Anthropologist and Pulitzer winner, Jared Diamond declared that ‘a society’s ability to grow/expand and make new conquests is directly linked with its availability of embracing innovative and disruptive technologies.’ Nowadays, at the end of each year, it has become the norm to ‘start the race’ in predicting future trends in any industry imaginable and HR is no different. However, predictions have never been easy to make. As Philip E. Tetlock stated – Professor of Psychology and Political Sciences at both the University of Pennsylvania and at Wharton School of Business – we are facing an uphill battle in our capacity to forecast future trends of events.
Visionaries (innovators and ‘early adopters’ alike) are the people who are setting new standards, are changing the status quo and creating new possibilities. Just think about the vision necessary to allow people to fly for the first time at the beginning of the 20th century.
At this rate, it has been estimated that investments in the global sector of human resource management (HRM) will reach 30 billion dollars in 2025.
In other words, the creation of innovative HR solutions is in a continuous expansion, whilst the field of human resources is currently experiencing a fantastic influx of innovation.
Uncertainty in the current economic climate, the progresses made in the field of technology and the extensive disruptions in the labor market have put organizations under more pressure than ever before.
Although predicting the future is troublesome, it is also essential to identify and to understand social, economic and technological fundamental trends or ‘mega trends’ which will affect organizations in the next ten to twenty years in order to anticipate and prepare ourselves for the transformations that will supersede.
This year, on the 9th and 10th of October, at Kronwell Hotel in Brașov, the Great People Inside Conference: Visionary HR will generate, along these two days, interesting and provocative discussions in regards to modern pressing issues such as digitalization, artificial intelligence, autonomous learning and current technologies are profoundly changing the management practices of HR and the way in which we can create a future centred on people. For more details regarding the event you can check it outhere!
https://greatpeopleinside.com/se/wp-content/uploads/2019/07/great-people-inside-conference-visionary-hr.png7131280great people insidehttps://greatpeopleinside.com/se/wp-content/uploads/2024/05/GPI_logo_01.pnggreat people inside2019-07-01 15:02:052019-08-21 09:13:34Great People Inside Conference "Visionary HR", Kronwell Hotel, Brașov
Back in 2017, in Deloitte’s Human Capital Trends report, it has been revealed that people analytics was a top trend and a top priority for every respectable organisation. 71% of companies that were surveyed for the report have stated that people analytics is of great priority.
It has become more and more evident that data analytics in HR have become to matter more than ever before. Although people skills remain a top priority for every HR manager, there are numerous companies and non-profit organisations that are using data and are calculating everything from talent acquisition and productivity to retention and job structure. This shift towards data and analytics is saving businesses tremendous amounts of money.
Furthermore, the data which is being collected is being used by analytics experts and HR managers alike to study and learn more about employee behaviour, overtime patterns, how people relate with each other in the workplace, time management – all of this to better understand their workforce and how to boost the company’s performance and production.
Oracle is another company that has been doing its very own global survey in order to better grasp where HR is in terms of analytical functionality within an organisation. Their findings have revealed that HR departments are one of the most analytical in various companies, and it’s even pulling ahead a bit in relation to the Finance department. Some HR departments are actually using the latest technology in predictive and prescriptive models and, in some specific cases, artificial intelligence.
This is an enormous shift from ten years ago when studies began to arise in talent analytics. At that time, the only player that was using sophisticated HR analytics was Google. Back in those days, there was a ‘normal’ amount of reporting that was happening, but there wasn’t anyone designated to predict. A minority of HR organisations even had an analytics employee. To better put things into perspective, ‘HR analytics’ was typically understood as a conversation about the total number of employees the company had and how to better measure the employees’ level of engagement.
Even before the surveys from Deloitte or Oracle came out, there was a definite shift in trends in today’s modern organisation. Most multinational corporations have a few employees, specifically, to just analyse data. Nowadays, there are various conferences around the world tailored to this specific topic. Organisations now alter or adapt the way they do business in order to shape growth, engagement and other variables which are considered key.
The aforementioned Oracle survey involved 1,510 respondents from 5 continents and 23 countries. Through these respondents, there were senior managers, vice-presidents and directors from HR (61%), 28% from Finance and 10% from general management. It is also important to know that all executives that have participated were from businesses with at least 100 million dollars in revenue. The detailed statistics are as follows:
51% of HR respondents could perform predictive or prescriptive analytics, by contrast only 37% of Finance respondents could tackle these advanced forms of analytics.
89% were in agreement with the statement “My HR function is highly skilled at using data to determine future workforce plans currently (e.g. talent needed),” and only 1% disagreed.
94% of respondents agreed that “We are able to predict the likelihood of turnover in critical roles with a high degree of confidence currently.”
94% also concurred that “We have accurate, real-time insight into our employees’ career development goals currently.”
When respondents answered this question “Which of the following analytics are you using?” “artificial intelligence” had the highest response rate, 31%. When asked to further explain how they used AI, the most common answer was “identifying at-risk talent through attrition modelling,” “predicting high-performing recruits,” and “sourcing best-fit candidates with resume analysis.”
So why is it that HR departments have become more ‘natural’ in their use of advanced analytics than Finance, which is theoretically work based around numbers? In most cases, this is because Finance organisations and the respective CFOs that have lead them found it extremely difficult to move from reporting and descriptive analytics towards advanced analytics that are being used nowadays.
The reason why Oracle has chosen to survey both the HR and Finance executives and managers is due to the simple fact that there has been a serious increase in their need to cooperate. Given the fact that most often than not employee expenditures represent a company’s highest costs and because an organisation’s financial position will always guide the size of the business, there is a clear need for symbiosis. Fortunately, the Oracle survey has found that high levels of collaboration are already in place. In the same survey, it has been discovered that 82% of respondents agreed and strongly agreed, with only 5% of them disagreeing, that “Integrating HR and Finance data is a top priority for us this year.” However, not everything is pitch perfect. Numerous interviews conducted post-survey have brought to light the fact that there are many more opportunities to be seized further than sharing of data and cooperating on analytics.
In conclusion, it would be stretch to think that analytics will solve HR’s every problem, but they can definitely provide a deeper understanding of every department within an organisation, help train HR specialists into developing projects that can enhance talent investments whilst also monitoring and developing recruitment, engagement, development, retention, productivity and many more workplace activities.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
https://greatpeopleinside.com/se/wp-content/uploads/2019/06/analytics.jpg7201200great people insidehttps://greatpeopleinside.com/se/wp-content/uploads/2024/05/GPI_logo_01.pnggreat people inside2019-06-21 15:57:062019-06-21 15:57:06The Rise of Analytics in HR
56% of executives consider that the organisations they work for are not prepared to satisfy the needs of their most talented employees in regards to their leadership skills a Deloitte study has stated. Why does this happen? Where exactly is the problem and last, but not least, what can we do to fix this issue?
A recent Mercer study (2019), with a respondent base of over 500 people, has discovered some troubling new trends in terms of organizational leadership and trying to answer the aforementioned questions. Before getting into more details, here are a few key details from this respective study:
27% of potential candidates are lost along the way due to a lack of a coherent selection methodology
42% of organisations do not have a structured leadership competence system
23% of organisations use the interview as the sole recruitment tool
In 63% of cases, traditional interviews fail in evaluating a candidate’s soft skills
In the case of succession plans, the rate of success in occupying managerial positions is 70-80% in comparison to 50-55% for those managers who are brought in outside the company for the same job position
33% of organisations believe they are using the appropriate methods of measuring the quality of their hirings and only 5% believe that their methods are optimal
23% of potential talents are rejected from the hiring or promotion process due to the company’s inability to identify the real performance indicators
16% of organisations do not know what types of talents they need to hire for their leadership positions
42% of organisations are not aware of the necessary competencies their own leaders require
A remarkable correlation has been uncovered by Mercer is that the success of leadership in organisations is directly proportional to the adoption of assessment tools.
What organisational practices does Mercer recommend in order for companies to develop their success in terms of leadership:
Develop a proper and well-structured competencies system, giving organisations the help they need in discovering the types of people they need in the organization and what types of talents they should hire in the future
Use assessment tools in order to properly measure the ability level of talents with the purpose of making decisions based on real facts, thus increasing the company’s chances of recruiting the right people
Prepare a proper internal succession plan with the help of which organisations can develop their own talents and prepare them for leadership roles
Incorporate leadership in hiring decisions in order to assure that the firm’s leaders share the same values, vision and the company’s mission statement
Develop your hiring process to be more effortless and short. Real talents won’t wait for too long!
How can Great People Inside help you?
First of all, we are aware that the first step into improving the workforce is that of identifying the key aspects that differentiate your organisation from all the rest. Once you have accomplished this first step, you will know what are your key performance indicators, what to identify when assessing candidates and employees by developing a well-structured competence system.
Secondly, our platform is extremely simple to customise in order for it to meet the clients’ needs. We offer you the possibility of either choosing one of the available models we have in place or you can request the appropriate dimensions to match your specific needs, thus making your whole recruitment process a lot easier.
Two of the solutions Great People Inside has to offer, GR8 Full Spectrum and GR8 Managers, are optimal instruments which are validated scientifically in order to ensure leadership success within your organisation:
GR8 Full Spectrum – The ultimate tool for measuring employee performance, GR8 Full Spectrum assesses everything from behavioural characteristics to cognitive ability and occupational interests. With this instrument, you’ll be able to get a full overview of an employee’s potential, along with his or her match on a per-organisation and per-position level. The assessment also offers suggestions for future development, as well as the opportunity to create your own content.
GR8 Managers – As people entrusted with a high level of responsibility, it stands to reason that managers will greatly benefit from a thorough assessment of their personality and skills. Inspired by Jim Kouzes and Barry Posner’s work the GR8 Managers tool focuses on identifying management potential from several different perspectives. These include the three main managerial qualities of fairness, foresight and inspiration, as well as the ability to work with generation diversity and in a VUCA (volatile, uncertain, complex, and ambiguous) environment.
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Compartmentalisation is an aspect which, whether we like it or not, applies to everything regarding our day to day lives. Given the fact that we are now connected to the whole wide world 24/7, it has become more important than ever to set boundaries and also respect them, which is, of course, no easy task. The obvious downside of not compartmentalizing and creating boundaries is that it inevitably leads to an ever-growing feeling of resentment over time. Sticking to your list is of the utmost importance.
Psychologically, compartmentalisation is seen as a defence or coping mechanism of the mind in order to protect itself which does not make it for a good read. In layman terms, our brains try to deal with various conflicting ideas at the same time. To put things into perspective, here a few examples: a person who lives the office in the evening and doesn’t want to think about work for the rest of the night because he wishes to enjoy some quality family time at game, a doctor who is religious and had to separate his or her beliefs in order to practice medicine at the highest standard or in even more extreme cases (because those exist too) soldiers who need to detach themselves from the traumatic events they have encountered in order for them to continue to operate in future battles.
In terms of coping strategies and exercises, they are mostly effective for a short period of time with both positive and negative aspects. It is beneficial for a person to compartmentalise, but you do not want to overdo it. To put things into perspective, the soldiers that have been mentioned above that are repressing their combat experiences, the moment they return to their normal lives back home, they experience numerous flashback episodes that are putting a huge strain on their mental health, especially in the cases of soldiers with Post-Traumatic Stress Disorder (PTSD) or Shell Shock as it was once known right after World War I.
As with every existing idea or suggestion, there are arguments and counter-arguments for carrying through with something or not. There is sufficient scientific data that leads to the idea of the multiple benefits of de-compartmentalisation. The theory in which people leave their personal lives in front of the office door sounds pretty amazing, in any way you like at it. However, in real life this actually means not bringing our entire personality and mentality to work. To be honest, a clear-cut delimitation between personal and professional is almost impossible for our minds to execute. Furthermore, social media is not helping anyone remaining 100% professional given the fact that most of us are connected on Facebook and/or Instagram with our colleagues.
Recent research has revealed a fact that always seemed as an added bonus at the office and that is to have workplace friendships, due to the simple fact that it leads to a significant increase in engagement, satisfaction and productivity. In 2014 survey where 716 working Americans were part of it, 71% of them loved their job given the fact that they had friends in the workforce, whilst only 24% of people surveyed enjoyed their job without having any friends.
To strengthen this point, in the New York Times bestseller ‘Wellbeing: The Five Essential Elements’ the author has said the following after analysing data gathered from Gallup studies from 150 countries: “Those who [have a best friend at work] are seven times more likely to be engaged in their jobs, are better at engaging customers, produce higher-quality work, have higher well-being, and are less likely to get injured on the job.”
Somehow, unsurprisingly, women have the ‘upper-hand’ in this matter, with 63% of office friendship being female-female. Furthermore, men also have fewer close friends outside of the office than women.
Learning to Compartmentalise
As stated above, compartmentalising requires isolating separate tasks in order for you to focus on each one exclusively.
The process of keeping work responsibilities and your personal life separate is definitely challenging, simply because this separation includes thoughts as well as actions. If, for example, you’re reading a bedtime story to your children in bed whilst also mentally composing an email for a client, you are creating a tremendous amount of stress and you will fail to offer your family the attention they deserve. Compartmentalisation skills can be strengthened through the establishment of a time period that acts as a buffer between home and work life. If you commute, try to switch off by rewinding everything you did that day, plan ahead for the next day and realise that the work day is over. If home and family issues are the ones interfering with your work, use the same technique during the morning commute.
Prevent Multitasking
Even after you’ve established a strong mental separation between home and work, you can easily get distracted by the mere temptation of multitasking.
As compelling as multitasking is, it isn’t always the most effective way of operating. Some studies even have suggested that productivity falls up to 40% just by switching tasks.
If you’ve always been used to juggle numerous tasks at once, it can be fairly difficult to break that habit all of the sudden and change the way you work. Due to the fact that modern technology is one of the main factors of wanting to multitask, simply start by avoiding any type of screens you have while away from work.
One of the major distracting factors are social media apps like Facebook and Twitter. It would be wise to either turn off their notifications or installing apps that automatically block their activity during working hours.
Know and Understand Your Work
As vital as compartmentalisation is, there will be times when you will have to accept that you will need to multitask or that you cannot ignore external distractions. Usually, this is the case when there are major developments either positive or negative in one aspect of life or another. If you manage to compartmentalise even 25% of your time, there will be a noticeable improvement in your work-life balance.
Just as the saying goes: ‘One thing at a time’, can be extremely useful even though it’s an old as time cliché.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
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In today’s world of the corporate ladder, it is obvious to anyone that networking is the key that ultimately leads to career advancements. For example, through your own networking you could be selected for projects and assignments that will lead in future to a promotion. However, women don’t really reap the benefits of this ‘system’ given the simple fact that they are less likely to get hired or promoted in manager roles (i.e. 79 women promoted to 100 men promoted according to a 2018 study done by McKinsey & Co. and LeanIn.org called Women in the Workplace).
When women seek a professional mentor, the study has revealed, that they usually look for someone they want to be friends with rather than someone they can learn from. Other studies have shown women aren’t getting the tough feedback they require in order to move ahead. The best mentors will always push, dare, and confront their mentees, and challenge them to take on assignments that will further their career.
However, men look to form professional partnerships. Men have no issue doing business with anyone, even though they don’t necessarily like that particular someone, as long as that individual can help them achieve their goals. Men understand that a working relationship can be annulled when it’s no longer beneficial. Women have the tendency to be suspicious when utilising their social ties whilst also overemphasising the moral aspects of networking.
We know that social networks are critical to professional advancement. We also know that men are more likely to rise to leadership positions.
Why the difference?
Because women seek positions on an executive level they often face numerous cultural and political obstacles than men normally do, they benefit from an inner circle of close female contacts that can share private information about things like an organisation’s attitudes toward female leaders, which helps strengthen women’s job search, interviewing, and negotiation strategies. While men had inner circles in their networks too – contacts that they communicated with most – we found that the gender composition of males’ inner circles was not related to job placement.
The Power of Direct Placement
Winning a placement within executive leadership positions straight out of masters degrees benefit both men and women alike. Early-career women, especially, can use this route to sidestep longstanding labour-market challenges, including stereotyping and discrimination, which result in lower pay, lesser advancement opportunities, and a higher rate of dropping out of the labour market altogether.
But little is known about the links between graduate school and placement into these positions. We wanted to understand whether one’s network enables MBAs to find the right opportunities, setting the stage for successful careers.
To connect features of social networks at school to job placement success, we analysed 4.5 million anonymised email correspondences among a subset of all 728 MBA graduates (74.5% men, 25.5% women) in the classes of 2006 and 2007 at a top U.S. business school. We measured job placement success by the level of authority and pay each graduate achieved after school.
Network Smarter, Not Harder
Studies suggest that women can benefit from taking a strategic approach to networking.
First, seek quality over quantity in your overall network. Keep in mind in this context, is less a function of how many people you know but who those people are. Identifying and connecting with people who are connected to multiple networks is a key strategy.
Related to that point is the idea of embracing randomness. The more you associate with similar-minded or experienced people, the less likely you will be to diversify your network and inner circle. Because we tend to target actively when we network, we are prone to restrict targeting to people most like ourselves.
How do you break the pattern? Try random selection. We found that the random sorting of business-school students into sections, for example, raised the odds that female students will befriend those with experience and goals beyond their own, again expanding their knowledge and contacts in career-enhancing ways. Randomness democratizes the networking process, ultimately enhancing it.
Finally, beware a closed inner circle. When your inner circle is too interconnected—the people within it are similar and have similar contacts—it can feel socially secure but fail to generate key insights and opportunities. Workplace or industry affinity groups, for example, become closed structures in many cases. There’s nothing wrong with being part of such a group, but try to complement it with others representing more diverse experience and connections.
Employers, too, can aim to create more diverse small groups, to promote the development of women. Rather than creating just an affinity group of female coders, for example, populate a separate group with members from a cross-section of the organization that increase the chances of making unexpected connections, to better inform and support individuals.
Various studies also suggest that women face a greater challenge in networking to find professional opportunities – they, more than men, need to maintain both wide networks and informative inner circles in order to land the best positions. The good news is that by taking a smart approach, women can continue to find meaningful advancement possibilities while helping their peers and more junior contacts do the same.
Recent studies suggest women require a female-only inner circle in order to thrive and a larger well-connected networking system in regards to professional advancement. Men, on the other hand, do not do so well when engaging in a same-sex inner circle at all. All in all, it can be concluded that, for women, a networking system is simply not enough. It is clear that women have to network smarter and quite differently than men. It may sound exhausting, but it’s definitely worth it.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
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In a series of interviews conducted with CEOs of large companies in the United Kingdom, it has been discovered that close to 50% of all chief executives have stated that the role was “not what I expected beforehand.” The goal of this series of interviews was to determine what are the current challenges and best practices that CEOs should take into consideration when they accept this role in businesses nowadays. Furthermore, what happens when an organisation loses a visionary CEO? Most likely, innovation disappears and the company drifts for years out of sheer momentum and brand awareness. Organisations that go through these changes inevitably suffer the consequences and they rarely reclaim their former glory.
The aforementioned interviews have also revealed that most newly appointed CEOs find the transition period particularly challenging, even those professionals who have years of experience in this role. They have also mentioned certain aspects that new CEOs should always take into account: a correct flow of information that goes within and outside the organisation, managing time and energy accordingly and institute a clear framework in managing relationships with the board and external shareholders.
Managing Time & Energy
Stuart Fletcher, former CEO of Bupa had this to say: “Being time-constrained is a given, but the key is managing your energy. I’m very conscious of where I divert and direct my energy, where I get my energy and what saps it.” As mentioned above, older and more experienced CEOs understand the importance of time and energy management.
For example, chief executives spend a lot of time in all sorts of meeting with the board. Instead of treating board members as a drain of energy, many CEOs have stated that realising board colleagues can be a sort of insight and advice and can turn themselves into a proper source of energy. One of the CEOs interviewed has said: “It took a real mindset shift on my part but turning engagements with the board from an energy-draining exercise into a source of support and advice contributed greatly to my personal success and to the feeling that I had advocates around me.” Another important factor that must be looked into when managing time and energy is building a strong senior team as soon as possible, as Paul Foster, CEO of Sellafield has stated: “I spent too long working across multiple roles [CEO and previous role], when I should have been bringing in new hires.”
Managing Internal-External Relationships
CEOs recognise the importance of building trust with all stakeholders, with a priority focus on the board, investors and the media. Among those we interviewed, most spend on average about 50% of their time managing internal and external relationships.
Almost half of that 50% is taken up with board engagement. Nearly all former CEOs who did not focus on cultivating their professional relationships with board members yearned in hindsight that they had. Left all alone, board members can be influenced by investors or media outlets that focus on short-term goals often at the expense of strategies to build longer-term value. This risk will be especially high with board members who do not really understand or adhere to a company’s business strategy or opportunities for value creation.
CEOs have reported that building relationships with investors and other external factors — customers, media, industry contacts and regulators — is often burdensome and time-consuming than anticipated. Rob Peabody, CEO of Husky Energy Peabody has characterised the process of managing externally as being able to “write your own scorecard”— with numerous opportunities to build support for long-term goals and build patience among investors. CEOs like Mr. Peabody are highly aware that good relationships with external shareholders are “two-way streets.” CEOs who regularly connect with investors will use their feedback to improve communication in presentations and materials regarding the company and in various media interviews.
The Information Flow
The impact of asymmetric information is most obvious and most damaging in the relationship between chief executives and external shareholders. Stock price is often driven in part by the messages a CEO communicates through engagement with investors, analysts, and the media. Learning to control this information flow is considered a quintessential factor in career longevity.
Inexperienced CEOs often revert to old, previously successful behaviours in times of stress, but eventually realize that they are no longer appropriate or effective in their new role. Survey respondents highlighted the need for CEOs to quickly adapt, clearly outline a personal strategy, and regularly evaluate themselves against it. “Am I getting the information I need from the business units?” and “Am I spending enough time on individual relationships with board members?” is important and can help identify challenges early or avoid them altogether. They also note that while the job can be isolating there is often help available. New CEOs who find that they are struggling to adjust should consider seeking counsel from a more experienced CEO, senior consultant, or coach to help guide their efforts and increase chances of success.
CEOs have a lot to manage at any given point in time given the fact that they are tasked with increasing business revenue whilst also managing employees and customers, there are a lot of variables nowadays. As a CEO you must be aware that there are many challenges throughout the day; some that can be planned in hindsight but others not so much.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
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Companies that are looking to make a lucrative organic growth are making major investments in the optimisation of end-to-end customer experience. In layman terms, this refers to every aspect of how customers interact with a brand and its products and promotions whether we are talking about on or offline. However, most companies still lack a clear strategy and objectives that connect all the aspects of a customer’s journey. Due to this lack of vision companies risk expending vast amounts of money and human capital without getting back any financial gain.
Most companies nowadays are too busy tracking customer activity across their stores, unrealistic measurements for and gathering huge amounts of data from social media, call centres, e-commerce sites loyalty programmes and so on. In this case, their goal is to improve customer satisfaction every step of the way. However, overall customer satisfaction levels are already pretty high and rarely represent a competitive advantage.
Thanks to the research done by Harvard Business Review (HBR) over numerous brands and industries, has revealed the fact the most efficient way to boost customer value is by connecting with them on an emotional level. This indicates the need to use ‘emotional motivators’ i.e. fundamental emotional principles which are often unspoken. Just to name a few we have the need to feel secure, the desire to have a sense of belonging or to succeed in life.
On the basis of customer loyalty, emotionally connected clients are at least twice as valuable as satisfied customers. Emotionally connected customers will buy more of the products or services you offer, they will visit your place of business or stores more often, they display low price sensitivity, they will recommend you more to their family and friends and even follow your advice. Here are a few examples:
Airbnb: Travellers who crave a more personal experience, then, the sharing-economy icon definitely hit an emotional chord through the use of principles such as of mutual trust and respect.
Starbucks: Given the fact they have created a sense of community in their coffee shops, the company has developed a deep and strong bond with their customers to become the perfect place between home and work.
Patagonia: This socially responsible retailer started connecting with like-minded customers and initiated supporting causes they are really invested in. Given its activist spirit, this is echoed in every aspect of the organisation, ranging from logistics to fair wages.
In all fairness, all the marketing tools available now have acted as a catalyst for brands and their customers. If we take a closer look at the leading marketing campaigns involving technology, we can clearly see that emotional marketing is further enhanced by digital tactics. This leads to brands building their reputation and awareness even stronger and with the added bonus of creating special bonds with their long-lasting customers.
The digital advantage
Contrary to popular belief, by embedding technology in our daily marketing campaigns does not mean brands give up on human connection. Through the use of new emerging technologies, organisations have discovered a more personal way to reach and persuade costumers. Messages that make people smile, cry or grimace are what lead to likes, shares and lifelong customers; and the opportunities that the digital era presents bring emotional marketing to new heights.
Influencing customer insights
When you’re designing a campaign revolving around emotions, the message has to reverberate with the desired target audience in order for it to be effective. Nonetheless, it is pretty difficult to build up such a campaign given the fact that every consumer in the customer journey is at a different point in their lives with unique priorities. Given social media websites and numerous apps, very specific customer data is now available allowing marketers to tailor the campaign for their customers on a very deep, personal and emotional level.
Reaching the target audience
Given that our lives have changed considerably in the past 10 years, we are now living in a mobile-first world. This translates into less physical interactions with them in the stores. A big part of connecting with consumers on a more personal level is by reaching them where they are. It’s the organisation’s responsibility to discover what kind of device their audience is using more often and which content platform to they seem more in touch to i.e. Instagram, Snapchat or Facebook.
Harbouring customer loyalty
It is clear as day that campaigns that makes people angry, happy, sad, anxious or frustrated stay in the minds of the customers and will make them come back for more.
The moment when branded content is being distributed between family and friends and is also very engaging and entertaining, customer loyalty grows exponentially. When an organisation shares content with their customers either through Facebook or Twitter, we can clearly see the ‘art’ of creating an emotional campaign by combining it with science. These types of tactics have become one of the most effective ways in which to boost customer loyalty over decades.
If you are a believer in the idea of the digital era that is destroying the relationship between brands and their customers you may want to think again. Emotional and digital marketing are more intertwined than you may think. Campaigns that make people engage on an emotional level such as laughing, crying or smiling will continue to come out and they will grow in numbers, thus leading to an unprecedented level of engagement which can only be obtained through cut clear digital tactics.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
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Preventing burnout is a better solution than waiting to treat it after it becomes a problem. The personal and organisational costs of burnout can be extensive in terms of physical health, work performance and psychological well-being. As an organisation, taking steps to minimise the risk of burnout before it happens is a more rational strategy. Building engagement is probably the best approach to preventing burnout. People who are engaged in the workplace are far better at coping with the challenges they encounter, thus making them more likely to recover from stress. So thriving at building an engaged workforce, before any major problems arise, represents a fantastic prevention method.
Organisational intervention can and is more productive than individual intervention. Improvements should be made in job conditions that affect most or even all employees. Generally, these improvements should make changes in the way an organisation works, that it actually begins to change the organisational culture and climate altogether. The importance of the burnout-engagement ‘continuum’ is that engagement represents the desired goal for any burnout case. Through this framework, people will start to consider the factors in the workplace which are most likely to enhance employees’ energy, resilience and drive. According to the survey done by Accountemps, it has been revealed that more than half of employees reported feeling stressed at work on a daily basis, and 6 out of 10 agreed that work-related pressure has increased in the last five years. Some concerned HR leaders have called this a workplace epidemic.
The Costs of Employee Burnout
First of all, it is important to understand what the true costs of burning out are. In a recent study done by Gallup, it has been estimated that employee burnout cost the nation of Germany somewhere around 9 billion euros in lost productivity every year, whilst in the United States, burnout costs have been reported to be around 190 billion dollars in healthcare expenditure, with an additional 120,000 stress-related deaths. In fact, this burnout epidemic has become a nationwide problem in Japan, where they’ve even invented a new word: “karoshi,” aka death from overwork. The latest case was the death of a 31-year old woman who died of heart failure after doing a whopping 159 overtime hours in one month.
How to maintain high engagement without burning out in the process
Here are a few key differences that have been found between the optimally engaged and the engaged-exhausted employees.
Half of the optimally engaged employees reported having ‘high resources’, such as supervisor support, a rewards and recognition system and self-efficacy at work, but experience ‘low demands’ such as low workload, low cumbersome bureaucracy, and low to moderate demands on concentration and attention. The other side of the coin have displayed such experiences of high resources and low demands were rare (4%) among the engaged-exhausted employees, the majority of whom (64%) reported experiencing high demands and high resources.
This should provide managers with an idea as to where to start supporting employees in order to achieve optimal engagement levels. In order to promote and achieve engagement, it is quintessential to provide employees with the resources they need to do their job well, feel good about the work they put in and properly recover from work-related stress.
Many organisations, at the recommendation of their respective HR departments, offer wellness programmes in order to combat stress. While it is common knowledge that chronic stress is not good for employees, these company wellness initiatives are not the most appropriate way to respond to that stress. Studies suggest that while wellness programmes can be helpful, a much bigger concern is the work itself. HR should work alongside front-line managers in order to monitor the level of demands they’re placing on people. The higher the work demands, the higher employees’ need for support, acknowledgement and opportunities for recovery.
What about challenges and goals? Challenges, as we all know it, are motivating. However, we often forget that high challenges usually come at high cost. Challenging achievement situations not only cause anxiety and stress for most motivated individuals but also lead to exhaustion. The research on challenges and goals is mixed – for some people, chasing ambitious goals does lead to higher performance. For most people, however, challenges and goals lead them towards demotivation, take unplanned risks, or even quit.
Managers and HR leaders alike should try and help employees by toning down the demands they are placing on people. They should ensure that employee goals are realistic. Rebalancing the workloads of more skilled employees helps as well, who have been saddled with way too much work. Furthermore, it is recommended to increase the resources available to employees and this does not only refer to material resources such as time and money, but also intangible resources such as empathy, understanding and friendship in the workplace, whilst also letting employees blow off some steam from work when they’re not working.
The data is crystal clear: engagement is the key; it’s what all organisations should strive towards for both leaders and employees. But the target is smartengagement, the type that brings in productivity, enthusiasm and motivation, without any burnout.
There is a real value in providing companies with the tools to carry out regular organisational assessments and 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 a 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.
https://greatpeopleinside.com/se/wp-content/uploads/2018/02/engagement-burnout.jpg6801200great people insidehttps://greatpeopleinside.com/se/wp-content/uploads/2024/05/GPI_logo_01.pnggreat people inside2018-02-08 18:14:002018-02-08 18:14:00How and Why Is Engagement Linked to Burnout
Right after managers and employees have their first interaction, the process of forging their working relationship begins, which is a crucial factor in how they both are going to experience work, how much trust there will be between one another, and how effectively they can carry out assignments. A new and possibly forgotten predictor in the quality of these work relations is sleep. Sleep deprivation for either the manager or employee or both could make them experience an increase in negative emotions at the workplace. Usually, these emotions are represented by hostility. Everyone reading this can remember at least one time when fewer hours of sleep translated into a short temper at the office. This is a common experience for almost everyone in the workforce and, most of the times, it is directly linked to sleep deprivation due to the fact that fewer hours of sleep impairs the part of the brain that regulates emotions.
Hostility can be dangerous for a new professional relationship. Hostility leads to the feeling of threat and can easily deteriorate the psychological safety of people in every possible context. If managers happen to yell at an employee once, it may not be an issue, nevertheless, if this a common practice in the office, employees may feel that their manager is lacking respect and empathy, hence leading to a weak work relationship.
Unfortunately, today’s business world promotes sleep deprivation as the highest ranking achievement possible. If you’re always busy and cannot be bothered to sleep then you’re definitely on the way to the top. The problem here is that science says the exact opposite, so who do we believe? It may sound tempting to trade away some hours of sleep in order to finish a few tasks, but by doing you may sabotage your own success and health. Perhaps it is time to get some sleep, or else you may face numerous risks.
At Harvard Medical School the Division of Sleep Medicine revealed the fact that short-term productivity gains from skipping sleep are quickly downplayed by the detrimental effects of sleep deprivation on a person’s mood, his or her ability to focus and access to higher-level brain functions. Interestingly enough, the negative effects of sleep deprivation are so considerable that even people who drink manage to outperform those without sleep.
Why We Need Acceptable Hours of Sleep
We all know that sleep is good for our brain and new found evidence from the research done by the University of Rochester has provided us with clear evidence on why your brain cells need you to rest. The study states that when people sleep the brain removes the toxic proteins from its neurons (by-products of neural activity while we’re awake). Unfortunately for us, the brain can only do while we’re asleep. Consequently, the toxic proteins remain in the brain cells, impairing our ability to think and no amount of coffee can solve that. These toxins slow our ability to process information and problem solving; it can also kill our creativity whilst catapulting our stress levels and emotional reactivity through the roof.
What Sleep Deprivation Does to Our Health
Sleep deprivation has been heavily linked to numerous serious health problems such as heart attacks, strokes, type 2 diabetes, and even obesity. The lack of sleep stresses us out because our body overproduces the stress hormone when its sleep deprived, also known as cortisol. Excess in cortisol levels has a host of negative effects that come from the damage it inflicts on our immune system. High cortisol in our body results in looking older, due to the fact that cortisol destroys skin collagen, the protein that keeps skin smooth and elastic.
Sleep deprivation also compromises our body’s ability to metabolise carbohydrates and control our food intake. Sleeping less and less results into eating more and more and also increasing the difficulty in burning the calories we consume. Due to the lack of sleep, our bodies get hungrier much faster and that is done through the appetite-stimulating hormone ghrelin and it also makes it harder for us to get full because it reduces levels of the satiety-inducing hormone leptin. There is a 30% increase in the likelihood of becoming obese for people who sleep less than 6 hours a night rather than those who sleep between 7 to 9 hours a night.
Besides the fact that it may harm professional relationships, sleep deprivation can also deplete us of the very traits that make us good at our jobs. For example, workplace leaders are known for their charisma and which translates into making employees want to work for and with them. Sleep deprivation saps all of the outstanding personality traits and all we are left with is a robotic, difficult person in its place.
Sleep is a critical part of our wellbeing and without it, we get emotional, stressed-out, forgetful, disorganised people at work. We are more likely to feel helpless and be unable to perform even the most menial of tasks or change perspective when our plans go awry. It’s time we stop encouraging sleep deprivation at the workplace. It’s not doing our career or our bodies any favours.
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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We are at an interesting crossroad nowadays in regards to technology. All of the technological advancements we see around us on a daily basis have brought numerous changes to our way of life. The year 2018 will see an even greater focus on these types of advancements such as self-driving cars, drone deliveries and the rapidly evolving artificial intelligence (AI) programmes. Contrary to popular belief, you don’t have to be a software engineer or computer scientist to become a leader in the digital revolution. What is even more vital is the ability to match technological solutions with existing business problems in innovative ways.
Given that people nowadays are using mobile apps, connected devices, wearables, social media and the list could go on and on – the level of engagement with brands is unprecedented by using a vast array of digital technologies. Given this increased level of engagement, a business’ success hinges more often than not on the organisation’s ability to create an enjoyable experience for their customers. It is also true that recent research unearthed a strong correlation between superior customer experiences and revenue growth.
The technical director for Google Cloud, Jamie Erbes, has said that: “Consumer expectations are at an all-time high, and the bar will keep rising through 2020,” and “People want products and services that offer a high level of personalisation and adapt to their lifestyle. When that doesn’t happen, they quickly move on.” Many organisations have already started to build a strong foundation for a better 2020 digital experience. So what exactly is going to change?
Data is all around us and it keeps growing
We as people are ‘producing’ a fantastic amount of data as we go on with our lives. From Facebook, Twitter and Instagram to the digital footprint we create through the use of Netflix or Fitbit or even our connected systems at work. In case you were wondering, every second, 900,000 go on Facebook, 452,000 people post on Twitter, and 3.5 million people search for something on Google.
Given this fantastic rate of data creation means that every two years the amount of data is doubling. This is also known as Big Data. This massive explosion of data has made many other trends possible, and by learning how to tap into the insights will increase everyone’s prospects in just about any industry.
Artificial Intelligence (AI)
The field of artificial intelligence or cognitive computing revolves around machines or computers that are capable of reproducing or mimicking ‘thinking’ in a similar way people do – especially when it comes down to learning. Being a computer certainly has its advantages meaning that if you teach them how to learn they will do so incredibly fast and, as an added bonus, with a greater degree of accuracy than any human being would be capable of. The indisputable result is that they will become more knowledgeable and capable and able of finding solutions to problems.
It has been predicted that by 2020 half of online searches will be done by voice with 30%(!) of them being made by using devices with no screen whatsoever. For example, this year, BMW will launch cars with Alexa pre-installed, just as Ford has done. Businesses will increasingly use AI assistants in order to manage daily schedules and offer us information when we need it. Going even further, some people are talking about the opportunity to drive sales through the use of chatbots and ‘natural’ language-capable marketing tools.
The days in which we were adding a customer’s name to marketing emails are behind us. The more customers feel treated like actual people, rather than just numbers with money, the more connected they feel to the companies that serve them.
Blockchain
Blockchain represents the distributed, encrypted and ledger behind the now famous cryptocurrency Bitcoin. However, it has uses far beyond making people interested in cryptocurrencies filthy rich. Experts have been saying that it represents a giant leap forward towards information storage and security. Simply put, a blockchain is a digital file in which blocks of information are connected to one another (or ‘chained’ together) and is secured through private key cryptography, making sure that only those with the right permit may edit only the sections of data they are entitled to. In other words, anyone capable of ‘installing’ blockchain technology to current business problems is very likely to find this particular skill in very high demand.
As people become more involved and vigilant about social responsibility and online security, blockchain will become tremendously important. For the organisations that actually have a nice story to tell, it will definitely be a valuable way through which transparency can be created and also building a brand in a way it was never thought possible before.
Public Cloud
As mentioned earlier, the amount of data we create is doubling every two years. According to a recent study done by International Data Corporation, between the years 2016 and 2020, the worldwide spending on public cloud services will more than double, reaching a figure of $195 billion.
It will be a difficult and tedious task to move companies towards the adoption of public cloud services, but in order to advance IT departments and leaders will have to spearhead this necessary move.
After a couple of years in the training phase, IT employees should be ready to work side-by-side with their marketing colleagues in order to implement technologies such as AI, blockchain, and public cloud into the real world. Whether companies are ready for it or not, the technological advancements are going to be put into action. To keep moving forward, these are the top trends that organisations worldwide cannot ignore in the coming years, whether they understand them or not and they will have to be implemented so that they won’t be left behind.
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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