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Entrepreneurial Potential all over the World

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People who are naturally drawn towards entrepreneurship have a different mind-set altogether. These are people are willing to break the established business models and transform the way we do business through futuristic and a more enhanced approach to commerce. This type of ethos leads to relentless energy in being creative, taking risks and stimulating more critical analyses of the situations at hand.

But before starting up as an entrepreneur, there should be entrepreneurial potential whether we talk about innovation within a company or in a community. And this requires people with potential.

It is a well-known fact that every country and culture around the world has a specific set of skills and abilities that make them stand out from the crowd. So, which country has the highest number of potential entrepreneurs? It may come as a surprise to everyone that it is not the United States, but rather Vietnam. They rank the highest from 45 countries in the Amway Entrepreneurial Spirit Index (AESI). Other examples include U.S. in 12th and Japan in 45th. AESI have based their rankings on 3 factors in order to determine the entrepreneurial spirit:

  • Desire to start a business
  • Willingness to engage in sustained effort
  • The social impact of friends and family in discouraging them to participate in the business.

These rankings are just a small fraction of the many incredible discoveries the 2016 Amway Global Entrepreneurship Report has made. Their annual survey is designed for the sole purpose of identifying the various entrepreneurial attitudes and potential the participating countries have. Being in its 7th year, this report now comprises of approximately 51,000 people spanned across 45 countries. The responses given have been arranged through numerous demographic factors such as education, gender and age.

Attitude and positiveness

Nearly 77% of the people interviewed have given a positive outlook about entrepreneurship. The percentage is relatively higher than the one in 2015 (76%) and 2014 (74%), underlining the fact that this trend is going to grow even more in the future. The top 3 countries in positive attitudes are: Norway (96%), Vietnam (95%) and Denmark (94%). Why is Vietnam so high up in entrepreneurial spirit? According to Amway’s research, both men and women in Vietnam wish to start their own business due to their desire of self-fulfilment. Vietnamese are also confident in their skills of acquiring customers adding, of course, to their desire to branch out on their own.

Although many people will agree with the idea that change is not easy, there is a general tendency towards positive attitudes when referring to new ideas and concepts. This concept is closely related to age given the fact that 82% of people under 35 share this positive outlook, in comparison to 70% of respondents over 50. The other factor taken into account is the level of education. 84% of university graduates have a positive view on entrepreneurship, but also people without a college degree (74%) are pretty positive themselves. Last but not least, gender is not a defining factor, 78% of men and 76% of women display the same positive attitude.

Entrepreneurial potential

As mentioned above, there are 45 countries that have participated in Amway’s survey. Among the countries with a high score in entrepreneurial potential include: Colombia (80%), Mexico (73%) and Thailand (70%). The potential was measured based on the participants’ responses to the statement: “I can imagine starting my own business.” Interestingly enough, older respondents felt less inclined to start their own company with people 50 or over having a potential of just 33% in contrast with 35 or under who had a potential of 52%.

Gender also constitutes a determining factor of the willingness to start a business. Across the globe, 48% of men are more willing to start a business in comparison to 38% of women, the widest gap is present in North America: 56% men – 39% women. In the number one ranked country, Vietnam, women have the same positive approach as men towards entrepreneurship: 95% and 96%, respectively – this seems to be the primary reason why Vietnam shows such good statistics when it comes to entrepreneurship.

Another interesting  fact discovered in Amway’s survey is that the economic context, whether it’s local or global, does not have an impact on entrepreneurial desire. This comes from the ambition of people being their own bosses and having the independence that comes along with it. Entrepreneurship is on a rising trend all around the world. The desire, innovation and eagerness of people offer a positive sign to many economies which are looking to continue their development.

We help you find the right talent, the best fit for the job and your organisation. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. The GR8 360° tool is excellent at developing managerial competencies, skills and behaviours. When using this assessment, you will find over 50 dimensions that come along with suggestions for future improvement and development. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Sources:

Forbes.com

Inc.com

The Search for Emotional Intelligence (E.Q.)

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The global workforce is continuously changing. Managers and entrepreneurs are finding it harder and harder to find the right candidates for their roles. Normally, when searching for a new employee, they look at candidates’ skills, prior experience and professional goals. Of course these are important factors that need to be taken into account, but it somehow makes managers forget about a key ability which is quintessential to a successful hiring: emotional intelligence (EQ).

In order to understand how overlooked this factor is, you should know that many job descriptions do not even list this ability as one of the reasons for a successful candidacy. Building a team of emotionally intelligent people can have a positive effect on the company’s performance.

What is emotional intelligence? There are many interpretations surrounding this phrase, but how exactly can we define it? Psychology Today defines it as: “the ability to identify and manage your own emotions and the emotions of others.” In other words, a person is considered to have a strong emotional intelligence when they are able to keep their emotions in check, whilst also empathising with coworkers and understanding why and how their feelings can impact the quality of their work.

People with high emotional intelligence are more capable of working in teams, are more flexible and they adjust easily to change. A person with a high level of EQ is more likely to succeed than one with degrees and qualifications who lacks EQ.

 

But how can we find emotionally intelligent employees? Here a few tips and tricks in order to identify them easier:

 

  1. Enquiries about past actions and professional relationships

During the interview, the recruiter can ask how well the candidate interacted with his former co-workers, if they got on well. This is where recruiters should be able to find out how in touch with their emotions the candidates really are and whether they are capable of describing them. The answers received during these questions offer you a good start regarding candidates’ emotional abilities.

  1. Hypothetical scenarios

To get even more in-depth information about the candidate, present them with a hypothetical situation like this one: “A client is mad due to a delivery mix-up and your company is not at fault. How would you deal with that situation?” EQ people will always remain calm and will try to figure out what happened to the client and try and sort things out in a calm and polite manner.

  1. Candidate self-awareness analysis

Candidates with a strong sense of self-awareness can easily detect their own strengths and weaknesses and how their actions can influence or affect others. Self-awareness also goes hand-in-hand when a person learns a lesson through constructive criticism. People such as this can also control their emotions when the situation asks for it. They understand, but don’t let anything control their actions. Candidates with a high level of EQ do not require motivation, because they are self-motivated. Even when disappointment occurs, they pick themselves up quite fast given their inner ambition. Last but not least, these type of people can easily trust and work within a new team. They do not favour backstabbing and avoid power struggles at all costs.

In their search for EQ people, many companies have started using behavioural assessments and analysing their internal data. Although the tactics mentioned above are great, you may be surprised, but you can find the necessary emotionally intelligent people in your organisation. Besides the usual qualities required for a successful employee, some recruiters consider emotional intelligence to be a hassle in their search, but it is worth the extra work. Having more and more people with a high level of EQ can radically transform the workplace, given the fact that your employees will be more engaged and committed to steer the organisation into the right direction.

Great People Inside provides easy-to-use tools and processes to attract, assess, match, select, onboard, manage, develop, benchmark and maintain workforces anywhere in the world.

Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

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Sources:

Entrepreneur.com

FastCompany.com

Reducing Employee Turnover

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In the majority of cases, a high employee turnover is not regarded as ideal for a company’s reputation, performance and goals. The costs themselves are high due to the fact that people are leaving, thus leading to numerous hirings and training programs for the constant flow of new employees. If your company has experienced high turnover in recent times, it might be time to think about effective retention strategies.

A high employee turnover is bad for any organisation’s bottom line. It has been estimated that the cost of replacing an employee is nearly double their salary for a year. Morale can also go down if too many people come and go through the office doors.

There are a number of ways in which you can reduce employee turnover and they are not as difficult as you might think. When employees feel their work environment offers them the necessary support for them to achieve their goals that is when they thrive the most.

There are many ways in which you can make your employees feel that their work is appreciated enough so they don’t leave or you are not forced to fire them. Let’s go through these ideas step-by-step:

  1. Flexibility – Work flexibility is all about the possibility of working either from home, a café or even while on vacation, as long as employees have a good internet connection (and that is not hard to find nowadays). People are more motivated to produce great results when they have the opportunity to work in the environment they’re most productive. This idea works best on the new generation i.e. millennials.
  2. Honest job expectations – Many companies suffer from high employee turnover due to the fact that employees are assigned something different from what they have seen in the initial job description. When employees are given responsibilities that do not suit their interests and strengths, their drive to perform goes to ground.
  3. Promote a healthy work-life balance – The work-life balance has become extremely important to employees, but many managers fail to realise that. The managers should take care of their team in order for them to avoid employee burnout. Regular check-ups help, because if you observe something is not right with one of your staff you can give them a day off to decompress. It is key you do not bombard your employees with one too many projects at once.
  4. The possibility of professional growth – It is as clear as day that people are more interested in jobs where professional development is one of the advantages. In order to boost your company’s performance, (internal) growth has to be one of the core principles. Whether we are talking about a promotion or a simple salary raise, this will motivate your employees to achieve the organisation’s goals/objectives. Provide the opportunity for career and personal growth through training and education, challenging assignments and more responsibility. Welfare is important to people, undermining their value and pay would be a fatal mistake. Managers and CEOs should work hand in hand with the HR department in order to devise to most appropriate pay plan possible for their employees.
  5. Finding the best candidate from the beginning – It may seem like a pretty obvious idea, but many companies fail to realise the importance of the recruiting process. Besides the necessary skills any employee should have, try and find out if that person identifies with the company culture and gets along with the co-workers and managers.

This is where Great People Inside comes to your aid. Our online platform offers the best solutions and tools for your company to thrive in every type of industry and any possible situation your organisation may find itself. In terms of lowering your employee turnover rates we recommend our GR8 Full Spectrum assessment for hiring and 360° Survey for retention. Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

Sources:

Theculture.com

Guides.wsj.com

Thebalance.com

Hyperconnectivity – The New Imperative?

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Society has reached a stage in which it is impossible for people not to be connected to their devices all the time. Staying in touch has apparently become a social norm due to constant social media updates, imessaging, regular texting, especially for millennials. Maintaining relationships is easier as well with the help of technology such as Skype, Facetime, Google Handouts etc.

In terms of business, technology connectedness has helped people from around the world form companies and makes transactions around the clock. We are walking with powerful “PC’s” in our pockets, almost oblivious about the capabilities we have at our disposal. Large databases are now online through the cloud and that means wherever there is internet, you could access a huge amount of information. News nowadays are being broadcasted on social media as well, while television is slowly losing its credibility and fanbase. All these examples and much more lead to hyperconnectivity. This term not only encompasses the multitude of communication channels and interactions, but it also reveals the impact on a personal and organisational behaviour level.

This has helped create new opportunities and ways of working for companies; regular working hours and locations are now a thing of the past. In the 21st century, everything is digital so it’s absolutely imperative that organisations  stay as connected to technology as possible, because every day new techniques and tools are being released in order to improve everything from productivity to employee engagement.  HR plays an important role here. Learning about these tools and implement them as naturally and effectively as possible so that they create an advantage for the company.

Although the benefits of hyperconnectivity are more than obvious, HR directors and managers must be able to make employees cope better and better with the new levels of stress and pressure due to this “always on” environment. The best solution for this is the simplest solution, an Occam’s razor really: the real human contact. That is why large corporations always organise team activities and social events, in order to encourage face-to-face human interaction. Although very useful, these types of events fail to create a bond between co-workers from departments which are not directly linked together.

Hyperconnectivity also disrupted the usual flow of a company’s life-span. If back in the 1920s, an organisation had  on average 67 years “to live”, nowadays they are around for about 15. The social media industry is the perfect example: first there was Bebo which paved the way for MySpace which was ultimately dethroned by Facebook.

This type of business environment can allow businesses to grow fast and easily find customers, but at the same time, their competitors have access to the same information and ideas, which can prove to be tough to deal with.

It is pretty clear by now that hyperconnectivity is bringing both positives and negatives. Companies can go from rapid development and great productivity to people struggling to understand all these changes and not misuse the information they have acquired. As mentioned above, hyperconnectivity is not only changing the way us people communicate and interact, but also has a continuous involvement in our personal and professional lives.  Furthermore, hyperconnectivity has a strong impact on various industries, research foundations, academic organisations, neo-urbanisation, education and healthcare, so it is our duty to understand and make the best out of it.

Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

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 Sources:
-HR Weekly
-nhrdnmumb.caiom
-www.itproportal.com

 

The Effectiveness of High-Potential Employee Programs

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High-potential (HIPO) employees find themselves in the top 5% within an organisation, based on their individual performances. They are considered the company’s most prized assets and are being tipped-off to go into leadership positions. But this is easier said than done. In most cases, organisations develop HIPO programs in order to train their best employees in becoming future leaders.

Although high-potential employee programs might seem like the perfect solution, over 40% of the people participating do not belong there, according to the data analysed by the Harvard Business Review (HBR). The information gathered by HBR consists of 1,964 high potential employees, from 3 distinct companies, who have measured their leadership abilities through 360° assessments. Feedback is immediate, with analysis reports being developed almost instantly. This type of assessment is done when organisations wish to measure capabilities such as low turnover, employee engagement and high productivity. Obviously, the better the score, the better the outcome.

When looking at the data gathered from the participants in the HIPO programs, the results were outlandish. 12% of them found themselves in the lowest quadrant in leadership effectiveness; resulting in an overall 42% below average. They’re not in the top 5% anymore, not by a mile.

What about the quality of the HIPO programs that are running in your company? There are a couple of mistakes that may come along the way in regards to these programs:

  1. Performance doesn’t equal potential: HIPO programs tend to focus too much on performance and that generally leads to problems in today’s ever changing business climate. First of all, most companies do not know how to measure performance given the fact that if subjective ratings are eliminated, there are very few metrics left to count on. Secondly, even if the right parameters are chosen to measure performance, most top performers cannot handle or are simply not prepared for the next level. The transition from being a simple employee to a manager, or from a manager to a leader, requires abilities most people haven’t been trained for before. Plus, there is always the possibility that HIPO employees focus on solving problems or an all-round team player. Unfortunately, this leads to people placed in jobs they are not able or do not want to perform. It is absolutely vital to understand that performance represents what you do and potential is simply what you COULD do. If you are really good at doing X this doesn’t mean you will be great at doing Y – X and Y here being two distinct activities.
  2. HIPO’s have their weaknesses: Here, the Pareto principle fits the bill quite perfectly. If you don’t know what the Pareto principle is, here is the explanation: 20% of employees make up for 80% of the company’s revenues and profits. Based on this idea, it is clear that 20% of employees cause 80% of the problems within an organisation. Coincidentally or not, they are most often than not, the same employees. HIPO personnel, who generally know their worth, are frequently more difficult to manage. Nevertheless, no matter how astute these people are, they tend to have a dark side as well. In this scenario, the HR department has to intervene. Unfortunately, when it does intervene, the focus is on improving their existing qualities which leaves out their other personality problems to roam free. Overworked strengths have a tendency to become weaknesses and that is not good news for any organisation.

It is a well-known fact that a top performer may start having difficulties at his job when he is placed in a leadership role. It is clear he may perform well in one company but he cannot have the same impact and results in another organisation. It all depends on his vision and leadership, and these qualities are not easy to find.

Great People Inside provides easy-to-use tools and processes to attract, assess, match, select, onboard, manage, develop, benchmark and maintain workforces anywhere in the world.

We help you find the right talent, the best fit for the job and your organisation. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. The GR8 360° tool is excellent at developing managerial competencies, skills and behaviours. When using this assessment, you will find over 50 dimensions that come along with suggestions for future improvement and development. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Sources:

www.hbr.org

www.dcebglobal.com

www.forbes.com

Preventing Burnout in 5 Easy Steps

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If you’ve been working in the past few years, you’ve probably heard about the term “burnout” and you should know that it is directly related to stress revolving around work. The general definition for burnout describes it as a combination of 3 factors: mental, emotional and physical fatigue combined with serious doubtfulness regarding your competence and value of work. Everyone has a couple of coworkers who stay for way too long at the office after the business hours have ended. Of course, this is understandable if they have an important contract to honour, a project deadline that cannot be pushed any further, or maybe they are just really dedicated. No harm, no foul until the stress from the actions mentioned above can transform itself into a serious case of burnout.

Entrepreneurs are flying into the face of danger due to their working program, which usually is 24/7/365. Given the fact that they are trying to build a serious company from the ground up and have to deal with issues left and right, the stress that is building up inside them can lead to a serious burnout.

Thankfully, nowadays there are many ways in which you can identify if you’re starting to experience burnout symptoms. They are pretty easy on the eye if you feel you are heading towards complete exhaustion. Here is a list of a few early signs of a potential burnout:

  • Huge amount of stress and anxiety
  • Low engagement or lack of it
  • You’re more cynical than usual
  • Not enough sleep
  • No breaks during the day
  • The feeling that there aren’t enough hours in a workday
  • Consistent physical illness

These are 5 easy steps you should follow in order to get back on track on your own terms:

  1. Take frequent breaks during office hours

People sometimes fail to understand that it is an art to accomplish top workplace performance. You cannot remain at 100% during all of your working hours, which is why it is important to give your brain a bit of a break; it needs a recharge, just like your smartphone does. If you have a more flexible work arrangement, go for a run or a walk in nearby park. Try and have lunch outside the office space, it will allow you to decompress and maybe see the bigger picture. Needless to say, you need to careful when taking a break as well. Avoid doing so when your brain activity is at its highest, more often than not, this happens in the morning.

  1. Distance yourself from digital devices

Before the era of smartphones, gadgets and various wearables, when you left the office that meant you were done for the day. Even if you wanted to work from home, that required a lot of planning and effort. Now, we never really leave the workplace, because we are physiologically and psychologically very much still connected. Although it may seem difficult to get rid of this problem, there actually is an easy solution for it. As soon as you arrive home, either leave your phone somewhere in the hallway or even turn it off after a certain hour. You must understand that whatever you want to do CAN wait until tomorrow.

  1. Plan something interesting right after work

Whether this activity involves playing football with your friends or cooking with your loved one, it will make you focus on that particular action rather than telling yourself you shouldn’t check your emails every 10 minutes. You may as well want to be transform yourself into a couch potato as soon as you get home, but engaging in something more meaningful like a jigsaw puzzle or studying a new language will give you a better feel factor.

  1. Take a longer weekend from time to time

If you start to feel weak both physically and mentally, maybe that’s your body’s way of telling you it’s time for a longer break. Instead of taking a long vacation, try and constantly give yourself 3 or 4-day weekends. It is vital you don’t interact with anything related to work. It ruins the whole concept of a mini-vacation.

  1. Focus on the meaningful work you wish to do

There are some times when you simply cannot get some time off work. It happens to everyone and there is no need to panic. Instead, try and find a deeper meaning for the task at hand. Maybe you can correlate it with a personal or professional goal of yours. The reasons may vary from: getting the job promotion you wanted or simply preventing yourself from procrastinating. But keep in mind that this is just a temporary fix to the problem. If you are really stressed and lack any sort of energy, take a real break.

We have an impressive assessment library with hundreds of dimensions that can be leveraged in creating a custom skills-based assessment that supports your organisation’s specific competencies and unique vision. Please contact us if you need to measure the engagement level in your company.

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Sources:

Forbes.com

Hbr.org

Maximising Your Chances of Getting the Job AFTER the Interview

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You’ve just finished your job interview. Time to relax and mind yourself with other business until you get a response, right? Well, this is definitely everybody’s first reaction, but it is not the right one.  Given today’s competitive job market, you must keep in mind that you should also do a follow-up; otherwise you may risk losing the position to other candidates. You also have to be careful not to look desperate, but rather look persistent and prove your willingness to land the job.

There is no certain way to know if you got the job until you receive an actual offer. Don’t forget, they may genuinely think you were absolutely fantastic, but someone else could end up being better. Generally, there is more than one strong candidate for a job position, especially in the current marketplace.

These are a few tips that could prove valuable to you after the interview, in order to maximise your chances of getting the job:

  1. Follow the instructions given – After the interview, the recruiter may tell you to contact them by email. If so, do not contact them by phone. Listen to their instructions precisely and act accordingly. If you somehow forgot to ask during the interview what the next steps are, write an email asking for clarification. It shows that you care about the job and that you are ready for the next phase
  2. Provide documentation to prove your job abilities – If possible, when you do a follow-up by email, also include documents that show just how good you are at your job. Of course, these documents have to be non-confidential samples, press mentions or some public statistics in order to prove your worth. It’s an excellent way to show your professionalism and work ethic.
  3. Don’t become a stalker – It is quite understandable that you are nervous and anxious about the outcome of the interview. However, try not to bother the employer too much. After following their exact instructions, you have to wait. If you haven’t heard from them in a couple of days, it is probably time to move on. Also, don’t go out sending LinkedIn invites to the people who have interviewed you before the hiring process ends. It comes off as being a bit desperate. Try and remain calm.
  4. Start preparing for the next set of interviews – Life can surprise you and you never know when you can receive an email announcing you about another upcoming interview, or if you’re asked to come in for a second interview. It’s absolutely vital that you be prepared at a moment’s notice, Also, if you wish to set yourself apart from other candidates, (and I assume you do) try and find interesting facts and/or figures about the company where you applied for the job. It could be anything ranging from an award they have just won to a recent environmental initiative they have started. It’s best when you introduce this information naturally into the conversation at the interview and it will definitely leave a good impression with the recruiters and it will also increase your chances of landing the job.
  5. Analyse your interview performance – After an interview it’s also important that you relax for a couple of hours. Once you managed to distance yourself from the subject, analyse your performance. Think about what you said and how the interviewer reacted, what you could have said better and keep that in mind if you get called in for a second interview. Furthermore, pay attention to the recruiter and what he says, it is possible that of the things he or she said to have annoyed you one way or another. This helps you determine whether this company suits your principles and values.

Last but not least, try to make good use of the experience of the interview. Regardless of how it went, you’ve still won something: if it went well, you’ve got the job, if not, you’ve gained the experience necessary to land the next one.

Sources:

https://www.forbes.com

https://www.businessinsider.com

The Workplace of 2020 : A Different Experience Altogether

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In the course of the next  few years, the workforce will be comprised of no less than five generations, starting from Traditionalists and Baby Boomers and ending with the all new “Generation 2020” – these being represented by people born after 1997. Given this situation, employers around the world will face numerous challenges in order to recruit, motivate and develop all of these different types of employees. It is believed that by 2020, the office will become mobile in order to accommodate employees worldwide. The best talents will claim imaginative, ingenious new contracts. Organisations unwilling or unable to provide such a shift in their business will suffer greatly in their mission of recruiting the best candidates.

HR departments face an uphill battle in preparing for 2020 and beyond. Large corporations are required to organise themselves globally in order to deal appropriately with employees, consumers, supply chain partners and shareholders who are dispersed worldwide. CSR(Corporate Social Responsibility) is on top of their list, followed closely by learning in terms of wikis, social media and blogs in order to extend their connectivity. Companies must adopt a series of changes ranging from operating processes to employee benefits – and everything must be done with complete transparency.

HR professionals are people too; hence they must continue to develop their skills and social awareness. They should know what is going on in their local communities, and understand its nuances, be aware of global issues and be open-minded in order to use new procedures such as crowd sourcing. By 2020, HR professionals should be proficient in everything digital and here is a list of a few things worth mentioning: video uploads, social networking, blogs, instant messaging, tagging etc.

The example given above isn’t the only change employers will have to face. By 2020, there will be 10 forces that will shape how employers think and act:

  1. ”Shifting workforce demographics” –In comparison to the 2010 workforce data, the predictions for 2020 show that US employees will comprise of even more people older than 55, more women and more Latinos. In Europe and Asia for example, due to a drop in fertility rates, the workforce will consist of even more aging individuals.
  2. “The knowledge economy” –As mentioned in a previous article, the skill gap has started to represent a problem and will continue to be one in the foreseeable future. Work is becoming more technically demanding, and it will require skills such as: listening, relationship building, judgement, communicating with colleagues and problem solving.
  3. “Globalisation” –For various reasons, a great number of companies included in the Financial Times Global 500, have their headquarters located in the following countries: Brazil, Russia, India or China. In just a few short years, the BRIC countries are said to become economic powerhouses. The workforce is becoming ‘virtual’, with less people on-site and with integrated headquarters operations.
  4. “The digital workplace” – The digital space is growing at an increasingly high rate. Companies now require people who can cope with the sheer amount of information, whilst keeping it secure and private. Organisations are also looking for candidates who can generate new and exciting digital content.
  5. “The omnipresence of mobile technology” –At a global scale, the number of mobile phones outnumber that of people. Consequently, there are countries where phones trump people.There are over 7,200 education apps already for the iPhone, some of them made by financial institutions, such as Wachovia and Bank of America, who use them for online performance support, sales training, product knowledge and sales training.
  6. “The culture of connectivity” –Given the fact that we are always a few clicks away from social media, most people have become ‘ hyper connected’ and that is disrupting the balance and boundaries between home and office.
  7. “Participation society” –Consumers are getting involved in improving any type of product, service and business. An example would be Best Buy’s Blue Shirt Nation, which amasses 24,000 employee users. They have gathered online via various social networks, in order to improve company operations.
  8. “Social learning decade” –The period of time between 2010 and 2020 will become known as the time of ‘social networking, social learning and social media’.
  9. “Corporate social responsibility” –By 2020, CSR will have become even more important than it is today. At present, 88% of people graduating university wish to work for companies that have CSR ideals complementary to their own. A great example for this is IBM’s Corporate Service Corps. They place members of their staff to work on CSR projects in developing countries where the organisation is expected to grow within the next years.
  10. “Millennials in the workforce” – This group of people expect companies to use the same tools they have been using since they’ve become digitally active. Technology dominates every aspect of their lives and it comes as no surprise that 41% of millennials choose to communicate electronically at the office rather than on the phone or face to face. Millennials tend to use their own technology in the office and 75% of them think that access to technology makes them more efficient workers. Nonetheless, technology can be problematic and lead to inter-generational conflict in the workplace. This tension makes millennials feel held back by outdated working styles.

Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

Sources:

“The 2020 Workplace” – Jeanne C. Meister and Karie Willyerd

Forbes.com

Skill Gap: Why is it still a Major Concern (Part 2)

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This article is part of a series. For part 1 click here.

There is a steady decline in the U.S. system’s possibility of nurturing these midlevel skills, due to the fact that automation is cutting down the need for low-skilled workers. Luckily, there are local initiatives which are trying to address the respective skill gap in their areas.

A good example on how to narrow the skill gap is represented by internships specifically tailored to college graduates in order to meet the more evolving needs of today’s employers. Some university programs include the so-called “cooperative degree programs” also known as co-ops. This type of approach will allow both employers and future graduates to assess the market and their specific place in the world of work. Employers have the chance to evaluate skills such as: employee attitude and work ethic, but also offering their training to their temporary recruits, specifically tailored to the organisation’s needs. These co-ops and internships help students earn their necessary credit in order to graduate, earn proper work experience, and best of all getting them to apply classroom studies in the real business world.

For over 20 years, there has been a shortage of “transferable” workplace skills, and although there have been many initiatives in terms of laws, guidelines and goals, not many problems have been resolved.

These “transferable” workplace skills have represented a real problem for the private sector for the past 20 years. HR managers have stopped putting too much emphasis on skills such as reading literacy and computational aptitude. In today’s workplace, soft skills are dominating the office needs, and they are as follows: interpersonal and intrapersonal knowledge, time management, ethics, teamwork, personal organisation, interpersonal communication, problem solving, anger management and reasoning.

At a global scale, Millennials display unique attributes that conflict with society and the idea of work as it currently stands. This group of people have spent their entire or nearly entire life connected to technology, rapid accessibility of information and a permanent connection with family and friends. Straight from birth, Millennials have been told they are special and they were rewarded nearly instantaneously for even the smallest of accomplishments.

Millennials are much better equipped to handle active learning that can teach them metacognitive skills. Such operating systems are being beta-tested as we speak, in order to assure the teaching of a higher-order and analytical skills. In the United States, the successful applications of e-learning for workplace training are expected to be introduced into the K-12 curricula where they are foreseen to shrink the metacognitive skill gap in public schools. Games and simulations offer a great basis for education and training, with at least 45% of Millennials being active learners.

In approximately 10 years, companies everywhere will move all types of employee training programs towards the online. Nowadays, distance education done through e-learning is just a stepping stone towards a new structure of education.

The level of information a worker can acquire at the workplace takes half the time compared to the classical classroom delivery, thus retention can be increased by 30% and the cost of training can be reduced by 40%. There will be a quick and positive ROI because employee efficiency is substantially increased.

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Skill Gap: Why is it still a Major Concern (Part 1)

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Although the latest economic recession has ended a few years ago, the rate of unemployment in the United States is still high. This still remains a problem, even though employers are in a continuous struggle to fill certain job posts, most of them in the area of middle-skills jobs: nursing, computer technology, high-skill manufacturing, etc. These vacancies require education at a postsecondary level and in some special cases, even college math degrees or courses. At the moment in the States, 69 million people are involved in middle-skills jobs, which represent about 48% of the workforce. The skill gap is obvious.

The U.S. Bureau of Labour Statistics doesn’t do estimates on vacancies based on skill category, but if we were to combine the data from the government on education and the training requirements needed, it can be discovered that almost 25 million, or 47%, of new jobs that will appear from 2010 to 2020 will be in the category of middle-skills.

CEO’s and HR leaders need to figure out which method of training people will help their organisations fill those vacancies, thus mending the wage stagnation that has engulfed the country and limiting the gap between households with high and low income.

Given the current work climate, companies should take charge and develop programs in which workers can be capable of filling the skill gap. To be realistic, such a thing can happen on a global scale only if companies cooperate with each other, with educational institutions, with unions at both regional and national level.

Businesses rarely disclose any information regarding their expenses on training programs, and when they wish to cut costs, their first target is represented by HR investments. Nowadays, many organisations shy away from training investments because they fear that their competitors won’t make the same investments and they will also steal their workers. In order to minimise this risk, combined investment is recommended. Such collaborative work has been put into effect in a number of countries such as the U.S., UK, Australia and Sweden, with great success.

Read also: Top 7 HR Trends for 2017

Things have greatly shifted since we’ve entered the 21st century. For the majority of the 20th century, people had two ways in which they acquired their skills and prosperity. The first one is, obviously, on the job. Organisations promoted people from within, and it enabled their employees to develop towards higher-level occupations. Unions were invested into negotiating specific career ladders that were directly connected to seniority and skills, and also accompanied employers at an industry or occupational level in order to host various training programs and apprenticeships. Having such a system in place guaranteed a constant flow of talent, very well equipped with skills of the highest level.

A second approach to acquiring skills was represented by college. The American dream has always represented an ideal for any fellow American. Young people across the U.S. were told that in order to achieve the highest peaks of the American dream was to follow the rules and study hard in a field that best suited their talents and interests. However, problems always arise. People with degrees in liberal arts have seen a significant drop in job opportunities. The numbers speak for themselves: only 15% of college graduates have majored in math, science, engineering and technology. This percentage has been a constant for over 2 decades although demand has grown exponentially.

This article is part of a series. For part 2 click here.

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