition of successful networking. To achieve it, I like to remind myself of three main principles I’ve learned along the way.
Your Network Is Not A Utility
It’s easy to want to network for a short-term end goal, to want the time you put into networking to always result in something of benefit or usefulness to you. But that won’t always be the case, and networking is that much more enjoyable when it’s a little unintentional and for the purpose of making a connection at that moment in time, rather than for some sought-after return. Networking should be authentic because it should be a natural extension of your own genuine interest, instead of something more purposeful.
I started returning to my alma mater, USC, as a guest lecturer because I wanted to give back to a place that gave me great memories and a good education. In the process of getting involved again, I was invited to give more talks about my entrepreneurial journey, which in turn lead to students learning about my company. The talks were not intended to be a recruitment channel, I was just there to talk about my career path, but in the end, it resulted in dozens of applicants to my company, many of whom became valued employees.
The Network Is An Ecosystem
The traditional (and perhaps easy) way of thinking about networking is to focus on the development of one-on-one relationships. I think there’s a better way to think about it, and that’s by taking a step back and recognizing that networks are really ecosystems. Consider the ecosystem approach many tech firms use, which means developing technology and business models that benefit all participants in the ecosystem. I believe in approaching your networks in the same way, where your role is really to share information, create opportunities and support others in ways that make the ecosystem you’re in that much stronger.
Earlier this year, I connected a friend working at HGTV with a real estate entrepreneur. I knew that one was writing shows for HGTV and the other had a fascinating story to tell about improving communities at a very local level. My goal was to hopefully add value to both of them, and it was one of those serendipitous opportunities that turned into a big career move for both of them — the new show "Fearless Fix."
Your Network Is Your Community
Networking can often take on the stigma of being very transactional, and I’ve both heard and complained myself about it being a “chore.” But a shift in perspective can make networking feel like a much more inspiring activity. I like to remind myself that my network is a community that I’m building and that I should take ownership of this community. By that, I mean that I should maintain it and give back to it without expecting anything specific in return. The danger of thinking transactionally is that it is a shortsighted way of networking and may ultimately lead to a more limited network. A community, on the other hand, lasts a long time and will come together for you at surprising moments.
The thing to remember is that networking doesn’t always have to mean something, and it certainly shouldn’t be an instant sales pitch. You may simply be motivated to stay in touch or connect with someone due to a shared interest or experience — do that, and let the result surprise you.
I’ve learned that it’s not about networking, the verb, but rather your network, the noun, and how to grow, expand and nurture it in a way that benefits not just yourself but the other participants as well. It’s a difference in angle, but by looking at your network from above rather than out from the center, you’ll be able to give more to your network while also gaining more from it.
Forbes Los Angeles Business Council is the foremost growth and networking organization for business owners in Greater Los Angeles. Do I qualify?
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e8ebabecc176920723c49521cd331b68
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https://www.forbes.com/sites/forbeslacouncil/2019/02/27/why-more-ceos-are-hiring-a-chief-of-staff/
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Why More CEOs Are Hiring A Chief Of Staff
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Why More CEOs Are Hiring A Chief Of Staff
Merck’s CEO has one. LinkedIn’s CEO has one. So do the CEOs of Cisco and IMAX. Why are so many CEOs and other leaders hiring a chief of staff? If you are a leader considering hiring a chief of staff, here's my advice.
Is a chief of staff right for your business?
I have worked with over a dozen companies to place former management consultants into chief of staff jobs, and I have observed three main reasons why you may want to consider creating this role.
1. You would like to improve your company's performance in a number of ways but have not defined these areas precisely. You may also not know what methods or skills are required to achieve those results.
2. Your time is extremely valuable and is typically spent driving many high-value initiatives. Hiring a chief of staff and getting back a few precious hours per week will enable you to drive forward additional high-value initiatives.
3. You would like to use this role as a way of coaching and grooming high-potential employees for more senior roles in the organization. You may also view this as an affordable "talent insurance" policy in case you have any gaps in your organization down the line.
What To Look For In Candidates
Ultimately your chief of staff has to fit your needs, so this answer highly depends on what you are trying to solve for. That being said, leaders I have worked with value three traits in a chief of staff candidate above all else:
1. Individuals who embrace ambiguity. If the chief of staff is going to be tasked with figuring out new ways of adding value to your business, as opposed to following well-defined formulas of success, they need to be able to embrace ambiguity.
2. Results-oriented people who are highly capable. Results-oriented is important because a chief of staff should get more excited about the results they are creating rather than what tasks they are conducting. And they should be highly capable of adding value to the CEO's time.
3. Individuals who are rising stars rather proven executives. The chief of staff role requires a selfless and ego-free individual who is more than happy to let others take credit for their work and can, at times, embrace less glamorous project coordination aspects that an established executive may consider being beneath them.
What are a chief of staff's core responsibilities?
We’ve all heard of a chief of staff in public service roles, but what does a chief of staff do in a corporate setting? In the book Chief Of Staff: The Strategic Partner Who Will Revolutionize Your Organization, Tyler Parris writes that a chief of staff is a "catch-all" role.
Brian Rumao, LinkedIn's chief of staff to the CEO, also weighed in: "It means something different for every chief of staff," he wrote. As much as I dislike “it depends” answers, I have to wholeheartedly agree with Rumao on this one. The responsibilities of a chief of staff can vary widely from company to company, as they should — the role is tailored to the needs of the company and the specific executive it serves.
When describing his own role, Rumao writes that his responsibilities span "program management" and "strategic initiatives." In my experience, this description of the main responsibilities has proven to be true for most chief of staff roles, with one small tweak: I would call it program management and high-priority initiatives. The difference is that these high-priority initiatives can be as tactical in nature (addressing questions such as, "How should we do this?") as they are strategic asks (addressing "What should we focus on?"). A chief of staff may, therefore, not just help you figure out which new market segments you should pursue, but may also help you figure out the operational details and how to get there.
Is it only large companies that hire chiefs of staffs?
The brief answer is “no.” Deep 6 AI and ShieldAI are two examples of startups that have a chief of staff. Hiring a chief of staff role can be an attractive way for fast-growing startups to infuse talent into their future leadership ranks while still driving value today.
Is it only for CEOs?
Should only CEOs hire a chief of staff? No. A quick LinkedIn search reveals that LinkedIn itself has 19 individuals carrying the chief of staff title. Online employment marketplace ZipRecruiter currently lists over 2,000 chief of staff openings on their site, many of which do not report to a CEO.
Affordable Talent Insurance
Some leaders also view a chief of staff as “affordable talent insurance.” If these organizations ever have a talent gap where traditional succession plans have not produced the right person, they have the option to recruit externally or give the opportunity to their chief of staff. The chief of staff route tends to be a faster, more affordable and less risky option.
Ultimately, you might find that hiring a chief of staff can free up your time, drive high-value initiatives and foster internal talent development. It's all about finding the right fit for the role.
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