Cava Group, the Mediterranean-focused fast-casual restaurant chain that’s making its trading debut on Thursday, is confident it has access to enough funding to expand its business and make a profit, according to Chief Financial Officer Tricia Tolivar.
But Tolivar declined to provide a timeline to profitability in an interview with MarketWatch.
The…
Opinions expressed by Entrepreneur contributors are their own.
In a traditional office setting, employees have more opportunities to interact with each other and build relationships. However, employees are often isolated in a remote work environment, leading to feelings of loneliness, disengagement and burnout. Therefore, creating a sense of belonging and fostering a positive culture that makes employees feel valued and supported is essential.
Successful remote companies are great at keeping teammates connected. Employees must know they are part of a team and their contributions are valued. In a traditional office setting, employees have more opportunities to interact with each other and build relationships. However, employees are often isolated in a remote work environment, working from home, coffee shops, or coworking spaces.
This isolation can lead to feelings of loneliness and burnout. Therefore, creating a sense of belonging and fostering a positive culture that makes employees feel valued and supported is essential. What does your company stand for? What types of personality thrive within it? When employees feel like they belong, they are more proactive and engaged.
Staying connected is crucial for building a positive organizational culture in a remote company. There are several ways to stay connected and foster a sense of community among remote employees. One is through regular communication to keep remote employees engaged and informed. Companies can use various channels like email, instant messaging, video conferencing and project management tools to stay in touch with their employees.
Another way of staying connected is by showing appreciation by celebrating wins publicly. Acknowledge the accomplishments of individuals or teams in team meetings or company-wide communication channels. Encourage employees to recognize their peers for their hard work and achievements. Listening to employees’ feedback, ideas and concerns is crucial. Use surveys, polls or personal check-ins to gather feedback and address issues. This shows employees that their opinions matter and that their voices are heard.
Finally, making employees feel safe and supported in a remote work environment significantly contributes to building personal connections. This includes providing resources for mental health and wellness and promoting work-life balance. For example, companies may offer flexible work schedules or unlimited time off to help employees manage their personal and professional lives.
Related: Building A Remote Work Time Management Culture
Values are the principles that guide an organization’s decision-making and behavior. Establishing clear values in a remote work environment is critical to building a cohesive culture. Employees must understand what the company stands for and what leaders expect of them.
To effectively communicate values in a remote work environment, it is vital to make them visible. Leaders can do this through regular communication channels such as newsletters, team meetings, or the company’s intranet. Additionally, leaders can reinforce the company’s values by sharing stories demonstrating how employees have embodied them.
Leaders play a crucial role in upholding and modeling values. They must lead by example and demonstrate the values they expect their employees to internalize. Being transparent, accountable and treating everyone with respect facilitates this objective.
As a leader, it’s crucial to always strive toward being your best self. In a remote work environment, employees must trust each other and their leaders. By showing up on time, being responsive and meeting deadlines, leaders show employees that they hold themselves to the same high standards they expect from teammates. This practice establishes trust and respect and creates a positive work environment where everyone can thrive.
Related: 5 Ways to Enhance Remote Company Culture and Build a Team That Thrives Together or Apart
Another component of organizational culture is behavior. Clear expectations for behavior are essential in the workplace and even more so in a remote work environment. In a distributed workforce, employees must be self-directed and accountable. Establishing clear guidelines for communication, collaboration, and work expectations is essential to incentivize ideal behavior.
For example, companies may establish guidelines around response times for emails or Slack messages or require employees to be available during certain hours. These guidelines help ensure everyone is on the same page and reduce the risk of miscommunication or confusion.
Reinforcing positive behavior is another strategy for building a thriving organizational culture. Recognize employees who consistently meet or exceed expectations and use positive feedback to reinforce behaviors that align with the company’s values.
Companies can use various strategies to reinforce positive behavior, such as recognition and rewards. For example, companies may offer bonuses, promotions, or public recognition for employees who go above and beyond. Additionally, providing opportunities for professional development and growth can motivate employees to work hard and stay engaged. Leaders can also provide coaching or mentorship to help employees develop skills and meet goals. Finally, leaders must be transparent and communicate openly with employees to build trust and maintain a positive work environment.
Related: Fostering a Development Culture for a Remote-First Workforce
Building a thriving organizational culture in a remote workplace requires intentional effort and a distinct approach to leadership and communication. Culture, values and behavior are critical components of a positive work environment.
By making people feel safe, establishing clear values and setting expectations for behavior, companies can create a sense of belonging and foster employee engagement and productivity. Leaders must lead by example, model positive behavior and enforce clear guidelines. With these strategies, remote companies can build a thriving organizational culture and achieve success.
Roland Polzin
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Covid-19 cemented the expectation of two-day and next-day shipping for “free” with Amazon Prime. Just before Jeff Bezos stepped down in 2021, Amazon had added 50 million subscribers over the pandemic. Back then, Prime was $119 a year, a price set in 2018.
Now, it’s $139 a year. Amazon recently announced it had updated its inventory management system and search algorithms to reduce the number of touchpoints in the delivery system to keep delivery times low. It’s also added a $1 fee for returning packages when an Amazon pickup/return center is reasonably close by. This and other minimum order limits have shown the shift towards moving costs back onto the consumer for home delivery. It’s not just Amazon, though.
Walmart has had less luck in the optics of this shift, recently receiving vocal outcry on Twitter about their high delivery prices. If you’re not a Walmart Plus member, you’ll pay up to $9.95 for a delivery fee on regular orders. “Express” delivery is an additional $10, no matter if you’re a Plus member or not.
So, why now?
Amazon was trying things during Covid-19, like every huge ecommerce company. There were new problems to solve and plenty of money coming in, but now they’re done throwing spaghetti at the wall. Amazon is cutting back, with over 27,000 people laid off this year and programs like the Scout delivery robots, brick-and-mortar bookstores and Halo health device being shut down. With the experimentation phase over, the main concern is making costs.
Related: Amazon Increases Prices for Prime Members Once Again. Is It Still Worth It?
Bezos is gone, so there’s a responsibility to shareholders. Amazon is too large to be a completely lean and trimmed organization, but the core delivery service (200 million subscribers use) must work. To match consumer expectations, they’ve shifted to AI and robotics, emphasizing the “regionalization” techniques to get products delivered faster. They’ve shifted to AI and robotics to match consumer expectations. And it works. It’s good. But…
Even though Amazon has such expansive warehouse distribution, it’s never going to be perfect. No matter what you have, logistics and robots, 90% will be good… but never 100%. The fully automated sci-fi future is still a ways away, so, for now, we need to be aware of the human element in delivery.
Drivers, both short and long-haul drivers, are a key human element in the delivery system. People are necessary to move products, either between warehouses or to someone’s front door. Working conditions are tough. There’s no time for breaks, and there are expectations to get packages to as many doors as possible every day. In California, an Amazon Delivery Service Partner organized a union with the Teamsters to secure safety protections and pay increases.
Related: ‘Amazon Is Too Big to Listen to Anyone’: Dum-Dums Says It Is Losing Millions to Amazon Seller Scam
My dad is a long-haul driver, and it takes a lot of planning to maintain any semblance of work-life balance. Just to be able to work out, he had to find a gym membership that had locations along his routes in New Jersey. The human element is a limit that can’t be pushed within the delivery infrastructure, or you run the risk of dehumanizing your workforce.
Drones have been talked about as an option for smaller products. Amazon even announced its new drone last year, but it is still limited in where and what it can deploy — it drops its payload from 12 feet in the air. There’s a “last meter problem” with drone delivery. It has to be safe for the package and everyone on the ground.
For now, drones will be expensive to monitor and maintain. DroneUp, a Walmart-backed startup, had to lay off part of its workforce, saying new hires will come in the future. Scaling drones to cover the delivery process will work eventually, but that will take time.
Where does that leave consumers today?
Do you remember back in 2020 when all anyone could talk about was the supply chain? Container rates were soaring. Delays at L.A.’s ports were growing. It was the only thing we could talk about — until we all stopped talking about it. For a moment, though, there was a collective understanding of how difficult it is to move products around the world.
Related: What Does ‘Free Shipping’ Really Mean for Retailers?
As the world slowly bounced back from Covid, and many businesses, like Amazon, came out on top with the monumental shift to buying online, consumers forgot about those supply chain woes. It’s easy to forget — until it starts to hurt their wallets.
And that’s precisely where they don’t want to feel it. Consumers don’t necessarily want fast. They want cheap. In a survey, shipping cost was 2.85 times more important than shipping speed. Consumers enjoy getting their products faster, but not at the expense of cost.
It’s a miracle that two, one, or same-day shipping is accomplishable. The amount of advancement in delivery capabilities and logistics in just the past ten years amazes me. I remember when a delivery taking four to six weeks was the average. As our expectations for quick delivery have been surpassed, it may mean we need to pump the brakes for infrastructure to catch up.
Maybe consumers learn to pay the extra price for delivery, or companies like Amazon and Walmart market a new, relaxed delivery tier; there are ways to put less stress on the system, and it may lie in putting the concept of “free” shipping to rest. Consumers need to know fast delivery isn’t magic and isn’t free.
Tyler Metcalf
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If you aspire to be an inclusive leader, there are opportunities in Juneteenth. As a White American who has been learning from and working alongside Black colleagues, friends, clients and family members for over 50 years, I offer four ideas about the power of Juneteenth for inclusive leaders.
Juneteenth is an opportunity to amplify the voices and experiences of Black people as all your colleagues learn to honor the day in 1865 when enslaved people in Galveston, TX, first heard that they had been legally freed by the 1862 Emancipation Proclamation issued by President Lincoln.
During this time of remembrance, we can ensure that we listen to, learn from and follow the agency of those among us who identify as Black or African American. Find the right way to engage with your Black colleagues. Make them visible, give them the mic and open the door to their stories and to systemic change that will help them. Make sure that the way your company recognizes Juneteenth reflects the amazing mix of their voices and their experiences. If you are Black, expect and ask allies to show up this way.
My truth: I have not always known how to truly hear my Black colleagues. I have failed at times to prioritize their voices. Mistakes are available for making, like the impulse to monetize Juneteenth. Instead, we can bring a solemn sense of respect and open-heartedness to this day.
Related: Beyond Marketing — How Brands Can Truly Support the Black Community on Juneteenth
If you identify as White or your racial identity is other than Black, Juneteenth also invites you to own your story. My ancestors were enslavers of African people and settlers on native lands, as I’ve detailed here.
Juneteenth encourages me to recommit to racial justice. This day of remembrance calls me to move beyond the shame I feel about what ‘my people’ did and keep doing as White supremacists and authentically serve as an accountable ally to Black people still navigating the impacts of slavery and discrimination. Juneteenth is a day for White people to learn history lessons and stand behind our Black colleagues, friends and customers by hearing their voices and following their lead.
In 1865, June 19th was a day people learned about freedom. In our time, the promise of freedom is still an essential American commitment, even though we fall short of this aspiration for all people in the USA. I grew up in a civil rights era that celebrated freedom riders, where the cry on the streets was “Let freedom ring.” It was a time that challenged the oppressive limitations imposed on Black Americans and many others.
Freedom is a human value that opens the door to each individual’s voice and enables choices for each human to make and enjoy. We must not take our freedoms for granted nor assume that everyone is free. Do you have a point of view in your business about how freedom fuels inclusion and builds belonging on your team?
To develop your point of view around freedom as an inclusive leader, I encourage you to explore Angela Davis’ book, The Meaning of Freedom. In the book’s Foreword, she is described as “one of the foremost philosophers of freedom in our time.” Ms. Davis’ life experience and her incisive mind equip her to draw many conclusions that were a disruptive revelation to me. Juneteenth should invite all of us to face up to her analysis as a thoughtful socialist.
Related: We Need Inclusive Leaders Right Now More Than Ever
There was a thirty-month gap between the time the Emancipation Proclamation freed enslaved people from living as property and them hearing about their changed status as “free” humans. Even now, it is telling and troubling that society was set up so that it took a powerful White man to declare them in possession of such a fundamental human right.
Yet there’s a wider application here regarding organizational life and how information is shared. We sometimes restrict truth and transparency around DEI, struggling to go beyond representational data in annual reports. We may fail to address real data points of suffering: for example, the frequent reality that Black employees receive lower performance ratings. Why does such a pervasive and impactful inequity exist, how will we solve it and how will we tell the truth about our learning as we do so?
I understand there are legal issues to be considered as we explore why people who identify as Black are consistently rated lower. But Juneteenth should welcome a courageous competence to become more transparent about the complex interactions between human performance and systemic racism.
There are also truths to tell about the stories of our societies. Teaching history is not an ideological act, nor a political position. A modern way to honor Juneteenth: we fight any attempt to stifle education about slavery, racism, anti-Semitism, misogyny, genocide, discrimination and other forms of hatred, past or present. How are you responding to any local attempts to suppress the truth and power that Juneteenth represents?
However we identify racially, Juneteenth can activate our learning as inclusive leaders. No one should have to wait thirty months for truths that can be heard, told, and acted upon today.
Chuck H. Shelton
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Recently, I sat down with a fellow entrepreneur to talk about his business. I asked what experiences I could share that would help him. He answered almost immediately: “I am struggling with getting my team to focus less on themselves and more on our customers and their needs.”
Specifically, he shared that many of his team’s meetings have nothing to do with the customer but instead are centered around the company, its people or policies. For example, deciding whether to create a nap room or provide pet maternity leave. Because he is in a creative field and we live in feel-good Portland, Oregon, my guess is that he has a bit of a headwind trying to guide his team to think less about employee perks and more about serving their customers.
I do have experience to share about fostering a customer-centric mindset.
I am a year and a half into building my third company. Over time, the companies my team and I build have evolved to become more and more customer-centric — and are experiencing greater and greater success largely because of that. This third company has the highest customer satisfaction ratings we have ever received.
We produced these results using three methods that promote a customer-centric mindset. The combination of the three essentially hard-codes the customer as the priority.
Related: 3 Ways to Build a Customer-Centric Company Culture
When I looked at my friend’s five core values, none even remotely involved the customer. They all focused on the types of people working there and their behavior mindsets mainly toward each other.
Two of our four core values are around customer service (“We Care” and “We Inspire 5-Star Reviews”). Customers see these show up in different ways, which helps us stand out compared to other companies. At team meetings, we often recognize examples of these two values, and all team members are rated on how they represent these values during their annual performance review.
It is a leader’s responsibility to ensure that the customer’s viewpoint is part of your core values discussion.
When we started the company, we held off-site meetings so the team could brainstorm our core values. While it is common practice during this exercise to identify what the best team members have in common and pick those as core values, it is also critical to consider the top three deliverables that customers value most and that make the company stand out from competitors. Then, identify specific, action-oriented core values that can deliver at the level required to achieve the vision and growth you outlined.
Though reworking core values can be very difficult, a values redux where as many as half of them focus on the customer or the types of characteristics that serve your customer best is key to enhancing company performance. Because core values function as your company’s DNA, this hardwires customer-oriented behaviors.
What processes or experiences would help team members understand your customer’s unique journey and therefore improve it? New team members have a fresh perspective that can provide value to your company. It’s up to you to leverage that.
We require new team members to blind-shop competitors — just like a new customer would. They complete a questionnaire about each competitor. During their orientation, I ask them to compare what they saw and experienced at our store versus competitors’ stores.
This not only enables them to experience being a customer of our product but also empowers them to use what they learned to help sell to our customers, having literally walked in their shoes.
Related: How to Become a More Customer-Centric Business in 5 Steps
Another powerful way to inspire customer-centricity is to encourage it through compensation. There are many different compensation structures to achieve this.
In our company, front-line team members are compensated in a number of ways. About 20% of their ongoing monetary compensation comes from a bonus pool tied to customer satisfaction. Their bonus percentage is calculated from the number of five-star reviews received and the percentage of promoters from our customer service survey.
Additionally, these satisfaction measures, combined with their annual review core values ratings, are utilized to determine their annual company profit-sharing allocation. There is no substitute for the power of this direct connection to happy customers. The happier our customers are, the more money front-line team members make.
When you created your company, did you do it solely to make employees happy? Probably not. More likely, you saw a need or problem and wanted to solve it to improve your customers’ lives.
That said, a great work environment and strong company culture are important, too. After all, superior customer satisfaction can’t be delivered unless your employees are happy — the two concepts are not mutually exclusive.
The connection between employee happiness and customer satisfaction is like a seesaw, requiring a delicate balance that each business leader must achieve on their own terms. As you calibrate where the weight will sit, remember that without happy customers, the company won’t survive very long.
A customer-centric perspective is key to long-term success, which enables the opportunity for ongoing employee satisfaction. When you empower employees to connect those two concepts through core values, walking in the customer’s shoes and compensation tied to customer satisfaction, you’ve implemented a trifecta of winning strategies that should hard-code your company to find its ideal equilibrium and thrive for decades.
Barry Raber
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What is customer service culture? It’s how your company looks at, treats, and engages with employees — or how it intends to do so. While ultimate results depend on individual customer-facing employee behaviors and the type of support delivered by back-office employees and technology, the source of these comes from the broader ethos that exists and either supports or sabotages excellent customer service performance and employee engagement.
In my work as a customer service consultant and transformation expert, I balance the time and resources I expend on more nuts-and-bolts efforts, such as customer service training and eLearning production, with the broader issues of creating the right supporting customer service culture. It’s truly that kind of important. Here are ten ways to drill down on what matters here and kickstart your cultural results.
Related: The Best Customer Service Companies Spend These 8 Minutes A Day Becoming Better Than the Rest of Us
This can be just a sentence long. Ideally, it encapsulates your company’s values and goals, particularly in how you strive to support your customers.
Think of the Mayo Clinic’s “The needs of the patients come first” or the type embraced by five-star and other luxury hotels, such as Four Seasons Hotel’s “We strive to treat guests as we’d like to be treated ourselves” or Fairmont Hotel’s “We turn moments into memories.” This should be something your staff can easily remember and embody in their day-to-day work, not a jargon-laden, pompous multi-page work destined to language in somebody’s drawer, never to be seen again.
This can be slightly longer but brief, containing 9-12 principles. Socialize these throughout your company by any means at your command. I’d suggest condoning that into a smaller format on a laminated accordion-folded business-size card for easy employee reference.
These principles should guide your staff in their customer interactions and remind them of what’s most important during their day-to-day work. (Sound silly? The Ritz-Carlton Hotel Company has taken this approach since 1983. Their accordion-folded business card — “the credo card” — is carried by every employee onsite and on the phones.)
Do this while emphasizing the importance of judgment calls and praising employees for exercising initiative. This helps to foster a sense of trust and autonomy among staff, which ultimately leads to better customer service for customers — in part because of the creativity it engenders in employees and in part because problems (and opportunities!) can be responded to in real-time by the first employee encountering them, no need for a customer to suffer through “I need to talk to my manager before I can help you that way.”
Related: Recommendations for Quality Customer Service
Focus on personality traits during employee selection rather than solely valuing skills and prior experience, as employees may have varying aptitudes for service. This is important because not everyone is cut out for customer service, and it’s more important to have empathetic, kind and willing employees to connect with customers genuinely.
Related: Stellar Customer Service Starts with the Hiring Process
Involve the CEO or senior leadership in onboarding new hires to emphasize the importance of service from the start. This helps to demonstrate the importance that your business places on great service, which permeates across your organization. When employees see that their CEO or other senior-level leadership prioritizes service excellence, it can help to instill a sense of ownership and value among employees.
I recommend keeping it to 8 minutes or less! In this ritual, discuss a single principle of customer service excellence and recognize the great service provided by employees. This is another excellent way to reinforce values and create a positive feedback loop for employees. By discussing customer service best practices in a daily huddle or similar team meeting, you can help to foster a culture of continuous improvement.
Related: The Best Customer Service Companies Spend These 8 Minutes A Day Becoming Better Than the Rest of Us
Manage from the floor to lend support to your service culture as well as to provide an opportunity for “instant correction.” Leading by example is critical when it comes to customer service. You can’t expect employees to prioritize service if they don’t see you doing it yourself. By getting out of your office and interacting with customers, you can demonstrate the importance of service to your employees and show them what it looks like in practice. Just as important, seeing, in real time, how your frontlines practice customer service can make all the difference, as it allows you the chance to correct missteps before they fester and ultimately become the norm.
This ensures that all employees have the tools to deliver the best service. Be sure this includes “situational empathy” training and the all-important training in service recovery (working with upset customers) that will allow success in even the thorniest situations. My company offers training that includes all the above, with an exclusive focus on customer service and the culture in which it resides.
This ethos is where everyone pitches in, including senior staff, to get things done. When employees see that senior staff is willing to roll up their sleeves and help out as needed, it can help to foster a sense of teamwork and collaboration. (Think of Disney: how anyone, even a suit-wearing executive, will pause their walk through the park to address the litter they encounter.). In addition, during busy periods or difficult service scenarios, it can be beneficial for everyone to pitch in and lend a hand — both due to the effort expended and the morale boost it can lead to.
Nothing can be more frustrating for a well-meaning customer-facing employee than to have to solve the same issue repeatedly or to work with cumbersome tools when that employee has an idea for how to improve.
By implementing these customer service culture catalysts, you can create a foundation for superior customer service and employee engagement to help your company succeed. These tactics require dedication and attention over the long term — creating a culture of service excellence is an ongoing commitment that requires continuous refinement and improvement. But the payoff can be significant: happier customers, engaged employees, and a better bottom line.
Micah Solomon
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In the past, society broadly — and entrepreneurs specifically — tended to embrace the capitalist rubric of “profit at all costs.” However, growing income inequality and increasing awareness of sustainability and employee well-being are fueling real change. Increasingly, altruism offers a better path for leaders to build resilient, future-proof enterprises.
Here’s how.
Words people first associate with for-profit structures likely don’t include altruism. On the contrary, the average person might offer diametrically opposed qualities, like greed and avarice. Unfortunately, this perception often perpetuates a dog-eat-dog culture, and the plain truth is that finding ways to embrace altruism as a core business value can fuel both broad societal good as well as revenue.
People’s frustration with greed is growing, and they’re expressing it in various ways. As reported in a 2021 article in The Washington Post, employee loyalty is at an all-time low, reflective in part of the fact that the average worker typically receives little more than a paycheck in exchange for work. Largely gone are the days of fringe benefits, pension plans and generous vacation time allocations.
Moreover, anxiety about growing economic inequality is increasing. Wealth disparities in countries like the U.S. are greater than ever, leading populations to face the possibility of their children winding up worse off than they are. In response, people are starting to think more broadly and deeply about how companies’ values reflect their own.
One result of this is the growth of a new economic segment: the socially-conscious consumer. Among other qualities, these people think about the concept of wealth in wider terms than the simple accumulation of material things and are increasingly demanding that employers reflect this outlook. A remarkable 2022 Qualtrics survey found that 56% of respondents “…wouldn’t even consider a job at a company that has values they disagree with, while a 2020 CNBC/Momentive survey found that “40% of workers say they would likely quit their job if their organization took a stand on a political issue they do not agree with.”
In other words, we’re witnessing the growth of altruism in the business world from the ground up.
Related: 18 Business Leaders on Creating an Inclusive and Equitable Society
Entrepreneurs have much to gain from making a practice of disinterested and selfless concern. In doing so, they can generate tremendous value within companies, enhance employee loyalty and engender public trust, gaining significant advantages over firms still prioritizing the bottom line above all else.
Here are a few ways to make it a core business practice:
Our world is already changing, with consumers, employees and the general public demanding more from companies. Entrepreneurs can embrace this change and use it to build entities that stand the test of time. “Doing well by doing good” has the potential to not only produce financial success but also create a more fulfilling and meaningful entrepreneurial journey — with benefits that include increased employee loyalty and public trust, as well as a growing market of socially-conscious consumers.
Here are some additional strategies for integrating this spirit into entrepreneurial ventures:
Chris Porteous
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Illumina CEO Francis deSouza Resigns Amid Regulatory Hurdles, Proxy Fight
By Joe Hoppe
Diageo said Friday that interim Chief Executive Officer Debra Crew has been appointed CEO, effective as of Thursday.
The London-based maker of Johnnie Walker Scotch whisky, Guinness stout and Smirnoff vodka had named Crew interim CEO on Monday, ahead of her planned joining date as CEO in July 1.
On Wednesday, Diageo said that longtime chief executive, Ivan Menezes, died after a short illness. He was 63.
Crew first joined the liquor giant as a nonexecutive director in 2019 before stepping down from the board the following year to lead the company’s business in North America, its largest market. She was promoted to chief operating officer in October 2022.
Write to Joe Hoppe at joseph.hoppe@wsj.com
Opinions expressed by Entrepreneur contributors are their own.
If you’re a manager or HR professional, you know that keeping employees engaged and motivated is extremely important to the success of your organization. One powerful way to do this is through employee recognition programs. Strategic employee recognition programs can help create a positive work environment and promote a culture of appreciation and excellence.
Simply put, employee recognition programs reward and acknowledge employees for their contributions and achievements. This can take many forms, from traditional bonuses and raises to non-monetary rewards like extra time off or public recognition. The key is tailoring the recognition to the individual and their accomplishments.
So, how can you create an employee recognition program that is both strategic and effective? Here are some tips to consider:
One of the keys to a successful employee recognition program is setting clear and measurable goals. What do you hope to achieve with your program? Are you looking to increase employee engagement? Improve performance? Reduce turnover? Whatever your goals, it’s essential to define them upfront and track your progress along the way.
Effective employee recognition programs are aligned with company culture and values. In other words, the recognition should reflect the behaviors and achievements that are most important to your organization. This will help reinforce your company’s values and build a strong culture of appreciation and recognition.
Fairness and transparency are essential components of any successful employee recognition program. Employees need to know that the program is objective and everyone has an equal opportunity to be recognized. Transparency also helps build trust and credibility with employees, which is critical for long-term success.
Related: How to Recognize Burnout in Your Employees
Timely and specific feedback is another important best practice for employee recognition programs. Employees must know what they’re being recognized for and why it matters. Providing feedback promptly also helps reinforce positive behaviors and encourages employees to continue performing at a high level.
Offering various recognition options can help ensure that everyone feels valued and appreciated. Some employees prefer public recognition, while others prefer a more private approach. By offering different options, you can accommodate different preferences and help ensure everyone feels included.
Related: The 4 Pillars of Employee Appreciation
Peer-to-peer recognition is a meaningful way to build a culture of appreciation and recognition. Encourage employees to recognize and appreciate each other’s contributions through a peer-to-peer recognition program. This can take various forms, such as a shout-out board, a virtual recognition platform or even a weekly newsletter. This can help foster a sense of teamwork and collaboration while also boosting morale and engagement.
Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment
Technology can be a powerful tool for streamlining and enhancing employee recognition programs. Online platforms and mobile apps can make recognizing and rewarding employees easier, tracking progress, and analyzing data. They can also make the program more accessible and engaging for employees.
Instead of offering generic rewards or gift cards, consider tailoring rewards to each employee’s preferences and goals. For example, you could offer a book on a topic they’re interested in, a fitness class pass, or a donation to their favorite charity. This shows that you value their individuality and care about their well-being beyond work.
Related: 4 Ways Employee Incentives Can Drive Engagement and Retention
Instead of focusing solely on performance metrics, recognize employees’ skills and talents that contribute to the team’s success. For example, you could offer a “problem-solving champion” award, a “creative thinker” award, or a “team player” award. This highlights the unique value each employee brings to the team and encourages continuous learning and growth.
Sometimes the most valuable form of recognition is flexibility and autonomy. Allowing employees to work on projects they’re passionate about, pursue their interests, or work from home can show that you trust and respect their abilities. This can improve their work-life balance and lead to increased productivity and loyalty.
A successful program is built on the foundation of honesty and transparency. One of the key takeaways is the importance of seeking concrete information and avoiding guessing. It’s crucial to clearly understand what motivates employees and design recognition programs that align with those motivations.
At the heart of any successful employee recognition program is the ability to accurately track and measure performance metrics. That’s where Hana Retail comes in. Hana Retail is a powerful retail POS system that offers a wide range of features designed to help you manage your business more efficiently.
Murali Nethi
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In the continuously-evolving digital landscape of today, efficiency is everything, and businesses must strive to optimize wherever possible to remain competitive. It stands to reason that enterprises worldwide strive to engage in data-driven decision-making wherever possible. In a world where 90% of all data is unstructured, however, this can be more challenging than it sounds.
To gain maximal value from the information they already possess, a growing contingent of enterprises is attempting to leverage AI-powered digitization to streamline operations and drive growth and development. However, this brings with it a range of potential risks and challenges.
As a CMO, I’m well attuned to the potential pitfalls of AI adoption, and my experiences have taught me the importance of having the right strategy in place to deal with digitization issues as they occur. I will outline the benefits that digitization can bring to a business and offer strategies to help enterprises maximize the potential of AI-powered digitization while minimizing potential risks.
Related: Businesses are Struggling. This Technology is Set to Spark a Revolution for Business
In this day and age, the case for digitization is an easy one to make.
First and foremost, the digitization of resources enables a greater degree of flexibility within an organization. When information has been successfully digitized, it can be viewed from anywhere, at any time, on any supported device. At a time when remote working arrangements are on the uptick, making resources accessible in this way can be a huge boon from a productivity standpoint. Moreover, since digital resources are easily searchable, employees can find what they need more quickly than ever before, thus boosting efficiency.
A digitized database also allows for better decision-making. By enabling more effective data gathering and analysis, digitization can empower management to gain deeper insights into company performance. From there, they can focus on specific processes to optimize and allocate resources more accurately to fit the priorities of the enterprise and achieve its goals more effectively. Finally, digitization also helps to dissolve organizational silos. Enterprises can ensure that teams can share information easily by converting informational resources into a centralized digital database. The result is better organization alignment, improved collaboration between teams and a better, more coherent customer experience.
AI-driven digitization is a worthwhile endeavor for enterprises that can pull it off successfully. However, doing so is no easy task, and many businesses encounter certain dangers along the way. Let’s outline those dangers and how enterprises can overcome them to gain maximal benefit from AI.
To use AI-powered digitization to drive success, an enterprise must have a strong data governance foundation in place, as those lacking a strong data governance framework can quickly run into issues.
Poor data quality and inefficient data integration, for instance, can result in inaccurate or incomplete data, which can compromise the utility and effectiveness of AI-based systems within an organization. Additionally, AI models may seek access to sensitive data, which can bring about privacy concerns.
To prevent such issues, enterprises must establish clear policies and processes for managing data quality, privacy and security before embarking on their digitization journeys. By doing so, they can establish a clearly-defined framework that enables them to gain refined, actionable insights from their data assets.
Similarly, it is imperative to establish mechanisms and procedures for monitoring and auditing data governance practices. Those that do this can ensure that their data governance remains congruent with the evolving needs of the enterprise, thereby preserving the effectiveness of AI systems/
When attempting to leverage AI for the digitization of data assets, there are several ethical considerations that enterprises must contend with.
Aside from concerns about privacy and consent when collecting data, there is also the question of data biases to consider. AI can unintentionally bring about unfair or discriminatory outcomes when specific elements of a dataset are weighted disproportionately. Suffice it to say this is counterproductive, so it is essential to set up a framework for identifying and mitigating biases in data. Enterprises can ensure that their AI systems draw accurate, unbiased conclusions through bias assessment and regular auditing.
Additionally, it is important to remember that AI tools are just that — tools — and humans should take accountability for their use. By clearly outlining where accountability lies, enterprises can ensure that AI-power tools supplement human capabilities and judgment rather than supplant them. Furthermore, by creating a comprehensive human review framework, it’s possible to minimize human errors and prevent AI from arriving at unethical decisions.
Related: 7 Digital-Transformation Trends to Watch
When implementing AI-power digitization, workforce adaptability should be a serious concern. After all, for an organization to get maximal benefit from AI applications, each of its members needs to understand its role and use fully.
In preparation for digitization, enterprises should seek to invest in AI training for employees. This will allow them to gain insights into the technology’s purpose and develop the competencies necessary to leverage it in the workplace.
By conducting a thorough performance analysis, management should be able to identify relevant skill gaps in employees and provide them with the tools and resources they need for proper onboarding. Additionally, it’s advisable to set up clear communication channels for employees to air any issues. This will not only enable smoother onboarding with AI technologies but also ensure that there is a framework in place should the organization need to investigate potential issues down the line.
Introducing AI-driven digitization to an enterprise also brings several security concerns to the fore. Chiefly, the increased dependency on AI-powered systems may make an enterprise a more likely target for a data breach. Additionally, AI models may have inherent weaknesses that can be exploited for nefarious purposes.
As such, having the right security measures in place is key. Implementing strong encryption, access controls, and multi-factor authentication on company systems can help to mitigate some of the risks associated with AI-powered digitization. In addition, enterprises can train employees to maintain data handling best practices to create a security-conscious culture. Lastly, organizations should confer with cybersecurity experts and perform adversarial testing to identify potential weaknesses.
Related: How AI Is Shaping the Cybersecurity Landscape — Exploring the Advantages and Limitations
AI-powered digitization presents modern enterprises with enormous opportunities for optimization and growth. To fully reap the rewards of this digitization, however, these businesses must mitigate the risks of relying on AI-powered data systems. That means establishing strong data governance, addressing ethical considerations, empowering workforce adaptability and implementing comprehensive cybersecurity measures. By taking these steps, enterprises can use AI-driven digitization to unlock their latent potential, enabling them to achieve new levels of success.
Alon Ghelber
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GameStop Shares Fall as It Terminates CEO and Ryan Cohen Becomes Executive Chairman
Opinions expressed by Entrepreneur contributors are their own.
The ongoing training and development of today’s workforce will play a crucial role in organizational growth, innovation and sustainability. LinkedIn Learning’s 2023 Workplace Learning report, Building an Agile Future, found that the C-suite’s top priority is motivating and engaging employees. Since it’s anticipated by the 2021 World Economic Forum Report that all employees around the world will need to be reskilled by 2025 and by 2030, more than 85 million jobs are anticipated to go unfilled because there aren’t enough skilled people to take them, organizations have to make talent development a key priority agenda. Investments made today by business leaders in their workforce will save millions in the future.
In addition to turning staff into organizational superstars, today, learning and development (L&D) teams, must find ways to enhance employee engagement in flexible work environments, create learning experiences that can serve as a recruitment tool, and move beyond knowledge transfer to truly expanding capabilities and shifting organizational culture. That’s a tall (and expensive) order for any well-staffed L&D department, and even more of a challenge when there’s a knowledge gap in your current L&D team or when you don’t have one at all.
To meet the current and growing demands to create learning programs that drive results, organizations must spend considerable revenue creating and ensuring their L&D departments are appropriately staffed. However, external trainers can save money by negating the cost of hiring and training new staff and utilizing external trainers can drive considerable behavioral changes necessary to see a lasting impact on learning outcomes. Here are three reasons why.
External trainers bring a wealth of expertise and experience to the table, which organizations can instantly access. According to a Training Industry, Inc. report, 87% of organizations using external trainers say they do so to access specialized expertise and knowledge. “External trainers can provide a fresh perspective and expertise that might not be available internally. They can help organizations stay current and competitive.” External trainers and consultants have worked with various organizations and have experience with what works and what doesn’t. Because of their real-world experience, they can offer valuable insights and advice on the most effective training methods and strategies in the volatile, complex, and ambiguous environment organizations are currently navigating. Their experience rolling out leadership development initiatives, as both a trainer and experienced leaders themselves, makes it easy to identify areas for improvement that they may have overlooked. By leveraging the expertise and experience of external trainers, organizations can save money, as much as 30%, and by avoiding costly mistakes and implementing best practices. A Society for Human Resource Management study found that 72% of organizations say that using external trainers and consultants helps them stay competitive.
Related: How Business Leaders Can Keep Employees Engaged
There are five must-have elements in creating a leadership development program that drives results: customizable, measurable, integrated, applicable and experiential. Customized training helps the company’s workforce perform more effectively and efficiently, which leads to better results. To advance innovation, research by McKinsey urges L&D to stop creating one-off training that checks the box but doesn’t effect long-term change, but rather “invest in leadership-development experiences that are emotional, sensory, and create aha moments.” Learning experiences that are immersive and engaging are remembered more clearly and for a longer time. Human behaviors aren’t easily shifted overnight, and tailored training programs, customized to fit the organization’s unique requirements and goals, make employees more likely to retain and apply the information they learn in their work, resulting in better performance and increased productivity. Utilizing external trainers in this regard can also help break up groupthink and stagnation, dramatically affecting company culture and innovation. Personalized learning is no longer just a buzzword in L&D. It’s essential to how adults learn, engage today’s workforce and drive business outcomes.
External trainers provide accountability and follow-up to ensure practical training drives behavioral change. In Brandon Hall Group’s Transforming Learning for the Future of Work study, the number three challenge facing L&D teams is that “they don’t know how to measure learning well enough to ensure the future skills development needed will be achieved.” To create these on-demand learning experiences in response to the changing landscape in the workplace, L&D departments can find themselves cramming too much information into a single training session. There needs to be more time to engage in effective follow-up to reinforce the learning and ensure it is applied consistently, which can be problematic if there’s a lack of staff or expertise within L&D teams. Accountability and follow-up ensure any training initiatives are not just one-time events but an ongoing learning and developmental process that leads to real behavioral change. Training strategies must be built around opportunities with time to practice newly learned skills and less time introducing new concepts. External trainers are equipped to build accountability mechanisms necessary to reinforce the learning content, making it a part of leaders’ day-to-day work, as well as track their ongoing progress because they’re not being pulled in multiple directions or by numerous priorities. By providing sustainable accountability and follow-up, external trainers can again help organizations save money by ensuring that the training is practical and retained leading to desired outcomes and results. According to research by Deloitte,” organizations with strong learning cultures are better equipped to handle change, stay competitive, and drive innovation.”
Related: 12 Ways You Can Immediately Start To Motivate Your Employees
The Ken Blanchard Companies surveyed over 700 leadership, learning, and talent development professionals to discover how they deal with changes in the work environment and what they are doing from an HR and L&D perspective. They found that 79% of respondents think it will be harder to retain their best people in 2023 due to limited budgets and a lack of resources to develop good content. Bringing on external trainers will help avoid missed opportunities and lost revenue.
A delay in implementing key training initiatives can increase manager and employee frustration, and decrease retention and productivity which can significantly impact an organization’s bottom line. You also run the risk of employees continually reinforcing bad habits or incorrect techniques that will cost more time, effort, and money to undo. Not to mention what organizations stand to lose in potential business or market share due to a lack of skilled essential employees. According to Korn Ferry, the cost of delay, if left unchecked, could cost about $8.5 trillion in unrealized annual revenue.
Learning cultures are essential for the modern organization. In fact, since 2022, 72% of organizations have made learning and development a strategic and critical function. Investing in L&D empowers employees, improves retention, changes culture, unlocks innovation and significantly impacts the bottom line. By leveraging the expertise of external trainers, their ability to customize programming, provide accountability and follow-up, and drive real behavioral change, L&D can meet their current and future employee skill development needs in real-time by making an investment that will not only save them time and money but will ensure a viable workforce for the future.
What areas of expertise are you lacking internally on your learning and development teams, and how can external trainers help fill these gaps? What potential costs and missed opportunities have your organization already experienced by delaying training and development initiatives? How can you better prioritize your training and development budget to ensure you invest in the support needed to deliver on any mandated initiatives? Are you prepared for the massive upskilling and reskilling needs within your organization? These are just a few questions that may indicate it’s time to invest in external trainers.
Dr. Carol Parker Walsh
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GameStop Corp. fired Chief Executive Matthew Furlong on Wednesday and said that its board had elected activist investor Ryan Cohen as its executive chairman, effective immediately.
Shares of the videogame retailer and meme stock sank 19% after hours following the brief press release detailing the move. That release did not offer a reason for Furlong’s firing and was made shortly ahead of the chain’s quarterly results.
GameStop
GME,
in its earnings release, said it would not be holding a conference call to discuss those results. But in a filing detailing those financials, the company said Cohen’s leadership would be good for shareholders.
“We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen’s leadership will further unlock long-term value creation for our stockholders,” GameStop said.
Cohen, the co-founder and former CEO of online pet-supplies retailer Chewy Inc.
CHWY,
became GameStop’s board chairman in 2021, after joining the board that year and building up a stake in the company earlier. His influence at the company, as the Wall Street Journal reported in 2021, led to feuding with management and an explosion in popularity among the meme traders who helped launch GameStop’s stock higher. He also amassed and then sold off a stake in Bed Bath & Beyond, the home-goods retailer that is in the process of closing up shop.
GameStop announced the move on Wednesday as it struggles to put up a consistent profit and tries to cut costs. Under Cohen’s control, the company has redoubled its focus on physical stores — as more of the gaming industry becomes more online and mobile — after initially making a bigger push toward e-commerce.
GameStop, in a separate filing on Wednesday, said Cohen’s responsibilities would include “capital allocation, evaluating potential investments and acquisitions, and overseeing the managers of the company’s holdings.”
In that filing, GameStop said that Furlong was fired without cause. According to his offer letter in 2021, Furlong is due any unvested stock that would have vested in the next six months. According to the terms outlined in that letter, Furlong would have been eligible to receive nearly $2.5 million in stock in August. He’ll also receive $100,000 in base salary. The filing also said Furlong had resigned as a company director.
The company also said it appointed Mark Robinson as its general manager and principal executive officer. Robinson has worked as vice president and general counsel at the company since January 2022, and held other roles at GameStop since 2015, the filing said.
GameStop also said it appointed Alain Attal as the lead independent director of the board and dissolved the Strategic Planning and Capital Allocation Committee.
For its first quarter, GameStop reported a net loss of $50.5 million, or 17 cents a share — far narrower than the $157.9 million, or 52 cents a share, in the same quarter last year. Net sales were $1.24 billion, down from $1.38 billion in the prior-year quarter. GameStop ended the quarter with cash and cash equivalents of $1.06 billion.
Popular videogames, such as “The Legend of Zelda: Tears of the Kingdom” and “Hogwarts Legacy,” seem likely to help GameStop’s sales up ahead. And the company has cut costs in an effort to improve profitability.
The company reported a profit in the prior quarter, helped by holiday-season demand. Still, the two analysts polled by FactSet don’t expect another profitable quarter until this year’s holiday quarter.
Wedbush analyst Michael Pachter, in a note last week, noted that broader challenges for the retailer include “a shift towards digital, mobile and subscription software (and away from the traditional packaged business).”
GameStop shares are down 29% over the past 12 months. By comparison, the S&P 500 Index
SPX,
is up 2.7% over that period.
Jeremy Owens contributed to this story.
Opinions expressed by Entrepreneur contributors are their own.
In today’s fast-paced professional world, effective communication skills are essential for success. Whether a manager, an employee, or an entrepreneur, our ability to convey ideas, collaborate with others, and build relationships can make or break our career. Our company recently surveyed over 1,200 full-time working Americans and found that 85% of them would be significantly better at their job if they had access to better communication training, yet 75% of those individuals had never even been offered communication training at their current job.
That’s why attending at least one communication training should be a priority for everyone in a professional job. In this article, I will explore why honing our communication skills is crucial and how attending training sessions (free or paid) can benefit our careers.
Related: Effective Communication Is Something You Learn, Not Something You’re Born With
Communication is the cornerstone of any successful relationship, both personal and professional. Attending communication training gives us the tools and techniques to foster positive and productive relationships with colleagues, clients and superiors. We will learn how to listen actively, express ourselves clearly and assertively, and resolve conflicts constructively. These skills enhance teamwork and collaboration and establish a foundation of trust and respect.
Effective leaders are excellent communicators. They can inspire, motivate, and guide their teams toward shared goals. Communication training equips professionals with the skills to communicate their vision, set clear expectations, provide feedback and delegate tasks effectively. By improving our communication skills, we will become more influential and respected leader, capable of driving our team’s success.
Miscommunication can lead to costly mistakes, wasted time, and missed opportunities. By attending communication training, professionals can learn strategies for clear and concise communication, improving overall productivity and efficiency in the workplace. We can discover effective email and written communication techniques, learn how to conduct impactful meetings and master the art of delivering presentations that engage and inspire. These skills enable us to convey our ideas more efficiently, resulting in enhanced collaboration and smoother workflows.
Related: The Role of Effective Communication in Entrepreneurial Success
Networking plays a crucial role in career advancement and opportunities. Attending communication training workshops allows professionals to sharpen their networking skills. We will learn how to initiate conversations, make memorable first impressions and develop meaningful connections. Effective communication opens doors to new career prospects, mentorship opportunities and partnerships that can propel our professional growth.
Negotiation is an integral part of the professional world. Whether we are discussing project timelines, budgets, or contract terms, the ability to negotiate effectively is essential. Communication training equips professionals with valuable negotiation techniques, teaching them to understand others’ perspectives, communicate their interests persuasively and reach mutually beneficial agreements. By honing our negotiation skills, we can achieve better outcomes in both personal and professional interactions.
Related: 8 Negotiating Tactics Every Successful Entrepreneur Has Mastered
Confidence in one’s communication abilities has a profound impact on professional success. Attending communication training provides professionals opportunities to practice and receive feedback in a supportive environment. Your confidence grows as you improve your communication skills, allowing us to present ideas convincingly, engage in challenging conversations and handle difficult situations with poise. Increased confidence in our communication skills translates into increased self-assurance, positively impacting our career trajectory.
Related: 9 Best Practices to Improve Your Communication Skills and Become a More Effective Leader
To identify the best communication training, consider the following five criteria:
Consistent practice and real-world application are crucial to improving your communication skills. Seek opportunities to implement what you’ve learned from training programs in your everyday interactions.
There are many reputable and good communication training programs you can take and offer (from free to paid) that can help you enhance your public speaking and communication skills in the professional world:
Effective communication has become a non-negotiable skill for professionals in the digital age. Attending communication training can transform your ability to connect, collaborate and lead. By enhancing interpersonal relationships, developing strong negotiation skills and increasing productivity, professionals can unlock new levels of success in their careers.
Ryan Avery
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Opinions expressed by Entrepreneur contributors are their own.
As the economic climate continues to fluctuate and uncertainty prevails, the only thing startup founders should be doing is ensuring their survival. In a downturn, having solid financials is not enough — you need to be visible. Without effective visibility and publicity, even the most profitable and financially healthy companies may struggle to attract the attention of potential investors.
In more prosperous times, startups could often capitalize on the market as VCs are flush with capital. However, with funds harder to come by, founders must actively seek ways to create a halo effect, induce FOMO (fear of missing out) and signal they’re a worthy investment.
Time and time again, visibility has proven to be tied to positive financial outcomes and success. I’ve been asked by many founders how they can generate visibility successfully and quickly, and here are my tips.
Related: How to Increase Your Visibility Online and Attract More Clients
Stay connected with your community and consistently update them on your progress. Leverage every single channel in your arsenal (Twitter, LinkedIn, Instagram and TikTok if relevant) to create consistent excitement around revenue traction, noteworthy achievements or milestones and unique insights you’ve gained while building your business. Challenge yourself to post two to three times per week across all channels. Don’t decide between channels — in 2023, you have to execute on all of them. Consistency is key.
Don’t forget to highlight your team. Investors should be able to see a strong, capable team behind any startup, not only a leader. I most like the combination of seeing practical tips, insights from team building and team celebrations together with transparent metrics that showcase the direction of the business.
Who is the incumbent in your industry? Challenging the market leader is a high-reward strategy for generating visibility. By taking a contrarian stance or disagreeing with industry giants, you can get a reaction out of investors and other stakeholders and get them to pay attention. Leverage the power of controversy to differentiate yourself from the competition.
For example, You.com is an artificial intelligence search engine that’s positioned themselves as taking on Google and Microsoft in the current AI arms race and has gotten a lot of attention as a result of it. Sam Altman’s contrarian tweet on the role of VC generated almost two million views and got the attention of Vinod Khosla, Paul Graham, Alexis Ohanian and others. Elon Musk is marred in controversy every day but the reality is that people care about his actions.
Rather than relying on traditional paid campaigns, which can be expensive and often have limited impact, partner with emerging artists and niche influencers to create more creative and engaging content. Louis Vuitton is a stellar example — its recent collaboration with artist Yayoi Kusama was wildly successful as much as it was unexpected, marrying the fashion house’s iconic LV logo with Kusama’s signature bright polka dots. It was worn by celebrities and enabled both brands to tap into new audiences. I’m surprised tech brands aren’t doing similar collaborations.
My advice is to find emerging artists and creatives that are relevant to your niche. Work with them on a campaign or co-host events, dinners and other experiences to showcase your company in an engaging way. I recommend that most campaigns combine a strong collaboration with surprising but relevant influencers together with a top media outlet writing an exclusive.
Related: How to Skyrocket Your Business to the Top With Thought Leadership and Visibility
When you help consumers become smarter, they’ll never forget it. Helping your customers learn and grow will help you create a loyal community that organically spreads the word about your company on social media. Provide educational resources, host workshops and create interactive experiences.
For example, Skye, a leadership coaching marketplace, recently hosted their Limitless Summit; speakers included the CEO of Myers Briggs, CEO of Handshake, Meta’s director of global L&D, VCs and executive coaches who did workshops on navigating conflict, cultivating culture at scale, the physiology of brain health and wellbeing, building transformational companies and more. By educating consumers and thereby building a meaningful community with high stickiness, this has helped the company attract investors who are not only looking for financial returns but also to support companies that are making a positive impact in the world.
Go for an unexpected design when it comes to external-facing materials, whether it’s your website, pitch deck, marketing collateral, social media posts and others. Specifically for investors, your pitch deck is often the first point of contact. Alongside a fantastic team and promising traction, a visually striking and creatively designed deck and website are sometimes the deciding factors on whether I take a meeting.
Consider incorporating bold colors, interactive elements and intuitive navigation to create an engaging user experience that reflects your brand’s personality. Remember, in a downturn, standing out is crucial and an unexpected design can be the catalyst that draws investors and customers in.
Related: 7 Shortcuts to Build Early Visibility For Your Brand
Host events and invite people from unexpected diverse backgrounds to participate in captivating discussions. By inviting speakers and attendees who may not typically be part of your industry or network, unexpected magic can happen. It’s not as hard as you’d think: imagine bringing together artists, scientists, actors, photographers and lawyers all together at the table with technologists for a dynamic exchange of ideas and cross-pollination of knowledge. This can lead to new opportunities for collaboration and growth and, most importantly, for inspiration and insights that you’ll be remembered for.
Masha Bucher
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Opinions expressed by Entrepreneur contributors are their own.
As someone who is a huge tech enthusiast, I have been privileged to witness the continuous evolution of technology throughout my career. From groundbreaking innovations like the iPhone to cutting-edge advancements like 5G, the pace at which our world changes never ceases to amaze me. However, amidst this ever-changing landscape, one particular technology has captured my attention and sparked my curiosity: generative artificial intelligence (AI).
Generative AI, at its core, is a remarkable fusion of human ingenuity and machine learning. Its capacity to go beyond our preconceived limits and generate, imagine and produce is truly awe-inspiring. As someone who has always been captivated by the transformative potential of AI in various industries, encountering generative AI took my fascination to an entirely new level.
When I first witnessed the capabilities of generative AI, I was left in awe. It’s almost as if the AI possesses its own inherent creative instincts, blurring the boundaries between the realms of human imagination and machine intelligence. While the notion of machines creating art, music, or writing that can rival human creativity might appear daunting to some, with fears of the automation apocalypse rampant, I think otherwise.
In the 2023 edition of its annual Future of Jobs Report, the World Economic Forum reports that out of the 803 businesses that it surveyed from around the world, 25% believe that the integration of AI tech will lead to job losses, while 50% believe that it will create job growth. AI can only replace humans if you think it will and stop progressing and upskilling alongside it.
The potential for AI to push the boundaries of what we thought was possible is truly inspiring, and that can be illustrated in the way that it can reimagine the 9-to-5 workday.
Related: Why Are So Many Companies Afraid of Generative AI?
The traditional 9-to-5 work schedule has long been the standard in the corporate world, but with the rapid advancements in artificial intelligence (AI), the concept of “clocking in” and “clocking out” is undergoing a profound transformation. AI technologies are revolutionizing work, allowing flexibility, personalized schedules and reimagining the traditional workday.
Every position within every organization holds the potential for reinvention. Accenture conducted a manual assessment of 200 language-related tasks to gauge the impact of generative AI. The aim was to identify which tasks were more likely to be automated or augmented through AI. The results showed that generative AI is projected to influence approximately 40% of individuals’ working hours.
In this article, we will explore how AI is reshaping the 9-to-5 paradigm and empowering individuals to “flex out” of rigid work schedules
Related: How ChatGPT and Generative AI Can Transform the Way You Run Your Business
Within any given role, generative AI will help automate certain tasks while others will be assisted, freeing up individuals to focus on more meaningful endeavors. Rather than being bound by inflexible schedules, workers now have the chance to embrace flexible work setups that cater to their personal preferences and productivity patterns. Companies can optimize workflows, automate repetitive tasks and streamline processes, increasing employee flexibility.
Additionally, there will be tasks that remain unaffected by the technology. The advent of generative AI will also usher in many new responsibilities for human workers, such as ensuring the responsible and accurate utilization of new AI-powered systems. This contributes to creating new job roles like AI system managers, AI ethics experts and prompt engineers.
AI has also played a crucial role in facilitating the surge of remote work, granting individuals the freedom to work from any corner of the globe. The advancements in communication and collaboration technologies, combined with AI-driven virtual meeting platforms, have simplified the process of remote collaboration for professionals.
The flexibility offered by AI-powered remote work helps eliminate the need for lengthy commutes, reduces overhead costs for companies, and expands opportunities for individuals in remote locations. Moreover, AI-enabled remote work allows organizations to tap into a global talent pool, accessing a diverse range of skill sets and perspectives that can fuel innovation and foster growth.
Related: How The AI Revolution Is Liberating Workers from the Office
The conventional 9-to-5 work model frequently falls short when it comes to striking a healthy work-life balance. AI is helping reshape this paradigm, granting individuals the liberty to manage their time in a manner that aligns with their personal obligations and outside responsibilities. Nobel Prize-winning economist Christopher Pissarides believes that AI can enable humans to work just four days a week.
With the aid of AI, flexible work schedules empower individuals to allocate dedicated time to personal endeavors like quality family moments, pursuing hobbies, or prioritizing self-care activities. By nurturing a more harmonious work-life balance, AI isn’t just bolstering employee satisfaction and well-being but also improving productivity and overall job performance.
With the continuous advancement of AI, the inflexible 9-to-5 work model is gradually being replaced by a more adaptable and personalized approach. Professionals now have the chance to break free from the confines of the traditional workday structure.
Embracing this transformation facilitated by AI can result in heightened productivity, increased job satisfaction, and a more balanced and fulfilling work-life equilibrium. As we progress, it becomes crucial for individuals and organizations to harness the potential of AI to reshape work hours and unlock the full capabilities of the modern workforce.
Asim Rais Siddiqui
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Opinions expressed by Entrepreneur contributors are their own.
In a world striving for inclusivity and acceptance, becoming an ally to the LGBTQ+ (lesbian, gay, bisexual, transgender, queer, questioning and more) community is an essential step toward fostering equality and creating a more inclusive society. Allies play a crucial role in promoting acceptance, advocating for equal rights and challenging discriminatory attitudes and behaviors during Pride Month and beyond.
Yet recent actions from Bud Light and Target brands have created more polarization and fear in engaging in this important conversation. Now more than ever we need our allies to support the LGBTQ+ community. True allyship is not “rainbow washing” with support only in June — it is consistent, intentional actions year-round.
For individuals, effective allyship requires supporting the LGBTQ+ community with empathy, educating yourself and taking meaningful action. For organizations, allyship means standing with the LGBTQ+ community on issues affecting them, having an inclusive environment where people can share their identities freely and measuring progress on their DEI initiatives.
Related: 4 Commitments All Truly Inclusive Leaders Must Follow
Approach conversations with an open mind and be ready to listen and learn from the experiences of LGBTQ+ individuals. Be respectful, ask questions when appropriate and strive to understand the perspectives of others different from yourself. Avoid making assumptions or relying on stereotypes. Recognize that each person’s experiences are unique, and their individual stories and identities deserve to be heard and respected.
One of the first steps to becoming an effective ally is educating yourself about LGBTQ+ issues, terminology and history. Read books, articles and research to gain a better understanding of different sexual orientations, gender identities and the challenges faced by the community. Educate yourself on the struggles and victories of LGBTQ+ activists throughout history, as well as current social and legal issues affecting the community.
One of the most impactful actions we can take is with our words. Language has a powerful impact on how we perceive and treat others. Familiarize yourself with inclusive language and pronouns, including using “they/them” when referring to someone whose gender identity you are unsure of. Respect the chosen names and pronouns of individuals, and avoid using slurs or derogatory language. By using inclusive language, you create a safe and welcoming environment for everyone.
As an ally, it is essential to actively challenge discrimination and prejudice whenever you encounter it. This includes addressing offensive jokes or derogatory comments, whether they are made in person or online. Speak up in support of LGBTQ+ rights and equality, and use your voice to amplify their voices. Engage in constructive conversations to help educate others and debunk common misconceptions.
Supporting LGBTQ+ organizations is a tangible way to make a difference. Volunteer your time, donate funds or participate in events that promote equality and advocate for LGBTQ+ rights. This support can help provide resources, counseling and safe spaces for LGBTQ+ individuals who may be facing challenges or discrimination. There are a number of organizations to support year-round:
Related: Brands Want to Tell Stories of Inclusion. Marketing Leaders Should Listen Instead.
Leaders need to use their privilege and influence to advocate for LGBTQ+ rights and equality. Leaders go first and provide resources and education to their teams throughout the year so that they can facilitate an inclusive environment. The LGBTQ+ community is a substantial part of your workforce, especially for younger generations, and 40% of employees hide their LGBTQ+ identity at work.
People are looking to business leaders to drive social change. Leaders that create an inclusive environment where people can bring their best selves benefit from higher rates of productivity, innovation and business results. Inclusive leadership is about psychological safety and ensuring people feel comfortable confronting microaggressions or non-inclusive behaviors. Organizations need to hold their leaders accountable for inclusion through representation and inclusion perception data.
The Human Rights Campaign (HRC) has a Corporate Equality Index (CEI): The HRC annually publishes the CEI, which rates major companies and law firms on their LGBTQ+ inclusive policies and practices. The index examines non-discrimination policies, benefits and protections for LGBTQ+ employees, diversity and inclusion initiatives and public engagement on LGBTQ+ issues. Organizations that want to be inclusive year-round participate in the index and strive to improve their scores year over year.
Standing with the LGBTQ+ community is an ongoing journey of growth and self-reflection. Organizations will make mistakes along the way and need to be open to learning from them. Be receptive to feedback from the LGBTQ+ community and adjust your actions accordingly. Understand that allyship is not about receiving recognition but about supporting and uplifting marginalized voices.
Becoming an ally to the LGBTQ+ community requires supporting the LGBTQ+ community with empathy, educating yourself and taking meaningful action. For organizations, allyship means standing with the LGBTQ+ community on issues affecting them, having an inclusive environment where people can share their identities freely and measuring progress on their DEI initiatives.
Julie Kratz
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Opinions expressed by Entrepreneur contributors are their own.
Business owners and managers are always looking for ways to boost productivity in the workplace. A company can’t succeed unless everyone is motivated and willing to work hard to achieve shared goals. Being hyper-critical and micromanaging your team often backfires and makes employees feel more stressed and resentful.
Instead, you should work toward creating a happy workplace, relaxed environment where everyone feels valued and appreciated. Happiness and productivity are known to go hand in hand. So, if you want to see revenue increase and goals met at a faster pace, don’t just look at the bottom line but also consider the attitudes and mindset of your team. Here are a few tips to help you do so.
When a colleague does something that makes your day, be sure to let them know. Everyone loves to feel appreciated, yet far too many people neglect the simple acts of kindness that make others feel like their effort is being valued.
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It could be work-related or any simple gesture that helped you out. They may have offered to chip in on a project to help you meet a deadline or met their work goals for the month. Any positive action, no matter how small, should be acknowledged with positive feedback to encourage similar behavior in the future. If it’s something small, a simple thank you may suffice, but if it’s more significant, you may consider sending them a card or a modest gift. Just be sure to be specific about what they did and how it affected you.
In addition to providing positive feedback, you should also congratulate colleagues on any wins or achievements. No one wants to feel like their hard work is going unacknowledged, especially in the workplace. So, take the time to give recognition for employee achievements — large or small. Maybe they exceeded their monthly sales goals or brought in a new client.
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No matter what the victory, make sure to acknowledge it and encourage them to keep it up. A simple email may suffice, or if possible, congratulate them in person. You may even consider hosting a regular meeting to acknowledge staff accomplishments. But don’t sandwich it in between feedback and requested improvements – let the kudos stand on their own and find a different way to address improvement if necessary.
Humans are social creatures, and we thrive when working in groups. So, make an effort to create shared plans and communicate goals and expectations. Employees can quickly become frustrated and stressed out if they feel they need a clearer sense of what is expected from them, or they can’t effectively communicate with colleagues and management. So, creating shared plans helps to ensure employees aren’t wasting time trying to figure out how to best serve the company or team. It also helps encourage teamwork and collaboration so that no one feels isolated or left out of the decision-making process.
Communication is essential to a happy, productive workplace, so encourage open dialogue between employees, management, and other key partners. Have regular conversations about the team’s progress and get feedback on what works well and what can be improved.
Set aside time at your regular staff meetings to answer a few questions:
Keep in mind that email and conversation are essential aspects of a healthy work-social life, but too much socializing can reduce focus. Also, remember that breaks are scientifically proven to improve focus in the long run. However, you must be strategic about when and what types of breaks you employ to improve productivity and avoid creating unnecessary distractions.
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When creating this open dialogue, try to center it around how the group can improve and not single out particular individuals. That will make it easier to provide constructive criticism without feeling like you’re chastising anyone in particular.
Finally, you should also prioritize discussing goals for productivity and happiness in the workplace. While it’s essential to set objectives related to earning or completing tasks to keep everyone on track, this shouldn’t be your only concern. Also, discuss ways you can improve the workplace’s overall happiness and comfort level by eliciting feedback from your staff.
You could set a goal of hosting one pizza party per month or regularly recognize one person in the office for their hard work. Once you realize that happiness and productivity go hand in hand, you’ll start making a consistent effort to improve the mindset and well-being of your team. Everyone will be more productive if they feel their personal source of happiness is being recognized and fed.
ReadWrite.com
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Opinions expressed by Entrepreneur contributors are their own.
Startup businesses face a unique environment when it comes to adding the talent it needs during their earliest stages of operations. Of course, hiring a few full-time employees seems wise, but if a nascent business grows too quickly, salary spend might outstrip its initial funding sources. Too many staffing-related expenses remain a leading cause of startup failure especially when considering the difficulties encountered in hiring technology professionals.
Related to that last point, even with rumors of a recession and the wide publicity of various tech layoffs, the current IT job market still greatly favors candidates. This situation makes any staffing process fraught with risk. Spending vital capital on a hiring effort that results in little success is something nascent businesses need to avoid.
As such, any startup must consider leveraging the staff augmentation approach for at least some of its early hiring needs. Adopting this strategy provides a supply of talent at a fraction of the cost compared to onboarding full-time employees. It gives an emerging business the critical brainpower and budget flexibility it needs to improve its chances of success. So let’s take a closer look at both approaches to see what makes sense for your startup.
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A startup using a traditional staffing approach takes a measure of comfort in its straightforward methodology. Your new company simply posts a job ad detailing the requirements of your opening. However, depending on the reach of your advertising, you might be faced with hundreds of candidates that need to be analyzed. This situation becomes a drain on resources for startups lacking a full HR department.
Simply having to parse through a massive number of résumés requires a significant amount of effort from a startup’s management team. Productivity for entrepreneurs is critical, and this is time better spent vetting business ideas or developing the requirements for the new business’s first minimum-viable product. Once again, adopting this traditional staffing approach might not even result in any successful hires, wasting the time and resources of a business that needs to limit its capital spending. In a startup’s earliest stages, only consider using it for a few key hires and ensure you work with a strategic HR team to hire team members who believe in your company’s values, which a Gallup poll finds is important for 1 in every 4 employees.
Strategic flexibility within startups is a core advantage impacting exploratory innovation, but by the same token, startups also need flexibility to ensure they have the right level of resources at the right time to escalate development, drive growth and advance at key times. When using a staff augmentation strategy, a startup typically adds talent on a temporary basis to meet a specific need. This might be someone with certain tech experience, like AI and machine learning, that your new business wants to complete a project. It also provides a way to try out a candidate on your team before potentially offering them a permanent position.
It ultimately helps the startup scale up its operations in a responsible and manageable manner, especially compared to engaging in risky staffing processes that result in few meaningful hires. This approach remains more conservative and wise when considering the revenue-limited status of most new businesses. Of course, using contract professionals also saves money when compared to the full salaries and benefits packages of a permanent hire.
Typically, a startup works with a managed staffing services provider or a startup studio operating as an agency builder for access to contract professionals on a staff augmentation basis. Building a partnership with a talent provider ensures they understand your business’s specific needs and office culture. It ultimately ensures a good fit between a startup and its temporary workers.
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Of course, startups gain a myriad of other benefits by adopting a staff augmentation approach for their talent needs. For example, many new businesses lack mature processes or even the concept of a productive team. When partnering with an agency builder as a source for staff augmentation professionals, you have the option to onboard an entire project team. This approach adds extra synergies related to collaboration, ensuring an efficient project highlighted by focused teamwork.
Additionally, staff augmentation lets your startup quickly close a critical skills gap on an important project. If the startup’s core business idea involves a mobile app with real-time data analytics powered by machine learning, onboard an entire team with tangible skills and experience, developing, training and deploying ML models. It keeps your project on target and also lets your permanent employees gain valuable experience working with top-shelf software engineers with significant AI experience.
Trying to find a similar team-based talent influx when engaged in a traditional hiring process remains effectively impossible. Your startup might make a permanent hire or two, but these new employees still need to learn how to work effectively as a team.
In the end, staff augmentation for startups provides the flexibility they need to thrive during their early operations. They save money while still benefiting from the top-shelf technology talent many new businesses struggle to hire. Startups now boast the seamless scalability to grow in a measured manner — neither too quickly nor too slow. It’s the right approach for any new business looking for the greatest chance at success.
Andrew Amann
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