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Price Increases & Why You Should Tell Your Customers

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

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

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

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

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

Call the action what it is: a price increase

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

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

Avoid apologising & over-explaining

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

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

Offer plenty of advance notice

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

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

Prove that the Price Increase Is for the Customers

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

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

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

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

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

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

Request a free demo:

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Sources:

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

Re-Onboarding Your Return-to-Office Employees

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At the beginning of the pandemic, employers quickly shifted almost every aspect of their business, including the onboarding of new employees, to take place remotely. Research from Glassdoor shows that organisations with strong onboarding practices improve employee retention by 82% and productivity by more than 70%. Yet, according to Gallup, only 12% of employees feel that their organisation does a great job re-onboarding employees — and this is under “normal” circumstances.

Now, as organisations look at returning to the office in some capacity during the months ahead, there is an opportunity for re-onboarding employees who started remotely. Doing so will help create a continued positive employee experience and help further socialise them into the organisation’s culture, given that this group of employees will likely not have met their fellow team members in person, nor likely have ever been to the organisation’s physical offices.

In looking at the group of re-onboarding employees, you may also include employees who started a month or so before the sudden shift to work from home, as their full onboarding experience may have been cut short, as well as include internal hires into new roles or transfers to new offices. For brevity, I’ll call this combined group “remote hires.”

In addition to other onboarding best practices, here are six strategies for re-onboarding employees who started remotely:

Allow remote hires to bond as a cohort

This group shares a common, distinctive experience — starting a new job during what is, hopefully, a once-in-a-lifetime global pandemic. Laurie Tennant, VP of People at Norwest Venture Partners, shared that her firm has had about 20 people who started remotely, ranging in position from Executive Assistant to Partner, across all teams in the organisation. She said, “You have an emotional resonance with your start-group that just kind of lasts” and shared that she is planning to do something special for remote hires where they all meet live to help form an affinity group of people who started during this time. Judy Parkman, Director of Human Resources as The William and Flora Hewlett Foundation also plans to organise an additional in-person lunch for remote hires with the foundation president, which was previously held virtually.

During these events, consider creating structured opportunities for remote hires to interact and get to know each other, such as ice breakers or “speed networking” activities, especially when there are multiple levels of the organisation represented or power differentials than can create feelings of awkwardness for individuals, regardless of their position.

Be mindful

Make an extra effort to help these employees feel particularly welcome, as if it’s their first day at the office — because it is! Consider leaving something special at their desk, be it a personal note, company swag, or other small gift. This is a nice touch that will go a long way in making members of this group feel valued, cared for, and recognised for having started a new job during a uniquely challenging time. Also, be thoughtful in making sure remote hires’ desks are located in an area where they will be able to naturally interact with other colleagues.

facility tours

Being new to an office can feel awkward and intimidating when you don’t know your way around — sort of like joining a new gym and not knowing where specific equipment is located or how a new machine works (in this case, it might be trying to figure out where the espresso machine is and how it works or how to get a FedEx package sent). In orienting remote hires to the physical space, conduct these tours in small groups to provide additional opportunities for remote hires to meet and get to know others. Show them not only where the office pantry, break room, restrooms and fire exits are, but other things like security protocols, conference room sign up procedures, helpful short-cuts and specific potential hazards or things to avoid, such as getting locked in the stairwell.

Communication and regular check ins

Managers of remote hires may take for granted that since these employees have already been on the job for some period of time that they’re already part of the team and don’t need assistance. Remind these managers that it’s their job to help the re-onboarding process for remote hires to make sure they are adjusting well to the new environment and have everything they need. Encourage them to take their remote hires to lunch and conduct a one-on-one with them their first week in the office, as would have been the case if they had initially started their job at the office.

Make sure managers and someone from HR is constantly checking in with remote hires in the weeks that follow. In many organisations today there are employee experience managers also plans to check in regularly with remote hires, which account for about 10% of their total employees. In addition, they should also assess what re-onboarding experiences may need to be conducted once back in the office based on what they hear from this group during these check ins.

Create a solid buddy system

Creating a buddy system can increase employee productivity and satisfaction. Remote hires are not only working at a new company, but also will be working in a new situation once people go back to the office, which can make them feel insecure. Aim to pair remote hires with more tenured employees who are familiar not only with the physical office, but also the office culture, as this can be a key source of support for remote hires helping them to navigate new dynamics once they are back at the office, even if they only return onsite a few days a week.

Consider assigning them two buddies — one who is on their team who has a good understanding of the remote hire’s role and manager, and one who is not on their team to help broaden their internal network and provide useful context outside their department. Ensure that these buddies understand how important their role is in the remote hire’s experience coming into the office and in helping them to understand how “in office” culture might be different than virtual culture.

Create informal team-building opportunities

Creating opportunities for people to get to know each other better will help all employees to reconnect after being remote for over a year but will also help remote hires, in particular, to socialise and get to know both new and seasoned employees in a more relaxed and less intimidating environment. For example, Norwest Venture Partners are planning to do a summer picnic and a voluntary opening over the summer for anyone who would like to come back to the office before their official open date in September. This gives remote hires the option to get to know the office and other colleagues in a less hectic or intimidating environment. The firm also plans to hold open houses at their offices once they officially open to create more opportunities for employees to mingle and get to know each other. Of course, other activities can also be planned with your more immediate teams, such as team dinners or informal outdoor barbeque.

While going back to the office will be an adjustment for everyone, it will be an entirely new experience for remote hires. Don’t squander the opportunity to create a great employee experience and use the strategies for re-onboarding your remotely hired employees.

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

Request a free demo:

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Sources:

https://www.hrdownloads.com/blog/article/back-to-the-future-at-work-re-onboarding-employees-december-2019
https://www.growthengineering.co.uk/8-top-tips-for-re-onboarding-returning-employees-using-your-lms/
https://hbr.org/2021/06/how-to-re-onboard-employees-who-started-remotely

Employees & What Drives Them Most Going Forward

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The past year has accelerated digital transformation across sectors. Along with a universal recognition that resilient employees are the true lifeblood of a company came an understanding that a company’s workforce is quintessential to business recovery. This has prompted organisations to completely rethink how they attract, retain, and manage their talent.

Citrix wanted to understand what the current attitudes of both HR managers and knowledge workers are with regard to their future workforce. They conducted a study, which they called it the Talent Accelerator, as part of Citrix’s Work 2035 project, a year-long examination of global work patterns and plans designed to understand how work will change, and the role that technology will play in enabling people to perform at their best. The Talent Accelerator study combined research from more than 2,000 knowledge workers and 500 HR directors in large, established corporations and mid-market businesses with at least 500 employees all of them based in the United States. When the study was commissioned, both groups of professionals were working under permanent contracts and were currently or had recently been working from home as a result of Covid-19 restrictions.

Employees (Now More than ever) expect flexible options

According to the study, 88% of knowledge workers say that when searching for a new position, they will look for one that offers complete flexibility in their hours and location. Also 83% predict that in response to the global skilled talent shortage, companies will leverage flexible work models in order to reach out to suitable candidates no matter where they live — yet, only 66% of HR directors feel the same. What is even more interesting:

  • 76% of the workers interviewed believe that employees will be more likely to prioritise family and personal interests over proximity to work, and will pursue jobs in locations where they can focus on both — even if it means taking a pay cut.
  • 83% of employees think that workers will be more likely to move out of cities and other urban locations if they can work remotely for a majority of the time, creating new work hubs in rural areas.

In order to position themselves to win in the future, companies will need to meet employees where they are.

Employees want to re-imagine how productivity is measured

In the future, companies will need to rethink how they measure productivity because traditional metrics — and views that real work can’t get done outside the office — will no longer cut it. According to the study, today’s employees want to be measured on the value they deliver, not the volume. And they expect to be given the space and trust they need to do their very best work, wherever they happen to be.

  • 86% of employees said they would prefer to work for a company that prioritises outcomes over output. What does this mean? New employees want to work for a company that cares less about the qualified work output they are able to produce, and more about the impact they can deliver to the business in a holistic sense.
  • But there is a gap here, with just 69% of HR directors saying that their company currently operates in this way, and only half of HR directors saying that their organisation would be more productive as a whole if employees felt that their employer/senior management team trusted them to get the job done without monitoring their progress.

Forward-thinking companies will focus on closing this gap, and will design people-centric experiences that give employees the space they need to unlock their full potential and deliver transformative results.

Employees want to work with a diverse team

One thing on which both employees and managers seem to agree? Employees want to work for a company that prioritizes diversity.

  • 86% of employees and 66% of HR directors assert that a diverse workforce will become even more important as roles, skills, and company requirements change over time.
  • Honest, accessible metrics around your diversity progress and remaining gaps are critical to ensuring that efforts to build a diverse team are measurable, targeted, and impactful.

Without the restriction of location, business leaders must look at their recruiting from a broader lens and expand the potential to attract employees who can boost an organisation’s creativity and productivity.

They might, for instance, dip into untapped pools of talent such as the “home force” and bring back parents who’ve put their careers on hold to care for children, or people who left jobs to tend to aging relatives. It could also mean looking to Baby Boomers who’ve retired, but who still want to work a few hours per week. And it could mean enlisting more part-time, contract, and gig workers — who make up a larger percentage of the workforce than ever — to take on more hours. And, of course, it means looking for global talent that may reside anywhere.

learning and development: Top priority

New business models sparked by the pandemic and changes in customer preferences and needs have given rise to new roles and opportunities for companies — and their employees — to grow. Upskilling and reskilling will be critical factor in capitalising on them. As the study found:

  • 82% of employees and 62% of HR directors believe that workers will need to hone their current skills or acquire new ones at least once a year in order to maintain competitive advantage in a global job market.
  • HR directors believe that ensuring that an organisation has the latest collaborative technology in place to enable agile learning is the most important factor in recruiting and retaining the best talent, and 88% of employees confirm this notion, saying that they look for this when searching for a new position.

It bears repeating: Organisations will need to prioritise reskilling and upskilling to attract and retain the talent they need to make their businesses grow. Those that do will not only boost the motivation of their existing workers, but will gain the attention of the brightest new recruits and position themselves to emerge from the pandemic not just where they were, but in a stronger, better position to move forward.

The last year has forever changed the way employees view and approach work, but one thing holds true: Businesses that want to attract and retain the talent they need to move forward must understand the top priorities of their future workforce. They must embrace new, flexible work models and cultivate a workforce that can design their own careers. In doing so, they will not only boost the motivation and engagement of their existing workers, but will gain the attention of the brightest new recruits and take their business to new heights.

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

Request a free demo:

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Sources:

https://www.mckinsey.com/business-functions/organization/our-insights/what-employees-are-saying-about-the-future-of-remote-work
https://talentnote.teamtailor.com/the-5-things-employees-want-from-future-employers/
https://www.fastcompany.com/90538157/this-is-the-thing-employees-want-most-from-their-employers

Remote Work Is Here to Stay. But How?

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Remote work forever? Implementing a hybrid system? Going back to the office full-time? Companies and their management teams have a lot to think about. have a lot of One of the success stories of the pandemic has been the adoption of remote work. A January 2021 survey by PricewaterhouseCoopers (PwC) found that 83% of employers say remote work has been successful for their company. That’s a 10% increase from a June 2020 survey. It’s a case of good news/bad news. While some companies survived because of the strength of their remote-work initiatives, getting employees to head back to the office has its own challenges. In fact, another January survey, by LiveCareer, found that one-third of workers would quit before going back to the office full-time. “We now know that remote work is good for many things, but not everything,” says global HR analyst Josh Bersin, founder of Bersin by Deloitte. At the same time, companies are going to need to balance the needs of employees with the company’s plans to get people back to the office and happy about being there, he says.

At the start of the Covid-19 pandemic, there was rampant speculation that one of the long-term implications would be the end of the office. While the workplace will undoubtedly become a hybrid environment with more employees working remotely at least part of the time, the reality is that companies will still have offices. In fact, according to a poll of more than 200 respondents conducted during a recent Gartner webinar, only 1% of midsize companies are planning on becoming fully remote organisations. On the other end of the spectrum, only 5% of midsize companies are planning on having all employees come back to the physical workplace. The remaining 94% will have some mix of in-office, remote, and hybrid employees.

As more individuals are getting vaccinated, business leaders need to shift their thinking from the abstract question of where employees will work to the reality that there is a specific day on the calendar that some kind of return to the office will actually occur. That day appears to be approaching quickly, as the same Gartner poll found that 69% of midsize companies are planning on reopening their workplaces in the second half of 2021. The question of how to return to the office will be more challenging than the abrupt shift to remote work was in March of 2020, given the variability of rules, regulations, and people’s vaccination status.

Fostering a Safe Environment

The number one issue that has to be managed before employees come back to the office is safety, says Tami Simon, corporate consulting leader and senior vice president at Segal, a human resources and employee benefits consulting company. “Above all else, employees need to feel safe: physically, mentally, and financially. Employers should transparently describe how they plan to make their workplace a safe place,” she says. In addition to the physical measures companies need to take, employees need to feel like they won’t face consequences for expressing their needs or feeling reluctant to head back to the office, she says.

Many employees harbor concerns about how safe the workplace will be. Communicate your company’s reopening plan to employees well in advance of the actual date. Communications should indicate the actual safety measures you’ll have in place, as well as enhance perceptions of safety. For example, if employees commute primarily via mass transit, they’ll also be seeking guidance or reassurance about the safety of their journeys to work.

Define and communicate your hybrid work strategy. Gartner’s 2021 Hybrid Work Employee Survey of more than 2,400 knowledge workers found that 54% of employees agreed that their employer’s approach to flexibility will impact whether they’ll stay at their organization. A hybrid approach will allow employers to meet employees’ new flexibility preferences.

Rethink the Office Space

Create a space that people want to come back to. That may include changes to the physical space and accommodating needs like standing desks to help employees avoid being sedentary all day. If you are going to rotate employees who are in and out of the office, you may wish to consider abandoning fixed desks and create workstations that can be shared. This is an opportunity to reconsider how the work is done and where it’s done. Giving employees what they need, possibly including having their main workstation at home, will help them better adapt to the time spent in the office.

Management teams face a challenge in determining exactly who those mission-critical employees are. Some roles, such as sales or relationship management, that have historically been viewed as requiring face-to-face interaction, may need to evolve given changing health guidelines and customer preferences, as well as the advisability of travel for non-essential purposes. Other roles undeniably depend on onsite tools or technology and can’t be done effectively without them.

Likewise, it’s essential to recognize that workforces will need time to adapt to new ways of working post-pandemic. Employees coming back after an extended furlough or period of remote work may find the physical layout of their workplace changed and their shift schedule altered. For office workers, returning to a workplace may require a mindset shift for those who’ve adjusted to working remotely. In order to navigate these changes, management should make sure employees understand what’s being asked of them and what steps the company is taking to protect their health.

Re-acclimating an onsite workforce will present an enormous change management challenge for executives, who will need a communication strategy that can help employees who are returning to the workplace, as well as those who continue to work remotely, embrace a shared vision of what comes next. And they should work with human resources teams to prepare for a potential uptick in ethics and compliance complaints from employees whose concerns persist.

Providing employees with the chance to make their challenges and concerns known may help management teams identify potential problems with their return-to-the-workplace plans. By enabling real, two-way communication, leaders may turn the COVID-19 crisis into an opportunity to strengthen corporate culture, increase employee engagement and boost productivity and loyalty over the long run.

While the desire is to return to “normal” as quickly as possible, the reality is that the workplaces employees return to in 2021 will not look like the ones they left in 2020. Encouraging employees to get vaccinated is good, but it’s not enough. The companies that are thoughtful about safety, flexibility, and clear communication will have the most success as we enter another period of profound change.

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

Request a free demo:

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Sources:

https://www.mmc.com/insights/publications/2020/july/bringing-employees-back-to-the-office-safely.html
https://hrexecutive.com/requiring-employees-to-return-to-the-office-get-ready-for-them-to-quit/
https://www.benefitspro.com/2021/04/21/getting-employees-back-to-the-office-safely-so-far-a-patchwork-quilt/?slreturn=20210428035444

Diversity and Inclusion Strategies & Implementation

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Diversity and inclusion programmes help companies drive innovative results. Yet many industries still struggle with diversity and inclusion, often failing to attract diverse talent due to inclusivity issues in the workplace. For organisations looking to shape up their diversity and inclusion (D&I) programmes and policies, the change can be challenging, but also rewarding. Most companies enact change to deliver business value, and many who launch diversity and inclusion initiatives cite research showing that companies with more diverse teams outperform those with a more homogeneous workforce.

As 2018 research from McKinsey shows, greater diversity in the workforce results in greater profitability and value creation. The same holds true at the executive level, as McKinsey found a statistically significant correlation between diverse leadership and better financial performance. Companies in the top quartile for ethnic diversity at the executive level are 33% more likely to have above-average profitability than companies in the bottom quartile. When it comes to gender diversity, companies in the top quartile are 21% more likely to have above-average profitability than companies in the bottom quartile, according to McKinsey’s research.

While financial performance is a major driver of diversion and inclusion strategies, some organisations launching diversity initiatives in the face of government compliance regulations or to address shareholder pressure. In the United Kingdom, for example, companies are required to publish their diversity statistics. Organisations are also realising that make diversity and inclusion a business imperative will help them avoid tarnishing their reputation.

During 2020 and so far in 2021, many companies, including McDonald’s, Microsoft, Boeing, and Best Buy, made pledges to improve diversity hiring practices and introduce diversity and inclusion (D&I) training. The hiring of D&I professionals in general increased, too; more than 60 U.S.companies appointed their first-ever chief diversity officer (CDO). However, much of this work has not yet taken root. In one recent survey, 93% of leaders agreed that the D&I agenda is a top priority, but only 34% believed that it’s a strength in their workplace. In another survey, 80% of HR professionals viewed companies as  “going through the motions.” In other words, they didn’t notice any significant positive impact from the organisations’ actions. Another survey revealed that while 78% of black professionals believe senior leaders’ D&I efforts are well-intentioned, 40% hear more talk than action and have not noticed material changes to policies or culture. Meanwhile, many CDOs leave their roles because of a lack of strategic, financial, and political support.

One-off D&I “initiatives” do not effectively address these long-standing disparities. Instead, leaders should infuse D&I throughout their organisations. Based on our experience and research, we have developed five strategies that can turn diversity and inclusion into an improved employee experience and a strategic advantage for the enterprise.

Change starts from the CEO positions

The CEO needs to take a public stance, embed D&I in the organization’s purpose, exemplify the culture, and take responsibility for progress toward goals. They need to be out front, even if a CDO is part of the team.

PwC’s U.S. chairman, Tim Ryan, has been an exemplar for at least five years. He co-founded CEO Action for Diversity and Inclusion after police shootings in the summer of 2016 to spur business executives to collective action on D&I. The publication of PwC’s workforce diversity data in 2020 revealed that women and people of color are underrepresented, especially at senior levels, showing that even the most dedicated companies still have a lot of diversity and inclusion work to do.

Nielsen’s CEO, David Kenny, added the CDO title to his leadership portfolio in 2018 so he could “set hard targets for ourselves and make those transparent to our board and measure them like we measure other outcomes like financial results.” He relinquished that title to a new CDO in March 2020, noting the D&I progress his team had already made.

Diversity and Inclusion Should Be Key Part OF Business Strategy

D&I is far more than an “HR issue.” It should be a core ingredient in the design and execution of business strategy and embedded in the activities of the organisation day in, day out. Increasing the number of non-white individuals involved in the strategy process will help develop a core purpose that better reflects a broader group of customers and employees. It also gives the organisation more opportunities and places to succeed.

Alex Gorsky, chair and CEO of Johnson & Johnson, who has put diversity and inclusion at the center of his pursuit of sustainable competitive advantage, said, “The best innovations can only come if our people reflect the world’s full diversity of individuals, opinions, and approaches.” A diverse design group is more likely to create products and services that work for a diverse clientele, avoiding biased assumptions, generalizations, or shortcuts. When organizations test products and services on a diverse group of potential clients and employees, it’s easier to identify the variations necessary to enhance the adoption of the final offering. And, when a company has an enterprise-wide D&I strategy, leaders can use it to guide the selection of operating ecosystem partners that are aligned with its D&I intentions.

Every Voice Should be Welcomed, Heard and Respected

Most often employees quit jobs when they feel that their authentic self and uniqueness is not appreciated or valued. As such, it is vital to create an environment where they feel a sense of connectedness to the company and its people. Employees need to feel free to express themselves based on their unique perspectives. 

When it comes to supporting diversity and inclusion in the workplace, don’t play favorites, practice basic courtesy, and pay special attention to how you can embrace non-discriminatory practices and policies. Employees feel included when they feel “safe” to voice their concerns and opinions without fear of victimization. The freedom of expression without fear also empowers companies to not just listen to but also actively embrace diverse viewpoints.

One great way to do this is to invest in a workforce communications platform. By integrating all your communications channel into one platform, you will reach each worker on their preferred channel. You will truly help your workforce feel connected and included in larger company initiatives and goals. Also, you will gain insights from unified analytics to understand how best to meet their needs and help them thrive. And you’ll provide a personalized employee experience that is inclusive and allows all voices to be heard.

Multigenerational Workforce

Today, millennials make up the vast majority of the workforce. Having a workforce that recognizes and accommodates multiple generations is essential in building a diverse and inclusive workforce. And while millennials are generally known for being tech savvy, bear in mind this generation encompasses ages 22 to 38. The older millennials might not have the same proficiency with tech tools as their younger counterparts. You can really see this at work in communications practices. Sometimes certain employees are more comfortable using social channels, for example, or group chat functions. On the other hand, employees of older generations might not embrace such communications channels so readily.

Again, communications professionals can invest in a workforce communications platform to easily and efficiently create and send messages via channels that employees prefer; this will help communicators craft messages that will appeal to all generations, and encourage engagement. There’s widespread agreement on the need to improve diversity and inclusion in the workplace. But it’s not easy to deliver on the promises made. It’s time to adopt a more systematic, coherent approach. By following these strategies, leaders can make more progress and create a more representative, fair, and high-performing workforce.

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

Request a free demo:

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Sources:

https://www.cio.com/article/3262704/diversity-and-inclusion-8-best-practices-for-changing-your-culture.html
https://socialchorus.com/blog/15-ways-to-improve-diversity-and-inclusion-in-the-workplace/
https://www.greatplacetowork.com/resources/blog/why-is-diversity-inclusion-in-the-workplace-important

Pandemic-Induced Changes in Work Practices

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As vaccines are being administered, the impact of the Covid-19 pandemic on people’s lives and the business environment will gradually lessen over time. This is a welcomed change, but organisations must resist the urge of a complete reversion to their pre-pandemic practices.

Given the fact that the crisis imposed severe restrictions, it also provided us with a unique opportunity to try thousands of alternatives and innovate with new practices, some of which are beneficial in any period. In addition, the crisis lowered the resistance to change and thus helped healthy organisations get rid of deeply entrenched, dysfunctional practices that would be difficult to shed in normal times.

Many organisations were forced to do things that would have been considered inconceivable not so long ago. In addition to many companies’ successful digital transformations and widespread remote work, courts started delivering justice online, healthcare providers shifted to telemedicine for many minor illnesses, banks paid out loans without meeting clients in person, and auditors conducted virtual company audits without visiting company premises.

But what will happen to these practices once the pandemic is over?

1. New practices should be sustained

In the early days of the pandemic, circumstances forced companies to react and experiment in swift and pragmatic ways. Most companies followed one unequivocal dictum: Keep pace and survive. Now it’s time to make space to reflect.

As a first step, companies should identify which new practices were successful, why they were successful, and under which circumstances they’re expected to continue to succeed. New practices are more likely to be retained and sustained if managers and employees consciously identify and recognize them, then establish them. Survey employees to understand what they did differently during the crisis and then conduct follow-up discussions about what succeeded for them and what didn’t. Distill the efforts that were successful into common organizational procedures, translating them into documentation and communicating new expected practices to employees.

2. Reduce any connection to old practices

We’re notorious creatures of habit. Given two choices, we’ll almost certainly opt for the more familiar one. Old habits and their signals are not only ingrained in our brains, but they’re also embedded in our surrounding environment. Language, spatial arrangements, rules, and work systems are preservers of knowledge in organizations that can trigger relapse. Manipulating or removing those symbols facilitates sustained change.

Organisations should be encouraged to unlearn dysfunctional practices by reducing influences of old knowledge structures that can hinder the adoption of new ones. This requires three easy steps:

  1. Question and reconsider the explicit and implicit criteria by which employees are evaluated — for example, whether they come to the office regularly and on time.
  2. Scrutinise and eliminate activities that were considered a norm previously but are no longer required — for example, daily in-person morning meetings held in a conference room at the office.
  3. Identify and change triggers that make people retrieve old norms — for example, if you had a tradition of having a group pizza lunch on Friday, host it in a video conference­-enabled room so that people working from home can join.

3. Openly discuss and explain the new procedures

Even after changes have been implemented, employees continue to carry deeply embedded assumptions about routines and practices before Covid-19. As long as these old assumptions are ingrained in individuals’ memory and there are disagreements about them going forward, the risk of failure remains high.

For example, one company initiated a dialogue among employees about the work-from-home mandate that was implemented during the pandemic. Now that conditions are becoming conducive to a return to offices, the company is discussing a permanent remote work policy.

In our analysis, we identified three distinct groups of employees based on their perceptions of the original change. One group was enthusiastic about it and demanded that it be sustained. Another group was comfortable with the change given the extraordinary circumstances but believed that it should be reversed once the pandemic is over. The third group never wanted the change and couldn’t wait for a reversion to the old practice. Although the shift to remote work was initially implemented on an organisation-wide basis, management didn’t know about the differences in people’s hidden perceptions about them. Unearthing these ideas and their different assumptions helped the organisation reflect on, transparently discuss, and set uniform expectations for each other, which allowed them to create more nuanced work-from-home policies that balanced the needs of all three groups.

Letting different viewpoints clash after change has been implemented does more harm than good. In order to make change sustainable, everyone must have a similar, if not the same, understanding of the reason, merits, and punishment and rewards associated with new procedures. For example, if physical, in-office meetings shouldn’t be held on days employees are allowed to work from home, make that clear. If an in-person meeting on one of those days is unavoidable, make sure employees understand that they won’t be penalised for participating virtually. Bringing varying opinions and perceptions to the surface, openly discussing divergent assumptions, and settling them will help align those expectations.

4. New practices should become habits

New practices can be sustained only if they’re turned into habits. In the final step of our framework, organisations must make sure that good practices are cemented into the organisational setting. The tendency to fall back into established routines is always one step away. It’s important, therefore, to go beyond initial rollouts and information sessions to regularly reinforce the new practices. This involves reminding people what the new procedures are until they don’t feel new anymore. It’s almost like reminding drivers about new speed bumps and lane changes for a period of time until they get used the new quirks. Instead of hoping that employees will automatically internalise changes as new routines, organisations must repeatedly communicate their benefits while providing incentives for their adoption and potential disincentives for their non-adoption. After several trials, new routines will become the familiar ones, and change will be sustained.

In places where pandemic restrictions are easing, companies must embrace this unique opportunity to retain the beneficial practices they adopted during the crisis. To do so effectively, leaders must be thoughtful about identifying which have been successful and deliberate in ensuring that the changes stick.

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

Request a free demo:

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Sources:

https://www.businessreport.com/business/resist-old-routines-when-returning-to-the-office
https://v-teamwork.com/change-in-the-workplace/
https://www.liquidplanner.com/blog/why-is-organizational-change-so-hard/

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

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

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

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

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

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

Underestimating the work

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

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

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

Creating Cultural Experiences That Support The Vision

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

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

(1) positively impact change and needs no interpretation;

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

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

(4) has a negative impact on the organisation.

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

Emotional Intelligence & Increasing Situational Awareness

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

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

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

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

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

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

Request a free demo:

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Sources:

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

Overwhelmed at Work? Here’s What You Can Do

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Isaac Newton’s Third Law of Motion states that “what goes up must come down.” However, stress and feeling overwhelmed is not bound by the constraints of physics—it just goes up and up and up. Psychotherapists say that many of us wind up amplifying the mental health harms already placed upon us by our jobs and relationships—even when it’s the last thing we want.

In 2015, the American Psychological Association’s annual Stress in America survey revealed more and more adults were feeling “extreme stress,” and that average stress levels were slowly increasing. With that stress came increased stress-related symptoms and overall poor health caused by such a huge mental strain. Many respondents admitted to partaking in unhealthy eating habits, not sleeping well or losing patience with loved ones because of the stress, too.

When you feel overwhelmed, you may react in ways that not only don’t help the situation, but that even make it worse. Maybe you’re oblivious to these patterns, or you know what they are but struggle to do anything about them.

Feeling overwhelmed at work can make you feel stressed, confused, trapped, and at risk of burnout.  When you experience overwhelm at work it can be difficult to manage your time, energy, and focus. Overwhelm can affect your ability to think and act clearly and rationally.  Feeling overwhelmed at work can also prevent you from making effective decisions and taking appropriate action.

To stop feeling overwhelmed at work it’s important to understand the triggers.  When you feel overwhelmed at work, causes include having too much too to do, tight deadlines, work pressure, or stress. Some of the best ways to handle feeling this overwhelmed actually fall into two camps—neither of which have anything to do with working until your brain melts: taking action to get a handle on your work, and taking a break so you can keep working to the best of your abilities.

The following are common self-sabotaging mistakes overwhelmed people tend to make. There are practical solutions for each that will help you feel like you’re on top of things and do a better job of navigating your most important tasks and solving problems.

1. You think you don’t have time for actions that would help you

People often have great ideas about things that would help them feel better and more in control — for example, hiring someone to help around the house, practicing self-care, seeing a therapist, taking a vacation, or organizing a game night with friends. However, they dismiss them because they think they’re too busy or that it’s not the right time, waiting to take those actions until a more ideal moment that typically never arrives.

Instead of thinking about what would be ideal, choose the best option that’s easily available to you now. Perhaps you don’t have time to research the best therapists by interviewing multiple candidates, but you do have time to pick someone who meets a few of your criteria and try a couple of sessions with them.

When you have good ideas but don’t act on them, it can lead to a sense of powerlessness or incompetence. You may also have endless open loops of “shoulds” and waste time and energy thinking the same thoughts over and over again. Plus, when you don’t act, you miss out on the benefits you’d accrue from trying your ideas. By acting to help yourself, you’ll get practice finding doable solutions, feel more self-efficacy, and reap those benefits sooner.

2. You interpret feeling overwhelmed as a weakness

Lots of times, we feel overwhelmed simply because we need to do a task we’re not very familiar with, or because a task is high stakes and we want to do a superb job of it. By itself, this isn’t necessarily a problem. We can often work through the task despite those overwhelmed feelings.

However, sometimes we get self-critical about the very fact that we feel overwhelmed. We think: “I shouldn’t feel overwhelmed by this. It’s not that hard. I should be able to handle it without it stressing out.” When you’re self-critical, you become more likely to procrastinate, because not only does the task trigger feelings of overwhelm, it also triggers shame or anxiety about having those feelings.

Some people react to this shame and anxiety in other ways. They might approach the task with extra perfectionism, or they might become more reluctant to ask for tips and advice from others. It’s important to replace your self-criticism with compassionate self-talk, which I’ve provided specific strategies for previously.

3. You navigate towards your dominant approaches and defence mechanisms

When we get stressed out, we tend to get a bit more rigid. Because we have less cognitive and emotional bandwidth to consider other options, we become less flexible about adapting to the demands of the situation and default to our dominant ways of handling things.

We all have values, but we don’t always use them to our advantage. For example, thoughtfulness can turn into overthinking, self-reliance can morph into micromanaging or doing everything yourself, having high standards can lead to being picky or perfectionistic, and resourcefulness can steer you toward doing things in unnecessarily complicated or unconventional ways.

When you’re overwhelmed, make sure you’re matching your values to the demands of the situation. Does the particular task or problem need…? (Insert your dominant attribute, such as thoughtfulness or self-reliance.) Or would a different approach be better suited to the circumstances?

4. Wasting time and energy on things you have no control over

No one controls everything. It’s impossible. Some things are simply beyond our influence. Don’t waste your time on those things. Instead focus on areas that you can influence or change. For example, you can’t control whether the company you work for will merge or not.

Don’t waste your energy or time worrying about it. Allot yourself 5 minutes of worry time, then shift gears. Move on and get over it. Focus on what you can do to make the situation better. Figure out what skills would make you more valuable to the organization. Explore different options so that you are prepared when the decision is finally made and announced.

5. You’re Multitasking

When you feel like there’s way too much on your plate, your first instinct will probably tell you to knock out more than one task at once. But that, my friends, is an urge to ignore. While we’re multitasking we may feel as though it makes us high-achieving, it actually makes us prone to even more mistakes and increasing our feelings of being overwhelmed. Even though answering emails and writing up a project at work may make you feel productive for, like, 10 minutes, it pays to give each task (and, more importantly, yourself) some room to breathe.

Finally, just remind yourself—it will all get done. There is a light at the end of the tunnel, and with the help of these strategies, you’ll be sure to get there with your work done well.

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

Request a free demo:

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Sources:

https://www.huffpost.com/entry/feeling-overwhelmed-4-mis_b_9266878
https://www.baofootspa.com/blog/2020/2/21/the-3-most-common-mistakes-you-make-when-youre-stressedand-what-to-do-instead
https://www.themuse.com/advice/5-unexpected-ways-to-deal-when-youre-overwhelmed-at-work

Decision-Making Myths – Debunked

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Decision-making is not fortune-telling, and good decisions do not always result in predictable outcomes.

Can you imagine life without your smartphone? So many of us can’t. We depend upon them for everything from directions to telling us the temperature outside to tracking our daily steps and heart rate. Our “Hey, Siri” culture has conditioned us to equate speed with efficiency and efficacy — and it’s changing how we process information. Our brains have become conditioned to respond with pleasure to the bings, pings, and dings our phones and computers provide.

While Siri and Alexa and Google are great when we’re jonesing for Italian food and want help finding a restaurant, they’re not great, or even desirable, when it comes to complex decision-making. In fact, they help enable a series of counterproductive ideas and reactive behaviors that actually impair your ability to make informed decisions. For example, let’s say you want to buy a car. Maybe you’re weighing a Prius versus a Crosstrek. Siri and Google can give you all sorts of information, such as fuel efficiency or the current interest rate on your loan. But a search engine won’t know why you’re buying the car, how you intend to use it, or what impact the purchase will have on your budget. Ultimately your decision needs to come from a clear understanding of your needs, values, and goals — information that’s outside the reach of their algorithms.

The most important things you need to learn often aren’t formally taught when you’re young. For example, many lament that teenagers aren’t educated on how to manage money. It’s a fair criticism. Evidence suggests a severe lack of knowledge around basic personal finance; a 2018 survey found that less than 50 percent of respondents could correctly define what interest is, the concept of bankruptcy, or how inflation works. In the absence of knowledge, myths creep in. One example that gets attention this time of year is the “benefit” of receiving a tax refund. This is a myth. In almost all cases, receiving a substantial refund isn’t a good thing. After all, you lent the government money—interest-free— throughout the year. 

Another myth: All college degrees are a sound financial decision. Data suggests that some people spend way too much money on a degree that won’t land them a job with a salary sufficient enough to make the investment worthwhile. It’s part of the reason why there’s a student debt crisis. Like personal finance, management isn’t something most people study formally—although HBS Online offers a Management Essentials course. Most people learn management “on the job,” and in fits and starts. As with personal finance, myths often develop for those who’ve never received management training.

On January 15th 2009 the world witnessed an unusual incident. The press called it ‘Miracle on the Hudson’. On that unforgetable day, an Airbus A320 aircraft with 150 passengers and crew members on board, encountered multiple bird strikes. They damaged the turbofan engines to the extent that both the engines of the aircraft became immobile.

In that situation, Captain Chesley B. Sullenberger took a bold decision to land the unpowered aircraft on the Hudson River. Fortunately, it was a safe landing and the lives of all 150 passengers and crew members were saved. This was truly unprecedented. Such events allow us to appreciate the criticality of making the right choices in times of crisis. It proves that a decision can be a life changing one and that too not just for an individual, but for an entire nation. Though decision making is a critical survival skill, research shows that it is prone to biases. Hence, it is worthy of deep study.

Myths About Decision-Making

1. I like to be efficient

So many of us think efficiency means jumping right in and making a decision. But to be truly effective, we need to be clear on what we are solving for. Rushing can lead you to make a decision based on the wrong factors, which ultimately will lead to regret. For example, walking into a car dealership and buying the first car you see may feel efficient, but may mean you end up with the car the salesperson wants to get rid of, not the car that best fits your needs and budget.

2. I just need to solve this problem at this moment

This is the classic example of “losing the forest for the trees.” Our problems sit in a context. A narrow focus may solve the wrong problem, or only partially solve the problem. If your car breaks down unexpectedly and you rush out to buy a new one, are you considering your needs beyond the present?

3. This is my decision alone; I don’t need to involve others 

Our important decisions do involve other stakeholders. Avoiding this bigger picture of who else is affected by a decision can, at best, only partially solve the problem, and may exacerbate it. For example, if your spouse or child can’t drive a stick-shift, do you really want to buy a manual transmission car that no one else in the family can get out of the driveway in an emergency?

4. I know I’m right; I just want data or an opinion to confirm my own thinking

Also known as “confirmation bias,” this decision-making flaw has been behind notorious failures from the Bay of Pigs to the subprime loan market implosion to the NASA Challenger explosion to the Deepwater Horizon environmental catastrophe. In each case, disconfirming data was available and should have raised concerns, but groupthink set in, and no one wanted to raise the red flag. To better understand and define the limitations of what you think you know, look for contrary examples and evaluate rival explanations. These techniques can prevent “frame blindness” to keep you from seeing what you want to see rather than what may be present. For example, maybe you’ve settled on the Crosstrek in your car search, but you decide to look around anyway. Could your preference for the Crosstrek influence how you evaluate the other cars? Could you be looking to confirm your inclination rather than buy the best car for your needs? To pry open cognitive space, first consider your needs and then look for cars that fit those parameters.

5. Decision-making is linear

In fact, good decision-making is circular; it needs a feedback loop as we gather information and analyze it and our thinking. At times we need to go back to find information we’ve glossed over, or to gather new information or conduct a different kind of analysis. When buying a car, for example, you might think that doing your research first and then going to a dealer and negotiating a price is enough. But there are many dealers, and they each have leeway to negotiate a price, so circling around and comparing offers may get you a better price.

6. There’s just one way to do this

Whether it’s how the bed should be made, which diet to follow, or how to divide up your retirement account, there’s always more than one way to get to “yes.” We’ve been conditioned out of listening to other voices, siloed in our information, environment, and social (media) circles. But getting outside your routines and patterns leads you to seeing things differently. You may always have gone into the dealership to buy cars, but more and more, people are negotiating car purchases online and through texting and email.

7. I have all the information I need

 While we may want to forge ahead, we can improve our decisions — and our satisfaction — by investing in a little bit of research and confronting assumptions with evidence. Your best friend might love her car, but that doesn’t mean it’s the car for you, particularly if it won’t fit your daughter’s hockey equipment. Looking to the experts, such as Consumer Reports, which does substantive research, can help you make an educated decision that’s also right for you.

8. I can make a rational decision

Psychologists far and wide, such as Amos Tversky and Daniel Kahneman, have demonstrated that as much as we’d like to believe it, none of us are rational. We all operate through a dirty windshield of bias based on past experiences and feelings. You might think you won’t get taken in by a car dealer, but they are professional salespeople who know how to evoke an emotional response.

For all our talk about the importance of management, it seems to be one of the most mysterious business disciplines. As with any realm shrouded in mystery, myths develop to help individuals understand what they know little about. But beware of believing them. While some myths point to the truth, many don’t. The best anecdote for knowing which myths are helpful shorthand and which are falsehoods? Education.

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

Request a free demo:

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Sources:

https://www.johnolivant.com/2020/07/16/the-myths-surrounding-decision-making/
https://www.greenbook.org/mr/market-research-news/4-common-myths-about-human-decision-making/
https://eugenie.ai/3-myths-about-decision-making-busted/

Working Parents and How They’re Dealing with Time

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The stress and uncertainty brought on by a year of the COVID-19 pandemic has left working parents struggling to find a child care solution that not only meets the expectations of their employers, but also the social and educational development of their children.

A new survey of working parents done by Bright Horizons revealed that over three-quarters (78%) of parents whose children are not in a child care centre or school setting are worried that their child is missing out on social and other developmental opportunities. Almost half of parents (46%) with a nanny or in-home care provider agree that a child care centre or school setting would provide more opportunities to socialise with other children, and 4 in 10 believe it would provide educational opportunities (41%) and/or more engaging activities (38%) for their child. On the other hand, two-thirds (67%) of parents with children in a child care centre or school environment feel their arrangement supports the social development of their child.

In light of these results the CEO of Bright Horizons, Stephen Kramer said: ” Working parents have spent the past 10 months being very nimble, pivoting on a daily basis as the world follows the course of the COVID-19 pandemic. But after almost a year of living, working and caregiving from home, parents are in need of a consistent, reliable child care solution that enables them to focus on their work while keeping their children safe and healthy and also supporting the social, emotional and intellectual growth of their children.”

According to the aforementioned survey, the majority of parents (97%) with children in a child care centre or school setting feel their arrangement allows them to focus on their work. The survey also revealed that most parents (89%) whose children do not attend a child care centre would consider this option for their child in the foreseeable future. The inability to juggle parenting and work (34%), along with children becoming increasingly bored at home (29%), are the factors that will weigh most heavily in parents’ decision to enrol in group education settings.

There is often talk about the “balancing act” of managing work and parenting, which assumes that the solution is a combination of compromise, multitasking, and choosing an understanding employer. But there are limits to compromise, and multitasking is exhausting. And we do not all have the good fortune or opportunity to choose a flexible and understanding employer. Even if we do, this choice can be undermined by the inherent demands of the work or the realities of who gets promoted, whose role is made redundant, and who gets pay raises.

Empathising with and supporting your employees with children during these difficult times can help set up your organisation for long-term success. Not only can it help you retain top employees, but it can also help these employees be more productive and can improve your employer brand and broader brand perception. Here are a few specific examples of ways employers are supporting working parents at this time, along with best practices your organisation can consider. Not every organisation will have the financial resources to offer a full range of support, but some of the practices outlined here can be implemented regardless of company size and resources.

Top employers offer working parents added support

Some technology companies and other larger organisations have recognized that overseeing virtual learning is challenging even for the most tech-savvy parents. To support parents during the ongoing pandemic, Accenture partnered with Bright Horizons, the childcare provider, to offer employees access to small-group, part-time school day supervision at a subsidized cost. Other organisations such as Microsoft and Bank of America are also offering this benefit to employees.

Bank of America is also offering employees benefits such as $100 in childcare reimbursement per day and virtual experiences for school-aged children. School-aged children of employees can participate in tutoring, virtual field trips and after-school programs through the non-profit online learning tool, Khan Academy. Working parents also have access to an online hub that features information about childcare, virtual education resources and opportunities to connect with other parents.

Citigroup is adding new employee benefits to help working parents balance their day-to-day work and virtual learning. The organisation is offering employees discounts on test preparation and tutoring services to kick off the new school year. Employees can receive assistance with finding an educational caregiver to supervise their children’s online learning and if they prefer small group learning, they can be matched with other families and educators.

Supporting flexible scheduling

The uprise in remote work since the initial COVID-19 outbreak in March 2020 leaves many individuals wondering whether they’re ‘working from home’ or ‘living at work.’ In the absence of set times in the office, employees across organisations are often taking a different approach to their working hours. Some start the day earlier or work later than they did before the pandemic because they don’t have to spend the extra time commuting. Others need to take a break during the day to help children with virtual learning or to run an errand for an at-risk relative. Due to this shift, employers should consider placing less emphasis on gauging success based on showing up at a certain time and instead embrace flexible, employee-driven scheduling.

Starting with new hire onboarding, encourage employees to block time on their calendars when they might have personal conflicts – such as supervising virtual learning or preparing lunch for their children. Foster a culture in which this type of time blocking is widely accepted and employees do not face negative repercussions for not being available at specific times. Encourage new hires to speak up as soon as possible if they’re struggling to balance their home and work schedules. This can help you identify solutions to set up for immediate success your new employees who are working parents, rather than only having this discussion if the employee’s performance noticeably suffers.

Rethinking performance reviews

Many employees who have faced challenges with juggling work and parenting responsibilities are concerned that this balancing act will lead to poor performance reviews. Google, for example, suspended performance reviews due to the pandemic in March and recently decided to reinstate them. In a recent survey of 870 Google employees who are parents, many indicated they expect the upcoming assessments to show that their job performance suffered in recent months. Others are asking Google for an option to opt out of this review cycle, which determines raises and promotions.

Other organisations are taking different approaches to performance management. Facebook suspended its usual performance ratings in early 2020. Instead, all employees who exceed expectations will receive bonuses. Facebook and other tech companies like Netflix and Google have also implemented performance management initiatives such as providing constant feedback, the ‘Keeper Test’ (in which a manager is asked, ‘Would you fight to keep that employee?’), and separating performance reviews, salary discussions and peer reviews.

A recent survey from Willis Towers Watson found that 66% of employers are not planning to alter performance expectations or career development and promotion processes for workers dealing with childcare issues. Whether employees are working parents or not, they have spent the past six months adapting to this new normal while doing their best to perform well in their roles. The unusual circumstances surrounding the pandemic need to be taken into consideration during performance reviews. This might mean setting up more frequent, informal check-ins instead of formal annual reviews for the time being or having a more open, two-way conversation rather than gauging success based on measurable numbers. By showing understanding, companies demonstrate that they truly care about their employees, not only generating higher productivity in the near term, but also strengthening employee loyalty in the long term.

In conclusion, about 41% of US employees between the ages of 20 and 54 have a child at home, meaning two in five employees are currently managing work and childcare or education in one way or another. By understanding the strain the pandemic has put on all employees – including working parents – your organisation can put a plan in place to better support your team, retain employees and drive results that will support long-term business success.

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

Request a free demo:

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Sources:

https://www.parents.com/parenting/moms/healthy-mom/time-management-tips/
https://www.businesswire.com/news/home/20210119005073/en/Working-Parents-Prioritize-Social-Development-in-Considering-Pandemic-Child-Care-Solution
https://qz.com/work/958747/the-eisenhower-box-helped-me-balance-parenting-and-work/