Why Do My Employees Keep Leaving? 8 Common Reasons

June 28, 2022

Did you know that 31% of the employees quit during the first six months they start a job? Employee turnover is becoming a massive issue in the business world, and unfortunately, it’s inevitable.

After all, not everyone shares the same motivations for working and staying. Some people might find your office too quiet or be moved by a different opportunity that came along. Others might have poor personal relationships with their colleagues or just don’t see a future with you.

Whatever the case may be, this constant turnover can be challenging to keep up with. Here are some common causes of employee turnover—and how you can tackle them.

1. Feeling Overworked

A common misconception is that employees won’t be as productive if they are too content. But, this is far from the truth. In fact, employee engagement and recognition are vital for a high-performing workplace.

Thanks to this idea, employees end up feeling overworked at their jobs, leading to burnout. Other external factors contribute to making the employee feel overworked. For example, a new position, policy changes, a busy season, or new initiatives.

Your company’s culture should encourage employees to take a step back when needed. Frequent breaks, compensations, and recognition can help relieve burnout symptoms and reduce employee turnover.

2. Lack of Recognition

Your team members need to feel appreciated and valued in their workplace. They need to know that their effort is recognized and that they are a valuable asset to the team. But, some companies forget to give well-deserved recognition to their employees. This decreases the team’s motivation.

If employees aren’t feeling acknowledged, they’ll eventually walk out the door. So, it’s important to come up with a good recognition program. For example, offer rewards, host incentives, and publicly praise your staff.

3. Lack of Growth

The last thing an employee desires is to work at a place where they can’t progress. When employees feel stuck and don’t have opportunities to grow within the industry, they end up quitting.

To avoid employee turnover, a company should always search to offer growth opportunities by settings goals and okrs. For example, some companies offer their staff the chance to attend workshops, courses, seminars, or new company projects. This helps them cultivate essential skills and continue progressing in their current job position.

4. Poor Employee Selection

Hiring managers sometimes hire employees that aren’t fully qualified for the position they hold. If you’re the one responsible for hiring, then you’re also partly responsible for ensuring the hiring process is sound.

If you’ve had a few bad hires or hired someone who just doesn’t mesh well with your company culture, then you can expect to see low engagement and retention numbers from your team members. So, for future reference, create a strategic selection process that helps you pick the best candidate for your team.

5. Poor Compensation

Sometimes, a good salary isn’t enough for an employee to stay and thrive at your company. Aside from offering a fair salary, all employees should have access to special benefits and compensations whenever they exceed themselves.

For example, if an employee stayed up late finishing up a project and turned it in before the deadline, offer them a reward. Give them an extra day off or a small bonus. All compensations will make your employees feel fulfilled and motivated to keep giving their best at your company.

6. Toxic Workplace Setting

Toxicity in the workplace is a huge challenge for managers. Several factors contribute to a toxic work environment, such as harmful gossip, lack of recognition, constant criticism, sexual harassment, and discrimination. Not only does toxicity lead to employee turnover, but it can also deeply impact your staff’s mental health and lower work quality.

Your company should establish strict policies that forbid all kinds of toxic behaviors. And it should also set disciplinary action whenever someone violates those policies to make sure your work setting is as enjoyable as possible.

If you’re the one who struggles to maintain a positive work environment, or if you find that you’re getting frustrated with employees and losing your cool sometimes, you might want to take a step back. All employees want is a workplace where they feel respected and valued, and you’re the person who sets that tone.

7. Lack of Flexibility

Another one of the reasons for employee turnover is that their employers don’t offer flexibility. Flexibility is about finding a balance between your personal and work life. It’s about finding a way to maintain a healthy work-life balance that allows you to enjoy your personal life while still having enough time to take care of yourself and your family.

Flexibility can be hard to define and measure, but it’s important that employers find a way to offer some flexibility to their employees. Some employers might choose to offer more days off or more remote work options.

8. Lack of Diversity

Many businesses claim to be committed to diversity in their hiring practices, but the truth is that very few employers make an effort to hire people from different backgrounds. That’s a huge missed opportunity because hiring people who look, think, and act differently from your other employees is one of the best ways to improve team morale and increase team productivity.

Causes of Employee Turnover—Explained

These common causes of employee turnover can make companies lose a lot of money. So, don’t leave these rates up to chance and work hard to keep your staff. Implement a better work culture and find new ways to keep your team motivated, and surely, they won’t go anywhere.

Want to keep reading on how to improve employee management? Then check out the other posts on your website!

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Why Israel’s Brave Warrior Rafi Edry Should Be an Inspiration for Younger Generations

June 27, 2022

Refael (Rafi) Edry was one of the 4,000 Israeli warriors martyred in the War of Independence between 1947 and 1948. He was only 24 years old when he lost his life in an Egyptian enemy shelling near Revivim.

But Rafi Edry’s story isn’t that of a life cut short by war. Instead, it’s about the remarkable courage and determination he exhibited while defending his homeland and fellow countrymen.

A Warrior in the Making

Rafi Edry was born in the city of Safed in 1924. He attended elementary school there and took up a job as an electrician. But a comfortable and simple life didn’t appeal to him. He wanted to do greater things for his community and society at large.

So, he headed to Jezreel Valley to serve as a guard. He then returned to Safed to join the “Working Youth” movement. He devoted his life to training the city’s youth.

It was only a matter of time before Rafi Edry found his place in the military as a battalion commander. He displayed unparalleled bravery and became known as an excellent patrol officer. He even gained expertise in weapon hideouts.

One of the best examples of his unflinching dedication is when he joined a raid on the village of Sasa with nothing but a machine gun. The fear of getting hurt or killed due to a lack of weapons never crossed his mind.

The Epitome of Determination and Resilience

Rafi Edry was in his early 20s when the War of Independence broke out. Safed was one of the first significant epicenters of the war. When enemy forces arrived, he quickly sprung into action to defend his birthplace.

He was instrumental in forcing the British to retreat from the city. And he commemorated the end of British rule in Safed by climbing on the roof of a hotel and hoisting an improvised Israeli flag.

What made his gesture even more heroic was that the hotel was adjacent to the British police building and flames from an incendiary fire engulfed the area.

But achieving the conquest of Safed wasn’t enough for Rafi Edry. He yearned to do more while his fellow warriors sacrificed their lives on the battlefield. So, he decided to leave Safed and join the war in the Negev as a platoon commander.

The Fall of a Hero, The Birth of a Legacy

Shortly after leaving for the Negev, Rafi Edry was killed during an Egyptian enemy shelling at a signpost near Revivim on July 28, 1948. He was laid to rest in Ruhama at the young age of 24. His mortal remains were later shifted to a cemetery in Rosh Pina.

While his years in the world were numbered, Rafi Edry’s legacy has lasted for decades. People in Safed fondly remember him even 74 years after his death. Stories of his bravery and fearlessness have been passed down for generations and continue to inspire the youth in his hometown.

Nephews of the brave war hero – Eyal Edry, Moshe Edree, and Refael Edry – have raised NIS 3 million for the construction of Yad Labanim, a memorial in honor of Rafi Edry and other fallen heroes of Israel’s War of Independence.

The Hero We Need

In a life spanning less than three decades, Rafi Edry has taught numerous lessons about the power of courage and dedication. While today’s youngsters look up to social media influencers and celebrities, it’s people like Rafi Edry who’ll inspire them to live a better life.

Rafi Edry’s life is a fine example of finding a purpose, setting a goal, and doing everything you can to achieve it. From aspiring artists and musicians to entrepreneurs and marketers – there’s something every individual can learn from his actions and sacrifices.

In a world where younger generations are always striving to achieve their two minutes of fame, his story teaches the importance of creating a legacy. His nephews, Rafi Edry, Eyal Edry, and Moshe Edree, believe that projects like Yad Labanim are needed to raise awareness about the qualities these war heroes exhibited and how the youth can emulate them.

Paving the Way for Future Generations

Thousands of soldiers sacrificed material comforts and their lives for the establishment of the State of Israel. Many of them, including Rafi Edry, lived short but memorable lives that have inspired subsequent generations. They’re the real heroes who can motivate today’s youth to create a lasting impact on society instead of chasing adulation and fame.

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Amazon Individual vs. Professional Seller Plans – What’s Better?

June 27, 2022

One of the major decisions you’ll have to make as a novice Amazon merchant is the kind of seller plan you use on the platform. There’re two FBA selling options: individual and professional. This blog explains and compares Amazon individual seller vs. professional subscriptions, as well as the features and fees of each.

Individual Selling Plan

When opting for an Amazon seller profile, the most critical question you have to ask yourself is how involved you wish to be in your business in the marketplace.

The individual selling plan is the right fit for users who wish to do away with a few spare products around the house. It’s also a good choice for people who wish to try selling on AMZ before going all in and broadening their company to something like the private label model.

Finally, it allows you to access Amazon’s seller account and forums without committing to a $39.99 payment per month.

Pros and cons of individual account

If you have a couple of extra goods lying down around your house, this option seems plausible to get rid of them. Below is a list of the perks and downsides of the individual seller plan:

Pros

No commissions per month, and you pay only $0.99 per unit when sold.

Cons

It’s cost-effective only if you sell less than 40 products per month.
You can’t use the Amazon FBA option.
You can’t manage the store and your inventory.
You can’t register for advertising on Amazon.
You can’t sell in restricted niches.

Professional Selling Plan

If you are going to try the online arbitrage option, you need a professional selling profile. The two fundamental reasons to use this option are:

Ungated goods: The professional merchants can sell some goods that are restricted to individual users.
Account price: If you go for online arbitrage, you wish to source and move lots of items per month, much more than 40. Thus, it is rational to spend more for a professional selling plan at the beginning instead of expending a dollar per item.

Pros and cons of professional olan

The pro subscription will probably work better for you if your main goal is to develop your business and generate income. Nevertheless, here is a bit more you should keep in mind before making a final decision:

Pros

You can use Amazon’s FBA program. With it, the marketplace is responsible for holding and dispatching your products, and you can focus on your business.
Your number of sales is not limited, and you may sell as much as you can.
You can manage the inventory in Seller Central.
You can grow your business with User Permission.
If you have an FBA and professional plan, you have more chances of winning the Buy Box.

Cons

It has a monthly commission of $39.99

Can I Switch Between Selling Plans?

Yes, you may switch at any moment you would like.

It’s the route many sellers take when they start selling on AMZ. First, they set up an individual account as a hobby. Then, as soon as they sell over 40 items monthly, they upgrade to a professional account.

Here is how to upgrade the Amazon seller account:

Log in to the Seller Central account
Proceed to the bottom of the page and choose Account Info in the Settings menu
In the Your Services bar, click Manage
Choose Upgrade near Account Type

Note: If you wish to switch from a pro seller profile to an individual one, the first steps are the same, and in step 4, just click Downgrade. Keep in mind that the $39.99 cost is non-refundable.

Amazon Individual vs. Professional Selling Plans: Which One To Choose?

If you only wish to get rid of a couple of goods and make some spare change, go with the individual seller plan. Instead, if you want to make a regular income selling on the platform and build a business, signing up for a professional account is the smarter option.

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5 Tips On How to Properly Measure the Effectiveness of Remote Workers

June 27, 2022

Woman remote worker looks in laptop screen — Woman remote worker concentrated in screen of laptop computer does work task listens necessary information in earphones surrounded by modern gadgets in coffee shop. Technology and work concept

There are times when managers may find it hard to keep on top of the performance of their employees. In some instances, this can be made even more challenging when measuring the efficiency of remote workers, especially for those who aren’t as experienced in handling this kind of task.

For anybody who’s uncertain about how to keep on top of the work and overall performance of mobile employees, we’re here to help.

When is remote work a good idea?

While some managers may find remote work to be a little difficult to adapt to at first, there can often be numerous benefits to it. Here are a few examples of the advantages that it can offer for employers:

You won’t have to worry as much about the expenses involved with equipment
Remote work is usually an excellent solution to low employee retention
Many individuals find a home office to be a much more productive environment

There are also a variety of advantages for employees too, which only helps to make mobile work an even more appealing choice.

How do you go about measuring the performance of remote employees?

Looking to take advantage of all the benefits on offer? Well, the first step is knowing how to make remote work successful. Fortunately, this is more than possible, especially if you know what you’re doing. With this in mind, we wanted to give you a better idea of some of the things you could do:

There are a variety of tools out there that could help you in keeping up with the work your remote employees are doing. For example, something like a work schedule maker could do a lot to make it easier
Always be as honest as can be with your employees, as transparency will often help to create a more open environment – which is generally beneficial to all parties in remote work
In general, you should aim to have regular meetings with your employees, although this doesn’t mean that you must have a meeting daily, since too many will often start to be unproductive
Make sure your employees know what’s expected of them. If they don’t, there’s a good chance that they won’t live up to your expectations. Consider how often you want updates, or make use of tools like time trackers to keep everyone on board with the task at hand and on time
Try not to go too far when managing your remote employees – in most instances, micromanagement just isn’t going to be beneficial for anyone in this situation.

Consider what tools and applications are out there

In general, there’s no reason why you shouldn’t be taking advantage of the technology available to you to make the process easier. There are simply so many ways that tech can assist you in this, so it really is an important factor to consider.

Thankfully, there are generally going to be many tools and applications out there that could assist you – and there are plenty of options at tracktime24.com. From a quick look at this site, you’re likely to find that there’s a lot on offer for those interested in business management; from scheduling tools, to time trackers.

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Best Castles in Luxembourg, Everything You Need to Know

June 27, 2022

Luxembourg has over 50 castles scattered around lush forest and green valleys.

Many Luxembourgish castles are open to visitors, and we have selected our 4 favourites. Fairy tale castles and fortresses, palaces and ruins of a medieval past that remains preserved in this country.

All of these castles are easily reached from the City of Luxembourg, and we will explain how to get there.

Vianden

Vianden is considered one of the largest fortified castles in Western Europe. Records show its construction goes back all the way to the eleventh century. Its architecture combines Roman and Gothic details, with more recent styles, creating a unique combination.

While for years the castle remained abandoned and unmaintained, recent restoration works have left it in pristine condition, and it makes for an excellent visit for those looking to have a peak at how life was long ago.

Vianden is located north of Luxembourg, it takes less than 30 minutes by car from the city, taking the N17. There are also public buses that go all the way to the castle.

Beaufort Castles

Beaufort is an interesting visit, without a doubt. Not only is there a Medieval castle that, while not so well kept, still transports visitors to almost 1000 years ago, there is also a Renaissance castle that has been preserved perfectly.

Both castles are built one next to the other. The more recent one was built in the 1600s and offers an excellent opportunity to waltz around the life of the nobility at that time.

Beaufort is located towards the East of the city and it takes 20 minutes to arrive by car, or an hour by public transport.

Grand Ducal Palace

Located in the heart of the City of Luxembourg, the Grand Ducal Palace functions as residence for the Duke when fulfilling political duties in the city.

It’s a massive building with a famous façade dating back to the 1600s in the typical Flemish Renaissance style. A must-see in the city. In the summer months, there are tour guides inside the palace, a chance no one should miss.

Esch-sur-Sûre Castle

While the fortified castle of Esch-sur-Sûre is now in ruins, still its presence looms over the town bearing the same name.

Surrounded on 3 sides by the Sûre river, it was positioned strategically to protect the area. Records show the first tower was built at the beginning of the 900s and the castle shows details of the gothic style, typical in Europe in the 13th century.

Definitely one of our favourite options, ideal for those looking for adventure, the castle is lit at night, creating a very scenic effect and restoring its magic.

Esch-sur-Sûre is Northwest of the City of Luxembourg. It takes 30 minutes by car on the N15. There are also buses that take you there, the journey takes a bit over 2 hours.

How to get to Luxembourg

Luxembourg, nested in the heart of Europe, is easily reached by road, bus, train or plane. Its neighbours countries, France, Belgium and Germany, have train services all the way to the City of Luxembourg, capital and main hub for the region.

It’s also possible to fly into the international airport in Luxembourg. Flights from all over Europe and other destinations depart and arrive in this airport.

So, how do you get to and from the airport? There are several options, but undoubtedly the smartest way to do this is to choose door2gate, a shuttle taxi service to Luxembourg airport that will pick you up directly at your door and take you to the airport at the right time to pick you up. flight.

Door2gate services Luxembourg and the greater region, making it an affordable choice for those wanting to avoid lengthy bus rides and stressful train journeys.

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How To Choose The Best Portable Candy Box

June 27, 2022

Since then, the jewel candy containers that are portable are being used by the middle class at the beginning. Skilled artisans carry out the creation of these items. Manufacturers also influence them to create stylish products and accessories for people of all ages and other things needed daily. The present growth of jewelry containers made from candy is endless. Designers create new designs and styles for their products each year.

The gorgeous beauty of portable candy containers for jewelry always draws admiration, and both men and women are awed by its beauty. The items are usually purchased to protect valuable jewelry and security. It is usual for women to buy this product as opposed to men. Most of the time, the portable candy containers for jewelry are available at antique shops and jewelry stores. The increase in demand for these Delivery Box has meant that even the smallest retailers have been inundated with portable candy boxes that are available at various prices. Online retailers are also gaining ground in the current fashion of online shopping. One benefit when shopping from the Internet is that stores have many choices, from small, portable candy boxes to lavish ones. They are priced differently, but when compared to local stores, online stores are better and offer the lowest cost.

There are a lot of choices for these products, and that’s why gift-givers are trying out the various ways to make celebrations more appealing or near holidays. For weddings, portable jewelry candy boxes could make an excellent gift for the bride and groom and can also be a gift for couples for their parents and guests. Another reason why these boxes can be a wonderful present for birthdays, graduations, or anniversaries. They could also be a fantastic gift to mark someone else’s achievement, like a present for your boss, your coworker or colleague for example. The possibilities of different choices are limitless. All you have to figure out is the ideal kind or design of the jewelry-themed candy container to the individual you’re gifting it to. If, for instance, your recipient is an expert and you want to select an elegant and stylish mobile candy box. Professionals have a sophisticated and lavish lifestyle, so it’s best if your gift is reflective of your receiver’s personality. You’re trying to deliver a gift that makes the recipient feel special.

If you want to purchase an exclusive jewelry-related portable candy container, customized options are the ones to think about. What makes a personalized jewel Portable candy box distinctive is that it will provide a unique look to your present. Personalizing it will give the person who receives it a sense of genuine sentiment. Other boxes feature special personal touches, such as pictures. This makes it simpler for people to make personalized presents for their loved ones and friends. There are numerous customizable options to choose from all over the world. You can think about one of them: the Oval Jewelry Portable candy box, Photo Jewelry Portable candy box, a personalized rectangular Keepsake Portable Candy Box, and various styles like jewelry roll cases to carry jewelry, valet trays, and drawers.

The beautiful velvet candy boxes are exactly what you need when you want to present your loved one with the most beautiful piece from the jeweler. Elegant and stylish the velvet candy boxes are ideal for storing something as precious as jewelry.

Even though beautiful velvet gift boxes and portable candy box weren’t made for the market for Class D, they are easily found in any way. There are many jewelry cases made from velvet that you could find by conducting an internet search. You can discover them in local jewelry shops too. They come in various styles and shapes, such as hearts, squares, rectangles, hexagonal rounds, and more.

It’s simple to make your velvet candy container if you want to make your gift more unique. Just find a piece of cardboard or other material that’s strong enough to make an easy-to-carry candy container made of it. If you need assistance, search the Internet for template designs that are readily available for download. Visit your local craft or fabric shop to choose the color of velvet you like to present your gift. You could also opt for an easy-to-carry candy container. There are a lot of options. If you’re unsure about just one color, selecting various shades is possible. After that, you can apply the fabric to the inside of your Portable Chocolate Box.

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Top 3 Things to Visit in Istanbul

June 27, 2022

Istanbul is one of those cities you need to visit at least once in your lifetime. But for first-timers, it can be a bit challenging to choose exactly what to see on your trip. The city sits on the Bosphorus strait, connecting Europe with Asia. Its strategic location made it the perfect place to sit as the central hub of powerful empires. The Byzantines, the Romans, and the Ottomans left their mark on this metropolis. That’s why it’s so hard to choose what to see when visiting the city. But we’ve narrowed it down to the top 3 things to visit in Istanbul, so youre ready to go and enjoy your trip to Turkey.

1. Marvel at the Topkapı Palace

Topkapi has more fascinating stories than most of the museums across the world combined. Libidinous sultans, ambitious courtiers, gorgeous concubines, and clever eunuchs lived and worked here between the 15th and 19th centuries when it was the Ottoman empire’s court. The palace’s majestic pavilions, jewel-filled treasury, and massive harem offer a fascinating glimpse into their lives.

Mehmet the Conqueror built the first tier of the palace shortly after the Conquest in 1453 and lived here until he died in 1481. Sultans lived in this enclave until the nineteenth century when they moved to lavish European-style mansions built on the Bosphorus’ beaches.

If you want to learn about Turkey’s lavish monarchy, this palace is the perfect place to visit.

2. Discover history at Aya sofya

Istanbul has many significant monuments, but this incredible structure stands out for its innovative architectural form, rich history, religious significance, and extraordinary beauty.

It was commissioned by the great Byzantine emperor Justinian and consecrated as a church in 537. The Byzantine emperors were crowned while seated on a throne placed within the omphalion, the section of inlaid marble on the main floor. It was later converted into a mosque by Mehmet the Conqueror in 1453. Ottomans included a mimber (pulpit) and mihrab (prayer niche indicating Mecca’s direction). It was finally declared a museum by Atatürk in 1935. In truth, Aya Sofya has seen it all and is the perfect site to witness the country’s historical evolution.

3. Süleymaniye Mosque

The Süleymaniye, which dominates the Golden Horn and is one of Istanbul’s seven hills, serves as a landmark for the entire city. It was designed by Mimar Sinan and built between 1550 and 1557. It is not the largest Ottoman mosque, but it is undoubtedly one of the most magnificent and gorgeous. The Süleymaniye was the fourth imperial mosque built in Istanbul, commissioned by Süleyman I, known as ‘the Magnificent.’ The mosque’s four minarets with their ten beautiful şerefes (balconies) represent the fact that Süleyman was the fourth of the Osmanli sultans to rule the city and the 10th sultan after the establishment of the empire.

Are you ready to visit Turkey?

Before you pack your bags and catch a plane to this magnificent country, you’ll need to process the Turkey visa for US citizens. You can get this travel document entirely online through **iVisa.com**. There’s no need to visit an embassy. You only need to complete an online form, and you’ll receive your visa via email. It’s electronically linked to your passport, and it will grant you a 90-day stay in Turkey.

iVisa.com has been processing travel documents for a long time, and their service is fast, secure, and easy to use. Check out their website for everything you need to know about the [Turkey visa for citizens of the US] and when you’re ready to get started, reach out to their team of travel experts. They’re prepared to answer all your questions 24/7.

Once you get your Turkish visa, you’ll be ready to explore all the beautiful sights in Istanbul.

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Vested Interest: When My Partner’s Success is My Success

June 27, 2022

Interview with Kate Vitasek

Kate Vitasek is an international authority for her award-winning research and Vested® business model for highly collaborative relationships. She is a faculty member at the University of Tennessee and is the author of seven books and the Harvard Business Review article A New Approach to Contracts.

The traditional approach to setting up a new business partnership is to thresh out a contract based on “us versus them” metrics, in which each side aims to come out on top of the deal. But there is another way – in which everyone wins – as Kate Vitasek explains.

It’s wonderful to meet you Ms Vitasek. Thank you so much for your time. Could we begin with what drives you as a professor and researcher?

I always tell people I have the coolest job on the planet. The research and work I do at the University of Tennessee (UT) is part of the university’s Global Supply Chain Institute. Being in the supply chain discipline, we focus on how to make things work better, so our research is very applied and practical in nature.

I love the combination of researching and teaching, because it creates a virtuous circle that feeds on itself. The more we research a topic, the smarter we get. And the smarter we get, the better we are at creating world-class programmes, such as our Certified Deal Architect programme, which teaches organisations how to create highly collaborative win-win business relationships. And when companies send team members to take our courses and apply the concepts we teach, we often get the opportunity to do further research or to create case studies where others can also benefit.

As the architect of the Vested Business Model by the University of Tennessee College of Business Administration, You have a unique background. How would you say this has influenced your business and academic perspectives?

Prior to being in academia, I worked for Microsoft and then later for one of Microsoft’s largest suppliers. I realised early on how easy it is to say “strategic partner” only to have results fall short of the hype and promise of strategic relationships. Having been on both sides, I went into consulting with the idea that I could use the learnings from that in order to help clients get a better deal.

Having been on both sides, I went into consulting with the idea that I could use the learnings from that in order to help clients get a better deal.

It wasn’t until I shifted to academia that the “aha!” button turned on. The shift afforded me the privilege to look at strategic partnerships from a totally objective perspective. Looking through an academic lens takes more of a long-term, holistic view. The research we were doing at UT allowed us to see systemic issues with the underlying business model of strategic business relationships that I simply could not see from being an actor in the process of doing strategic deals. The learnings were profound and led to what we coined as the “Vested” business model for highly collaborative strategic business relationships.

Your organisation prides itself on being the creators of the Vested methodology. Could you give us a general overview of how it all works?

The Vested methodology involves creating a cross-functional, joint deal-architect team between the business partnerships. This is important, because a strategic business deal requires all facets from both business partners to align – including operations, finance, legal and, where appropriate, procurement/sales. The team then jointly co-creates the business partnership to follow the Five Rules, supported by 10 contractual Elements. When organisations follow the rules and embed the 10 elements into their contract, they create a Vested business model, which is a formal relational contract using a win-win, outcome-based economic model.

How can business organisations adapt to the ever-changing business ecosystem while continuing to establish new partnerships?

The first step is to realise that an organisation’s contracting processes may be putting them into a Catch-22. A fundamental flaw in strategic relationships is that they almost always use conventional transactional contracts as the foundational anchor for the deal and contract. On the one hand, business partners talk about “strategic partnership” and how they need flexibility but, on the other hand, they write rigid transactional contracts that are not flexible and have “us versus them” metrics. For example, a classic procurement metric is purchase price variance, where the procurement team is measured on driving down price, and a classic supplier metric is revenue, where the sales or account person is measured on revenue growth. These two metrics are in direct conflict with each other and companies find themselves negotiating where there is a winner or a loser.

The Vested methodology is designed to help organisations escape this Catch-22 and shift from just saying “strategic partnership” to becoming strategic business partners using a formal relational contract with a win-win, outcome-based economic model. The parties mutually agree on desired outcomes and then align the metrics and economics of the relationship in which a win for the buyer is a win for the supplier – and vice versa. In essence, the parties have a vested interest in each other’s success.

Is a Vested business model suitable for all types of strategic relationships?

That is a great question that we get a lot – especially from procurement professionals who are often chartered with creating more strategic and value-based supplier relationships. The question inspired us to write the book Strategic Sourcing in the New Economy: Harnessing the Potential of Sourcing Business Models for Modern Procurement.

The simple answer is that Vested is most appropriate for strategic business relationships that are longer-term in nature, where there is a high degree of dependency, and where flexibility and innovation are essential. For example, think of strategic outsourcing deals where the supplier is an extension of the buyer, or complex supply chain relationships where flexibility is critical, or strategic suppliers where investment in new products and services is important.

We would be glad to hear some of your tips on how outsourcing firms can boost competitiveness and stimulate progress amid the challenges posed by the pandemic?

As part of our research, we developed a simple online self-assessment that organisations take to see if they suffer from one or more of the 12 common “outsourcing ailments”. One of the most common ailments is the Outsourcing Paradox, where the company buying goods or services outsources to the expert, yet has their “experts” within the company develop a perfect statement of work (SOW) and performance metrics to micro-manage the supplier. To put it simply, if you are an expert – don’t outsource! But if you are outsourcing because the supplier is the expert and your goal is product or process efficiencies, don’t handcuff the supplier into an SOW and metrics that require them to do the work precisely the way you did before outsourcing.

Given your expertise, how do you think industry leaders can formulate resilient strategies to accelerate recovery in supply chains and outsourcing?

There is a massive amount of research on the power of collaboration. Unfortunately, far too many companies view collaboration as putting people in a meeting room on a Zoom call and telling them to work together without a common purpose or realising that their internal performance metrics may actually be pitting collaborators against each other. True collaboration shifts to co-creation, where the parties have a shared vision and toss out conflicting internal metrics.

What would you say are some effective mitigation procedures that could be utilised in response to future challenges posed by emerging digital innovation?

I’ll go back to the idea of co-creation with a common shared vision. A good example in practice is how Walmart turned to co-creation with DLT Labs and Bison Freight to design and build the world’s largest industrial blockchain application to revolutionise the freight payment process between Walmart and its freight carriers.

The problem is so pervasive that many companies hire third-party business-process outsourcing service providers to sort through the invoices and manage their freight claims process.

Freight payment data discrepancies have plagued the supply chain industry for decades. In fact, the problem is so pervasive that many companies hire third-party business-process outsourcing service providers to sort through the invoices and manage their freight claims process. When Walmart Canada set aside its power and invited Bison and DLT Labs to have a seat at the table to leverage emerging digital innovation, the results were transformational, with a whopping 98.5 per cent reduction in freight claims.

Turning to the future, what broader, realistic business and leadership steps should be taken to improve the business growth environment, perhaps with regard to creating jobs in the post-pandemic world, strengthening business models, or making benefits more accessible? How does this align with your vision of Vested?

The first step is to have an open mind and be willing to change. Whether it is shifting to a Vested business model with your most strategic business partners or adopting new technologies such as blockchain, don’t be afraid to try new things. One of the best pieces of advice I ever got as a young professional is: “Call what you are doing a pilot.” This helps give you airspace to do something that many people may be sceptical about, because it does not seem so permanent. In this spirit, I tell people don’t try to change the entire procurement and contracting process; rather, change the world one deal at a time!

Lastly, you bring inspiration to your readers and to future generations of women. What can you say to women who have been told that there is no place in business and leadership for them?

First, be inspired by the wonderful women around the world who are breaking barriers every day. Then, using this as inspiration, don’t be afraid to challenge the status quo like the women who have inspired you.

My advice is to remember that change is hard. As you seek to challenge the status quo, it can mean you find yourself stuck in an organisation or surrounded by people who don’t value your talents and won’t embrace change. If you find yourself in this situation, don’t be afraid to make a change that you can control, by leaving for a more progressive organisation that will value your talents and be open to piloting your ideas.

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5 Best Financial Literacy Apps for Kids

June 27, 2022

Most school systems don’t incorporate financial literacy in their curricula mainly because financial education is not considered a key skill needed for one to succeed in life. As a result, the responsibility of financial education is left to parents. Fortunately, there are money management apps and tools such children debit cards that can help you teach your kids the value of budgeting, saving, responsible spending, charitable giving, etc.

By age 3, your kids can grasp basic money concepts. By age 7, many of their money habits are already set. — PBS

Financial education apps allow you to offer allowances to your kids for chores, track their spending, set savings goals, help them invest, set spending limits and many more.

Some of the financial literacy apps and debit cards that you can use to teach your kid about money include the following.

RoosterMoney

RoosterMoney is a financial education app for kids between 4 to 17. The apps introduces your kids to money through teaching reward systems, introducing debit card to older kids and teaching responsible spending. It basically enables you and your kids to learn about money together.

RoosterMoney Features

The app has features that support most of the things parents and kids need to learn about money.

Chores. This feature teaches your kids the importance of earning by attaching their allowance to chores. You can set chores that repeat weekly or monthly, or even one-off for a specific day.

Pots. This is a feature for saving and giving pots to teach and encourage your kids to save or donate towards causes they support.

Star Chart. This is a reward feature that allows you to set your child’s currency to Stars to use as a reward chart, before they are old enough to earn real money allowances.

BusyKid

BusyKid is a financial app that is designed to provide your kids and the entire family with real life lessons in managing money.

BusyKid Features

Chores and Allowance. BusyKid app allows you to give allowances to kids based on a chore chart defined by the age of the kid.

Charitable Giving. Through BusyKidapp, your kid can donate a percentage of their allowance to charities listed inside the app.

Bonuses. Apart from house chores, you can reward an outstanding academic performance, such as getting straight A’s in their final exam.

Prepaid Debit Card. BusyKid offers a Visa prepaid debit card for your kids to teach them how to manage money they can’t see.

Greenlight

Greenlight is a money app and debit card that offer solutions for you and your kids to learn to earn, save and invest together.

Greenlight Features

When you subscribe to Greenlight, you and your kid will benefit from the following features.

Debit Card. This is a prepaid card loaded with money kids earn through chores. You can set controls and get notifications every time your kids use the card.

Investing. Your kids learn to invest with educational tools in the app. Your kids can buy fractional shares starting from as little as $1. As a parent, you have to approve every trade in the app.

Financial Literacy. The app has financial education resources for you and your kids including videos and quizzes. Greenlight has also partnered with other financial education brands such as Million Bazillion, the podcast for kids to learn about money.

Milestone

Milestone is a one-stop financial literacy App that help parents raise financially responsible children by providing them with the learning tools and practical money-management skills. Through our app, parents and kids work together as teammates in a learning journey of financial empowerment.

Milestone Features

Learn: complete fun quests, challenges, and learnEarn: complete chords, get allowance and get interest on your savingsSave: set financial goals, and be rewarded in cash or milesGive: Choose a charity of your choice and learn to pay it forward early

Current

Current is a financial app and debit card for your kids to earn to spend, save, and manage their money better. Its Visa card you the control you want over your kids’ spending and your teens the financial freedom they desire.

Current Features

Chores and Auto-transfer. You are able to set chores and use auto-transfer feature to pay a preset amount on a regular basis (weekly, bi-weekly, monthly, etc.)

Money Transfer. This feature gives you some form of control as it allows you to transfer money to and from the kid’s account.

Debit Card. Current debit card enables kids to spend the money they earn online or offline. One notable feature of the card is the one that allows you to block the card from being used at merchants who are not appropriate for the age of the child.

Savings. The app has a savings features. For instance, kids can round-up purchases to save spare change.

Giving Wallet. The wallet feature is meant to teach charitable giving by allowing you and your kids to choose charities you want to support and then set aside regular donations.

Saving Spree

Saving Spree is an iPhone financial literacy app that teaches savings through fun games, making money lessons fun. The game shows kids how their daily lifestyle choices lead to big savings or big expenses. It teaches them how to save money for short term goals like buying a computer game or long term goals like university education.

The game is presented in game show format consisting of six rounds that test your kids’ financial knowledge and help them build money saving skills. The host of the show is the money smart character called the Money Savvy Pig. Although the app is designed for kids ages 7 and above, younger children can play with a little help from you or an older sibling.

Conclusion

Poor money management lead to many problems including debt, loss of friends, depression, and many others. You need to discuss money issues open with your kids to prevent them from experiencing such problems later in their lives. Teach them the basics as well as show them some news about Bitcoin and other crypto to prevent them from doing poor financial decisions and investing into Ponzi schemes and NFTs. Allowing your kids to learn about money from a young age can ultimately help them manage money responsibly and learn how to invest and save wisely.

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A Comprehensive Guide to the Equity Market

June 26, 2022

An equity market is a market where shares of firms are issued and traded via exchanges or over-the-counter markets.

The stock exchange, often known as the equity market, is one of the most important aspects of a market economy. It provides enterprises with access to finance for business expansion and gives investors a stake in a company with the opportunity to generate benefits based on the company’s future performance.

The equity market in 2022

The stock market is seeing one of its worst starts in years, and the bond market is experiencing an awful stretch that hasn’t been seen in decades.

The uncertainty surrounding inflation, monetary policy, and interest rates, in addition to their influence on profitability and the economy, is causing a whirlwind.

The pandemic we are still fighting today, coupled with worldwide lockdowns, offered the highest risk of a global economic downturn. Due to its concentration in the US and EU, not even the 2007-2008 financial crisis can compare.

For the first time in more than a decade, governments from around the world joined forces with their central banks to flood the global economy with cash in reaction to COVID-19.

In exceptional circumstances, overnight rates were made negative and central banks purchased more than $10 trillion in bonds. The global value of negative-yielding bonds surpassed $18 trillion by the end of 2020.

Simultaneously, government expenditures rose. Alone, the US government has spent more than $5 trillion to battle COVID-19.

To prevent irreversible economic damage caused by extended global lockdowns, governments actively overstimulated their economies and financial systems.

The US economy rebounded from a 10% contraction between March 2020 and December 2021, a modern record for a decline and recovery. Six quarters were required to restore the US economy to pre-pandemic levels.

This is what impacted the equity market in 2022 the most. Inflation hit 7% year-over-year, its highest level since the 1980s, although large-cap stocks rose around 90%.

Averting a global depression, the world entered 2022 with cash-rich households, abundant job possibilities, and rising food and energy prices.

Interested in trading in an equity market?

On the equities market, investors bid for stocks by offering a given price, while sellers request a certain price. When these two prices coincide, a sale takes place.

Frequently, numerous investors bid on the same stock. When this occurs, the first investor to submit a bid receives the stock.

When a buyer is willing to pay any price for a stock, they are purchasing at market value, and when a seller is willing to accept any price, they are selling at market value.

When a corporation offers its stock on the market, it indicates that the company is publicly traded and that each stock represents a fraction of ownership. This is attractive to investors, and when a firm succeeds, its investors are rewarded with an increase in the value of their stocks.

But when a firm is not performing well, there is a danger that its stock price will decline. It is simple and quick to buy and sell stocks, and the activity surrounding a particular stock affects its value.

For instance, when there is a big demand to invest in a company, the price of its stock tends to rise, and when a large number of investors wish to sell their holdings, the price falls.

What is seen as growth in an equity market?

The corporations whose stocks are traded on the equity market exhibit growth.

Typically, investors invest in ‘growth’ stocks, which are small companies with the potential for strong growth rates. The growth stocks are those for which investors are willing to make large offers on the live equities market, whether in a single country or globally.

Using online equities trading, investors seek to collect growth stocks and sell them at incredibly low prices in the future. This is the concept that you can use in case you decide to try this trading method.

Online equity trading

Today, internet equity trading is a straightforward process. Every online account holder has a user/customer ID and a password. These credentials enable you to engage in livestock trading on the equity market.

Always remember that brokers employ professional-grade IT security, thereby maintaining the safety and quality of online equity trading.

Final words

Equity markets are meeting points for issuers and investors. As an investor, you can make a decent profit in a short period of time if you are wise enough with your investments. This is especially true for 2022 thanks to all the volatility.

So, go through this mini-guide again before you start trading. The New York Stock Exchange and similar exchanges take no prisoners. You have to be well equipped with knowledge if you want to succeed.

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