Sean Burgess | PraxisIFM Asset Manager and Co-Founder Emirates HR
US UNEMPLOYMENT RATE HITS 49-YEAR LOW
Falling to 3.7 percent in September, whilst the economy added 134,000 jobs over the month. Economists have forecast that the unemployment rate could fall as low as 3.25 percent, which will add further support to the Federal Reserve to raise US interests to combat increased inflationary pressures. Average hourly earnings rose at an annualised rate of 2.8 percent across the month.
US AND CANADA AGREE NEW TRADE DEAL
Which together with Mexico will be called the United States-Mexico-Canada Agreement (USMCA) and will officially replace the North American Free Trade Agreement that has been in force since 1994. USMCA will govern $1 trillion of trade between the three nations and will include arrangements on a wide range of products, including US dairy, Mexican car manufacturing and Canadian lumber.
ITALY’S 10-YEAR BOND YIELD HITS 4½-YEAR HIGH
After comments from a leading lawmaker that many of the country’s economic problems could be solved by leaving the euro, although Italy’s Prime Minister Giuseppe Conte made a statement that the government was committed to the currency. Investors remain concerned that the 2.4 percent budget deficit target next year could lead to credit downgrades by the global ratings agencies.
JAPAN’S ECONOMY AT RISK OF A SLOWDOWN
According to the IMF who noted that the proposed consumption tax increase from 8 to 10 percent next year should be offset with extra government spending. IMF managing director Christine Lagarde highlighted the country’s long-term challenges including a forecast 25 percent decrease in Japan’s population over the next 40 years that will reduce economic productivity and growth.
OIL PRICES HIT A 4-YEAR HIGH
With the international benchmark reaching $86.74 a barrel on Wednesday, as investors anticipate disruptions to the oil market when US sanctions on Iran take effect on November 4th. Saudi Arabia and Russia have committed to increasing production to compensate for the loss of Iranian supply, however this has done little to hold back oil prices which have risen almost 20 percent since mid-August.
In other financial news:
- Turkey’s inflation rate hits 15-year high, reaching an annual rate of 24.5 percent in September, due to rising oil prices, higher US interest rates and a crashing lira.
- Indian stocks fall 5 percent, with the market down 11 percent from its August high, as the economy comes under pressure from rising inflation and a stronger US dollar.
- Saudi Aramco public offering set for 2021, according to the Saudi Arabian crown prince who said he believes that investors will value the company above $2 trillion.
- UAE’s GDP to grow 3.7 percent next year, according the IMF who cited increased government spending and higher oil prices as the reason for boosting their forecast.
- Tunisia releases $247m IMF loan tranche, which follows a $2.9bn loan agreement in 2016, after the country implemented structural reforms and austerity measures.
Businesses with unmotivated employees often face low productivity and high turnover rates. Multiple theories help explain how workers are motivated and provide suggestions for how to increase motivation in the workplace. Understanding which theory best fits your employees may help improve your small business by increasing employee retention rates and improving worker productivity.
Theory X and Theory Y
In the 1960s, Douglas McGregor proposed two theories related to employee motivation and management. His theories divided employees into two categories. Theory X employees avoid work and dislike responsibility. In order to motivate them, employers need to enforce rules and implement punishments. Theory Y employees enjoy putting forth effort at work when they have control in the workplace. Employers must develop opportunities for employees to take on responsibility and show creativity as a way of motivating Theory Y employees. A third theory, Theory Z, was developed by Dr. William Ouchi. It encourages group work and social interaction to motivate employees in the workplace.
Hierarchy of Needs
Maslow’s Hierarchy of Needs contains five levels that often shape motivation styles in an organization. To motivate employees, an organization must move up the pyramid of needs to ensure all of an employee’s needs are met. The bottom of the pyramid contains physiological needs such as food, sleep and shelter. Safety makes up the second level and belonging the third. The top two levels of the pyramid include esteem and self-actualization. Successful organizations focus on the top two levels of the pyramid by providing employees with the necessary recognition and developing opportunities for employees to feel they are doing valuable work and reaching their potential with the company.
Through a series of experiments in the late 1920s, Elton Mayo developed the Hawthorne Effect. This effect theorizes that employees are more productive when they know their work is being measured and studied. In addition to this conclusion, Mayo realized that employees were more productive when provided with feedback related to the studies and allowed to provide input into the work process. Workers need recognition for a job well done and reassurance that their opinion matters in the workplace to be motivated to perform.
John Stacey Adams’ Equity Theory argues that employees are motivated when they perceive their treatment in the workplace to be fair and unmotivated when treatment is perceived to be unfair. In an organization, this involves providing employees with recognition for the work they are doing and giving all employees the chance to advance or earn bonuses and other awards. Managers who play favorites or single out employees for recognition may face a largely unmotivated group of employees.
Source : https://smallbusiness.chron.com/theories-motivation-organizations-management-25221.html
Throughout the years, employees’ desires and demands have evolved, and it can be challenging for companies to keep up. Employers are bombarded with a wide range of trendy tips for keeping different generations of workers happy. But when it comes to attracting and retaining top talent, employers need to understand what employees really want from a company. While we all know that competitive pay and good benefits factor into an employee’s decision to join and stay at a company, there are many other overlooked desires that are more important than a paycheck.
To truly enjoy their jobs, employees must feel that their employers respect them and will provide them with what they need to be successful in both their professional and personal lives. The 2018 Global Talent Trends study by Mercer revealed a few employee desires that many organizations seem to be missing.
The study took a multi-perspective approach and collected input from 800 business executives and 1,800 HR leaders, as well as 5,000-plus employees across 21 industries and 44 countries around the world. Mercer gathered these voices to analyze how both employers and employees are reimagining the future of work. The study identified top talent trends, which can be useful for companies who are trying to stay ahead of the game when it comes to employee satisfaction.
Among the findings, Mercer identified three factors that employees and job candidates are looking for in a company. This included permanent workplace flexibility, a commitment to health and well-being and working with a purpose.
It’s clear that the strict nine-to-five workday is outdated – and it won’t help employers attract or maintain today’s top talent. The 2018 Global Talent Trends study found that 51% of employees wish their company offered more flexible work options. No matter the industry, flexibility is incredibly important to employees and job seekers across the nation. Companies that offer employees flexibility in the form of telecommuting, flexible schedules and unlimited PTO help employees maintain a positive work-life balance. Flexibility has also been shown to reduce workplace stress, boost mental well-being and encourage productivity.
The demand for flexible work environments continues to grow. A 2016 survey by FlexJobs found that working parents ranked workplace flexibility ahead of salary. A whopping 84% of working parents said work flexibility is the number one most important factor in a job, with work-life balance ranking in as a close second at 80%.
While flexible hours and schedules are an important aspect of a flexible workplace, the 2018 Global Talent Trends study noted that flexibility comes in more forms than just work arrangement. Mercer claims that flexibility also involves rethinking what work is done, how it is done, and by whom. The trouble with both of these forms of flexibility is many employers still require employees to ask permission to act on these flex benefits. Mercer claims that companies need to adopt a more permanent arrangement to workplace flexibility. To do this, employers need to reinvent their flexibility policies and address the barriers surrounding flexible working.
For workplace flexibility to become a permanent solution, employees need to know that they are encouraged to act upon all flex benefits. Mercer suggests that employers work on developing a culture of trust, as well as support remote working by providing the technology that remote workers need to get their job done.
Commitment to Health and Well-Being
Workplace wellness initiatives do more than just promote healthy habits. They show employees that their employers truly care about their health and well-being. All employees have the desire to be treated as human beings with human needs – not robots. The 2018 Global Talent Trends survey found that one in two employees would like to see a greater focus on well-being at their company. This includes an emphasis on physical, psychological and financial wellness.
Employees desire managerial support for their physical and emotional well-being. A simple solution for this is implementing a workplace wellness program. To be successful, employee wellness programs need to be customized and include a wide variety of wellness initiatives. Wellness challenges, onsite health screenings and regular lunch and learn sessions are examples of wellness initiatives that should be implemented year-round.
It’s not enough for employers to simply offer employees the chance to participate in wellness activities. To truly make a commitment to employee health and well-being, employers need to lead by example and create a culture of wellness in their organization. Employers should offer employees mental health days, opportunities for stress relief and opportunities for physical activity. Investing in standing desks, weekly meditation programs or even an onsite gym are all ways that employers can fulfill employees’ desire work for a company that promotes employee well-being.
Working With a Purpose
Perhaps the most underrated desire of modern-day employees is the desire to work with a purpose. Many employees would be willing to give up fancy nap pods or office game rooms in exchange for fulfilling work. Unfortunately, in many companies, a sense of purpose is overlooked in today’s profit-focused world. Many employees feel that they are just working for a paycheck and aren’t contributing to the greater good of society.
Without a sense of purpose, it’s difficult for employees to connect with their work and their company. Working with a sense of purpose boosts employee motivation, productivity, morale, and overall job satisfaction. According to Mercer, thriving employees are three times more likely to work for a company with a strong sense of purpose. However, only 13% of surveyed companies offer an employee value proposition (EVP) differentiated by a purpose-driven mission.
In order for employers to provide purpose to employees, employers should:
- Create a company vision
- Show recognition
- Express gratitude
- Let employees know how their job impacts the company and its clients
- Frequently discuss the meaning and value of the company
- Share customer success stories
- Ditch tunnel vision and focus on the bigger picture
Keeping up with the desires of your workforce can be challenging – no one will argue with that. However, identifying your employees wants and desires will greatly benefit your company and the bottom line. By providing simple solutions such as flexibility, a focus on wellness and working with a purpose, employers can significantly improve the satisfaction of their employees.
Source : https://www.forbes.com/sites/alankohll/2018/07/10/what-employees-really-want-at-work/#3737a4125ad3
People with fixed mindsets tend to have a desire to look smart rather than a desire to learn.
- How we deal with failure and solve problems can have a huge impact on our success — arguably more than our IQ does.
- Those with a fixed mindset believe they cannot change and become overwhelmed when they are challenged.
- Those with a growth mindset outperform those with a fixed mindset because they embrace challenges as opportunities to learn.
- There are several ways to develop a growth mindset, such as becoming more flexible and choosing not to complain.
When it comes to success, it’s easy to think that people blessed with brains are inevitably going to leave the rest of us in the dust. But new research from Stanford University will change your mind (and your attitude).
Psychologist Carol Dweck has spent her entire career studying attitude and performance, and her latest study shows that your attitude is a better predictor of your success than your IQ.
Dweck found that people’s core attitudes fall into one of two categories: a fixed mindset or a growth mindset.
With a fixed mindset, you believe you are who you are and you cannot change. This creates problems when you’re challenged because anything that appears to be more than you can handle is bound to make you feel hopeless and overwhelmed.
People with a growth mindset believe that they can improve with effort. They outperform those with a fixed mindset, even when they have a lower IQ, because they embrace challenges, treating them as opportunities to learn something new.
Common sense would suggest that having ability, like being smart, inspires confidence. It does, but only while the going is easy. The deciding factor in life is how you handle setbacks and challenges. People with a growth mindset welcome setbacks with open arms.
According to Dweck, success in life is all about how you deal with failure. She describes the approach to failure of people with the growth mindset this way,
“Failure is information — we label it failure, but it’s more like, ‘This didn’t work, and I’m a problem solver, so I’ll try something else.'”
Regardless of which side you fall on, you can make changes and develop a growth mindset. What follows are some strategies that will fine-tune your mindset and help you make certain it’s as growth oriented as possible.
We all hit moments when we feel helpless. The test is how we react to that feeling. We can either learn from it and move forward or let it drag us down. There are countless successful people who would have never made it if they had succumbed to feelings of helplessness: Walt Disney was fired from the Kansas City Star because he “lacked imagination and had no good ideas,” Oprah Winfrey was fired from her job as a TV anchor in Baltimore for being “too emotionally invested in her stories,” Henry Ford had two failed car companies prior to succeeding with Ford, and Steven Spielberg was rejected by USC’s Cinematic Arts School multiple times. Imagine what would have happened if any of these people had a fixed mindset. They would have succumbed to the rejection and given up hope. People with a growth mindset don’t feel helpless because they know that in order to be successful, you need to be willing to fail hard and then bounce right back.
Empowered people pursue their passions relentlessly. There’s always going to be someone who’s more naturally talented than you are, but what you lack in talent, you can make up for in passion. Empowered people’s passion is what drives their unrelenting pursuit of excellence. Warren Buffet recommends finding your truest passions using, what he calls, the 5/25 technique: Write down the 25 things that you care about the most. Then, cross out the bottom 20. The remaining 5 are your true passions. Everything else is merely a distraction.
It’s not that people with a growth mindset are able to overcome their fears because they are braver than the rest of us; it’s just that they know fear and anxiety are paralyzing emotions and that the best way to overcome this paralysis is to take action. People with a growth mindset are empowered, and empowered people know that there’s no such thing as a truly perfect moment to move forward. So why wait for one? Taking action turns all your worry and concern about failure into positive, focused energy.
Then go the extra mile (or two)
Empowered people give it their all, even on their worst days. They’re always pushing themselves to go the extra mile. One of Bruce Lee’s pupils ran three miles every day with him. One day, they were about to hit the three-mile mark when Bruce said, “Let’s do two more.” His pupil was tired and said, “I’ll die if I run two more.” Bruce’s response? “Then do it.” His pupil became so angry that he finished the full five miles. Exhausted and furious, he confronted Bruce about his comment, and Bruce explained it this way: “Quit and you might as well be dead. If you always put limits on what you can do, physical or anything else, it’ll spread over into the rest of your life. It’ll spread into your work, into your morality, into your entire being. There are no limits. There are plateaus, but you must not stay there; you must go beyond them. If it kills you, it kills you. A man must constantly exceed his level.”
If you aren’t getting a little bit better each day, then you’re most likely getting a little worse — and what kind of life is that?
People with a growth mindset know that they’re going to fail from time to time, but they never let that keep them from expecting results. Expecting results keeps you motivated and feeds the cycle of empowerment. After all, if you don’t think you’re going to succeed, then why bother?
Everyone encounters unanticipated adversity. People with an empowered, growth-oriented mindset embrace adversity as a means for improvement, as opposed to something that holds them back. When an unexpected situation challenges an empowered person, they flex until they get results.
Don’t complain when things don’t go your way
Complaining is an obvious sign of a fixed mindset. A growth mindset looks for opportunity in everything, so there’s no room for complaints.
Bringing it all together
By keeping track of how you respond to the little things, you can work every day to keep yourself on the right side.
Source : https://www.businessinsider.com/iq-isnt-as-important-to-your-success-as-how-you-act-2018-5?utm_content=buffer1b00c&utm_medium=social&utm_source=linkedin.com&utm_campaign=BI-linkedin