Price Increases & Why You Should Tell Your Customers

/in /by

Covid restrictions are lifting in some parts of the world and the economy is booming in some sectors. Some labour and material costs are rising due to shortages, as is customer demand. Many brands have a high pricing power at the moment, making price hikes almost inevitable. Brand managers may be clued in on the size of their price increase, but it’s no easy matter to communicate this unwelcome news to customers.

Many companies, and even entire industries, routinely raise prices without ever telling customers. In the consumer-packaged goods space, for instance, it is common practice to reduce quantity (the grammage of a package, item count, etc.) and maintain the price. This increases the per-unit amount paid by shoppers but keeps the more visible package price unchanged. Alternatively, brands may cut down on trade promotions and other forms of discounting, raising prices indirectly. For instance, when faced with a shortage and soaring prices for chicken, KFC recently removed in-store promotions for its crowd-pleasing $30 fill-up bucket.

Whatever the reason for your price increase, how you communicate the news is just as important as planning the increase itself. Your communications need to provide clients with detailed information, address questions and concerns, and reinforce your value as their chosen service provider. 

However, these below-the-radar options are unavailable for products sold with subscriptions, leases, or contracts. In these cases, the manager must communicate to customers that prices have increased before the next billing cycle. This task is mined with pitfalls. When performed poorly, the news can lead to undesirable outcomes like customer complaints, social media outrage, and even worse, having to walk back the price increase, or losing customers altogether.

To avoid such fiascos and to blunt customer resentment, here are three actions that managers should take when communicating a price increase. They are backed by evidence found in academic research and shared experiences from working with companies.

Call the action what it is: a price increase

In emails and letters to customers, well-loved brands such as Netflix, Microsoft, Sling, and YouTube TV have all referred to a price increase as “updating price” or “adjusting price” in the past. This is common practice because managers are naturally reluctant to tell customers they are raising prices. While this may seem like a small thing, euphemistic messaging can cause serious harm, fraying the relationship with loyal customers. Decades worth of consumer psychology research has consistently found that attempts to obfuscate bad news rarely pay off for brands. Customers know that brands are trying to influence their opinions and behaviour and appreciate it when they use helpful, transparent, and informative influence methods.

Authenticity and honesty matter to customers, especially for bad news. When a brand uses a euphemism to convey a price increase, it does not distract customers or dilute the negative impact of the news, as managers may believe. Instead, it arouses suspicion, making recipients more vigilant and critical of the information contained in the announcement. Some customers may interpret the euphemistic phrasing as talking down to them. It may stoke indignation in others, leading to venting on social media and the potential to snowball into widespread anger. Even customers who are on the brand’s side may feel that they are being deceived. Where communicating price increases, it is best to call it what it is: a price increase.

Avoid apologising & over-explaining

Increasing prices is a standard part of running a growing business, and enables a company to continually provide better services over the long term. Rate fluctuations naturally follow a company’s growth plan. Nobody can grow by staying static. While it can be tempting to provide long-winded explanations and apologies for increasing your rates, giving too much information can take away from the key message you’re trying to communicate and ultimately confuse your clients. In addition, apologising could send a signal that the price increase will negatively impact your clients and/or that you’re not confident in the increased value you’re providing. 

When communicating a price increase to customers, ensure that your messaging only contains essential information and avoid adding unnecessary details. Don’t be afraid to own your decision! 

Offer plenty of advance notice

Although price increases are an expected part of doing business, it is important to give your clients sufficient time to process the information and potentially look at other service providers offering lower or competitive rates. (Depending on the significance of the increase, your clients may be required to secure additional approval or funding to continue to do business with you – especially if the business is facing challenges.)

To help your clients feel valued and give them time to make any necessary changes on their end, provide as much notice as possible before the price increase will come into effect. If you’re able to provide a few months’ notice, consider following up with a reminder closer to the effective date (either via email or over the phone) so the price change – and any consequential business changes – doesn’t turn into a last-minute disaster. 

Prove that the Price Increase Is for the Customers

The most effective price increase communications are customer-centric. They provide a value narrative — a vivid and compelling story for why the price is being increased that focuses on customer value. As an example, when United Airlines raised prices of its United Club membership, the company provided this explanation:

“To provide a more productive and relaxing experience, we’re investing more than $100 million in renovating existing locations and building new spaces with expanded seating areas, more power outlets and upgraded Wi-Fi. We’re also investing in a brand new complimentary food menu that you can now find at most of our hub locations across the U.S. and will be available soon at the rest of our locations.”

This explanation tells United Club members that prices are increasing to give them more benefits they’ve been asking for. A compelling value narrative establishes the sequence of actions for the price increase. It starts with customer feedback, then leads to identifying unmet needs, is followed by a significant investment by the brand, which results in new features, and finally culminates in the delivery of benefits that customers value.

As the United Airlines communication illustrates, the value narrative is concise — only a few sentences long. But it provides a credible explanation for the price increase that resonates with core customers. Most importantly, it places the customer at the centre of the price increase story, linking the price increase to substantial added customer value. A well-crafted value narrative conveys to customers that the brand has undertaken the effort to understand how its customers derive value and factored this knowledge into the pricing process.

At its essence that managers should approach the unpleasant task of communicating a price increase to customers with the same degree of sincerity, attention to detail, and customer focus that they bring to other brand-building projects like introducing new features or extending product lines. Such effort will be rewarded with a price increase that sticks and customers that feel like valued partners of an authentic brand with their interests in mind.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.thebalancesmb.com/how-to-sell-a-price-increase-to-your-customers-2948463
https://www.workflowmax.com/blog/youve-decided-to-raise-your-rates-now-how-do-you-tell-your-clients
https://hbr.org/2021/06/if-youre-going-to-raise-prices-tell-customers-why

Organisational Change: High-Risk – High-Reward & How to Do It Right

/in /by

Most organisational change efforts take longer and cost more money than leaders and managers anticipate. In fact, research from McKinsey & Company shows that 70% of all transformations fail. Why does this happen though?

For many reasons: a weak culture that isn’t aligned with the mission, leadership misalignment, lack of participation and buy-in, under-communicating a powerful vision, over-communicating a poor vision, competing priorities, not enough training or resources, and so on. But one very critical roadblock standing in the way of bringing a change vision to fruition is what experts call ‘change battle fatigue’. Change battle fatigue is the result of many elements such as past failures plaguing the minds of employees, the sacrifices made during the arduous change process, and rollout strategies taking longer than anticipated. When a transformation is poorly led, fatigue can set in quickly.

And not only do 70% of organisational change fails, but that failure rate may even be increasing. According to older but still very relevant 2008 research from IBM, the need to lead change is growing, but our ability to fulfill a change vision is shrinking. Hence why people often get discouraged and eventually give up. Even when companies make great strides while building a change culture and preparing for the ‘change battle’, fatigue can derail even the most valiant efforts for change—essentially leading to losing the ‘change battle’.

It’s difficult for managers and staff to get motivated when they believe that the latest ‘new initiative’ being preached from above is going to die just like the last one—no matter what they do. Furthermore, fear makes change intensely personal. People become concerned about their jobs, families, and long-term career path. When people are afraid, most can’t hear or think as well. It’s much harder for them to absorb important information when panic starts to set in. This can be a big distraction that undermines the team’s ability to focus and stay productive. And times of change are when you need them more focused than ever.

Thus, the often-cited failure rate of organisational change continues to hover around 70%. If you’ve got a major change on the horizon, here’s how to avoid the most common ‘saboteurs’ of organisational change.

Underestimating the work

Simply put, most leaders want organisational change to be easier than it is. By its nature, transformational change creates discontinuity because it touches the entire company. In the case of a financial services company, shifting from product to service centricity meant every aspect of the organisation, from sales to operations, is going to be touched by the need for change.

By contrast, incremental change — for example, implementing a new technology platform or launching a new product — touches discrete aspects of the organisation. Most companies makee the same mistake: They assume that a larger volume of incremental changes would add up to a complete transformation. Henceforth, they spray the organisation with numerous, disconnected initiatives whose efforts weren’t coordinated, that were actually under-resourced for what they were expected to deliver, and whose project leaders lacked the authority to make material decisions or impose consequences on those unwilling to cooperate. Instead of accelerated change, the result was obstructed change — a system clogged with an overload of disparate efforts that everyone stopped caring about.

A multifaceted transformational change needs to be appropriately scoped, resourced, and integrated. Every initiative must be linked to every other initiative. In the case of most organisations, efforts to market the benefits of newly positioned services need to be synchronised with the efforts of operations people to actually deliver those services. Messages to customers needed to sync with new skills those delivering the services needed to acquire. Centralised services from corporate needed to work closely with local branch offices’ ability to customise services. And it all needs to be sequenced and paced in a way the organisation could productively absorb. Once these efforts are appropriately integrated, means and ends will begin to match, and real organisational change eventually aligns with the messages.

Creating Cultural Experiences That Support The Vision

Cultural experiences are imperative to instill the proper mindsets and beliefs that drive actions that get results. What are cultural experiences? They can be anything from how people interact, the work environment, how the company approaches its customers, company meetings and events, hiring mechanism, to where people sit.

There are four types of cultural experiences as they relate to organisational change:

(1) positively impact change and needs no interpretation;

(2) positively impact change but needs more interpretation to engage the team;

(3) has no positive or negative impact the change effort;

(4) has a negative impact on the organisation.

Type 1 and type 2 cultural experiences help drive engagement and belief in the mission. They keep the team energised.

Emotional Intelligence & Increasing Situational Awareness

In combat, situational awareness is an obvious necessity. Not always easily achieved but a constant priority requiring good communication and leadership at every level. Situational awareness at the individual level could also be described as self-awareness – a key component of emotional intelligence.

Emotional intelligence is widely known to be a key component of effective leadership, especially when navigating change and uncertainty. The ability to be perceptively in tune with yourself and your emotions, as well as having sound situational awareness, can be a powerful tool for leading a team in VUCA (volatile, uncertain, complex, ambiguous) environments. The act of knowing, understanding, and responding to emotions, overcoming stress in the moment, and being aware of how your words and actions affect others is described as emotional intelligence. Emotional intelligence consists of these four attributes: self-awareness, self-management, social awareness, and relationship management.

For example, a study of over forty Fortune 500 companies showed that salespeople with high emotional intelligence outperformed those with low to medium emotional intelligence by 50%. The same study showed that technical programmers who fell in the top 10% of emotional intelligence competencies were producing new software at a rate three times faster than those who fell in the lower ratings.

Emotional intelligence also improves employee satisfaction, something vitally important during any change effort. A West Coast bank was forced to cut almost one-third of its staff due to the economic downturn back in 2008. Determined to survive the ‘change battle’, the leadership team invested in assessing the remaining staff for their levels of emotional intelligence. The results supported their transformation goals to ensure they not only had the right people on the bus but that those people were in the right seats—doing jobs best suited to their capabilities. The company survived and is now more productive and more profitable with fewer employees.

It’s hard to make organisational change turn out the way you want to. But by doing your due diligence and creating the plan that makes the most sense for your company, you’ll increase the chances your change management efforts are successful. As a result, you’ll have a strong, healthy company that’s well-positioned to keep dominating for some time to come.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://hbr.org/2021/04/how-leaders-get-in-the-way-of-organizational-change
https://www.pulselearning.com/blog/6-steps-effective-organizational-change-management/
https://www.tinypulse.com/blog/sk-successful-organizational-change-examples

Developing Better Apprenticeship Programmes

/in /by

As economies recalibrate from the shocks imposed by the COVID-19 pandemic, leaders in the public and private sectors are swiftly trying to reimagine how people should navigate the labour market, whether it is an apprenticeship, mid-level or corporate level management.

Among other things, the economic tumult has exposed a clear disconnect between higher education and workforce development. In this new age of precarity, consumers will need sure-fire means to acquire the skills necessary to become productive employees, while employers will require reliable information to compare and hire the right talent. 

This has motivated providers, non-profits, and policymakers alike to create new models and mechanisms that will increase trust and accountability between education providers and employers and allow consumers, employers, legislators, and investors to navigate the postsecondary marketplace with confidence.

The Education Quality Outcomes Standards Board (EQOS) has created a robust Quality Assurance Framework in order to address these key issues. By pioneering a universal, outcomes-based standards framework for postsecondary education and training programmes, EQOS is strengthening the connection between higher education and workforce development and empowering all stakeholders to make informed choices.

During 2020, EQOS launched a number of partnerships with innovative postsecondary providers to pilot the Quality Assurance Framework by collecting and reporting their student outcomes data. During 2020, EQOS launched a number of partnerships with innovative postsecondary providers to pilot the Quality Assurance Framework by collecting and reporting their student outcomes data. The framework provides a clear, consistent way to compare the results data of all kinds of postsecondary programmes. Having that data allows learners, states, employers, and others to identify and support the most successful programmes.

There is strong evidence that work-based learning helps to equip young people with the skills that can improve their employability and ease the transition from school to work. Onsite work and mentoring are the core of the training model that today’s entry-level workers need in order to build and sustain lifelong careers. Strategically designed apprenticeship programs aggregate, monitor, and streamline the changing inputs and relationships required to promote workers and pave paths of sustainable employment. University graduates have become unemployable in some countries, even while jobs go unfilled.

Businesses worldwide lack skilled workers, even as unemployment—particularly among the young—is high. Too few skilled workers means that projects sit idle and revenue growth falls short of potential. Therefore, an apprenticeship combined with on-the-job training programmes make good sense for companies that need middle-level skilled workers.

An apprenticeship that involves mentoring provides young people with the frame of reference they need to forge a sustainable path, including networks and training resources. Hybrid training, from one-on-one development to being on the job, bridges school and the world of work. Programmes keep individuals motivated and plugged into hiring employers.

Not only does an apprenticeship help equip a workforce with the practical skills and qualifications needed within an organisation, they can also contribute to the productivity, growth and overall success of a business. Here are four ways a business could benefit by getting on-board apprenticeship programmes:

Career-focused development

Apprenticeships provide a great opportunity for employers to develop, nurture and grow a more qualified workforce aligned to their future strategy. Using a combination of best practice, theory and on-site application, leadership and management capabilities within your business can be improved, so that your people will lead in new and improved ways.

Additionally, they also provide an effective way to ensure the future leaders and managers of your organisation develop the right skills to contribute to the growth and improvement of the business. After all, leadership and management are key to helping businesses achieve sustainability.

Greater innovation

Apprenticeships can help all types of business, big or small, across a range of sectors harness fresh new talent. As apprentices come from a range of diverse backgrounds, from aspiring managers to those with more experience under their belt, new innovative ideas and approaches are often brought to the business which help drive it forward.

Additionally, throughout an apprenticeship, individuals are encouraged to develop creative thinking skills and strategies, enabling them to think outside of the box. Leaders are responsible for the environment they create; they are the role models of the behaviours they want in their teams.

Therefore, it goes without saying that leadership and management development is a key driver in embedding a culture of innovation into an organisation.

Increased staff loyalty and retention

Investing in the development of employees can have a real positive impact on the morale of the workplace. Apprentices have an appetite for development, and when given that opportunity, they are likely to be more eager, motivated and loyal to the company.

This motivation and positivity from business leaders will cause a radiating effect amongst other employees, meaning the whole business will benefit as a result.

Additionally, offering existing staff the opportunity to develop through a leadership and management apprenticeship demonstrates that you are willing to invest in their future. This can help employees to see their job as a career and prolong their time at the company, increasing retention.

Improved bottom line

Developing staff through apprenticeship programmes can generate a real return on investment for many businesses. An apprenticeship is a great way to grow your team while keeping staff costs down, proving to be more cost effective than hiring skilled staff due to lower overall training and recruitment costs.

Additionally, as staff become better skilled and gain greater understanding of the wider business throughout the programme, confidence and independent thinking will develop. This can contribute to the generation of new ideas and suggestions such as improvements to business processes or strategies. Which, in turn can have a positive impact on productivity and efficiency in the business, thus reducing costs.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.forbes.com/sites/gradsoflife/2021/04/06/tracking-outcomes-toward-better-apprenticeships/?sh=649293113252
https://www.gov.uk/government/news/building-back-better-with-apprenticeships
https://www.skillsforcare.org.uk/About/Blog/Article/Apprenticeships-a-valuable-approach-to-developing-your-workforce.aspx

2 Questions that Are Vital If You Want to Be a Better Leader

/in /by

Being a leader is a great privilege that brings with it great responsibility. As a leader, you are often the first to receive the credit and almost always the first to receive the blame. Your position is both demanding and rewarding and requires great skill and balance. You are expected to build authentic relationships, maintain confidentiality, develop your team and meet your goals. Your communication must be strong, and your time management must be masterful.  You need to effectively delegate, problem solve, strategise, manage conflict and prioritise. People expect you to be engaging but serious, charismatic but sincere, confident but humble, and transparent but discreet. It is one of the most challenging and rewarding positions you can have, and it is replete with great joys and deep challenges.

The few leaders who are lucky enough to receive training on how to be a leader often attend a one-time seminar or class that focuses heavily on skill acquisition. This is a good place to start but an insufficient one to begin and end. The development of leadership skills is most certainly necessary to become a strong leader, but it is hardly a one-shot deal. Mastering the skills required of leadership is a lifelong endeavour and should be treated as such with consistent training, application, support and coaching. Further, honing these skills is just one of the components of becoming a strong leader. The other component is comprised of mindset, desire and investment required of a leader. Without a leader’s mindset, skill mastery becomes largely irrelevant. Being a leader requires the mindset of a leader.

In 2017, after nearly a decade spent building Uber into a household brand, Travis Kalanick yielded to pressure from investors who demanded that he step down as CEO. Shortly before offering his resignation, the scandal-plagued founder issued a statement: “For the first time I’ve been willing to admit that I need leadership help.”

That was too little too late. And for such once-great commercial giants as Kodak, Blockbuster, and Blackberry, the unwillingness to solicit advice or consider potential pitfalls resulted in not only personal but corporate catastrophe.

Two thousand years ago, two great academies of study debated the ancient laws of the Judean commonwealth. History records that the scholars of the House of Hillel and the House of Shammai argued with one another so passionately it was as if “they fought with swords and spears.” Each school had its own angle on higher truth, and each was committed to preserving the integrity of Jewish legal tradition.

But when they left the study hall, they were fast friends. They married their sons and daughters to each other. Their different visions never became personal. And, occasionally, one school convinced the other that it was wrong.

Ultimately, it was the opinions of the House of Hillel that prevailed, and later authorities explain why. Not only did the scholars of Hillel always record the opinions held by the scholars of Shammai along with their own—they always recorded the opposition opinions first.

Only when we understand the other side of any argument can we truly understand our own. That’s why intellectual integrity demands that we ask ourselves these two questions:

  • If I don’t understand why you believe what you believe, how can I be sure that you’re wrong?
  • If I don’t understand why you might reasonably disagree with me, how can I be sure that I’m right?

It’s important to note that leadership is not management. And the satisfaction you derive from being a leader has nothing to do with monetary bonuses and everything to do with purpose.

Why do you want to become a leader?

If you lack purpose or drive, there’s no reason for you to become a leader. You might as well do something else. Because at its core, leadership requires sacrifice, and if you don’t have a strong sense of purpose and an unfailable drive, none of the things you sacrifice will mean anything.

Without these two quintessential characteristics, you’ll come to resent the role as well as the people that you lead. For those who have a strong sense of purpose, they are more than willing to go the extra mile — to go out on a limb for those we lead. It’s an inexplicable feeling, but all great leaders have it.

Many people realise that they’re not leadership material. And that is ok, don’t let anyone judge you because that’s indicative of great self-awareness. It’s also one less person who will potentially take a leadership position to use it for selfish gain.

As a leader, when you encourage underlings to propose new ideas, challenge conventional thinking, and argue against the status quo, you are not promoting insurrection. Just the opposite. You are forging a culture of creativity, mutual respect, and intellectual integrity, one in which every contribution is valued and where a commitment to sound decision-making overrides investment in ego or personal prestige. And that will drive you and your organization relentlessly toward success, not occasionally, but always.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.bngteam.com/blog/top-4-leadership-questions-ask-every-day/
https://letsgrowleaders.com/2019/11/07/7-questions-to-ask-yourself-to-be-a-better-leader/
https://www.coburgbanks.co.uk/blog/assessing-applicants/21-tough-interview-questions-that-reveal-true-leadership-potential/

Collaboration with Competitors: Organisational Destruction or Evolution?

/in /by

Collaboration between competitors has been in fashion for quite some time. Back at the end of the 1980s, General Motors and Toyota assemble automobiles, Siemens and Philips develop semiconductors, Canon supplies photocopiers to Kodak, France’s Thomson and Japan’s JVC manufacture videocassette recorders. But the spread of what we call “competitive collaboration”—joint ventures, outsourcing agreements, product licensings, cooperative research—has triggered unease about the long-term consequences. A strategic alliance can strengthen both companies against outsiders even as it weakens one partner vis-à-vis the other. In particular, alliances between Asian companies and Western rivals seem to work against the Western partner. Cooperation becomes a low-cost route for new competitors to gain technology and market access. ICL, the British computer company, could not have developed its current generation of mainframes without Fujitsu. Motorola needs Toshiba’s distribution capacity to break into the Japanese semiconductor market. Time is another critical factor. Alliances can provide shortcuts for Western companies racing to improve their production efficiency and quality control. Yet the case for collaboration is stronger than ever. It takes so much money to develop new products and to penetrate new markets that few companies can go it alone in every situation. The risks of collaborating with rivals might seem daunting, but a study
by the Multidisciplinary Digital Publishing Institute finds the benefits are likely to outweigh any disadvantages. The study found that this kind of collaborative competition, when it lasted from three to five years, had more than a 50% chance of mutually reducing company costs.

“Nowadays, the best partner might be your direct competitor,” says Paavo Ritala, a professor of Strategy and Innovation at LUT University of Technology in Finland. “Competitors tend to face similar markets and use similar resources and technologies. They typically have to deal with similar challenges at large. Thus, with rising costs of R&D and globalizing competition, it often makes sense to collaborate with competitors on product development, innovation and joint manufacturing.”  Another example is, YouTube and Vimeo have a similar relationship. During an innovation panel at the 2019 ForbesWomen Summit, Vimeo CEO Anjali Sud shared that the video platform joined forces with YouTube, one of its main competitors by allowing creators to publish their videos to YouTube, as well as to other video platforms.

The term “coopetition” whilst explaining a relatively contemporary idea, has been coined back in 1996 by Yale School of Management professor Barry Nalebuff and NYU Stern School of Business professor Adam M. Brandenburger when they noticed an increasing number of these kinds of partnerships among rivals, especially in the digital space, and set out to research the theory that turned into their book “Co-Opetition”.

The Role of Sales Enablement Technology

Collaboration serves to leverage the internal pool of talent, knowledge, and experience but also improves internal communication and empowers employees. The result is a boost in productivity, efficiency, and effectiveness, driving results. Technology empowers today’s workforces by connecting more employees than ever before. A sales enablement tool such as Seismic improves marketing and sales collaboration and communication by using real-time data from best practices and peers to determine what content is most effective at progressing deals and generating the highest ROI and then surfacing recommended content based on the Salesforce record and provide recommended sales collateral within their currently workflow.

For example, Seismic can integrate wherever your sellers work such as the CRM email and Slack. This allows sales reps to deliver the right message at the right time and allows them to remain focused on sales objectives, rather than on how to out-perform their peers.

How to Build Secure Defenses

For collaboration to succeed, each partner must contribute something distinctive: basic research, product development skills, manufacturing capacity, access to distribution. The challenge is to share enough skills to create advantage vis-à-vis companies outside the alliance while preventing a wholesale transfer of core skills to the partner. This is a very thin line to walk. Companies must carefully select what skills and technologies they pass to their partners. They must develop safeguards against unintended, informal transfers of information. The goal is to limit the transparency of their operations.

Western companies face an inherent disadvantage because their skills are generally more vulnerable to transfer. The magnet that attracts so many companies to alliances with Asian competitors is their manufacturing excellence—a competence that is less transferable than most. Just-in-time inventory systems and quality circles can be imitated, but this is like pulling a few threads out of an oriental carpet. Manufacturing excellence is a complex web of employee training, integration with suppliers, statistical process controls, employee involvement, value engineering, and design for manufacture. It is difficult to extract such a subtle competence in any sort of way.

So companies must take steps to limit transparency. One approach is to limit the scope of the formal agreement. It might cover a single technology rather than an entire range of technologies; part of a product line rather than the entire line; distribution in a limited number of markets or for a limited period of time. Moreover, agreements should establish specific performance requirements. Motorola, for example, takes an incremental, incentive-based approach to technology transfer in its venture with Toshiba. The agreement calls for Motorola to release its microprocessor technology incrementally as Toshiba delivers on its promise to increase Motorola’s penetration in the Japanese semiconductor market. The greater Motorola’s market share, the greater Toshiba’s access to Motorola’s technology.  

Enhance the Capacity to Learn

Whether collaboration leads to competitive surrender or revitalization depends foremost on what employees believe the purpose of the alliance to be. It is self-evident: to learn, one must want to learn. Western companies won’t realize the full benefits of competitive collaboration until they overcome an arrogance borne of decades of leadership. In short, Western companies must be more receptive. Learning begins at the top. Senior management must be committed to enhancing their companies’ skills as well as to avoiding financial risk. But most learning takes place at the lower levels of an alliance. Operating employees not only represent the front lines in an effective defense but also play a vital role in acquiring knowledge. They must be well briefed on the partner’s strengths and weaknesses and understand how acquiring particular skills will bolster their company’s competitive position.

Competitive benchmarking is a tradition in most of the Japanese companies we studied. It requires many of the same skills associated with competitor analysis: systematically calibrating performance against external targets; learning to use rough estimates to determine where a competitor (or partner) is better, faster, or cheaper; translating those estimates into new internal targets; and recalibrating to establish the rate of improvement in a competitor’s performance. The great advantage of competitive collaboration is that proximity makes benchmarking easier.

Competitive collaboration also provides a way of getting close enough to rivals to predict how they will behave when the alliance unravels or runs its course. How does the partner respond to price changes? How does it measure and reward executives? How does it prepare to launch a new product? By revealing a competitor’s management orthodoxies, collaboration can increase the chances of success in future head-to-head battles.

Knowledge acquired from a competitor-partner is only valuable after it is diffused through the organisation. Several companies we studied had established internal clearinghouses to collect and disseminate information. The collaborations manager at one Japanese company regularly made the rounds of all employees involved in alliances. He identified what information had been collected by whom and then passed it on to appropriate departments. Another company held regular meetings where employees shared new knowledge and determined who was best positioned to acquire additional information.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://hbr.org/2021/01/when-should-you-collaborate-with-the-competition
https://foundr.com/competitive-collaboration-boost-brand#:~:text=By%20embracing%20competitive%20collaboration%2C%20you,be%20on%20the%20losing%20side.
https://seismic.com/company/blog/competition-vs-collaboration-what-drives-high-performing-sales/

Essential Routines for a Productive & Less Stressful 2021

/in /by

When we were sent home last March, we patched together work habits to survive the new world of work and life. You endured and made it to 2021.

Now, as the new year unfolds, it’s time to level up and replace survival work processes, with practices that support and enable your productive side, performance, and peace of mind.

Here are the three essential routines you need to make the months ahead more productive and less stressful.

IDENTIFY YOUR ENERGY BOOST MOMENT

When the commute to your “office” is a few minutes from your bedroom to your sofa or kitchen table and the days of pandemic life merge together, it’s imperative to identify your energy boost moment so you can get an early win to ignite your energy and motivation for the day. Here are four ways you can jump-start your day.

Compete to beat your own time. Time yourself on a routine task. For example, how long does it take you to make breakfast? Read and respond to 12 emails? Or prepare the weekly report? Turn these routine tasks into a competition with yourself and see how fast you can go. You will be surprised at how much you can accomplish and how motivated you are to take on the day.

Organise and empower your perfectionism. Straighten up your workspace, file emails, or alphabetize your spices. Then stand back, admire your work, and tell yourself you did a great job. Now move on to the first task on your task list with confidence and vigor.

Dress in clothes that make you feel professional and productive. Before you skip over this potential energy boost moment, know that there is a scientific theory called “enclothed cognition” that supports the effect that clothes have on how we feel and act. According to Dr. Nina Vasan, a psychiatrist and clinical assistant professor at Stanford University School of Medicine, “Clothing shapes your mental state and productivity. When you are stuck at home all day, what you wear can set the tone for what you are doing.” Dig into the back of your closet and pull out your favorite jacket, dress, or shirt. Put it on and use it to get your mind ready to work.

Move your body. You’ve heard it before, however, exercise does work to elevate your energy level. In a University of Georgia randomized controlled trial, researchers split people into three groups” low-intensity, moderate-intensity, and a control group (no exercise). During the six-week experiment, both exercise groups reported growing levels of energy compared to the control group. And, the good news, the low-intensity group reported less fatigue than the moderate-intensity group. Start your day with jumping jacks, a walk, or a few yoga poses, and get your blood and energy flowing.

ACHIEVE A 5 S.T.A.R. DAY

Targeted, intentional planning is how you achieve your goals and reduce stress. When you plan your upcoming work week, follow the four-step S.T.A.R. process.

S – Strategic: Review your strategic goals for the month.

T – Tasks: Identify the tasks that support the accomplishment of your strategic objectives. These are the discrete next action steps you need to perform to achieve your goals. Clarity is essential. Focus on the “must-dos,” not the “nice to-dos.” All action steps need to start with an action verb, for example, submit, call, or email.

A – Allocate: Allocate time on your calendar to complete your tasks. Is there time available on your calendar to complete the tasks required to achieve your goals? If not, look for opportunities to create time capacity. Can you decline a meeting where you are not required to provide information, represent a constituency, or be a decision-maker? Can you shorten a meeting or look for an alternative way to accomplish the meeting’s objective? Can you renegotiate a deadline to create capacity this week?

Now, you are ready to organise your calendar to achieve your goals. You have three options: block your days in either small, precise increments of time, block your days in larger time increments or create theme days. To create theme days, you organize your days around a theme, category, or type of work. For example, administration, team development, sales, prospecting, or writing. Review your tasks and the core accountabilities of your job to determine your theme days. Once you have identified your themes, select a theme or themes for each day of the week. Note the theme for that day on your calendar, and complete tasks and projects aligned to that theme.

R – Results: Commit to your results. When you are asked to attend a meeting without an agenda or join a call to “catch-up,” remember that every time you say yes to a request, you are saying no to something else. Honour you and your time. Intentionally say “yes” and “no” to requests for your time.

CELEBRATE YOUR ACCOMPLISHMENTS AND SUCCESSES

In a remote work environment, it’s difficult to receive the affirmation and praise you readily heard in your office. Gone are the days of a “thank-you” in the break room from your colleague or the “great job on the presentation” from your boss as you walk past their office. It’s up to you to acknowledge and celebrate your accomplishments and successes. At the end of the work week assess how productive you were and how well you aligned with your strategic goals, or count your check marks on your task list, or reflect on any positive feedback you received via email or on a Zoom call. We all want and need to be seen and valued. Recognise how you have added value to your team, company, and customers.

It’s a new year. Use the start of the year as an opportunity to create new routines that will energise you, which will make you more productive, and remove stress from your workday.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

http://www.elivingtoday.com/lifestyle/item/1154-4-tips-for-a-productive-2021
https://www.fitnancials.com/productivity-tips/
https://www.charteredaccountants.ie/Accountancy-Ireland/Home/AI-Articles/learn-from-2020-for-a-productive-2021

Delegation Is An Art: How Should It Be Done?

/in /by

Delegation is a good idea but often falls flat in practice. Despite hiring bright minds and able hands, managers often find themselves overburdened and overloaded with tasks. Best practices tell individuals to focus on the highest priorities and delegate tasks to others, especially if it offers the opportunity for growth and development of your team. While this idea is great in theory, many people run into trouble.

A one-size-fits-all approach to delegation represents a strategy doomed to defeat. You could identify an item to delegate and then rely on the direct reports to figure out how to execute it or to speak up with questions if needed to. Unfortunately, not every item or even every employee is suited to this process, and problems can reveal themselves hours or minutes before a deadline. Here are four common reasons why delegation fails and what to do about them.

Lack of Critical Thinking

While many of us want to be considered smart, focusing on how others see you can be problematic when overplayed. If you jump in too early and too often with insights, your peers and direct reports will never have an opportunity to develop their own expertise. Confidence also takes a beating when people enter a meeting knowing they will leave feeling less than their manager. And while your insights may be helpful, they’re often offered only after a team has invested weeks of work preparing a presentation. It’s also dangerous to have only one person doing most of the critical thinking in an organisation; you could be leaving your company vulnerable to blind spots.

To elevate your team’s capacity to think for themselves, embed the practice of coaching early in the process. Instead of providing answers, ask questions. The quality of their insights will be directly proportional to the quality of your questions. For instance, by asking, “How would our chief competitor respond to this strategy?” Open-ended questions allow others to broaden their lens and consider new angles, rather than merely data-gathering queries. Instead of having to supply the solution, you activate others’ critical thinking skills.

Lack of Initiative

Sometimes employees lack the initiative to make bold moves or even follow up on smaller ones. They could agree to action items that they left incomplete or fail to communicate why they would miss a deadline. If you find yourself almost always initiating follow-up discussions then that is not delegating, that resembles micromanaging a lot more.

If your attempts at delegation are failing because you think others lack initiative or follow-through, address it tactically and strategically. Assign someone to jot down notes, action items, dates, and ownership before the end of each meeting, and start the next meeting following up on promises made. While this might sound basic, nearly half of the executive teams I work with lack appropriate hygiene in follow-through. More strategically, consider crafting a “placemat”— a one-page document (about the size of a placemat) that lists top priorities. A placemat signals what you plan to reward and provides another way to increase employee motivation. By scrubbing sloppy execution and signalling what truly matters, you can shape up accountability and motivation.

Lack of Quality

Unleash your team’s ability to contribute quality. First, provide them with a list of common mistakes in a presentation and what you would like instead. For example, instead of wordsmithing the title of a slide so it’s shorter, direct your team to deliver slide titles that don’t overflow to a second line. You can even delegate drafting this list to your direct reports based on what they already know about your preferences. Second, instead of fixing the fault, point it out and request a repair. Annotate a document with comments, instead of redlining it with direct edits. This will take more time initially but save you time in the long run as your team learns what you’re looking for. This may also require earlier deadlines, so your direct reports aren’t submitting final products at the last minute — and that’s ok. By showing them where they can improve, you’ll find that you’ll have better quality presentations and more time in the future.

Lack of Speed

Almost every CEO I have worked with marches to the beat of “CEO time” — a time warp where they either think they can (or they do) complete tasks faster than others. This may be the case because the CEO is more experienced, is clear about what she wants up front, doesn’t have to spend time divining or iterating to tailor the task, and hasn’t taken into account the extra time spent by employees because they want to look professional in front of the boss.

The next time you have what you consider a “quick” task, ask your team member how long they think it will take. If there is a discrepancy, ask about their process and the reason for the estimate. If necessary, you can help shave off time but removing unnecessary frills or details. For example, they may not need to create a beautiful slide deck but simply write up two paragraphs. On the other hand, you will start to become better educated about what and how long it takes to complete a delegated task and adjust your expectations accordingly.

Managers often experience the push and pull of delegation. We push out the work, only to pull it back again when it fails to meet expectations. By diving deeper into the point of failure, we can better address the underlying causes of delegation failure and encourage our team to be more motivated and productive.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.meistertask.com/blog/delegate-tasks-effectively/
https://www.mindtools.com/pages/article/newLDR_98.htm
https://www.inc.com/jayson-demers/7-strategies-to-delegate-better-and-get-more-done.html

Aristotle’s Knowledge & How Leaders Can Apply It

/in /by

Aristotle (384–322 B.C.E.) ranks among the greatest philosophers of all time. Judged solely in terms of his philosophical influence and knowledge, only Plato is his peer: Aristotle’s works shaped centuries of philosophy from Late Antiquity through the Renaissance, and even today continue to be studied with keen interest. A prodigious researcher and writer, Aristotle left a great body of work, perhaps numbering as many as two-hundred treatises, from which approximately thirty-one survive.

The obvious place to begin a consideration of epistêmê and technê in Aristotle’s writings is in Book VI of the Nicomachean Ethics. Here Aristotle makes a very clear distinction between the two intellectual virtues, a distinction which is not always observed elsewhere in his work. He begins with the rational soul (to te logon echon) which is divided into the calculating part (to logistikon) and the scientific part (to epistêmonikon). With the calculating part we consider (theôroumen) things which could be otherwise whereas with the scientific part we consider things which could not be otherwise. When he adds that calculation and deliberation are the same, he indicates why calculation is about what could be otherwise; no one deliberates about what cannot be otherwise. Things which could be otherwise are, for example, the contingencies of everyday life; things which could not be otherwise are, e.g., the necessary truths of mathematics. With this distinction between a reality which is unpredictable and a reality which is necessary, Aristotle has laid the foundation for the strong distinction between technê and epistêmê. Then the account turns to action (praxis), where we find the kind of thought that deals with what is capable of change. The efficient cause of actions is choice (prohairesis). The cause of choice is desire (orexis) and reasoning toward an end (logos ho heneka tinos). Thought (dianoia) by itself moves nothing, only thought that is practical (praktikê) and for the sake of an end.

The experience of the 2020 pandemic deals a powerful lesson: A crucial ability a leader should bring to the table is the capability to figure out what kind of thinking is needed to deal with a provided challenge. Bring the incorrect kind of thinking to an issue and you’ll be left fruitlessly evaluating scientific data when what’s desperately required is a values-informed judgment call.

Mistakes like this happen all the time, because different kinds of human effort need various kinds of understanding. He outlined distinct types of knowledge required to solve problems in 3 realms.

The reason that Aristotle bothered to detail these 3 types of understanding is that they require various styles of thinking– the people toiling in each of these worlds tend towards practices of mind that serve them well, and distinguish them from the others. Aristotle’s point was that, if you have a phronetic problem to solve, don’t send out an epistemic thinker.

Imagine you being a leader of a big business that has obstacles cropping up frequently in all three of these worlds. You also have epistemic difficulties; anything you approach as an optimization issue (like your marketing mix or your production scheduling) presumes there is one absolutely ideal answer out there. As a leader presiding over such a multifaceted company, it’s a big part of your job to make sure the right kinds of believing are being pushed into making those various kinds of decisions.

That’s all the more true for the largest management obstacles in the modern-day world, those that are scoped so broadly and are so complex that all these types of thinking are required by one problem, in one element or another. Imagine, for example, of a corporation dealing with a liquidity crisis. Its leaders need to marshal epistemic know-how to discover the optimal resolution of loan covenants, issuance constraints, and intricate monetary instruments– and the phronetic judgment of where short-term cuts will do least damage in the long run.

Coming back to the Covid-19 worldwide pandemic and the challenges it has actually presented to leaders at all levels– in worldwide firms, nationwide and city governments, and organizations big and little. To be sure, almost all of the world was blindsided by this catastrophe and early bad moves were inescapable, especially provided misinformation at the outset. Still, it has actually now been 10 months considering that patient zero. How can the destruction still be running so widespread– and have segued, untreated, from fatal illness to financial disaster?

Perhaps is that lots of leaders stumbled in the basic action of identifying the nature of the obstacle they dealt with and determining the various type of believing that needed to be offered on it at different points.

In the early weeks of 2020, Covid-19 presented itself as a scientific issue, securely in the epistemic world. It immediately raised the type of questions to which outright right answers can be found, offered enough data and processing power: What type of infection is it? Where did it come from? How does transmission of it occur? What are the attributes of the worst-affected people? What therapies do most to assist? Which instant framing of the problem caused leaders– and individuals they influence– to put huge weight on the assistance of epistemic thinkers: namely, researchers. (If one expression ought to go down in history as the mantra of 2020, it is “follow the science.”)

In the U.K., for example, this translated to making decisions based on a model produced by scientists at Imperial College. At the regular conferences of the Scientific Advisory Group for Emergencies there was one federal government authorities in participation, and early on, he tried to inject some useful and political factors to consider into the considerations.

However, the reality was that, while clinical discovery was an absolutely required element of the action, it wasn’t enough, since what was happening at the exact same time was an escalation of the situation as a social crisis. Extremely rapidly, requires occurred for hard thinking about compromises– the kind of political deliberation that considers numerous dimensions and is notified by different point of views (Aristotle’s phronetic thinking). As a result, leaders were sluggish to begin resolving these societal obstacles.
What should an excellent leader do in such a crisis? We think that the right method with the Covid-19 pandemic would have been to draw on all the appropriate, epistemic knowledge of epidemiologists, virologists, pathologists, pharmacologists, and more– however to guarantee that the scope of the issue was understood as broader than their focus. If leaders had from the outset framed the pandemic as a crisis that would demand the highest level of political and ethical judgment, and not just scientific data and discovery, then decision-makers at all levels would not have discovered themselves so paralyzed– concerning, for example, mask mandates, restrictions on big gatherings, organization closures and re-openings, and nursing house policies– when screening results shown so challenging to collect, assemble, and compare.

This are all very broad strokes, but certainly some leaders balanced completing top priorities and managed the catastrophes of 2020 better than others. The point of this article is not to point fingers but merely to utilise the extremely prominent example of Covid-19 to highlight an essential and under-appreciated duty of leadership.

Part of the task as a leader is to frame the issues you want individuals to use their energies to resolving. That framing starts with comprehending the nature of an issue, and interacting the method which it must be approached. Calling for everybody to weigh in with their viewpoints on a problem that is truly a matter of information analysis is a recipe for disaster. And insisting on “following the science” when the science can not take you almost far enough is a method to immobilize and annoy people beyond step.

This ability to measure a circumstance and the type of knowledge it calls for is a skill you can develop with purposeful practice, but the essential primary step is just to value that those various type of knowledge exist, which it’s your obligation to recognise which ones are required when. Aristotle’s efforts regardless of, a lot of leaders haven’t thought much about levels of understanding and what issues they can resolve.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://enewsplanet.com/leaders-required-to-utilize-aristotles-3-kinds-of-understanding/
https://plato.stanford.edu/entries/episteme-techne/#Aris
https://hbr.org/2020/10/leaders-need-to-harness-aristotles-3-types-of-knowledge

AI & People Represent the Future of Work

/in /by

Too many business leaders still believe that AI is just another ‘plug and play’ incremental technological investment. In reality, gaining a competitive advantage through AI requires organisational transformation of the kind exemplified by companies leading in this era: Google, Haier, Apple, Zappos, and Siemens. These companies don’t just have better technology — they have transformed the way they do business so that human resources can be augmented with machine powers.

While no one knows what artificial intelligence’s effect on work will be, we can all agree on one thing: it’s disruptive. So far, many have cast that disruption in a negative light and projected a future in which robots take jobs from human workers. That’s one way to look at it. Another is that automation may create more jobs than it displaces. By offering new tools for entrepreneurs, it may also create new lines of business that we can’t imagine now.

A recent study from Redwood Software and Sapio Research underscores this view. Participants in the 2017 study said they believe that 60 percent of businesses can be automated in the next five years. On the other hand, Gartner predicts that by 2020 AI will produce more jobs than it displaces. Dennis Mortensen, CEO and founder of x.ai, maker of AI-based virtual assistant Amy, agreed. “I look at our firm and two-thirds of the jobs here didn’t exist a few years ago,” said Mortensen.

In addition to creating new jobs, AI will also help people do their jobs better — a lot better. At the World Economic Forum in Davos, Paul Daugherty, Accenture’s Chief Technology and Innovation Officer summed this idea up as, “Human plus machine equals superpowers.” For many reasons, the optimistic view is likely the more realistic one. But AI’s ability to transform work is far from preordained. In 2018, workers are not being adequately prepared for their futures. The algorithms and data that underlie AI are also flawed and don’t reflect the diverse society it’s meant to serve.

How AI Could Grow Jobs: Inventing New Ones, Empowering Existing Ones

While AI will certainly displace some jobs, such displacement has occurred long before AI was on the scene. In the past century, we’ve seen the demise or diminishment of titles like travel agent, switchboard operator, milkman, elevator operator and bowling alley pinsetter. Meanwhile, new titles like app developer, social media director, and data scientist have emerged.

Daugherty and Jim Wilson, managing director of Information Technology and Business Research at Accenture Research have co-authored a book titled Human + Machine: Reimagining Work in the Age of AI. In their view, future (and current) jobs include trainers and explainers. Trainers will teach AI systems how to perform and mimic human behaviours.

Empowering Workers, Businesses and Industries

Rather than replacing workers, AI can be a tool to help employees work better. A call center employee, for instance, can get instant intelligence about what the caller needs and do their work faster and better. That goes for businesses and industry too. In another example, in life sciences, Accenture is using deep learning and neural networks to help companies to bring treatments to market faster.

In addition to helping existing businesses, AI can create new ones. Such new business include digital-based elder care, AI-based agriculture and AI-based monitoring of sales calls. Finally, automation can be used to fill currently unfilled jobs. As Daugherty noted recently, there is a shortage of 150,000 truck drivers in the U.S. right now. “We need automation to improve the productivity of the drivers, the lifestyle of the drivers to attract more people to the industry,” he said.

The Value of Human and Machine Working Together

AI technology can boost business productivity by up to 40 per cent, according to Accenture. But while business leaders may rejoice at that fact, 72 per cent of employees fear AI stealing their jobs, Pew Research found.

However, the adoption of AI doesn’t mean a wipeout of work available to humans. While some tasks may be trusted completely to AI, like the algorithms that drive recommendation engines on platforms like Netflix, Amazon, and Spotify, others are reserved for human skill only.

For instance, because AI cannot offer empathy or emotion, traits native only to humans, it likely won’t have an applicable role in practice areas like psychotherapy, social work or in-depth customer service.

There’s also a third category of work: the kind best done by humans and AI working in tandem. In the case of many tasks, AI can help get progress started, but it still requires a human to complete the job by verifying the accuracy or providing more context. These gray areas include services like accuracy checks and human interaction.

While AI may not complete such tasks perfectly on its own, there is still value in keeping AI a part of the process. The ideal AI-human arrangement is one in which AI technology drives the lower-level, repetitive processes associated with completing a task, while human oversight ensures the timely and accurate completion of that task.

AI-Human Teams in Action

So where can we see this tag-team dynamic in action? The voice transcription space serves as one example.

Quick and accurate voice-to-text technology plays an important role in the deaf and hard of hearing community, as well as the higher education and legal industries. AI can transcribe human speech much faster than humans can—in a controlled environment, that is.

But the everyday need for voice transcription doesn’t always come in the form of a controlled environment. AI only hits peak accuracy when the speech mimics the kind it was trained on. We can’t rely on AI alone to transcribe voice perfectly when the accent, speed, diction, and tone of the speech vary, or if background noise is present.

However, it’s most efficient to give AI the first crack at it and employ the help of humans to verify accuracy and fix errors if needed. Taking this approach has enabled faster access to high-quality voice transcription than ever before.

Teams that rely on fast voice transcription are reaping the benefits of humans and AI perfecting the practice. Courts, for example, face a court reporter shortage, with an estimated 70 per cent of the workforce expected to retire over the next 10 years. AI and human-powered voice transcription will help fill in the gaps.

Students — whether deaf, hearing-impaired or with no hearing issues — all benefit from timely access to the transcriptions of course lectures. Deaf and hearing-impaired students deserve the chance to keep up with their hearing classmates, and not all hearing students learn best by listening.

While AI has earned its place it every industry, it doesn’t always perform best on its own. Enlisting the help of humans brings it to its full potential and allows us all to take full advantage of a powerful technology, making a true difference in end-users’ lives.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.entrepreneur.com/article/329099
https://www.wired.com/wiredinsider/2018/04/ai-future-work/
https://hbr.org/2020/08/the-secret-to-ai-is-people

Should Entrepreneurship Be Taught in Schools?

/in /by

Our education system is responsible for preparing young people to build successful lives. They should be ready for the wide range of possibilities ahead of them, including working for others, entrepreneurship, and contributing to their communities. All of these options require a depth of knowledge in their chosen discipline, as well as creative problem-solving skills, leadership abilities, experience working on effective teams, and adaptability in an ever-changing environment. It’s no coincidence that these are the same capabilities that employers say they want in college graduates.

These skills are the cornerstones of entrepreneurship education, which explicitly prepares students to identify and address challenges and opportunities. Therefore, along with teaching traditional subjects, such as science, grammar, and history, that provide foundational knowledge, it’s imperative that we teach students to be entrepreneurial.

Entrepreneurship education prepares students to identify and address challenges and opportunities. There are many who believe that entrepreneurship is an inborn trait that can’t be taught. This is simply not true. As with all skills, from math to music, learning to be entrepreneurial builds upon inborn traits. For example, learning to read and write taps in a baby’s natural ability to babble. Each baby learns to harness those noises to form words, connect words to compose sentences, and combine sentences to craft stories.

Entrepreneurship can be taught using a similar scaffolding of skills, building upon our natural ability to imagine:

  • Imagination is envisioning things that don’t exist.
  • Creativity is applying imagination to address a challenge.
  • Innovation is applying creativity to generate unique solutions.
  • Entrepreneurship is applying innovations, scaling the ideas by inspiring others’ imagination.

Using this framework, educators at all levels can help young people engage with the world around them and envision what might be different; experiment with creative solutions to the problems they encounter; hone their ability to reframe problems in order to come up with unique ideas; and then work persistently to scale their ideas by inspiring others to support their effort.

Also, if there is no space to allot entrepreneurship as a separate paper, then it can be merged with subjects like economics, history, technical n, comparative studies, business education or psychology. Integrating entrepreneurship in these main stream subjects will allow students to understand the same and take up later in life.

Learning entrepreneurship from school level will allow students also instil the following traits at a young stage:

Patience

Business is not a one-day phenomenon. It happens over time, grows over decades or more. The entrepreneur needs to hold on their patience and be with the business all throughout. Learning entrepreneurship from school, will allow one to get accustomed to the long time span that one requires to invest to establish a business.

Flexibility & Adaptability

Running business is not a smooth flow of events. It has good times, bad phases and so on. How to survive at the best and worst of business can also be learnt from an early stage, if entrepreneurship is introduced in school.

Desire to Achieve

As school is too nascent a stage, students might change their decision of being an entrepreneur and opt for some other profession. But, it’s the ‘hunger to achieve’, the take away from entrepreneurial classes that will help them earn success in any other profession. 

Entrepreneurship education does not just benefit those entering the fields of science, technology, and business. Students of art, music, and humanities can develop their imagination and learn how to apply creative thinking skills to real-world problems.

Given our current situation knowing that your colleagues or employees are best suited for this new scenario we find ourselves in. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It is now important to find out whether your managers or your team is well-equipped of working together from various locations. It requires deep knowledge of their personalities, strengths, weaknesses, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you discover if your people are resilient during times of hardship, if they are autonomous, if they are team players, without actual human contact. Given that our platform is cloud-based, everyone can use it from home as well. Humanity finds itself at a crossroad for various reasons now, why not help people discover and develop themselves from the comfort of their own homes?

Request a free demo:

B_txt_14

Sources:

https://www.entrepreneur.com/article/287310
https://www.marlborough.org/news/~board/stem/post/five-benefits-of-entrepreneurship-education-to-students
https://www.aspeninstitute.org/blog-posts/schools-teach-entrepreneurship/