ReportWire

Tag: Employees

  • How to Lead With Emotional Intelligence in 2023 | Entrepreneur

    How to Lead With Emotional Intelligence in 2023 | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    With Covid-19 firmly in the rear-view mirror in most parts of the world, entrepreneurs are now developing creative ways to mold inclusive and healthy work environments for employees. Rocky economic forecasts make this even more vital as companies double down on profitability overgrowth. Stay caught up; join the wise employers who swear by leading with emotional intelligence.

    What is emotional intelligence? Emotional intelligence is the ability or quality that enables leaders to confront challenges with patience, insight and control. Through emotional intelligence, leaders achieve a higher level of problem-solving in the work environment. The ability to identify and monetize opportunities is also improved through emotional intelligence. Here are a few ways to pivot 2023 output by leading with emotional intelligence.

    Related: Use These 7 Emotional Intelligence Tips to Be a Better Leader

    How to lead with emotional intelligence

    1. Embrace diversity:

    Diversity in the workplace is synonymous with variety in the human body. We each rely on copious amounts of biological systems, cogs and energy to stay alive and thrive. Every cell in your body varies slightly from the next, and so does the workforce. Each employee is different in their unique way. As a leader, it is important to embrace each employee with their eccentricities without judgment or victimization.

    2. Prioritize the needs of your employees:

    The best way to create a positive work environment is by considering your employee’s needs at every step. Employees are more likely to perform exceptionally in 2023 when they feel their needs are being met.

    3. Practice self-awareness:

    Self-awareness is recognizing how your emotions impact your behavior, particularly toward your employees. Leaders who lack self-awareness often have a high employee turnover. According to a study performed by Georgetown University, the average employee lost commitment to their jobs due to low emotional intelligence displayed by leaders.

    The best way to develop self-awareness is by closely examining your behavior and attitude toward employees. How do you react when slighted? Are you calm and collected, or do you fly into a rage? Introspection will open your eyes to your flaws; if it does not work, you can always ask your employees for feedback.

    3. Keep emotions in check:

    Let’s face it, life is not always a walk in the park, especially when running a company. However, when dealing with employees, you must keep your emotions in check. A huge part of emotional intelligence is learning to identify different emotions you are experiencing. If you notice you get angry often, try and deal with the situation without reacting emotionally. Instead, employ facts and empathy to deal with the situation and see how it goes.

    4. Learn new concepts:

    Learning is a lifelong journey for everyone looking to keep growing. Learning new ways to manage situations as a leader is a fantastic way to keep your employees satisfied. Show your subordinates that you are making an effort to change, and they will be grateful and more cooperative in their daily tasks. Some new concepts you can pick to help with emotional intelligence include the art of meditating and empathy.

    5. Journal:

    Journaling is a fantastic way to express your thoughts and emotions, giving them form. Through journaling, you can identify wanting behavior and also learn about critical triggers in your daily life. Once you know where you are going wrong, you can swiftly devise a plan of action to improve your behavior for the company’s sake.

    6. Learn to communicate effectively:

    Excellent and practical communication skills are among the more positive byproducts of emotional intelligence. However, excellent communication skills can sometimes be used to achieve higher emotional intelligence. As a leader, your communication skills must always be on point. When it comes to communication, everything from the tone to how you say something matters. When it comes to communication, it is not always one size fits all, so you need to learn how to approach each employee for maximum impact.

    Related: Emotional Intelligence is the Secret to Leadership in Times of Crisis

    The benefits of emotional intelligence

    1. Reduced employee turnover:

    Emotionally intelligent people can maintain a level head in high-stress situations. They can see the reality for what it is by reading through numerous guises employees put up. In the highly competitive business industry, employers struggle to keep good talent, and emotional mastery is one of the top tools to achieve this goal.

    2. Improved output:

    A leader with high emotional intelligence can make all employees feel like they belong. When employees feel a sense of fitting in, they are more than likely to put in extra effort toward daily tasks. In the current challenging economic times, companies are placing more value on output and profitability, which makes this benefit even more valuable to your business.

    3. Better teamwork:

    Like other forms, emotional intelligence can be transferred through practice and teaching. Showing your team emotional intelligence will likely rub off and create better teamwork. People with high emotional intelligence communicate better within their teams, making them work better together.

    4. Creates a healthy working environment:

    In a work environment where leaders have high emotional intelligence, the employees enjoy a healthy work environment. Employees are also more likely to enjoy longer and more fruitful careers. A leader with a high emotional quotient (EQ) can maintain excellent relationships within the company, encouraging teamwork and innovation. Employees also enjoy growth opportunities with the support of said leaders who nurture and support the employee’s interests.

    The data is in, and the numbers strongly suggest that leading with emotional intelligence allows you and your company to identify and grab more opportunities. 2023 is the year you should add emotional intelligence to your wheelhouse, for posterity’s sake. Harness the exponential potential hidden in emotional intelligence, and make 2023 your best-performing year yet.

    Related: How to Raise Your Emotional Intelligence in 3 Steps

    [ad_2]

    Steve Taplin

    Source link

  • Why Prioritizing Soft Skills in New Hires Is Crucial In The Modern Workplace | Entrepreneur

    Why Prioritizing Soft Skills in New Hires Is Crucial In The Modern Workplace | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Soft skills are the personal qualities that enable an individual to communicate effectively, work well in a team, and adapt to changing situations. In today’s modern workplace, soft skills have become increasingly important, not just for individual success but also for the organization’s overall success.

    Soft skills like adaptability and problem-solving are particularly important in today’s fast-paced, constantly changing work environment. Strong soft skills can also enhance an individual’s career prospects, leading to greater success in their chosen field.

    This article will discuss the importance of soft skills in the modern workplace, both for profitability and company culture.

    Related: Attracting and Retaining Customers and Employees Comes Down to These Two Skills

    What are soft skills?

    Soft skills are the personal attributes and traits that allow one to effectively communicate and connect with colleagues, friends and coworkers. These skills include emotional intelligence, leadership, communication, problem-solving, adaptability, time management, teamwork and conflict resolution. Soft skills are essential to succeed in today’s modern workplace, where collaboration and communication are increasingly important.

    Related: How to Acquire Soft Skills and Measure Them Successfully

    Why are soft skills important in the modern workplace?

    Soft skills are essential in the modern workplace and play a significant role in the organization’s success. Here are a few reasons why soft skills are important:

    1. Improved teamwork and collaboration. One of the primary reasons why soft skills are essential in the modern workplace is that they improve teamwork and collaboration. Effective communication and collaboration are critical for the success of any organization. Employees with strong soft skills can communicate and work well with others, leading to better collaboration and teamwork.
    2. Increased productivity. Soft skills can also lead to increased productivity. Employees with strong time management skills can manage their workload more effectively, leading to higher productivity levels. Effective problem-solving skills can also lead to faster resolution of issues, allowing employees to focus on other tasks.
    3. Better customer service. Soft skills are essential in customer-facing roles, where employees interact with customers directly. Employees with strong soft skills, such as communication and emotional intelligence, can provide better customer service, increasing customer satisfaction.
    4. Improved company culture. Soft skills can also contribute to a positive company culture. Employees who have strong soft skills are more likely to be engaged, motivated, and productive, leading to a positive work environment. This positive culture can help attract and retain top talent, leading to long-term success for the organization.

    Related: The 10 Unique Soft Skills Employers Desire in New Hires

    Why should managers prioritize soft skills during the hiring process?

    Given the importance of soft skills in the modern workplace, managers must prioritize these skills during the hiring process. Here are a few reasons why:

    1. They are hard to teach. Soft skills are personal attributes, and they are often challenging to teach. While technical skills can be learned on the job or through training, soft skills are harder to develop. By prioritizing soft skills during hiring, managers can ensure they hire employees with these critical attributes.
    2. Soft skills are essential for success. As discussed earlier, soft skills are essential for success in the modern workplace. Employees with strong, soft skills are more likely to be productive, engaged and collaborative, leading to better overall organizational performance.
    3. Soft skills contribute to company culture. Hiring strong soft-skill employees can also contribute to a positive company culture. These employees are more likely to be engaged and motivated, creating a positive work environment. This positive culture can help attract and retain top talent, leading to long-term success for the organization.
    4. They improve team dynamics. Hiring employees with strong soft skills can also lead to improved team dynamics. These employees are likelier to work well with others, leading to better collaboration and teamwork. This can improve the overall performance of the team and the organization.

    Related: 4 Soft Skills You Need to Improve Your Career

    Conclusion

    Soft skills are essential in the modern workplace, and they play a significant role in the success of the organization. An organization full of soft-skilled employees will run and communicate like a well-oiled machine. Managers can save themselves many future heartaches if they prioritize soft skills during the hiring process to ensure that they hire employees who already possess these critical attributes.

    [ad_2]

    Jigar Thakkar

    Source link

  • Is a Hackathon Right for Your Company? | Entrepreneur

    Is a Hackathon Right for Your Company? | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Mention “hackathon,” and the image that might come to mind is of a bunch of computer geeks competing to devise some brilliant yet obscure programming solution.

    There’s some truth to that, but the hackathon has come a long way from its original incarnation and deserves more attention from businesses. I would argue that almost every company should be thinking about how they can use hackathons to unlock innovation and bolster teamwork — especially now. The practice is a powerful way to retain and attract good people in the post-pandemic world where employees are demanding more value and purpose at work. It’s also a major morale booster, offers the opportunity for important professional development and creates new relationships that span business verticals.

    The modern hackathon isn’t just about coding, though tech often plays a big role in the ideas that result. I like to think of it as an ideas meritocracy. It breaks employees out of their usual work-a-day structure, allowing them to focus on innovation to solve problems.

    The world’s most transformative companies have woven this approach into their cultures, ensuring that employees take regular time for blue-sky thinking that doesn’t necessarily yield immediate results. Google’s “20 percent rule,” allowing employees to take one day a week to work on side projects, famously led to the development of Gmail and Google Maps.

    Related: Microsoft Announces Hackathon For Future Ready Apps

    Innovation ‘flywheel’

    The hackathon culture can come in many different forms, from a tightly structured one-day event to a looser arrangement like Google’s. The key thing is that it establishes a network of new, organizational connections and gives teams the freedom to think big and fail. It needs to be part of a broader culture of innovation within a company, rather than a one-off event that compensates for a lack of innovative work the rest of the time.

    Done well, this can create a virtuous flywheel of innovation, helping make your company a place where people feel engaged and excited to work. So, it’s surprising that many companies still don’t do it. Many leaders — especially CFOs — may resist allowing employees to have “free time” that doesn’t contribute to the bottom line in an immediate or easily measurable way.

    How to get your executive team on board

    Step one for instilling a successful hackathon culture is to ensure buy-in from the entire executive team, particularly financial leaders. Start small, using funds from an existing budget to minimize the costs and risks. This gives you the opportunity to prove the concept and win over skeptics who will get a first-hand view of the excitement and energy that a good hackathon creates. We gave our CFO a seat on the judging panel, a not-so-subtle way to get them personally invested in the event.

    Hackathons shouldn’t just tolerate failure; they should actively celebrate it. The goal isn’t to come up with incremental improvements; it’s about sparking the kind of transformative, 10x ideas that would be unlikely to arise in the normal course of work. When teams are aiming that high, failure needs to be accepted and encouraged as part of the process without fear of negative judgment. Today’s flop could contain the seeds of tomorrow’s success. At the University of Phoenix, we’ve introduced an Icarus prize to our quarterly two-day hackathons to recognize the idea that flew closest to the sun before bombing.

    It’s important to take steps to ensure that the hackathon spirit doesn’t end with the event. It should become part of an overall innovation framework. I encourage companies to keep hackathon communication channels open throughout the year — perhaps via Slack. They should also continuously encourage innovative proposals and collaboration.

    Related: How to Cultivate a Culture of Intrapreneurship

    Not a free-for-all

    Participants should have a high degree of freedom to attack problems, but it’s a good idea to have a theme for the event which imposes structure. How to choose? Perhaps identify the type of problem teams need to focus on solving or specify an area of technology, such as AI and machine learning. We once ran a special hackathon with the goal of optimizing our data infrastructure, resulting in an API-based solution to cull thousands of expensive virtual servers. The concentrated focus, free from the usual distractions, allowed engineers to challenge entrenched assumptions and find creative workarounds.

    While participants need to figure out the big problems on their own without frequent check-ins, that doesn’t mean they shouldn’t have any support to complete their visions. Teams should be given access to resources such as tech infrastructure services and user experience expertise to help them avoid running into ditches.

    Organizers should also consider throwing the hackathon doors open to external participants. So long as potential intellectual property issues can be surmounted, this can benefit an organization by exposing problems to fresh thinking and acting as a recruiting tool for those who do good work and are attracted to an innovative culture.

    Lastly, don’t forget to bring the fun! Some of the most powerful effects of a hackathon are the contagious enthusiasm and team-bonding they can drive, so it’s counterproductive to run them in a sterile, dry atmosphere. Organizers should lay on lunch, crank up the music and even encourage teams to unleash their inner geek!

    So, stop looking outside your organization for solutions to your biggest tech problems. The solution is probably working for you right now.

    Related: It’s Not Just About The Tech: How Hackathons Foster People Skills In Its Participants

    [ad_2]

    Jamie Smith

    Source link

  • Why You Must Focus on Your Culture Amid Economic Uncertainty | Entrepreneur

    Why You Must Focus on Your Culture Amid Economic Uncertainty | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Amidst today’s market uncertainty, some organizational leaders feel they don’t have to focus as much on their workplace cultures now that power dynamics are shifting from employees back to employers. The real or anticipated labor market corrections suggest to them they can devote a significant portion of their time and attention elsewhere.

    They couldn’t be more mistaken.

    Economic downturns represent culturally critical times for organizations, especially those that rely heavily on their people. The threat of layoffs, compensation reductions, reorganizations and other internal changes all serve to severely depress morale. And while the anxieties that permeate such workplace events can drive some people to work “harder,” these efforts don’t usually result in better outcomes. Instead, underlying fears hinder connectivity and collaboration, preventing teams from driving value and achieving ambitious goals.

    What’s more, organizations that fall into this trap often suffer more when markets recover. Even brief cultural lapses make it extra challenging for them to engage in successful culture-building in better times, keeping them from capitalizing on new opportunities. Eventually, they lose out to the competition.

    Related: What Makes a Great Company Culture (and Why It Matters)

    The importance of culture building

    Workplace cultures — meaning the encouraged behaviors that, ideally, have been intentionally shaped to help employees reach and exceed big-picture objectives — are critical to the health of organizations. As an advisor who has facilitated hundreds of culture-building initiatives, I have seen firsthand how the strength of a business is usually directly tied to the strength of its culture.

    To illustrate, a long-time client in the highly competitive health technology space decided to invest in culture building in 2019 as a means of differentiating itself and preserving the organization’s legacy. This work helped it attract and retain top talent and instill a highly collaborative mindset, such that when the CEO explored a sale in 2021, valuations experts made specific reference to the company’s culture and put premium placement on its value.

    Simply, culture serves as an organization’s very foundation. And just like physical foundations, a culture’s real value and potential are often revealed when calamities strike.

    Related: Company Culture Is Everything

    What should leaders do?

    Leaders who are currently facing or anticipating challenges would thus be wise to keep culture efforts front and center. At a minimum, they can clearly and consistently reinforce their established mission, vision and values as a way to maintain teams’ sense of purpose and belonging. For organizations that have yet to put in place a mission, vision and values, conducting this very exercise is an ideal first step toward culture-building.

    Leaders can also embrace cultural norms that have been shown to consistently help organizations weather challenging environments. To illustrate, while every culture sits in a unique spot on various behavioral spectrums, those that lean toward greater transparency in their communications usually do better maintaining their people’s trust in challenging environments. Similarly, organizations that are more collaborative, innovative, inclusive and relationship-oriented, and those that take a longer-term view when it comes to how to measure returns on time investments, typically come out of downturns in stronger shape — both financially and culturally.

    Embracing these norms often requires leaders to give up some level of perceived or real control. It’s fairly common for top executives to seek control over not just systems, processes and messages, but authentic human responses that naturally defy top-down domination. They should consider letting go of this need and make space for their people’s messy, complex individuality in order to achieve greater transparency and build engagement and trust.

    In addition, leaders would be wise to reject any hint of the misguided notions tied to “capitalizing” on employee fears and anxieties for the good of their enterprises. This might mean bucking the emerging trend of walking back popular workplace policies, like flexible or hybrid work arrangements. Unless there’s a well-communicated strategic need to do away with such programs, employees will register such changes as calculated, punitive, traditional and unnecessary. They will impact the level of engagement and productivity teams bring to their work and inform their thinking when they have more employment options. Of course, employees are much more open-minded about in-person work when it’s directly tied to objectives such as team building and brainstorming.

    Related: 5 Ways to Turn Your Company Culture Around

    Rise to the challenge

    Rising to the challenge of organizational leadership requires top executives to constantly wrestle with the tension of doing the best for their people while doing the best for their organizations, keeping in mind opportunities and consequences that can impact both individuals and the collective. This means placing real value on team members’ high performance along with their humanity, accepting the challenge of prioritizing both simultaneously even in challenging times. While leaders might need to make difficult decisions, which, of course, can include letting people go, they must not lose their sense of empathy and compassion in the process —and not just because it represents poor corporate citizenship. It’s also a strategically bad move that will prove unwise sooner or later.

    The more leaders rise to this challenge, prioritizing their people’s humanity alongside their high performance, the more they’ll see their culture improve and serve to brace their organizations against whatever lies ahead.

    [ad_2]

    David Eaton

    Source link

  • Entrepreneur | How DEIB Programs Can Help Solve the Biggest Challenges in Employee Management Today

    Entrepreneur | How DEIB Programs Can Help Solve the Biggest Challenges in Employee Management Today

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Following a year marked by the “Great Reset,” 2023 is bound to bring even more employee management challenges, from spiking attrition to falling morale amid the economic downturn. As these challenges compound and priorities continue to shift, Diversity, Equity, Inclusion and Belonging (DEIB) programs can serve as a hedge against these trends.

    The companies that make a concerted effort to establish equity and work-life balance for their employees will see tangible benefits in the year to come. DEIB programs are central to retaining the best talent, but it goes beyond programming, too: Between its role in upholding work-life balance guardrails to avoiding burnout, DEIB is an important effort to create a strong company culture that can power through tough economic times.

    Here are some of the top employee management challenges that companies face today, and how DEIB programs play a part in solving them:

    Related: The Importance of Diversity and Inclusion During Uncertain Times

    DEIB as a critical tool against today’s challenges

    Companies across industries are experiencing rising employee disengagement rates. Even as economic patterns shift, the issue prevails, with some studies estimating that as much as half of the U.S. workforce are “quiet quitters.”

    With many quiet quitters driven by burnout, DEIB can play a role in reversing this pattern. Why? Psychological safety is powerful — so much so, that people bypass extra money and better benefits in exchange for feeling safe at work. It’s human nature for people to want to stay in a place where they feel they belong and where their opinions and needs are valued. One study found that employees who feel a strong sense of belonging demonstrate a 50% reduction in turnover risk, a 56% increase in performance and a 75% decrease in sick days. Employees are more likely to stay at companies that see diverse perspectives as a business imperative — and DEIB programming helps build and nurture this sense of belonging.

    On the other side of the coin, despite economic headwinds, many companies are continuing to hire for priority roles and compete for top talent. Companies that historically haven’t been able to match large salaries from Big Tech can compete by creating a culture where all people can thrive. In fact, 86% of job seekers rank a company’s DEIB approach as a motivating factor for them when looking at their next role.

    Related: 7 Ways Leaders Can Level Up Their DEI Workplace Strategy

    Securing the buy-in to make it happen

    To see the above results, it’s critical to build a well-resourced and data-driven DEIB program. As recession fears prompt budget cuts across organizations, maintaining well-resourced DEIB programs should be a priority for leaders. Even so, securing buy-in from the top can be a challenge.

    Diversity roles are in high demand – “diversity and inclusion manager” was the second fastest-growing job title this year, according to LinkedIn. But DEIB role tenure, especially in the C-suite, is alarmingly short. That’s because underfunded teams can only do so much, and DEIB leaders aren’t immune to burnout themselves. DEIB leaders need continued resources to preserve and grow their efforts and effectively hedge against market conditions.

    Communicating the business case and outlining thorough plans can help DEIB leaders convince other stakeholders to join them in championing their missions. I’ve found that having honest conversations with an open mind and asking questions to learn more about where other stakeholders are coming from has helped me make my case to leaders throughout my career.

    Data is also central to DEIB — in both getting programs up and running and in iterating for improvement. Hard numbers are an effective way to secure important resources and support from leaders. Data also helps “lean” DEIB teams understand where they must focus their time and resources to make a meaningful impact. It also helps teams predict trends and anticipate needs and gaps ahead (recruiting, turnover, engagement, etc.).

    All challenges have solutions — and when it comes to solving “people problems,” DEIB is the answer. As economic uncertainty continues, these programs are not the place to cut. Good company culture is a boon right now, and DEIB plays a critical role in building and maintaining it.

    [ad_2]

    Jyl Feliciano

    Source link

  • Entrepreneur | Leaders Concerned About Remote Work Should Be Looking at This Metric

    Entrepreneur | Leaders Concerned About Remote Work Should Be Looking at This Metric

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Many leaders are increasingly troubled by remote work. What was a lifeline during Covid has now started to look like an anchor. Of course, this isn’t the employee perspective. Most employees love remote work. Who wouldn’t want to be part of a system that allows you to avoid commuting — at least some if not all of the workweek — and to spend more time near family, friends, pets, your own kitchen, etc.?

    While different organizations face different issues with remote work, there is always one common concern: employee engagement.

    Related: 4 Essentials for Employee Engagement in a Remote World

    Satisfaction vs. engagement

    I am not talking about employee satisfaction, although many people use these terms interchangeably. Employee satisfaction is about an employee liking their job. Employee engagement is about how engaged in the work that employee is.

    It’s engagement with the work that raises the most concern when it comes to remote work environments, not satisfaction.

    Common misconceptions about engagement only exacerbate the problem. For instance, if I believe my people skills or powers of persuasion as a leader are critical for creating engagement, then I will probably be very concerned about having to lead in a remote, two-dimensional reality. I may feel like I’m trying to lead with one hand tied behind my back, since creating a human connection in a remote setting is more difficult.

    Also, if I feel it is essential for people to connect with each other in person to create engagement, I will be equally concerned about having my team in a remote environment.

    Right now, you may be thinking to yourself, “Wait a minute, is he saying a human connection is not important?” I am not saying that. Connecting with one’s boss and co-workers is often critical for employee satisfaction. However, based on my team’s experience over the last 20 years and the research of acclaimed clinical psychologist and management professor Frederick Herzberg, in-person connection is not actually necessary for engagement. Engagement comes down to just two things: progress and purpose. Think of these as, “Am I winning?” and “Is it a big deal”?

    You can test this on yourself. Go back to the time in your life when you were most engaged at work. Think of a specific time when you were so into the work, you couldn’t wait to get up in the morning. At that moment, the many elements that drive employee satisfaction may or may not have been present. You may have been well compensated, or you may not have. You may have liked your boss and your co-workers, or you may not have. But those factors — so critical to satisfaction — weren’t statistically relevant when it came to that moment in your life when you were most engaged.

    Related: How to Ensure Your Remote Staff Is Engaged

    Progress and purpose

    The two factors that I can promise you were present at that time in your life? Progress and purpose. You were making real progress on something you considered to be important. Engagement isn’t dependent on working side by side. It isn’t about happy hours, a weekly free lunch or even an inspiring boss. To create engagement, you must create a winnable game.

    The good news is, for a person to engage, it doesn’t require every aspect of that person’s job to feel like a winnable game. In our experience, even if 80% of a person’s job is just the hard work of sustaining the current operation, you’ll have their engagement if just 20% of their energy is spent making progress on something that matters. This does not require everyone to be working in the same physical environment.

    I worked with LeAnn Talbot, an executive at a Fortune 20 company, who executed an impressive turnaround. Her region went from dead last out of 20 regions to No. 1 in the country on the company’s overall performance power ranking. Long before this turnaround felt remotely possible, she confided in me her biggest concern: “I’ve got a group of leaders who seem to be addicted to losing. Before I can do anything with this region, that mindset must be broken. I need them to get some wins. Even if they are small wins.”

    This was the first time I had thought about my team’s work on execution as a way to help create winnable games and believe this to be the most important professional insight I’ve ever been given.

    If you’re in a situation where your employees can work remotely, I am not saying you won’t have challenges. What I am saying is that, if you can help them feel like they are playing a winnable, high-stakes game, engagement will not be one of those challenges.

    Related: Keeping Your Remote Workforce Engaged: The How-To

    [ad_2]

    Chris McChesney

    Source link

  • Entrepreneur | How to Hire, Retain and Optimize Gen Z Talent

    Entrepreneur | How to Hire, Retain and Optimize Gen Z Talent

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As the oldest members of Generation Z enter the workforce, business leaders are faced with a new set of challenges in attracting, hiring and retaining this demographic. Gen Z is expected to make up 20.7% of the workforce by 2025 and 33.4% by 2030. This generation represents a highly diverse and well-educated cohort with unique needs and values that differ significantly from those of previous generations.

    In order to successfully recruit and optimize Gen Z talent, business leaders must have a clear understanding of this demographic and its unique characteristics. Below are some insights on Gen Z and a few tips on how to recruit and retain Gen Z talent:

    Related: 7 Things to Know Before You Manage a Gen Z Team

    Who is Gen Z?

    To effectively understand Gen Z, it is important to recognize the unique experiences and values that have shaped their worldview. Born between 1997 and 2012, Gen Z is the most diverse, tech-savvy and educated generation to date. Gen Z is characterized by a strong sense of individuality and a desire to make a positive impact on the world. They are socially conscious and politically aware, and they value diversity and equality among different groups. They are also more entrepreneurial and are more likely to start their own businesses compared to previous generations.

    Members of this generation have grown up in a world of rapid technological change and globalization. They have also experienced a number of significant cultural and economic shifts, leading them to be practical, financially savvy and resourceful. They are highly connected, informed and inclusive, with a deep commitment to social and environmental causes. Additionally, Gen Z is characterized by a high level of ambition, drive and entrepreneurial spirit.

    Related: What Gen Z Wants Their Managers to Understand in 2023

    Recruiting and hiring Gen Z

    When it comes to attracting and hiring Gen Z talent, it is important to understand the key factors that are important to this demographic. These include:

    1. Flexibility: The older Gen Zers had just begun entering the workforce when the global pandemic hit in 2020, so these individuals have a very different idea of a “normal” work schedule than that of older generations. Gen Z is highly interested in finding a job that allows them to balance their work and personal lives, which means offering flexible work arrangements, such as remote and hybrid work, and even less traditional work hours.

    2. Technology and innovation: Gen Z is highly tech-savvy and values the use of technology in the workplace. Companies that are able to incorporate the latest technologies and encourage innovation will be most appealing to this demographic.

    3. Purpose and values alignment: As mentioned, Gen Z is highly motivated by the desire to make a positive impact on the world. Therefore, they value employers who provide opportunities to be involved in the community and support various causes. Companies that prioritize sustainability, diversity and inclusion will be most successful in attracting this demographic.

    4. Growth and development opportunities: Most Gen Zers in the workforce have never held a job prior to the one they are at. A first job is mostly about gaining experience and building skill sets so that they can move up the corporate ladder. Gen Zers seek opportunities for personal and professional growth when it comes to finding a job and want to know there is room to grow.

    Related: Gen Z Is Looking For These 5 Things in a Job and Career

    Retaining and optimizing Gen Z talent

    Once you have successfully attracted Gen Zers to your workplace, it is important to create a culture that supports their continued growth and engagement. To retain Gen Z talent and make the most of their contributions, business leaders must:

    1. Foster a sense of purpose and connection: Appeal to Gen Z’s desire to make a positive impact, and establish an inclusive workplace culture that emphasizes their values. Gen Zers want to know and feel like they are a valuable part of an aligned team, and that their contributions are appreciated. Companies should actively seek out ways to connect their employees with the purpose and impact of their work, including embodying the company’s core values into daily motivations.

    2. Provide opportunities for growth: Gen Z values personal and professional growth and seeks out employers who provide opportunities for learning, development and advancement. Companies should invest in employee training and development programs, as well as provide opportunities for professional advancement.

    3. Encourage collaboration and innovative thinking: Gen Z values collaboration, as well as being encouraged to think outside the box. Companies should foster a culture of teamwork, encourage open communication and provide opportunities for employees to share their ideas and insights. It’s also important to understand and take into account different communication styles and how they affect a team’s ability to work together.

    4. Prioritize work-life balance: In addition to initiatives such as flexible schedules and paid time off, companies can do more to prioritize work-life balance. Gen Zers value mental health and well-being, and they are especially fond of workplaces that have procedures in place to support them. This can be as simple as checking in with employees regularly for honest, non-work-related discussions, encouraging and showing interest in their hobbies outside of work and giving praise for a job well done.

    Business leaders who understand how to optimize Gen Z talent will be well-positioned to succeed in today’s rapidly changing business environment. By recognizing the unique characteristics of this demographic and leveraging their strengths, businesses can build a talented and engaged workforce that will help drive their success for years to come. To be successful, business leaders must have a deep understanding of Gen Z and its unique needs, values and preferences, and they must be proactive in creating a workplace culture that supports and nurtures this demographic.

    [ad_2]

    Doug Walner

    Source link

  • Entrepreneur | How to Support Employees and Improve Retention With a Strong Company Culture

    Entrepreneur | How to Support Employees and Improve Retention With a Strong Company Culture

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We have all heard the expression, “people don’t leave businesses, they leave managers.” In this time of the Great Resignation, is that really true? Perhaps to a certain extent, but I think there’s something else to consider.

    Having capable managers is critical, of course. That’s why our group spends so much time helping new managers build the key mindsets and capabilities they need to succeed. Nevertheless, a good boss can’t compensate for the most significant reason high performers move on.

    I’m talking about culture. A toxic culture will always overshadow even the nastiest bosses. In fact, some of the worst bosses exist because their culture allows them to thrive. The Washington Commanders’ two-decade-long toxic work culture that has come to light recently is a great example of this. The culture became toxic after leaders at the top level of the organization ignored sexual misconduct allegations.

    If you’ve seen a lot of people flee your company since 2020, you might have a dysfunctional culture — and I’d hazard to guess that the pandemic hasn’t caused the cultural dysfunction in your organization but likely revealed it. When the people on your team finally saw those cultural weak spots, they decided it was time to head out the door.

    So, put your energy into nurturing your culture and ensuring everyone has an integral role to play. To do that, try these retention techniques that have worked for my company and my clients:

    Related: Great Company Culture Isn’t Magic — Take These Steps to Create It

    1. Take purpose to the next level … your people

    You need to have a strong organizational purpose if you want a strong organizational culture. Your purpose is the “why?” behind everything you do. A well-articulated purpose can serve as the backbone for all decisions. It also informs people why they should come work for you as integral team members.

    You shouldn’t just strive to have a corporate purpose, though. You need to take purpose to the next level by helping each person find their own purpose and connect that to your organization.

    Here’s how this can work in practice: Our leaders regularly run special sessions for our newest joiners. The sessions help participants discover their purposes by identifying strengths, values and life-shaping experiences. Once everyone has identified an individual purpose, they can connect it to the organization’s purpose, as well as the work they do daily. The result is a team that feels motivated by and connected to a greater sense of purpose.

    2. Encourage people to name their work-life balance needs

    Recently, there’s been a lot of talk about work-life balance. In the past three years, the lines between everyone’s professional and personal lives have blurred significantly. Accordingly, your company needs to put structures and systems in place to accommodate the team’s work-life needs. You can’t do this on your own.

    Rather than dictating work-life balance parameters to your team members, put the ownership on them to develop their own work-life balance routines. For instance, you might have a group of ambitious people. That’s great, but we all know that ambitious people are notorious for filling up their plates. Your job is to assist them in figuring out how to balance all the facets of their lives appropriately so they don’t risk burnout.

    Start by encouraging everyone to talk about their non-negotiables. These are what each person needs to feel grounded. Some people might say that’s being able to log off by 5:30 p.m. Others might say it’s having the chance to plug an hour of exercise into the day. The point is for people to feel supported enough to name what they need to lower their stress levels and enhance their overall well-being. Teams can then develop workflows to accommodate everyone’s non-negotiables and foster work-life balance.

    Related: I Created a College Atmosphere At My Company. Here Are 3 Ways It Increased Employee Retention

    3. Give out autonomy like it’s candy

    Individuals feel empowered when they have total authority to make decisions. Their sense of empowerment usually spills over into higher engagement. The more accountability and responsibility you can give people, the more rewarding your environment will be — and the less reason team members will have to take jobs elsewhere. A Jabra survey of more than 5,000 knowledge workers revealed that 59% of them believe flexibility is more important than salary and other benefits.

    To be sure, your business or industry might not be able to allow tons of flexibility with autonomous decision-making among team members. Still, it’s a valuable exercise to think about ways and times you can drive decision-making in your company from the upper levels down. Based on my experience, organizations with lower autonomy and authority struggle with this mindset shift. It won’t happen overnight, but we’ve found that with purposeful intervention, you can create the right change momentum.

    4. Incorporate fun into your work

    A dull workplace isn’t one that tends to be sticky from a retention standpoint. On the other hand, a fun atmosphere can buoy everyone’s spirits and reduce the effects of inevitable challenges.

    You don’t have to bring in balloons and a bouncy house. Fun can come in different forms. Corporate-sponsored social activities, work sports teams and the occasional celebration can all be enjoyable. It just depends on the makeup of your company and its people. Patagonia’s founder, Yvon Chouinard, had the goal of making his workplace fun and enjoyable, which is why he has always let his employees work flexible hours that allow them to surf during the work day, attend courses or just be parents. All he asked was that their work got done.

    And although organized fun is great, the key is integrating fun into the work itself. Never underestimate the power of being a fun place to work. After all, fun can be a huge differentiator because it’s as rare as a unicorn sighting in Alaska. Give your people the freedom to let loose a little.

    They call it the Great Resignation, but for me, that seems a little glass half empty. It’s high time to stop worrying about the Great Resignation and focus on building a great culture. You’ll unlock your people’s potential and your organization’s performance possibilities, too.

    Related: Why a Positive Company Culture Is the Key to Employee Retention

    [ad_2]

    Matt Smith

    Source link

  • Entrepreneur | Elon Musk Got it All Wrong. Here’s Why Effective Leaders Need to Loosen the Reins

    Entrepreneur | Elon Musk Got it All Wrong. Here’s Why Effective Leaders Need to Loosen the Reins

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In a flexible, hybrid and remote work environment, many leaders have failed to let go: The Elon Musks of the world are demanding their people come back to the office or else. These leaders worry that without the ability to look over everyone’s shoulders, their employees aren’t working, are quietly quitting or aren’t working on the right things.

    They may feel the need to babysit because they don’t trust their team. But threats and micromanaging don’t work. They haven’t empowered their teams or inspired them with a shared mission. Maybe it’s on them for not building that initial foundational trust.

    It may seem that some jobs “need a babysitting culture,” where people show up, punch a clock and spend the day waiting to leave. They’re just picking up a paycheck. But the reality is that the promise of weekly payments alone can never buy loyalty, nor can it build a team passionate about working together on a shared mission. To create an environment where people love to come to work, leaders need to empower their teams, give autonomy and build a workforce prepared to take on responsibility.

    Related: Empower the Employees Who Will Build an Amazing Culture

    Letting go is more productive

    Giving people the space and autonomy to succeed fuels their fire to achieve more. My first experience with this was with a boss named Ryan in my first post-college job. I still tell him that he was the best boss I ever had. From day one, Ryan would simply ask me to get something done. Then, when the deadline was approaching, he would ask if I had finished. He gave me complete freedom not to do the right thing. I probably could have done the job better, especially with more guidance, but I got it done, and it felt empowering. The experience grew my confidence.

    People want the freedom to be empowered and create success. That’s why people come to work at Quantum: They want that autonomy, and we give it to them. Our people are passionate about their work and have ideas to drive the company to success. I have made the mistake of being involved in the middle of a work task, and I’ve gotten lots of feedback on it. They would rather me just tell them what I want them to achieve and let go. When I empower my team members to rise to their best, they learn to trust me and work harder to achieve our goals in return.

    Related: Why You Need to Stop Micromanaging Your Team and Learn to Let Go

    Put guardrails in place

    Of course, I can’t just let go of every project and hope that everything will be fine: There must be some frameworks and guardrails in place to help, and sometimes we need to get a little closer to the fire. Balancing how and when to step in is critical, especially when things get tough. There have been moments where I have taken tighter reins — a 30-minute daily call to get feedback and adjust. But I asked everyone to let it happen because rarely will I be that leader who gets so deeply involved every time, and they know it. That’s not my management style, so when I have to step in, they know it’s a higher priority and a working discussion that fuels the need to get my hands dirty.

    Elon Musk, on the other hand, is surrounded by smart people passionate about their mission, but his management style is the epitome of a leader who can’t let go. It’s worked for him because he’s detail-oriented and gets minutely involved in everything to ensure success, but micromanagement doesn’t work for most people.

    Instead, we can provide rails or infrastructure to make sure everything is happening as it should. Ensure everyone understands the mission and is aligned around the core objectives before they take off running in the wrong direction. When we know everyone has their sights set on achieving the right outcomes, it’s easier for us as leaders to step back and give them the autonomy they need.

    Related: What Happens When You Empower Employees Instead of Micromanage Them?

    How to build a workforce in a more flexible world

    Especially with so many people working from home, it can be challenging for leaders to know that they’re building the kind of workforce responsible enough to take on autonomy. Creating a workforce that wants to wake up daily and work towards the company’s mission requires certain personal attributes. At Quantum, we look for three core values:

    1. Passion: It’s hard to motivate someone to be passionate, so find people who already love their work. Ask them: “Are you passionate about what you do? Would you push me out of the way and get this done?” I want people who wake up passionate about our company’s mission, and if they ever lose that feeling with our company, I would hope to help them re-ignite that passion or help them find their next job where they could find it again.
    2. Persistence: People can be passionate but not persistent enough to take something across the finish line. A friend of mine is passionate about art, an incredible artist who could be famous, but he struggles with rejection and the persistence needed to keep driving forward. Someone ready for autonomy must be willing to take on rejection, failures and “no’s” to get across the finish line. It’s a top attribute of an entrepreneur, and to have a team of 500 entrepreneurs that will fight through any obstacle is amazing to see in action.
    3. Integrity: If I can get people who are persistent and passionate but can’t act with transparency — being honest with themselves, their peers and our customers — it doesn’t matter how much we win, it won’t be enjoyable. I want to come to work because it’s fun, and when people aren’t telling the truth, I don’t enjoy it; the work becomes much less meaningful.

    Passion, persistence and integrity — I interview every prospective employee and have them tell me what those words mean to them. Their definition and embodiment of those words get them a job at our company, and it becomes an unspoken contract: If they lose any of those values, I would rather they leave and find a place to rediscover them all.

    Elon Musk has the right concept — only work here if you can love my vision — but his “my way or the highway” approach may not work for everyone. Instead, leaders should nurture the trust and autonomy needed to build a team that loves what they do.

    [ad_2]

    Mario Ciabarra

    Source link

  • How Leaders Can Raise Motivated, Proactive Intrapreneurs

    How Leaders Can Raise Motivated, Proactive Intrapreneurs

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    At my first job, while I was impressed by the advanced equipment and technology, I was rather disappointed by the need for more openness to new ideas. My manager rejected all the new ideas I proposed for our projects. The pain of ideas getting killed resonated with a couple of other friends. So, we decided to start our own company where we could put our ideas into action.

    Of course, not all our ideas were successful, but that’s the risk of entrepreneurship, and we are happy that we had the chance to try them. Today, our organization is a strong team of over 300 people who are encouraged and motivated to experiment and share ideas. Moreover, the intrapreneurs within these 300 people have grown professionally and fueled the company’s overall growth.

    The opportunities to ideate, test and scale products by our intrapreneurs have allowed our organization to launch vital new products and services. In addition, our labs’ products have allowed us to serve clients and help them intuitively, accurately and efficiently make critical decisions.

    That’s the power of intrapreneurship — everyone wins when employees receive the freedom and support to innovate and create.

    Related: 6 Steps for Turning Your Employees into Intrapreneurs

    The startup dreams

    The fancy word — “startup.” Starting up is never easy.

    Many employees at every organization once dreamed of starting their own company. However, upon looking at the responsibilities on their shoulders, such employees decide against taking such a risk. But with the right mentorship and support system, they can carve out a laudable path of entrepreneurship as intrapreneurs.

    American business software company, Intuit, encourages its employees to create prototypes to test their hypotheses. Their “unit of one” approach for testing and scaling ideas promotes constant innovation. Essentially, Intuit ensures that employees test their hypothesis with just one customer, ideally someone best served by it. For example, suppose the target persona finds the MVP useful and recommends it. In that case, the hypothesis can scale to a larger cohort to observe a bigger dataset.

    In a piece by Harvard Business Review on intrapreneurship at Intuit, this approach was cited as an example that helped the business launch “Shop Owner,” a mobile application, in Bengaluru, India.

    Repeat interactions with everyday customers — rural-area store clerks — allowed one Intuit employee to recognize that each sale was kept in the shop owner’s “memory” due to a lack of on-site computers or cash registers with integrated accounting features.

    The answer? Since the target audience predominantly used smartphones, the team built a simple application that bundled point-of-sale accounting, inventory management and printed receipts.

    The prototype was created, tested and approved for scaling — within seven days!

    Related: Big Companies That Embrace Intrapreneurship Will Thrive

    Raising intrapreneurs

    Triumphant outcomes are routinely tagged as “overnight success,” whether from innovation or intrapreneurship programs. Yet, the truth could not be further away from this adopted belief.

    Building a healthy culture that celebrates intrapreneurship requires a mix of systems, tools and hard work. I believe that the ball starts rolling right from the leadership. Organizations can take cues from several studies, research papers and working models on better cultivating a culture of intrapreneurship.

    Neil Fogarty, an instructor of Entrepreneurship in the Dept. of Management & Organization in the Smeal College of Business at PSU, offers a framework for creating a supportive environment for raising entrepreneurs. Leaders may say, “I get it, but,” Fogarty replies, “Here is how you can go about it.”

    The framework helps switch employee thinking from a cost-center perspective to one of personal profit-center. As a result, leaders can help raise motivated, proactive intrapreneurs and also understand how to tackle budgetary constraints, propensity to take risks and other crucial commitments.

    It’s worth taking a deep dive into this framework; meanwhile, here is how we go about intrapreneurship at our company.

    Related: You Have a Great Idea, But You Work for Someone Else. What Do You Do With It?

    How do we raise intrapreneurs?

    In my two decades of work experience, I have participated in countless discussions — brainstorming sessions, OKR feedback, policy debates, product quality reviews, etc.

    Most of us love listening to what we would like to hear; however, we encourage the daring minority — intrapreneurs — to challenge the status quo.

    In my experience, it is crucial to establish a structure where people can fearlessly submit their ideas and suggestions. Moreover, it is essential to provide them with the right ecosystem to execute those ideas. Of course, not every idea would be successful, but the “biggest risk is not taking any risk,” as Mark Zuckerberg, the CEO of Facebook, says.

    Here are three prominent practices we follow to encourage intrapreneurship culture:

    The OKRs:

    The sales targets are not just set for the sales team. The operations team needs to walk hand-in-hand in the following ways:

    • Identifying the gaps at the client end to open more business opportunities

    • Suggesting market gaps where the company can position itself strategically to bring more business

    • Expanding teams by strategic and thoughtful hiring

    • Creating systems and processes for efficient and productive work

    • Honing people skills to effectively manage teams

    This way, the VPs, managers and team leads run small companies as a part of the big company. In addition, we give intrapreneurs hands-on mentorship in the form of an in-house program called “altMBA.”

    In-house MBA programs:

    Creating leaders at every level of the organization chart — especially those who staunchly believe in innovation — requires workplace training.

    While traditional classroom settings can offer many theoretical insights, practical altMBA workshops have helped employees provide efficient feedback, become better communicators, apply “first principles thinking” and learn how to ask better questions.

    Make-a-thons:

    At our organization, we conduct an annual hackathon called “make-a-thon.” This event helps us create and support a culture of intrapreneurship within the organization.

    “Make-a-thon” takes place over two days, where people create teams to build a minimal viable product (MVP). Then, at the close of the event, teams pitch their prototype.

    What’s the requirement? A problem that bothers someone every day at work. Slow administrative approvals? Friction while accessing files from a database? It can be anything! The results have surprised us every time.

    Over the years, we have tweaked this system’s design and found specific characteristics that help bring standout results.

    We found that cross-pollination (making cross-departmental teams) exposes everyone to unexplored, alternate viewpoints. Next, we insist on executing ideas in short turnaround times rather than coming up with groundbreaking ideas. Finally, we foster a lean theory of execution — no idea is “big” or “small.”

    Apple’s former Chief Design Officer, Jony Ive, once remarked about Steve Jobs: “I think he better than anyone understood that while ideas ultimately can be so powerful, they begin as fragile, barely formed thoughts, so easily just squished.”

    In conclusion, to avoid losing promising ideas and nurture intrapreneurs, here are a few actionable steps one can take:

    • Encourage and reward risk-taking and innovation

    • Provide resources and support for employees to develop and implement new ideas

    • Create a flat, open organizational structure that fosters communication and collaboration

    • Offer training and development opportunities to enhance employee skills and knowledge

    • Empower employees to take ownership of their work and decision-making

    • Implement a system for idea generation and feedback

    • Recognize and celebrate successes, both big and small

    • Lead by example, demonstrating a passion for innovation and a willingness to take risks

    • Foster a culture of transparency, trust and accountability

    [ad_2]

    Deepak Syal

    Source link

  • How to Increase Storefront Revenues in an Online Sales World

    How to Increase Storefront Revenues in an Online Sales World

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    With over 5 billion Internet users and $870.78 billion in online sales in 2021, storefront operations have struggled. They have had to raise the bar and the customer experience to survive. They can no longer get by with the same old, same old. There is some good news here, though. Even though the digital market is going to get bigger, baby boomers, Generation X and millennials are quite happy to participate in a shopping experience. You may even occasionally bump into a Generation Zer.

    According to Morning Consult, more than 2 in 5 adults prefer shopping in-store versus online. There’s something to be said about feeling the experience whether we’re shopping with a friend or want to try something on. So, it’s time for retailers to step it up and compete with the online sales world.

    As a corporate trainer, I’ve consulted with entrepreneurs through Fortune 100 companies, and I’ve found four commonalities in storefronts that increase traffic and revenues while dramatically improving the customers’ shopping experience. Here’s what you can do:

    Related: The 6 Essential In-Store Experiences That Your Customers Want to See

    1. Use employee meetings as a proactive tool to understand customers

    Customer reviews can be abstract in their content, sometimes contrived to get a 5-star rating. If you can’t cite specifically what your employees are doing to get five stars, there’s no meaning in that review. There’s no way it can help you solidify or refine practices. It becomes about numbers.

    To avoid this trap, add a few questions to your weekly agenda. First, “what can we do to attract more customers to our business?” It’s your employees’ collective creativity that will foster innovation. Adobe lives this mantra. Your employees are your front line. They hear what customers like, don’t like, what they want and what they need. These employees’ perceptions can lead you to do things differently. Then whether it’s showcasing a specific product, holding an event or advertising a new product launch, make it big. Create an experience customers want to attend with food, entertainment and free gifts — the bigger, the better.

    Second, ask employees to identify customers who left happy and what specifically made them happy. All of these happy feelings tell you what you’re doing right. Similarly, ask your employees to share a customer experience where the customer left unhappy. Ask your employees to specifically identify what happened that left the customer feeling this way. This will enable you to assess processes that need to be changed, inventory requirements or training that needs to occur.

    2. All hands on deck with all customers

    Instead of allowing employees to point customers to an aisle to find a product, have employees walk to the product area with the customer. During the walk, employees should ask customers two key questions: “How often do you shop with us?” and “What are your two predominant purchases?”

    Inventory lists may tell you what the customer is buying, but your employees can tell you why the customer is buying. When we know why a customer is buying, we can stay ahead of the trend. If customers buy a specific hair conditioner because it has proven effects to withstand humidity, new product offerings may reflect these reasons. These questions may even enable you to change up your store layout so finding these products is easier for the customer.

    Related: 3 Key Takeaways About the Future of Retail: Selling Online, In-Store and Both

    3. Share the revenue

    Pay your employees well. If your employees contribute to a bigger customer wave and your storefront is thriving, your team should thrive. Offer bonuses, incentives, an employee of the month and other awards. Buy lunch for the team. Let them know you see their efforts and appreciate them.

    4. Innovative training

    Training is your secret weapon. There’s no more room for greeters, floor associates, cashiers or stocker jobs. Your employees are now salespeople and should be trained to do so. Most likely, they don’t consider themselves salespeople. This is where training becomes critical because the heart of selling is delivering high-level customer service. Selling is about caring, and you’re asking your people to do that. You’re asking them to care — to treat the customer as a friend. To relate, ask them questions and then provide solutions.

    Recently, I called an airline to rebook a ticket. While the representative looked up the details, we conversed about the holidays. She shared a part of her life with me. It was a very positive experience, but unusual. Typically, customer service representatives are focused on the customer solely. But this time, she was connecting with me as a person. One of the most revolutionary topics noted in my book, Sell Like A Cockatoo, is that a relationship isn’t just about you getting to know the customer. The customer must also get to know you. There must be reciprocity in every relationship. That’s what a relationship is.

    Related: 4 Ways Brick-and-Mortar Stores Can Outsell Online Retailers

    Training will also teach your employees how to upsell. It’s the difference between a customer being directed to an aisle to get a screw for a ceiling fan and the employee helping the customer find the screw while updating them on the latest ceiling fan models that have arrived. Customers can’t buy if they don’t know — and the more your employees care and share, the happier your customers will be and the happier you’ll be with your bottom line.

    To keep your storefront going strong, maximize employee involvement. Today’s digital world offers so many choices that when a customer enters our storefront, it should feel like home.

    [ad_2]

    Gail Kasper

    Source link

  • Why Your Job Title Doesn’t Matter

    Why Your Job Title Doesn’t Matter

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In a corporate setting, a job title can be used as leverage, something for you to strive for. Titles to distinguish levels, such as Associate, Vice President and Managing Director, allow other employees to understand your position in the firm and the status that comes with it. Certain titles come with specific salary ranges and perks — which is one of the reasons to strive for them. Humans aim to be verified with some level of significance, and in a business setting, one of those levels of significance comes from the job title. However, when it comes to entrepreneurship, the way we think of titles is different.

    One of the concepts I covered in a previous article was the risk and rewards of priorities. I have seen inexperienced entrepreneurs over-prioritize their titles — picking a title should be at the bottom of the priority list. In the age of social media, there is a never-ending wave of titles people can pick from, like Boss, President, Principle, CEO, Founder, King and Owner — take your pick. All these are non-important to an entrepreneur and are ways to validate an ego without doing any work.

    A job title does not matter at the entrepreneurial level. Here’s why.

    1. Job titles can be lies

    Job titles in any business size can be misleading, but at the entrepreneurial level, they can be outright lies — especially if you’re the one who created it. You might call yourself a CEO, but what exactly are you chief of executing? You might be a President, but what exactly are you presiding over?

    Just because you decide on a fancy title does not mean you are good at your entrepreneurial role. Similarly, just because someone you’re networking with has a fancy title does not mean they have the skills and experience to back it up. Job titles don’t always accurately represent a person’s level of knowledge or expertise.

    All companies, big or small, want to be seen as professional and worth doing business with. One of the ways this is accomplished is by giving specific titles to employees. Who wouldn’t want to do business with a “vice president of a company?” But this “vice president” could be one of the less senior roles. This is true across most companies and is an old way of operating. On the other hand, someone with a simple title may be a valuable contributor to the team.

    Related: The Weirdest Job Titles Might Also Be the Most Unpopular (Infographic)

    2. Job titles are misleading

    Building off the previous point, job titles don’t necessarily reflect a person’s responsibilities — especially in the entrepreneurial world. When you work for a company, you realize quickly that sometimes your responsibilities tend to go above and beyond your job description. The smaller the company, the more roles you play.

    For example, your title might fall in with sales, but specific responsibilities would fall more into an operations or customer service category. Furthermore, two people with the same job title may have vastly different roles and responsibilities within a company. And this becomes even more true when comparing job titles across companies.

    Related: Why Job Titles Don’t Always Reflect the Value of Employees

    3. Job titles can be changed at any moment

    If a job title can change at any moment, it has zero value. Furthermore, as an entrepreneur, you will find that focusing too much on your title can create a culture problem as the company grows. If employees start to question and compete for title status at such an early stage, that removes the focus and teamwork from accomplishing the actual goal — growing the company. Titles can motivate employees when the company gets a specific size or has a particular structure – anything before that is just a hindrance.

    Related: You’re a Real CEO When Your Company Is Bigger Than Your Title

    As an entrepreneur, especially a bootstrapped entrepreneur, your job title is whatever needs to be done that day. If you need to make sales, you’re a salesman. If you need to pay bills, you’re an accountant. If you need to clean the office, you’re a janitor. Your job is to do whatever needs to be done.

    Now, as the company changes, that concept changes. As growth comes, there will be a need for more structure and delegation. Hopefully, there comes a point when you can delegate out low ROI responsibilities. Cleaning probably is not generating the company’s greatest ROI, so delegate it. Paying bills is not generating the best ROI for your skill set, so delegate it.

    When does a job title matter?

    A job title matters when you decide it matters. If you feel that you can absolutely not move forward with being an entrepreneur unless you have picked out the appropriate title — then you will have to pick out the appropriate title (disclaimer: if that is the case – you might want to question if entrepreneurship is right for you).

    Now, if you feel you need a title after your first hire, go for it. But chances are everyone internally understands their place in the business and their role. In my experience, depending on the business model, most employees instinctively understand their role and where they are in the structure until about 15 employees. At that point, titles might make sense.

    Related: What’s A Job Title Really Worth?

    Finally, if you feel you need an awesome title to fit in with all of the other awesome business people, remember this: A true business person, especially in the entrepreneurial world, does not care about your title. They care about what you do, your portfolio and what you can do to help each other grow.

    If you can pick out a title and move on to focus on key priorities, excellent. But if you find yourself getting held up on titles and other minutiae, remember: titles don’t matter; execution does. Do not validate your ego by picking out a title. Validate your ego by building a better business.

    [ad_2]

    Anthony D. Anselmo

    Source link

  • Why Every Employee You Hire Should Have Leadership Qualities

    Why Every Employee You Hire Should Have Leadership Qualities

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Leadership is about mindset, not a job title. And it is arguably the most important attribute to the success of any company or organization. Yet, many managers seeking to fill entry-level positions often pass on candidates they feel are “overqualified.” They do this for a variety of reasons, all of which seem counterintuitive to creating the best possible company.

    For every manager, there are countless employees. This is true in nearly every profession. Professional sports teams are a great example of this process and represent something very similar to many companies. They have an owner. That owner hires a general manager. That general manager hires assistant managers, directors of personnel and marketing, a head coach and so on. Each of these directors hires a staff, and the head coach hires assistant coaches, trainers, etc. And the players are hired in cooperation with the management and coaching staff to represent the organization on the field, much like the employees who are hired to have direct interface with customers. Even the players hire their own support staff.

    Related: 3 Ways to Empower Everyone to Lead (and How to Do It)

    How leadership shows up at every level

    It can be argued that customers, whether it is fans watching a sports team on television or in person or patrons who go to a restaurant, are the most vital part of keeping a company viable. Without them, there is little to no money being made. Yet, interestingly enough, this most precious cog in the overall sustainability of a company most frequently engages with representatives of the company who, on paper, have the lowest position of leadership.

    However, if you look at the basic infrastructure of the most successful teams and companies in the world, the most important and influential leadership does not simply come from the top down, but instead, it emanates from each faction within the organization. And, in fact, the top-level leadership generally has the least direct leadership impact over the majority of the employees, let alone the customer base.

    This illustrates several important points. First, entry-level employees serve a hugely influential role in most companies. Second, nearly every position in a company plays an important role. Lastly, leadership can and should happen in all areas. All this inevitably means that everyone should have the training, encouragement and expectation to lead within their respective roles.

    Related: 6 Leadership Best Practices to Empower Your Workforce

    Why you should encourage everyone to be a leader

    While there is no doubt that there are natural-born leaders, it is also equally true that a leadership mindset can be cultivated. While this takes time and resources, the benefits to an organization are quantifiable. Take the example of the professional sports team. Players on the field represent the lowest level on the rung in terms of decision-makers on behalf of the team’s management structure. Yet, they arguably have the most influence on the perception of the team and the fans’ (customers) willingness to invest their time and money.

    On the most basic level, a player’s job is to perform their duty to the best of their ability. But does it help the team and organization if they show up on time or early? Does it help if they sign autographs and engage with fans? Does it help if they have a great attitude and model a great work ethic? All of these things represent leadership traits that impact the bottom line, yet the players are not in what would be considered a traditional leadership role when we look at the managerial infrastructure of a team.

    Now take the employee working at the cash register of the local grocery store. Their job is to efficiently and effectively perform transactions with minimal arithmetic error. The store manager may wander around a bit, but certainly doesn’t directly engage with a fraction of the customers that the cashier does every day, thus having a far smaller impact on the direct lifeblood of the store’s financial success. Yet, we perceive the manager as a leader but not the cashier. Does it matter if the cashier smiles, makes eye contact and greets each customer? Does it matter if the cashier has a great attitude and helps bag if their lane is clear? Of course!

    Related: 4 Leadership Methods for Empowering Employees and Building Strong Teams

    And these things not only impact the store’s bottom line by creating happy and appreciative customers, but they are certainly impactful leadership qualities. The store owner, who is in the most powerful position, isn’t able to have this type of impact on the customer base. Neither is the store buyer, regional manager, general manager or store manager. In fact, every single position of authority above the cashier has less direct contact with and less direct impact on the customer experience than the cashier. And if the customer is happy, the store does well.

    The point is simple: One, hire the best possible people; two, encourage everyone to be a leader; three, recognize that the value, influence and importance of a leader have nothing to do with their job title or position, but about the impact they can have on the people with whom they engage.

    [ad_2]

    John Peitzman

    Source link

  • The Key Strategy to Building a Winning Team

    The Key Strategy to Building a Winning Team

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Business leaders young and old face the same problem — how to form a solid team that will work hard to promote the business’s success. Whether it’s a new business or an established one, the people you recruit will be crucial to your survival. If you select them strategically and mindfully, in theory, your business should be stronger and more prosperous. But what does that mean, exactly? In my case, it means surrounding myself with people who have different skills than I do — a strategy I highly recommend in any type of business.

    There’s no place for ego in business

    From a young age (and without even knowing it), I started forming a habit of surrounding myself with people who have different skills. In high school, I worked at Dunkin’ Donuts from 6:00 a.m. to noon on the weekends. It was a hectic shift, but I loved it because it was fast-paced and there were a lot of hands on deck. I usually worked the window with one other person, and I always chose a partner who had a strength I didn’t. At this particular Dunkin’ Donuts, there was no intercom before you got to the window, so all orders were taken at the window. I was really good at remembering orders and making them quickly, so I always partnered with someone who was good at handling money, because I wasn’t as quick at making change as some of my coworkers were.

    Fast-forward to when I was in college. We had a lot of team projects, and I would take a similar approach to choose my group. I would partner with people who were better writers and not as good at presenting, strategizing, organizing or big thinking.

    I carried this habit over into my career, and it is what makes my relationship with my business partner so solid. He and I have the same ethics, values and philosophies, but our strengths are very different. He is more analytical and methodical. I am more creative and strategic. He digs into the finer details, while I tend to focus on the big picture. We rely on each other and are open about our strengths and weaknesses. Neither of us is shy about what we need. We leave our egos out of it, and that can be a problem for so many leaders, who have a hard time admitting they are weak in certain areas. So, instead of asking for help, they “fake it ’til they make it.” I have never been the type of person to do that because I recognized early on that pretending to be good at everything will only lead to disaster.

    Related: 6 Steps for Hiring the Right People to Build Effective Teams

    You never want to be the smartest person in the room

    It might be cliché, but it is sound advice. Seeking out people who know more than you enriches your own experience. When my partner and I formed our marketing agency, we made it a point to hire people with specific strengths, surrounding ourselves with people who are smarter than we are. Some leaders are intimidated by people who might be more skilled or knowledgeable than they are, and their egos just won’t allow them to see the benefit of having friends and colleagues who can contribute more than they can. We actually seek out these people, and in doing so, we are open about our goals and why we want to add them to our team.

    I specifically hire people to poke holes in my strategies. I need people who have different skill sets to make me and the agency better. This benefits our clients and ultimately our business because we never have to fake anything.

    Taking advantage of others’ knowledge and skill is not a weakness — it’s a strength. Your clients will see better results and be more satisfied with the products and services you provide. Your business will build a reputation of being reliable and trustworthy, which can be a rarity in today’s environment. Your team will be more cohesive and willing to work together because each member knows where they fit in and why they are valuable. Overall, having a team of people with diverse skills and knowledge is a winning strategy for everyone.

    Related: Want to Build a Great Team? Never Be the Smartest Person in the Room

    [ad_2]

    Jackie Cullen

    Source link

  • Why Software Talent Is Still in Demand Despite Tech Layoffs, Downturn and a Potential Recession

    Why Software Talent Is Still in Demand Despite Tech Layoffs, Downturn and a Potential Recession

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Talk of an economic downturn and potential recession was everywhere this year. These fears have strongly affected the tech industry, leading many companies to lay off thousands of employees in 2022.

    More than 1,000 tech companies fired over 150,000 employees in 2022. Meta, which owns Instagram and Facebook, let go of more than 11,000 employees. Amazon laid off over 10,000. There is also Twitter, where the new owner, Elon Musk, fired about half of the workforce.

    Many of the employees fired were software developers. Software engineers are integral to the tech industry, and it has left many wondering whether their skills and knowledge are losing value.

    Even cryptocurrency companies were firing workers. Coinbase CEO Brian Amstrong said the company would let go of 18% percent of its workforce. He stated, “We appear to be entering a recession after a 10+ year economic boom. While it is hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.” He cited the changing economic conditions as the primary reason for the layoffs. Many CEOs have done the same with similar reasoning.

    However, despite the layoffs and fears of an economic recession, top tech talent is still in demand. Software developers will always be integral to the tech sector, especially top-tier professionals at the top of their game. They are the foundation of the industry, and the best developers will have many opportunities before them after the layoffs.

    Related: Why The Demand for Tech Jobs Will Only Get Stronger

    High demand for software engineers

    Many saw the layoffs in the tech industry as a sign that their jobs and skills were less valuable than they thought. Companies will do what they must to stay afloat. They still value tech skills like software development.

    Tech talent is still valuable in many other industries, including agriculture, manufacturing and retail. Because of the power of big tech, many business sectors have needed more tech talent. Thanks to the job cuts, they can now hire the best.

    Software development is one of the most crucial fields in the tech industry. All forms of digitization require software programs that developers must make. Developers solve many solutions and produce real-world applications for everyday use.

    Software developers are still valuable, especially those from big tech companies. Software engineers from companies like Twitter, Netflix and Microsoft are getting jobs within hours or days of getting fired. Smaller companies are getting excellent tech talent at an absolute steal.

    Many software engineers are immediately finding similar jobs or roles in companies. The skills translate to many industries so they can fit in many firms. The other developers will also find other jobs in the tech sector and other industries. However, they will find themselves playing different roles to those they had before the layoffs.

    Software engineers may earn less than they did working at the tech giants. Taking a salary cut to work for a smaller company does not mean your skills are less valuable. It depends on what the company can afford and how you can help them grow.

    Moreover, software engineers can ask for assurances because of their talent, experience and value. Due to the layoffs, tech employees must ask what will happen if the firm decides to lay off a sizable portion of the workforce. They can also get stock options, so they are part company owners.

    Industries like banking have been hiring tech talent in the face of the tech industry layoffs. They can see developers’ value and are doing plenty to attract them. These industries know there has never been a better time to get the best tech talent.

    Related: Software Development Jobs Are a Bright Spot in Uncertain Economic Times. Here’s What Business Leaders Need to Know.

    Demand for software

    We live in a world run by software programs. With increasing digitization, there will always be a demand for software solutions. In particular, software developers are in high demand within the tech industry.

    In the age of data, firms need software developers who will analyze the data to create software solutions. They will also use the data to understand user needs, monitor performance and modify the programs accordingly.

    Software developers have skills that prove them valuable in many industries. As long as an industry needs software solutions, a developer can provide and customize them to the firms that need them.

    Fields in which a developer can work include data science, AI and machine learning, application development and cloud services. There is also the opportunity to be an entrepreneur and create something unique that offers customers value.

    With a skill set that has such a wide application, it is easy to see why software developers will still be in demand after the massive significant tech layoffs. The best developers will quickly land on their feet. They may even gain better positions than they had at their former workplaces.

    Related: The Future of Software Development in 2022 and Beyond

    Tech talent is still valuable

    Many tech workers suffered a terrible blow in 2022. Their prestigious jobs at giant tech firms vanished, leaving many stranded and confused. However, there is still a significant demand for tech professionals in our technological world, particularly software developers.

    Software development is the bedrock of the tech industry. Software engineers with valuable skill sets, experience and drive will quickly find other positions and opportunities. Software developers can apply their skills across a broad spectrum and are precious to many businesses and industries.

    They should know they are still valuable today, even in a challenging job environment. The rate at which companies continue to acquire the best software development talent proves it.

    [ad_2]

    Steve Taplin

    Source link

  • 8 Reasons You Should Give Your Employees More Control

    8 Reasons You Should Give Your Employees More Control

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    If you are an employer, you might think giving employees clear direction is the best way to get things done and keep your business moving forward. And while it is true that everyone needs some structure and guidance, constantly telling your employees what they should be doing can be incredibly damaging to your organization. Your employees want you to trust them. If they feel like you tell them what to do instead of trusting them with their decisions, they may not be happy with their jobs.

    Here are the reasons you should stop telling your employees what to do and give them more control:

    Related: 4 Ways to Give Employees More of the Control They Want

    1. Employees hate micromanagement

    You might think this is a given and should not even need saying. However, many companies are still guilty of micromanaging their employees, especially when delegating tasks and projects. As mentioned by HBR, micromanagement is still a dirty word in today’s workplaces

    The problem with micromanagement is that when you constantly tell your employees everything they need to do, they do not feel like they are contributing anything of value or making any impact on their job. This can cause them to feel bored and underappreciated, which could lead them to leave your company for a new one where they have more freedom.

    If you want loyal workers who care about their work and feel they are contributing something valuable, you should trust them enough to get the job done.

    2. Employees want your trust

    Employees also want to know that they can make mistakes without being punished. If you value your employees’ input and let them contribute ideas, they will feel like they are a part of the team and that you listen to them. This will keep them motivated in their job and make work more enjoyable for everyone involved since it shows that you trust them and care about the work they do.

    3. Employees want to know that their opinions matter

    It is important to note that employees want to feel like they are contributing and that their opinions matter. Nothing is worse than being told what to do all the time and not feeling heard. The point is that employees want you to value them for their knowledge, skill and ability. They do not just want someone telling them what they need to do.

    4. Employees want to try something by themselves first

    Your employees want to learn on their own or at least be allowed to try something for themselves first. As discussed by Gartner, people are motivated when they feel valued and create an impact. The most productive employees do not have time for micromanagers. They are too busy smashing out tasks at lightning speed while thinking up creative solutions to problems.

    Of course, you will find those who will never change: the people who think it is fun (or funny) to prank call your office. There are those who think nothing of walking into work 15 minutes late every morning. There are workers who think it is acceptable behavior to skip meetings and leave early without letting anyone know why and others. These people need constant reminders about expectations set forth by management.

    Related: 3 Proven Ways to Keep Employees Happy

    5. Employees want to be able to ask questions

    Employees need to know that their questions are important. They need to know that it will not hurt their feelings if they ask for clarification or more information about something you have said or done. If you do not make people feel like their questions are welcome, they will stop asking and do what you tell them without understanding why.

    6. Employees want to know that you’re collaborating with them and not against them

    Employees want an environment where they can collaborate with their colleagues. This can be as straightforward as letting your team members know you appreciate their input. When employees feel like they are a part of the company, they will be more likely to take pride in their jobs and create innovative ways to solve problems.

    One study from Gallup found that employees who felt engaged were more productive than those who did not feel the engagement. Another study found that when managers recognize employees for their achievements, it indicates trust between the two parties.

    7. Employees need a clear idea of what success looks like

    You can only expect your employees to figure out how to achieve a goal if you provide them with a clear vision of success. If you want them to be motivated by the result, give them a picture of how they will feel when they reach it instead of just telling them what to do.

    This will help them stay motivated during challenging times and prevent burnout. You should also provide examples of people who have successfully achieved similar goals, so workers understand what you expect of them and how they might achieve those same results.

    8. Employees should have access to the job information

    Employees need access to the information they need to do their jobs, including knowing any specific project deadlines. If your staff can access the job instructions they need to complete their projects, they will know how much time and effort they should put into whatever task.

    Employees also need to know why they are doing something. This will help them understand how their actions affect customers, clients or other parts of your business. On the other side, employees might only sometimes be able to see that what they do affects other departments or divisions within a company. Access to the correct information can inspire them and give them a clear purpose in their role at work.

    Related: 6 Ways to Encourage Autonomy With Your Employees

    Your employees want you to trust them. It is no secret that if your employees feel like you trust them, they are happier with their job. A good strategy is to have weekly or monthly check-ins with them vs. hovering over everything they are doing. If they feel like you tell them what to do instead of trusting them with their decisions, they may not be happy with their jobs. That is because people are more motivated when they feel like they have some autonomy and control over their lives.

    [ad_2]

    Steve Taplin

    Source link

  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

    [ad_2]

    Francesco Fazio

    Source link

  • 3 Simple Ways to Show Your Employees You Care

    3 Simple Ways to Show Your Employees You Care

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Leadership is about more than just giving orders and making decisions. It’s about guiding and motivating your team to achieve common goals, and one of the most effective ways to motivate your employees is by showing them you care about them as individuals.

    I’ve seen this time and time again as the CEO of StoneAge. I recall several years ago when a key team member called to tell me he was considering leaving the company. “I received another job offer, Kerry, and I am considering taking it,” he told me tentatively. “I’ve got too much going on in my life, and this new role will keep me closer to home, which I need right now.” Instead of getting upset, I asked him about the offer and what drove him to consider looking outside the company for a new job.

    Soon, it was clear that he didn’t really want to leave; he just needed some time to get his life in order. So, we agreed that he would take a month-long sabbatical to focus on his family and personal life. He came back refreshed, focused and committed. Last week, he and I talked about his sabbatical and its impact on his life. He said, “Kerry, I will go to the ends of the Earth with you and StoneAge. Thank you for caring about my well-being. I wouldn’t want to work for anyone else.”

    Related: 4 Ways Employers Should Show Their Employees They Care

    Ways to show your employees you care

    Who doesn’t want to hear these kinds of statements from their employees? A leader can do nothing more impactful than inspire their team members to live their very best lives. Here are some things you can do today to show your team you care about them:

    1. Offer opportunities for personal and professional development: This can include training programs, mentorship programs or opportunities to take on new responsibilities. Or it can come in the form of taking time off, such as in the example I shared above.

    2. Provide a supportive and inclusive work environment: At StoneAge, we promote a culture of open communication, provide resources and support for work-life balance and build a sense of belonging by creating opportunities to share personal stories and experiences that help us connect with one another.

    3. Recognize and reward employees for their contributions: “I get all the recognition I need!” said no one ever. Don’t underestimate the powers of recognition and acknowledgment. You can create formal programs like employee of the month or peer recognition systems that allow teammates to recognize each other. You can also create less formal methods like regularly thanking employees for their hard work and achievements. I make sure to acknowledge a job well done by each of my direct reports weekly.

    Related: Show Employees You Care About Their Well-Being. Here are 5 Ways.

    Why it matters

    Showing you care about your employees matters. According to a Gallup survey, those who feel their manager cares about them are twice as likely to engage at work. That’s a powerful statistic. Here are a few more reasons why leaders should make an effort to demonstrate their concern for their employees:

    • Improved morale: When employees feel valued and supported by their leaders, they are more likely to be motivated and engaged in their work, leading to higher job satisfaction and overall happiness.

    • Increased productivity: When employees feel cared for and supported by their leaders, they are more likely to feel comfortable asking for help and advice, leading to more effective problem-solving and higher productivity levels.

    • Greater retention: Employees who feel valued by their leaders are more likely to stay with their company long-term, saving the company the time and resources required to continuously hire and train new employees.

    • Enhanced reputation: Companies known for treating their employees well tend to have a positive reputation in the community and the industry, leading to better recruitment and retention of top talent.

    Demonstrating that you care about your employees builds trust and fosters a positive work culture. By showing your employees that you value them, you can create a more productive and enjoyable work environment for everyone. You can inspire your employees to say, “Why would I work anywhere else?”

    [ad_2]

    Kerry Siggins

    Source link

  • Your Employee Wants A Raise. Here Are 7 Ways You Can Afford It.

    Your Employee Wants A Raise. Here Are 7 Ways You Can Afford It.

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Your employee is asking for a raise. And you can’t blame them. Inflation is running between 7-8%, and people need to, at the very least, keep up with the cost of living. This is now the norm in 2023. It’s happening everywhere. Payroll company ADP recently reported that employees received 7.3% more pay over the past months — with employees changing jobs seeing more than double that amount. And many experts say that trend will continue through this year.

    But giving raises is certainly easier said than done. Big companies may be able to absorb the additional costs. But if you’re running a small or even mid-sized business doing so isn’t so simple. The good news is that there are options. So before handing out that raise and shouldering that extra expense, here are seven things you can do that may lessen the impact.

    Related: ‘Ask For a Raise Now’: Salaries Aren’t Keeping Up With Inflation. Here’s What to Do.

    1. Tie the increase to performance

    Consider a profit a sharing plan for your employees or a bonus tied to achieving agreed-upon goals. When someone asks for a compensation increase, this can be viewed as a mutual opportunity. You can be the one to happily agree to pay that increase — perhaps even more than what’s being requested — as long as you receive something in return. People don’t have to be in sales to earn a commission. You can set specific job-related goals that either increase revenues and productivity or decrease expenses so that a specific return on investment can be achieved, with added profits shared.

    2. Offer more PTO and flexibility

    Instead of increasing pay, consider increasing paid time off. Or provide more flexible work hours. Or maybe this is the time to implement a four-day workweek program or expanded work-from-home benefits.

    Compensation does not always have to be in cash. People value their time just as much. Flexibility is important, and one of the biggest benefits of working for a small business is the ability to have that flexibility without the bureaucratic oversight experienced by employees at larger companies. Yes, paying someone not to work is still an added cost to you. But if you both agree on job deliverables, you and your employee can together make sure the work gets done on a schedule that suits you both.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    3. Pay more for health insurance

    Many business owners forget that, in most cases, health insurance payments are both non-taxable to the employee while still being deductible for the employer. If you just give a salary increase, the employee gets taxed, and you have to pay employer payroll taxes. But if instead, you offer to pay more for health insurance, you both save money on taxes, and the employee gets more in their net paycheck. It’s a win-win. Of course, talk to your tax accountant to make sure there are no other factors that would impose on this benefit.

    4. Pass through the cost to customers

    If you increase your employee’s pay, you may consider passing that cost increase to your customers in the form of higher prices or fees. But be careful. You don’t have to pass on the full amount of a pay increase if you can find savings elsewhere. And if you spread the cost across your entire overhead so that it’s fully absorbed, you may find it easier to spread the price increase across many customers and products and therefore cushioning the impact.

    5. Offer a long-term employment contract

    When an employee asks for more compensation, you can also ask for something in return: a longer-term commitment. Although most employer/employee relationships are “at-will” which means that both can end things whenever they want, by entering into a longer-term contract you can not only set goals and include future benefits that can be earned, but also agree on a fixed compensation increase over the term of that contract that will enable you to better budget your future costs.

    6. Do a 401(k) match

    Instead of a salary increase, you can offer to increase your 401(k) retirement plan match for that employee. Not only does that employee receive that money on a pre-tax basis (which means that you can pay a lower amount to the employee). It also means more money in your employee’s 401(k) account, which they can put away for retirement. You also don’t fail any of the required “discrimination tests,” which limits your contributions as a higher-paid employee or owner. Also, thanks to the recently passed Secure 2.0 retirement legislation, some businesses will soon receive a tax credit of up to $1,000 per employee every year for five years when they contribute to a 401(k) plan. This means you can give your employee added compensation and the government will pay for it!

    7. Finally, consider an ESOP

    Thanks to an aging population, there has been a significant increase in interest in employee stock ownership plans or ESOPS. So rather than dolling out increased compensation to your existing workers, you can create an ESOP where you get paid for a portion of your equity that you sell to an entity owned by your employees, and then you receive significant future tax benefits on both your payback to the bank for financing the transaction and for the income allocated to that ESOP. A great resource to figure out whether an ESOP is right for your business is here.

    You’re going to have to pay your employees more this year. That’s a given. But just because your employees request (and need) a raise doesn’t mean you have to bear the entire cost burden. There are options.

    [ad_2]

    Gene Marks

    Source link

  • How to Build a Culture of Emotional Intelligence

    How to Build a Culture of Emotional Intelligence

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that emotional intelligence is a valuable skill for business leaders. However, many CEOs struggle to cultivate it within their team. Read along as we discuss the benefits of emotional intelligence in the workplace and how to develop it to enhance your leadership skills and business strategy.


    Shivendu Jauhari | Getty Images

    What is emotional intelligence?

    Emotional intelligence is “the ability to perceive, interpret, demonstrate, control, evaluate and use emotions to communicate with and relate to others effectively and constructively. Some experts suggest that emotional intelligence is more important than IQ for success in life,” (Verywell Mind).

    Utilizing emotional intelligence can help facilitate open communication and strengthen relationships between executives, managers and employees, creating an improved work culture overall. It’s important for leaders to not only know how to foster emotional intelligence within themselves but how to encourage it from their team as well.

    Related: 5 Ways Emotional Intelligence Will Make You a Better Leader

    5 pillars of emotional intelligence

    In his bestselling book, Emotional Intelligence, psychologist and author Daniel Goleman crafts a framework in which leaders can leverage five key traits to successfully implement emotional intelligence in the workplace. These traits are influenced both by experience and intuitiveness. The five pillars are:

    1. Self-awareness:

    Our emotions do not only affect us, they affect those around us as well. The ability to recognize your own emotional state and its impact on others is a skill that can be developed over time. For example, employees may be reluctant to ask for help if they can see that their boss is already stressed out with other tasks. While you should not hide your emotions, it’s important to be cognizant of how they come across to others.

    2) Self-regulation:

    Though we can’t always control our emotions, we can control the way we react to them. Self-regulation (impulse control) is critical to maintaining good relationships in the workplace. Leaders who are able to check themselves before reacting are better able to handle difficult situations and are more respectable.

    Self-regulation also promotes accountability as it helps create a clear set of expectations for how to act in the workplace.

    3) Motivation:

    Goleman writes, “Leadership is not domination, but the art of persuading people to work toward a common goal.”

    Motivating your employees is perhaps the most important action toward achieving alignment within your team. When all team members are motivated and focused on the same goal, you are more likely to hit your targets. Motivate your employees by setting clear objectives, celebrating wins and victories, and recognizing individual contributions.

    4. Empathy:

    Empathic leaders are able to put themselves in other people’s shoes and act with fairness. They are generally well-liked by employees, as they are more understanding and able to relate on a personal level. Having empathy does not just mean caring about others — it means being able to recognize others’ emotions even when they are not forthcoming and being able to conduct conversations appropriately with the other person’s emotional state in mind.

    A study by the Center for Creative Leadership found that “managers who practiced empathetic leadership toward direct reports were viewed as better performers by their bosses.” Empathic leadership is not restricted to C-suite executives — managers and other level employees can benefit from practicing empathy at work.

    5. Social skills:

    Social skills like active listening and verbal/nonverbal communication will lead to stronger trust among a team. Leaders with social skills are better communicators and know how to work with different types of people. Effective communication is one of the most important skills for a leader to have and proves useful when addressing issues or tough topics. Having good social skills also makes leaders appear more approachable to their team members, enabling positive working relationships and an effective feedback loop.

    Related: Use These 7 Emotional Intelligence Tips to Be a Better Leader

    Benefits of emotional intelligence in the workplace

    Exhibiting emotional intelligence in your business can lead to countless improvements, from enhanced performance to a better culture. We’ve outlined a few of the main benefits below:

    • Team alignment: Rally your team members around a common goal. This creates cohesiveness across the board and helps ensure no boxes in your strategic execution are left unchecked.

    • Increased productivity: Employees will work harder and faster with the right motivation. They will be encouraged to ask questions for clarity and explore new ideas as they work toward the specified company goals.

    • Increased transparency and accountability: Emotional awareness is a desirable trait among leaders when it comes to the way employees see them. This prompts them to be more open and truthful with their team, creating opportunities for increased transparency in the company. By being upfront about certain initiatives, metrics and company information, leaders gain trust and understanding from their team. Establishing this kind of transparency and accountability helps fill in gaps and ensures that the right people are working toward the right goals.

    • Better communication: Communication is king when it comes to getting anything done as a team, and it’s easier to communicate when you know how you feel. Emotionally intelligent leaders are able to effectively express what is needed in a way that can be understood by others. They are also good listeners and know how to get a point across while also taking into account the other person’s viewpoints and opinions. This ties into the pillar of self-regulation, as being able to control impulsive responses is another important part of effective communication.

    Related: How to Cultivate Higher Emotional Intelligence in Your Employees

    Steps to improve emotional intelligence in your organization

    It’s no coincidence that the five pillars of emotional intelligence are also key traits of a good leader. It’s important for leaders to not only exhibit traits of emotional intelligence but also to recognize and celebrate them within their team. So, how can leaders cultivate emotional intelligence?

    1. Show appreciation:

    It’s easy for executives to overlook the importance of employee appreciation, even though the smallest gestures can make a huge difference. When employees are happy, the whole business benefits. Research has shown that having happy employees increases productivity, sales, employee retention, employer net promoter Scores (eNPS); the list goes on.

    Remember to give praise for a job well done and ensure your employees know their hard work does not go unnoticed. This can be as simple as a shoutout in your all-hands team meeting or a handwritten “thank-you” note. When employees receive praise, they feel valued. And when they feel valued, they are more motivated to work hard and deliver exceptional results.

    2. Practice what you preach:

    Respectable people lead by example. This includes making an effort to exhibit the positive traits that you expect to see from your team and acting in solidarity with them. In order to be effective, a team must be unified from the top down. Actions like giving thanks, admitting to wrongdoings and having an open-door policy will help create a healthier environment.

    3. Get to know yourself:

    Understanding yourself is the foundation of emotional intelligence. Self-awareness and reflection involve understanding one’s emotions, strengths, weaknesses, needs and drives. It’s a major factor in emotional regulation, as it helps provide insight into one’s emotional reactions and makes it easier to control them. Make an effort to be mindful of how you react in different situations, and get comfortable with the idea of self-reflection. This kind of reflection is not just good for enhancing your leadership skills, but for the soul as well.

    4. Get to know your people:

    You know it’s important to establish good working relationships with your coworkers, but establishing good personal relationships goes a long way, too. Knowing your employees on a personal level means being able to better understand them and their emotional states and allows you to determine how to best work with them.

    Don’t underestimate the importance of one-on-one time between CEOs/managers and team members. Having frequent and consistent 1:1 meetings helps drive performance but also provides opportunities for open communication and relationship-building. Team members are more likely to provide truthful and constructive feedback if they feel like they are being heard.

    5. Provide training:

    As mentioned, emotional intelligence is a skill that can be developed and improved with practice. It’s important to invest in emotional intelligence training and development programs if you want your team to be successful. This includes both emotional awareness and emotional regulation, as well as communication skills, decision-making skills and more.

    Developing emotional intelligence requires practice, but it can have a huge impact on the success of an organization. By recognizing emotional intelligence within your team and investing in emotional intelligence training, you can create a better working environment that leads to improved performance and higher morale.

    Emotional intelligence is not something that can be forced on people or taught overnight. It takes time and commitment from leaders, but it can have a positive and lasting impact on the team as a whole when practiced and supported regularly. It’s a valuable tool that can help business leaders be more effective, improve communication and increase trust.

    By investing in emotional intelligence, your business will be able to reap the rewards of a better-connected workforce that feels appreciated, respected and motivated to succeed.

    [ad_2]

    Doug Walner

    Source link