With over 500 million active devices and another 1.3 million activated every day, Android is a global force to be reckoned with.
With over 500 million active devices and another 1.3 million activated every day, Android is a global force to be reckoned with.
There is a serious problem with the way we work.
Most employees are disengaged and not passionate about the work they do. This is costing companies a ton of money in lost productivity, absenteeism, and turnover. It’s also harmful to employees, because they’re more stressed out than ever.
The thing that bothers me the most about it, is that it’s all so easy to fix. I can’t figure out why managers aren’t more proactive about this. Besides the human element of caring for our employees, it’s costing them money, so they should care more about fixing it. Something as simple as saying thank you to your employees can have a huge effect on their engagement, not to mention it’s good for your level of happiness.
The infographic that we put together has some pretty shocking statistics in it, but there are a few common themes. Employees feel overworked, overwhelmed, and they don’t like what they do. Companies are noticing it, with 75% of them saying they can’t attract the right talent, and 83% of them feeling that their employer brand isn’t compelling. Companies that want to fix this need to be smart, and patient. This doesn’t happen overnight, but like I mentioned, it’s easy to do. Being patient might be the hardest thing for companies, and I understand how frustrating it can be not to see results right away, but it’s important that you invest in this, because the ROI of employee engagement is huge.
Here are 4 simple (and free) things you can do to get that passion back into employees. These are all based on research from Deloitte.
Employees feel overworked and underappreciated, so as leaders, we need to stop overloading them to the point where they can’t handle the workload. Let them explore their own passions and interests, and work on side projects. Ideally, they wouldn’t have to be related to the company, but if you’re worried about them wasting time, you can set that boundary that it has to be related to the company. What this does, is give them autonomy, and let them improve on their skills (mastery), two of the biggest motivators for work.
Employees feel overworked and underappreciated, so as leaders, we need to stop overloading them to the point where they can’t handle the workload.
At Wistia, a video hosting company, they make everyone in the company do customer support during their onboarding, and they often rotate people into customer support. When I asked Chris, their CEO, why they do this, he mentioned to me that it’s so every single person in the company understands how their customers are using their product. What pains they’re having, what they like about it, it gets everyone on the same page. It keeps all employees in the loop, and can really motivate you to work when you’re talking directly with customers.
Both Apple and Google have created common areas in their offices, specifically and strategically located, so that different workers that don’t normally interact with each other can have a chance to chat.
This isn’t a coincidence. It’s meant for that collaborative learning, and building those relationships with your colleagues.
This is similar to number 2 on the list, but it’s important for employees to grow and learn more about what they do. It helps them build that passion for their industry. It’s important to go to networking events, and encourage your employees to participate in these things. Websites like Eventbrite or Meetup have lots of great resources, and most of the events on there are free.
What do you do to increase employee engagement? Let me know your thoughts in the comments!
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This infographic was crafted with love by Officevibe, the employee survey tool that helps companies improve their corporate wellness, and have a better organizational culture.Comments
Supply chain fraud – whether perpetrated by suppliers, subcontractors, employees, or some combination of those – can take many forms. Among the most common are:
Perhaps the most damaging sources of supply chain fraud are internal, especially collusion between an employee and a supplier. Such partnerships help fraudsters evade independent checks and other controls, enabling them to steal larger amounts. The median loss from fraud committed
by a single thief was US$80,000, according to the Association of Certified Fraud Examiners (ACFE).
Costs increase along with the number of perpetrators involved. Fraud involving two thieves had a median loss of US$200,000; fraud involving three people had a median loss of US$355,000; and fraud with four or more had a median loss of more than US$500,000, according to ACFE.
The most effective method to fight internal supply chain theft is to create a culture dedicated to fighting it. Here are a few ways to do it:
When 3D printing became a practical reality, in the sense that the actual printers became more efficient, less expensive, and more accessible to the average consumer, there was an assumption that the consumer 3D printing market was going to take off. We’d all have printers at home printing…. what? Our clothes? Toys? Spare organs?
That has yet to happen. 3D printing company MakerBot just went through its second employee layoff this year, driven by a market that’s developing much slower than predicted.
That same thinking is in play with a somewhat more prosaic technology – digital wallets. Apple Pay was released this year, as was Samsung Pay. There’s also Google’s Android Pay. During an earnings call, Apple CEO Tim Cook said: “We are more confident than ever that 2015 will be the year of Apple Pay.” But that expectation has yet to be realized, at least vis-à-vis consumers.
Consumers aren’t using any of the digital wallets en masse. According to Bloomberg, payments made via mobile wallets – all of them – make up a mere 1% of retail purchases in the U.S. The reason is that consumers just don’t see a compelling reason to use them. There’s no real reward for them to change from SOP.
Both these instances highlight a problem with assumptions about mass adoption for new technology – just because it’s cool, interesting, and accessible doesn’t mean a market-worthy mass of people will use it.
Who is more likely to use mobile wallets? Emerging economies without a stable financial and banking systems. In those environments, digital payments present a more secure and quicker method for purchasing. These are the same areas where mobile adoption leapfrogged older technologies because there was a lack of telecommunications infrastructure, i.e. many never had a landline phone to begin with, and they went directly to mobile. The value-add already exists. (But there are also security issues, to which consumers are becoming more sensitive. A hack of Samsung’s U.S. subsidiary LoopPay network was uncovered five months post-hack. Although one was expert quoted as saying the hackers may not have been interested in selling consumer financial info but instead in tracking individuals.)
Here’s some interesting data and a good point made: mobile payments are most popular in situations where the buyer already has his or her phone in hand and the transaction is made even quicker than swiping plastic. For example, purchases made for London Transit rides are responsible for a good portion of the U.K.’s mobile payments.
Mass technology adoption is no longer driven simply by the release of a new product. There are too many products released constantly now, the market is too diverse, and the products often lack a true raison d’être.
Learn more about how creative and innovative companies are finding their customers. Read Compelling Shopping Moments: 4 Creative Ways Stores Connect With Their Customers.Comments
Without a doubt, the lives of everyone on this planet has been impacted by the digital economy. Approximately 2 billion of us don’t leave our homes without a smartphone in hand. We shop online for almost every conceivable product. And for the 57% who are still unconnected, they are benefiting from a growing social community that is exchanging ideas, influencing governments worldwide, inspiring change, creating awareness of injustice, and coordinating aid to those in need.
At the same time, a growing number of companies are extending the possibilities of hyperconnectivity. Kaeser Kompressoren is embedding sensors in its systems to predict potential breakdowns and generate revenue by tracking the volume of compressed air consumed by its customers. Haier Asia is doubling up its digital platform to get closer to its customers and give them exactly what they want. Even Europe’s second-largest port found a way to increase capacity by 150% without physically expanding its bustling facility.
For these companies, digital transformation is not just a strategic move – it’s a fundamental part of their survival and overall business model. In fact, a recent study by the Economist Intelligence Unit (EIU) revealed that 59% of executives view the failure to adapt to hyperconnectivity is their organization’s biggest threat.
Despite all of this change, we have yet to scratch the surface of the possibilities the digital economy offers. Mark my words: 2016 will further prove the transformational power of the digital economy.
As we prepare to usher in a new year, here are my top predictions of how the digital economy will continue to revolutionize everything:
1. Digital masters will emerge – and win every time.
Companies that digitally transform everything they do and touch will further differentiate themselves from those that just dabble in digital services. Although the EIU reports that 19% of companies are radically changing their business model to seize the opportunities hyperconnectivity offers, they are becoming powerful brands.
Take Nike, for example. The well-known sports apparel company has transformed itself into a fitness and lifestyle brand. By actively engaging with customers through social media, mobile technology, and embedded sensors, it is fostering an empowered community. From tracking diet, activity, and fitness progress to sending reminders to get their customers moving, Nike is making sure that their customers have the support they need – whenever and wherever they need it.
2. Digital Darwinism will become a significant threat.
Technology and society are evolving at a pace that is simply too difficult for many organizations to keep up with. In fact, according to some predictions, 40% of the Fortune 500 are expected to no longer exist within 10 years if they do not evolve soon.
To survive, companies must be not only the strongest and the most intelligent, but they also must adapt to change. We have all seen this firsthand as we spent the last 20 years saying goodbye to brand leaders that resisted the call and opportunity to digitize. So for the 81% that are not taking digital transformation seriously, make 2016 the year you start to get serious.
3. Digital transformation will be pervasive across every area of the business.
To be truly transformed, companies must go beyond window dressing the customer experience, embedding a few sensors to monitor production, and monetizing a service with digital technology. They must reach deep into the bare bones of the company, going as far as human resources and finance and as high up as the executive boardroom.
Digital transformation is just the enabler – real change happens when the business culture, leadership, and processes of profit centers and cost centers embrace it and evolve with it. The cloud, mobile technology, networks, and analytics present every business area with a unique opportunity to gain greater efficiency, perform instant data analysis, and achieve better collaboration. Not only does digital transformation help companies modernize and become an attractive employer brand for younger talent, but it also creates a seamless customer experience, promotes more effective collaboration, and empowers the entire workforce.
One brand that shows the power of such an undertaking is Burberry. Famous for its digital retail experience online and in physical stores, the luxury retailer has taken its personalization strategy to its employees too. By making it easier for employees in all areas to sell the brand to customers, Burberry is experiencing increased engagement across its workforce. And in the end, that means a better customer experience – anytime, anywhere, and through any channel.
4. The sales funnel will disappear – for good.
For decades, the sales funnel has been used as a visual representation of separating qualified buyers from the rest of the prospect pool. However, thanks to the Internet and social network, the sales process has accelerated to the point where the funnel is no longer relevant.
CEB recently uncovered that the average buyer is 57% through the purchase decision process before their first interaction with a sales representative or channel. Plus, companies only have 12% of their customer’s mindshare through the buying experience. As a result, customers tend to fall through the funnel undetected and without a defined journey.
Through digital transformation, sales and marketing can better address this issue by providing multiple touch points that can make the brand accessible to every existing and potential customer – no matter the path taken. Along the way, data should be collected, consolidated, and distributed across the enterprise to provide insight and power decisions at the moment of the interaction.
5. Cryptocurrency will pave the way for better data security.
Bitcoin. Drones. Virtual reality. Cloud. All of these emerging technologies has drawn a fair amount of press lately. However, there are always naysayers fearful that these innovations will not measure up in terms of protection from cyberattacks and data breaches. And probably the most eyebrow-raising one of all is cryptocurrency. However, Bitcoin has included a level of security into its ecosystem: The blockchain.
Through redundancy, computational compliance, and high-speed processing, all transactions are logged on a publicly available general ledger and copied across thousands of servers. When a transaction is initiated, every one of those servers must agree that the information given is accurate. Should someone try to cheat or hack into the ecosystem, it will be rejected as soon as the new account identifier is detected to be unidentifiable.
Is it possible that someone can work faster than these servers? According to The Economist, it is nearly impossible to generate a new version of the blockchain quick enough to overtake more than half of the servers controlling it. As computing power and speed increases, so will the servers’ ability to process information faster than the most-competent blockchain miners.
What do you think of these predictions? Dust off your crystal ball and share how you foresee the digital economy evolving!
Learn more about what’s possible for your business in the digital economy. Check out these reports detailing the Economist Intelligence Unit’s research: