Article | March 18, 2020
There are 128 companies in the world recognised for exemplifying corporate citizenship and standards of integrity, according to Etisphere. Those on the most ethical list include Capgemini, T-Mobile, Hasbro, LinkedIn and Visa, based on elements like leadership, reputation, culture, corporate citizenship and governance. Good ethics are proven to make a difference to business performance. Etisphere tracked stock prices of publicly trading companies, finding that the world’s most ethical companies have a stronger financial performance – an impressive 14.4% over five years.
Article | March 18, 2020
Human resource best practices has drastically changed in the last decade and it has been observed that somehow they affect the organizations in many ways. As a result of this, nowadays, creating programs that improve the quality of work environment, organizing activities to nurture talent anddevelop future leadersmotivating employees, etc. are the things that help align HR goals with the company’s vision. If you manage to make your sales guys happy, it results in a 37% increased sale. The same is the case with other departments. It is found that engaged and happy employees become 20% more productive in their respective work.
If your organization is dedicated to following HR best practices, you will be able to see higher employee retention andhappier employees who contribute to the best of their abilities.This blog will take you through HR best practices in 2020 where you will get to know which activities you can apply in your organization, why are they important and how it will affect the workplace in this and the coming years. Let’s go over them one by one.
Table of Contents:
- Providing Employee Security
- Hiring Right Candidate for the Right Position
- Improving Engagement Through Feedback
- Offering Flexible Workspace
- Compensation and Benefits
Providing Employee Security
It is an undeniable fact that secure employees can give the best work results. When we speak about HR best practices, it is the prominent factor that tops the list. Where there are many changes in the lives of employees, a stable job or workplace is something they look up to and when it comes to career goals of, it is achieved by them in the long term.
When employees feel constantly worried about their jobs, they can’t perform which affects their results. So as an employer it is your responsibility to make them feel secure providing everything which is necessary so that they can relax and settle into doing their best work. It is a proven fact that job security is the best motivator for employees around the world when they can see the direct correlation between work productivity and their future with the company.
The other side of employee security is retaining employees that can significantly affect your bottom line and increase productivity. It is not just about good employees leaving your organization because of employee security reasons but also being able to maintain them to boost the company’s reputation as an employer as there are always some organizations that are willing to hire good employees. For instance suppose some X number of employees stick together with your organization for a long time, they are more likely to work on dynamic projects. They are the ones who create a stronger bond and bolster a strong sense of corporate culture.
Hiring Right Candidate for the Right Position
You obviously can’t hire people just for the sake of filling the positions because it seriously affects the organization in long terms. Here comes the selective hiring approach. What is it exactly? Hiring people who are not just fit for the role but also exceptional and can add value is something that every employer would want to invest time in. Performance analysis gives eye-opening data about hiring the right candidates. According to research, the difference between an average performer and a high performer can be as high as 400% and the data proves to be true for various industries, geography, and job types.
So it is supremely important to bring the right people in the organization to build a competitive advantage.
With the technological advancement, hiring professionals are availed with faster hiring software and tools that save your time. Further, to filter out candidates, the selection criteria that decide the characteristics of a candidate can be divided into 3 sections as ability, trainability, and commitment. Depending on these capabilities, it becomes easier for you to make hiring decisions.
Improving Engagement Through Feedback
Employee feedback is beneficial for both i.e. employees and the company. For employees, it is beneficial for career development and for employers and the company it results in much better and improved productivity. So it is important to note that every person involved in the feedback process is well aware of what needs to pay more attention and that fills the gaps for overall success. To support why employee feedback is necessary, there are some stats.
-69% of employees say they would work harder if they feel their efforts are valued and recognized.
-In a study of 65, 672 employees, Gallup (An American analytics and advisory company) found those employees who received strength feedback had a 14.9% lower turnover rate than those who did not receive any feedback.
Growth seems impossible without crucial feedback that is delivered regularly. It impacts financial growth, leadership growth, employee engagement, and the cultural growth of the company.
Offering Flexible Workspace
Nowadays workplaces have become more than cubicles where employees just come in, make them comfortable and focus on work with freedom in mind. If you are wondering about how office designs can motivate employees to increase work productivity then it will be good to know for you that many companies are investing to support flexible workspaces. Even if the existing design of your office is professional, you may be lagging in getting the most out of available space and when you think of employee comfort and workflow. To start with, simply you can allow them to tailor and custom their desks inspiring flexible work environment.
Another aspect that comes under this category apart from physical space to work is giving your employees access to work from home. In the end, employees are people with different preferences and to value their preferences is surely going to result in better productivity making more profit in the business. So it’s always an option to think about how and when they work which is going to save money, time, resources, enhance productivity, creativity, creating happier and healthier teams.
So, here is an opportunity to make it a win-win situation for business owners and employees to cherish in 2020.
Learn more: Critical factors that affect employee productivity
Compensation and Benefits
After hiring the right people what HRs need to focus on is retaining them balancing their and the company’s growth. These are the people who will be adding value and achieving goals of the company so you need to pay them fairly and inspire to make them stay. Apart from this, you can give them performance-based rewards appreciating their contributions at every step of the journey. Activities like this create a sense of ownership for employees and they get motivated to maximize their results, commitment to the company’s long-term visions and you will be able to retain high potentials.
Article | March 18, 2020
The world is waking up the 4th Industrial Revolution, with the impact of COVID-19 accelerating many changes already underway, says our Head of Equities, Stephen Dover. He opines on how underlying fundamental disruptions in our economy can present opportunities for active investors. Remember the story of lazy Rip Van Winkle who slept for 20 years, missed the American Revolution, and awakened to a new country? Similarly, the world is waking up to the 4th Industrial Revolution, a time of massive change led by innovation, which the impact of the COVID-19 virus has accelerated. This year will be remembered as a tragic one, with much suffering and many lives lost, and also as a fulcrum for health, economic, and social disruptions.
Article | March 18, 2020
The 3 Roles of Karpman’s Drama Triangle
This was a familiar scenario in our home when my kids were small. It was 2008, New Year’s Day. Mum and Dad were worse for wear (Uh-hum) and so to placate the kids we all went out and bought a Wii. ‘You two kids play this whilst Mum and Dad ‘rest’. An hour later I walked into the living room to find a blanket covering the TV. ‘Why has the TV got a blanket over it?’ Gabby was 8, ‘The telly was cold’. Even through my struggling state, I sensed that might not be true.
Lifting up the blanket, the wonderful colours that appeared on the screen were a sight to behold. Though not quite as much as the Wii remote that was buried in the screen. Jack, ‘Do you $££$$$$$ remember I said to put the strap thing around your wrist when you played bowling?!’ I shouted at the kids. My wife heard and came to defend them ‘as they are only little’.
This is the drama triangle.
In this scenario, it is short-lived, typical of young families, and provides amusing stories to ponder on in the later grey-haired years. There are much more unproductive, unhealthy, and toxic drama triangles that we have all been part of.
The Persecutor, The Rescuer, and the Victim
Steven Karpman came up with the drama triangle in the 1960s, winning the Eric Berne Memorial Scientific Award, and the triangle is as relevant today as it was then. The Drama Triangle is about three roles; The Persecutor, The Rescuer, and the Victim. Imagine an inverted triangle with the P top left, the R top right, and the V at the bottom. To bring it to life I’ll share where we see it every day – fairy tales, films, and TV (If yours is not ‘cold’!). Little Red Riding Hood: The Big Bad Wolf was the persecutor (Villain), The Woodsman was the Rescuer (Hero), and Little Red Riding Hood was the Victim (Damsel in distress).
The drama triangle can be nicely exemplified with the Snow White fairy-tale
At work, we often play out the drama triangle in our heads moving around all 3 roles. The last time you missed a deadline your brain went something like, ‘you idiot, you knew you should have done that’ – Persecutor. ‘They treat you badly. It’s not your fault’ – Victim. ‘It’s ok, we can sort this’ – Rescuer. The roles also play out in real life too. You might have a boss or a customer that is a persecutor, or you might be that persecutor looking for people to blame. Each of us enters the drama triangle at our default position. For example, you might ‘always’ be the victim. A triangle begins because of a situation, like a missed deadline, and then we play one of the 3 roles, and look to others to be the other roles.
The challenge with the drama triangle is to know that all 3 roles end up as the victims because we move around the drama triangle until we arrive at, ‘Poor me. Help!’ To break out of this well-trodden road is about firstly knowing that the drama triangle exists, and secondly by taking the step to move your role to something much more positive. A persecutor becomes a positive challenger, the rescuer a coach, and the victim problem solves taking responsibility for the part they play.
Written by Darren A. Smith https://www.makingbusinessmatter.co.uk/drama-triangle/