Employee Engagement

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Figure 1.

Employee engagement is the level of commitment, passion, and loyalty a worker has toward their work and company. The more engaged an employee is, the more work they’ll put forth. (Kappel. 2018)  This emotional commitment means that engaged employees actually care about their work and their company. They don’t work just for a paycheck, or just for the next promotion, but work on behalf of the organization’s goals. (Kruse. 2012)

A large component of maintaining satisfied and engaged employees is understanding and acting on their needs. According to the study, however 50 percent of the respondents said there’s no clear growth path in place for them, 30 percent indicated their opinions don’t count at work, and 27 percent said they feel there’s a general lack of concern and care for their wellbeing. (Jayaram. 2016)

Companies with stronger financial performances and better customer experience have employees who are considerably more engaged than their peers. Additionally, companies with 501 to 1,000 employees have the highest percentage of engaged employees, and companies with 10,000 or more employees have the lowest level of engagement. On an individual level, research shows that employees who are highly educated, high-income earners, executives, male, and have very good bosses tend to be the most highly engaged. (Temkin Group. 2016)

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Figure 2.

Engaged Employees lead to:

  1. Higher service, quality, and productivity, which leads to…
  2. Higher customer satisfaction, which leads to…
  3. Increased sales (repeat business and referrals), which leads to…
  4. Higher levels of profit, which leads to…
  5. Higher shareholder returns i.e., stock price. (Kruse. 2012.)

Benefits of Engaged Employee

  1. Improved productivity. Companies often assume that if they pay employees enough, they’ll be more productive. But there’s more to it than that. Recent research suggests it isn’t money that drives productivity but happiness. In fact, happiness can boost productivity by as much as 12 percent. And engaged employees tend to fall into that camp.
  2. Lower turnover. There’s no denying that the grass will always be greener at another employer, as most of us have inflated expectations of the unknown. But engaged workers are 87 percent less likely to leave a company when compared to disengaged staff. If you want to minimize turnover, which will cost you an average of $15,000 per person, take another look at your engagement strategies.
  3. Fewer absences. People get sick — that’s just a fact of life. And yes, there will always be those staffers who suffer from mysterious “ailments” only between the hours of nine and five, but not engaged employees. They only take an average 3.9 sick days per year, while disengaged workers rack up nearly 11 missed days.
  4. Better reputation. One of the inevitable realities is that people talk — and technology has made it that much easier for people to talk to more than just their network. They can quite literally talk to everyone. What your employees say about your company will have a direct impact on your reputation. If they’re engaged and like where they’re working, it only stands to reason that they’ll only have good things to say.
  5. Greater customer satisfaction. It goes without saying that engaged employees are much more satisfied with their jobs. But did you know the correlation between engagement and satisfaction branches out into other business areas? Namely when it comes to customer service. Companies that excel in this area have nearly twice as many engaged workers.
  6. More money. Businesses with more engaged workers tend to see more profits. According to a study by Towers Perrin, companies with engaged staffers saw a 19-percent increase in operating income within just one year, while those with disengaged workers experienced a 33 percent decrease. If you want a profitable business, engage your workers. (Lane. 2018)
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Figure 3.

5 Ways To Encourage Employee Engagement

  1. Don’t Skip Onboarding and Training – Employees who can master their workload have a better chance at taking pride in what they do. With a successful onboarding and training program, employees will learn how to effectively do their job.
  2. Set Company Goals – To run a successful business, you need a business plan with a list of goals you want to accomplish. To engage employees, you need to involve them in reaching business goals.
  3. Acknowledge Employees – Your employee engagement management should emphasize acknowledging employees for their hard work.
  4. Focus On Employee Development – Employees want to develop their skills and continue challenging themselves. (They don’t want to do monotonous tasks that require minimal effort.) Engaged employees constantly use their mind and enhance their skills. You can focus on employee development in a few different ways. You might add new duties to the employee’s position to prevent boredom, allow room for growth in the position, or offer a job rotation program so employees do different tasks every so often. Another way you can emphasize employee development is by offering educational assistance. This is a great perk that lets employees further their education. It shows employees that you value their career growth, and it also allows you to add new skills to your business.
  5. Don’t Micromanage – Employees can’t be engaged if they don’t have freedom in how to do their jobs. Let each employee make decisions about how to accomplish their work. This leads to higher levels of engagement. (Kappel. 2018)

The Future of Engagement

As economies rebound from the global financial crisis, millions of employees are now thinking about their next career move. Improving job markets mean more scope for talented employees to choose where they work. To succeed, businesses must rethink how they engage and enable their people and earn the loyalty of their employees. This is a critical time to reshape employee engagement strategy and develop an innovative new talent management approach that responds to the changes happening around. (HAY Group)

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Figure 4.

Megatrends

Megatrends are lasting, deep-seated developments with far-reaching effects on societies, economies and organizations. The megatrends are fundamentally changing how we work, what we care about in the workplace and what we need from our employers. (HAY Group)

6 powerful ‘megatrends’ that are transforming societies and the global business environment as we know it:

  1. Globalization 2.0

Economic power is shifting from West to East, giving rise to a new global middle class. Under globalization 2.0 the talent market has gone global, with established corporations now having to battle with new competitors for valuable skills. This will force organizations to think creatively about how to attract, engage and retain talent across the world. Engagement strategies and plans must have the flexibility for local teams to adapt them to local cultures, priorities and talent markets.

  1. The Environmental Crisis

The environment is becoming more and more important to people, as climate change gathers pace and natural resources grow scarce. Businesses must respond to the demand for sustainability to maintain their workforces’ engagement and commitment. Failure to do so will put them at a disadvantage.

  1. Demographic Change

Aging populations are reshaping the global workforce and exacerbating the war for talent. For businesses, an ageing population means a growing skills shortage. With the baby-boom generation hitting retirement age, experienced talent will be at a premium. This will put pressure on younger workers to quickly become mature and skilled leaders. The skills shortage will make attracting and retaining talent more critical than ever. Organizations will need to foster a culture and conditions that motivates and enables staff of all ages and cultures to perform. Younger employees (Gen Y’ers and Millennials) focus on the future. They want opportunities to progress, to build and test their skills in as many areas as possible and regular and constructive feedback on performance.

  1. Individualism

Growing freedom of choice is eroding loyalty and transforming workplace motivation. Globalization 2.0 will boost the wealth of consumers in emerging markets, and consequently their freedom to choose. This will transform our motives as consumers and employees. Money will no longer be the main influence on life and career decisions. Other priorities will come into play, such as fulfilment, meaning, self-development, recognition and work-life balance. A single message to the workforce will no longer cut it. People will demand to be treated as individuals. Engagement will need to be more personal, tapping into each employee’s needs, drivers, outlook and expectations. Job descriptions, appraisals, development plans, career paths and reward systems will need to be more tailored.

  1. Digitization

Work and the workplace are going remote, and the boundaries between professional and personal life are blurring, as people are increasingly operating online. Digital technology is reversing the balance of power between employers and employees. Sustaining engagement through a culture of trust and ethical standards is essential. It will help discourage employees from exposing sensitive information, and from moving to competitor firms. Digital technology can boost productivity and engagement. It enables organizations to understand far more about employees’ attitudes, needs and preferences, and to tailor their practices to boost engagement. Rapid changes in technology can also quickly leave people’s skills out of date. Continuous learning will be essential to sustain engagement and productivity.

  1. Technological Convergence

Powerful shifts in technology are transforming everyday life and creating new product markets. Life is about to get considerably more advanced. A combination of NBIC (nano, bio, information and cognitive) sciences will lead to a wave of technological breakthroughs. This will transform many areas of our everyday lives, giving rise to new product markets and leaving others behind. Employees can be nervous about change and feel insecure or demotivated when the goalposts are continuously moving. Their need for information outstrips what management can provide, damaging confidence in the leadership and direction of the firm. And as convergence gathers pace, it will be harder than ever to stay ahead of the innovation curve and to make long term investment decisions. Communicating ‘what’s next’ will become increasingly difficult. Companies will need to establish the right climate, processes and platforms for collaboration to succeed, and equip people with the right skills and attributes. (HAY Group)

 

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

Kevin Kruse. 2012. What Is Employee Engagement. https://www.forbes.com/sites/kevinkruse/2012/06/22/employee-engagement-what-and-why/#363c5d957f37/ Accessed on 20.02.2019

Mike Kappel. 2018. How To Establish A Culture Of Employee Engagement. https://www.forbes.com/sites/mikekappel/2018/01/04/how-to-establish-a-culture-of-employee-engagement/#7c3c65368dc4/ Accessed on 20.02.2019

HAY Group. New Rules of Engagement. http://f.datasrvr.com/fr1/414/25154/Hay_Group_New_Rules_of_Engagement_Report.pdf/ Accessed on 20.02.2019

Savita V Jayaram. 2016. Employee Engagement Tactics to Empower and Motivate Talented Workforce. http://www.hrinasia.com/employee-relations/employee-engagement-tactics-to-empower-and-motivate-talented-workforce/ Accessed on 20.02.2019

Temkin Group. 2016. Employee Engagement Benchmark Study. https://temkingroup.com/product/employee-engagement-benchmark-study-2016/ Accessed on 20.02.2019

Source Photo’s:

Figure 1. Stacey Lane. 2018. What Is Employee Engagement? And Why It Matters to Business. http://prostaff.com/blog/employee-engagement-trends/ Accessed on 20.02.2019

Figure 2. Savita V Jayaram. 2016. Employee Engagement Tactics to Empower and Motivate Talented Workforce. http://www.hrinasia.com/employee-relations/employee-engagement-tactics-to-empower-and-motivate-talented-workforce/ Accessed on 20.02.2019

Figure 3. Sarah K. White. 2016. 5 hard truths about employee engagement. https://www.cio.com/article/3065617/cio-role/5-hard-truths-about-employee-engagement.html/ Accessed on 20.02.2019

Figure 4. ETS. 2019. Beyond employee engagement: Time to focus on the employee experience. https://www.etsplc.com/blog/beyond-employee-engagement-time-to-focus-on-the-employee-experience/ Accessed on 20.02.2019

 

 

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Total Rewards

Total Rewards

Most managers use a reward-punishment system, providing incentives for success and reprimanding failure. This method relies on external stimuli. The problem? External incentives like salary or punishment aren’t the only sources of motivation—or even the most effective ones. According to a Gallup poll, only 30% of people making less than $36,000 are emotionally engaged at work. It sounds logical that low pay equals low engagement, but employee engagement actually drops to 28% for those making between $36,000 and $90,000. Even the highest paid workers—earning $90,000 or more—only report 30% engagement. (Gendelman. 2016)

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Figure 1.

Compensation

Total compensation is the package of quantifiable rewards an employee receives for their labours. An effective compensation plan enables the company to achieve its strategic objectives and is suited to the firm’s unique characteristics as well as to its environment.  In all situations, the best choices depend on how well they ‘fit with business objectives and the individual organisation. (Managing HR. 2016)

The pay options managers need to consider in designing a compensation system are:

  • Internal vs external equity
  • Fixed versus variable pay
  • Performance versus membership
  • Job vs individual pay
  • Egalitarianism vs elitism
  • Below-market vs above market-compensation
  • Monetary vs nonmonetary rewards
  • Open vs secret pay
  • Centralisation vs decentralisation of pay decisions (Managing HR. 2016)

Three components:

  • The base compensation: The fixed pay received on a regular basis
  • The pay incentives: Programs designed to reward good performance
  • Benefits or indirect compensation: Includes health insurance, vacations and perquisites.

Compensation Tools

Two types of Compensation Tools:  (Managing HR. 2016)

  • Job-based approaches:

  1. To achieve internal equity, company’s use job evaluation to assess the relative value of jobs throughout the firm.
  2. To achieve external equity, they use salary data on benchmark or key jobs obtained from market surveys to set a pay policy.
  3. To achieve individual equity, they use a combination of experience, seniority, and performance to establish an individual’s position within the pay range for their job.
  • Skill-based compensation:

Skill-based compensation is costlier, and more limited in use. Skill-based pay rewards employees for:

  1. Acquiring depth skills – Learning more about a specialised area.
  2. horizontal or breadth skills – Learning about more areas.
  3. Vertical skills – Self management.

Pay-for-Performance 

Employees are a company’s most asset but motivating them to perform their best can be challenging. Pay-for-performance is a method in which employees are rewarded for completing their various tasks within a certain amount of time and quality level. The key point with employee incentives is to align the incentive for the employee with the goals of the company and be careful of unintended consequences.  If you incentivize solely for productivity, a consequence may be that the quality suffers, or bottlenecks develop in production. If designed properly, performance-based incentives can dramatically transform an organization’s productivity.  (Easy Metrics. 2019)

So, pay-for-performance incentive programs can improve productivity, but managers need to consider several challenges in their design and implementation. Employees may be tempted to do only what they get paid for, ignoring those intangible aspects of the job that are not explicitly rewarded. Cooperation and teamwork may be damaged if individual merit pay is too strongly emphasized. Individual merit systems assume that the employee is in control of the primary factors affecting his or her work output, an assumption that may not be true. Individual performance is difficult to measure and tying pay to inaccurate performance measures is likely to create problems. Pay incentive systems can be perceived as an employee right and can be difficult to adapt to the organisation’s changing needs. Many employees don’t believe that good performance is rewarded (the credibility gap). Emphasizing merit pay can place employees under a great deal of stress and lead to job dissatisfaction. Merit pay can also decrease employees’ intrinsic motivation. Employee participation in the design of the plan can enhance its credibility and long-term success. (Managing HR. 2016)

Short-term annual bonuses, long-term incentives, and perks may be used to motivate executives to make decisions that help the firm meet its long-term strategic goals. (Managing HR. 2016)

Small firms face special challenges when designing pay-for-performance systems because they are less likely to have the necessary professional support to develop and administer these plans. Real or perceived mistakes in allocating incentives can have a large impact on these firms. (Managing HR. 2016)

In order to avoid problems: (Managing HR. 2016)

  • Managers should link pay and performance appropriately
  • Use pay for performance as part of a broader HRM system
  • Build employee trust
  • Promote the belief that performance makes a difference
  • Use multiple layers of rewards
  • Increase employee involvement
  • Consider using non-financial incentives

Four Types of Incentive Programs: 

At the level of individual employees – merit pay (which becomes part of base salary) and bonuses and awards (given on a one-time basis) determined via supervisory appraisals.

Team-based plans – Team-based plans reward the performance of groups of employees who work together on joint projects, or tasks, usually with bonuses and noncash awards.

At the level of the plant or business unit – gainsharing is the program of choice. Gainsharing rewards workers based on cost savings, usually in the form of a lump-sum bonus.

At the fourth and highest level of the organisation – the entire corporation – profit sharing and employee stock option plans (ESOPs) are used to link the firm’s performance with employees’ financial rewards. Both plans are commonly used to fund retirement programs. (Managing HR. 2016)

A successful incentive program meets the following criteria: (Easy Metrics. 2019)

  1. Employee Engagement
  2. Accurate and fair performance targets

Types of Motivation (Gendelman. 2016)

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Figure 2.

Intrinsic motivation encompasses employees’ attitudes toward their work. If you’ve ever loved a job so much you’d do it for free, you were intrinsically motivated.

Extrinsic motivation is the tactic most managers use, where employees work to achieve positive results or avoid negative ones. Working on a weekend to earn overtime pay is positive extrinsic motivation; trying not to get demoted for a mistake is negative extrinsic motivation.

Personal motivation reveals how employees value time and people outside the office. One person may stay late on a Friday to avoid working on Saturday. Another may work extra hours to earn time off for a family event. Personal motivation varies between individuals.

Peer motivation uses social influence to encourage or discourage behavior. Competing with a coworker for a promotion is a type of peer motivation.

Ways to Motivate Employees (Ilya Pozin. 2015, Gendelman. 2016 & Root. 2016)

  1. Set Smaller Weekly Goals
  2. Give Your Employees Purpose
  3. Radiate Positivity
  4. Motivate Individuals Rather Than the Team
  5. Learn What Makes Each Employee Tick
  6. Reward Based on Feedback
  7. Prioritize Work-Life Balance
  8. Have an Open-Door Policy when it comes to suggestions and ideas
  9. Let Them Lead/ Allow them to take ownership
  10. Create Recognition Rituals
  11. Trust them with challenges
  12. Give good feedback
  13. Help them learn new skills
  14. Play to their interests
  15. Give them job security
  16. Let them have their space
  17. Stock Options
  18. Pay Bonuses
  19. Time Off
  20. Education Investment

 

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

Dan Pink. 2009. The Puzzle of Motivation. https://www.ted.com/talks/dan_pink_on_motivation/transcript?language=en#t-431699/ Accessed on 20.02.2019

Easy Metrics. 2019. Pay for Performance. https://www.easymetrics.com/solutions/pay-for-performance/ Accessed on 20.02.2019

George N. Root. 2016. Incentive Pay for Job Performance. https://smallbusiness.chron.com/incentive-pay-job-performance-10859.html/ Accessed on 20.02.2019

Ilya Pozin. 2015. Highly Effective Ways to Motivate Employees. https://www.inc.com/ilya-pozin/14-highly-effective-ways-to-motivate-employees.html/ Accessed on 20.02.2019

 

Vladimir Gendelman. 2016. 33 Easy Ways to Motivate Your Creative Employees. https://www.companyfolders.com/blog/best-ways-to-motivate-employeesMBASkool. 2018. Career Development. https://www.mbaskool.com/business-concepts/human-resources-hr-terms/1779-career-development.html/ Accessed on 28.01.2019

Source Photo’s

Figure 1. Vladimir Gendelman. 2016. 33 Easy Ways to Motivate Your Creative Employees. https://www.companyfolders.com/blog/best-ways-to-motivate-employeesMBASkool. 2018. Career Development. https://www.mbaskool.com/business-concepts/human-resources-hr-terms/1779-career-development.html/ Accessed on 28.01.2019

Figure 2. Vladimir Gendelman. 2016. 33 Easy Ways to Motivate Your Creative Employees. https://www.companyfolders.com/blog/best-ways-to-motivate-employeesMBASkool. 2018. Career Development. https://www.mbaskool.com/business-concepts/human-resources-hr-terms/1779-career-development.html/ Accessed on 28.01.2019

 

 

 

Legal Compliance

Legal compliance and discipline and grievance

From employee wages to privacy regulations, businesses face a dizzying number of potential legal issues these days. And while it may never be a company’s intention to break the law, without taking necessary precautions, things can easily slip through the cracks. (Forbes Legal Council. 2016)

Organisations need to take a proactive approach to compliance. Human resources should be brought to the forefront of the strategy rather than left separate from compliance issues within the company. They are the only part of the business which can lead the compliance agenda from the most important perspective: its people. (Safety Solutions. 2017)

Employee Rights

In the employment relationship, both employees and employers have rights. Employees rights fall into three categories: statutory rights (protection from discrimination, safe work conditions, the right to form unions), contractual rights (as provided by employment contracts, union contracts, and employment policies), and other rights (the rights to ethical treatment, privacy, and free speech. (Managing HR book. 2016)

Management Rights

Employees have the right to run their business and make a profit. These rights are supported by property laws, common law, and the values of a society that accepts the concepts of private enterprise and the profit motive. Management rights include the right to manage the workforce and to hire, promote, assign, discipline, and discharge employees. (Managing HR book. 2016)

Disciplining Employees

Managers rely on discipline procedures to communicate to employees the need to change a behaviour. There are two approaches to discipline. The progressive discipline procedure relies on increasing levels of punishment leading to discharge. The positive discipline procedure uses counselling sessions between supervisor and subordinate to encourage the employee to monitor his or her own behaviour. Both procedures are designed to deal with forms of misconduct that are correctable. (Managing HR book. 2016)

Administering and Managing Discipline

To avoid conflict and lawsuits, managers must administer discipline properly. This entails ensuring that disciplined employees receive due process. Managers need to be aware of the standards used to determine whether an employee was treated fairly and whether the employee has a right to appeal a disciplinary action. For a disciplinary system to be effective, an appeal mechanism must be in place. (Managing HR book. 2016)

Preventing the Need for Discipline with HR management

A company can avoid discipline by recruiting and selecting the right employees for current positions as well as future opportunities, by training and developing workers, by designing jobs and career paths that best utilize people’s talents, by designing effective performance appraisal systems, and by compensating employees for their contributions. (Managing HR book. 2016)

Labour Relations and the Legal Environment

Employees usually seek representation from a union because they are dissatisfied with certain aspects of their job, and lack influence with management to make the needed changes, they believe that their pay and benefits are non-competitive, and see the union as a solution to their problems. Managers strongly affect how employees perceive the work, environment and thus whether they will be susceptible to unionisation. Managers must possess enough knowledge of basic labour laws to avoid creating legal liability for the company, implement the terms of labour agreements fairly and impartially, and hear and resolve employee grievances. (Managing HR book. 2016)

Three phases of the labour relations process

  1. Union organising
  2. Collective bargaining
  3. Contract administration.

The impact of a union on the way a company manages its human resources is significant. Management can expect that the union will affect almost every major area of HRM. In a unionised workplace, staffing decisions will be heavily influenced by seniority rather than by merit. Individually focused performance appraisals are severely curtailed, while training programs are emphasized. Unionised employees tend to receive larger compensation and benefit packages. Finally, employee relations in a union shop are highly structured. (Managing HR book. 2016)

Importance of Legal Environment

Understanding and complying with human resource law is important because morally, it is the right thing to do, and because it helps you realise the limitations of your firm’s HR and legal departments, and it helps you minimize your firm’s potential liability.

HR law is challenging for four reasons. Law, regulations, and court decisions are all part of a dynamic legal landscape. The laws and regulations are complex. The strategies for fair employment required by the laws and regulations sometime compete with, rather than reinforce, one another. And laws often have unanticipated or unintended consequences. (Managing HR book. 2016)

Avoiding Pitfalls

Employers can avoid many pitfalls associated with HR laws by engaging in sound management practices. Among the most important of these practices are training, establishing an employee complaint resolution system, documenting decisions, communicating honestly with employees, and asking job applicants only for information the employee needs to know. (Managing HR book. 2016).

  1. Distinguishing Contractors Versus Employees

In today’s environment, businesses need to be nimble with their labour force. Uber and Lyft are excellent examples. The line between a contractor and an independent employee is an amorphous one, and the penalties for incorrectly classifying labour add up. Attorneys who specialize in this can save you a lot of time and money if you speak with them early on and properly classify your workforce.

  1. Determining Where Risk Lies

Attorneys can help businesses focus on risk management. For compliance, there are federal and state laws and litigation-based risk. An attorney can help a business determine what areas pose the most risk and what should be addressed first.

  1. Complying with Wage and Hour Laws

Many businesses need legal guidance in wage and hour matters, especially for overtime pay requirements. Oftentimes, businesses don’t know which employees need to be paid overtime wages and which workers are exempt, especially when it comes to managers and assistant managers. The failure to pay required overtime pay can be very costly if not done in accordance with state and federal laws.

  1. Issuing Equity

When issuing equity, many states have security filing requirements. It can be very difficult to make sure these filing requirements are met, so it’s best to collaborate with a business attorney to make sure that all the legal boxes are checked.

  1. Reviewing A Franchise Agreement

If the business is a franchise, it’s common practice for attorneys to help the owner(s) comply with a franchise agreement. The franchise agreement contains numerous requirements that the owner is accountable for. Both parties should review the franchise’s business operations to make sure the business is compliant.

  1. Protecting Consumer Data

Any business that stores or uses consumers’ private information needs to be mindful of the large influx of litigation regarding data breaches that give rise to privacy concerns. While larger institutions are the obvious targets for class-action attorneys, it’s ideal for an emerging start-up to ensure compliance from the outset. (Forbes Legal Council. 2016)

The importance for business owners to remain compliant

The likelihood of a brand-damaging workplace breach is a real risk to business. There are complex rules, regulations, awards and agreements to grapple with as well as the fact decisions are often being made outside of the HR arena or without an HR team to consult. When businesses are found non-compliant it can not only result in legal action but, if the issue is picked up by the media, the business can suffer lasting reputational damage.

Failing to comply can also affect the wellbeing of employees and can even have flow-on impacts on customers. Workers who’re fatigued can put themselves in danger and those without current qualifications and training to undertake the job at hand can leave a business exposed to large fines.

Organisations should take a vested interest in employee mental and physical health and in creating work/life balance to protect their employees. The benefits of this go beyond complying with workplace regulations but can increase engagement and productivity, lead to greater job satisfaction and build stronger retention rates. (Safety Solutions. 2017)

Case Study:

Case 1: New York Police Inspector Is Charged with Sexually Abusing Female Officer

In this case inspector, Keith Walton was charged with sexual abuse. It is a difficult case since there were no witnesses, only her word against his. In this case it became a criminal case and therefore outside the jurisdiction of the HR department, and instead up to the courts to decide who the guilty party is. Being under criminal review, he was no longer allowed to handle a gun. Although he was still allowed to work on modified duty since he is considered innocent until proven guilty in court.

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

Forbes Legal Council. 2016. Six Compliance Issues Your Business Could Face. https://www.forbes.com/sites/forbeslegalcouncil/2016/07/28/six-business-compliance-issues-best-suited-for-your-attorney-to-handle/#515dd1f73ef7/ Accessed on 11.02.2019

Safety Solutions. 2017. The importance of compliance in the workplace. https://www.safetysolutions.net.au/content/business/article/the-importance-of-compliance-in-the-workplace-1439324991

Performance Management

Performance Management

Performance management is the process of creating a work environment or setting in which people are enabled to perform to the best of their abilities. Performance management is a whole work system that begins when a job is defined as needed. It ends when an employee leaves your organization.

Performance management defines your interaction with an employee at every step of the way in between these major life cycle occurrences. Performance management makes every interaction opportunity with an employee into a learning occasion. (Heathfield. 2018)

Strong performance management rests on the simple principle that “what gets measured gets done.” In an ideal system, a business creates a cascade of metrics and targets, from its top-level strategic objectives down to the daily activities of its frontline employees. Managers continually monitor those metrics and regularly engage with their teams to discuss progress in meeting the targets. Good performance is rewarded; underperformance triggers action to address the problem. (Carpi. 2017)

Part of performance management is setting goals with members of your team. This may be done within the formal appraisal process, but it doesn’t have to be. The important factor is that the goals that are set are aligned with the department’s strategy, which in turn is aligned with the overall strategy of the organization. (Mind Tools)

Performance Appraisal

Performance appraisal is the identification, measurement and management of human performance in organizations. If done effectively it can improve the performance of employees, and is key to their development. It also provides the criteria against which selection systems are validated and is the typical basis on which personnel decisions, such as terminations, are legally justified. (Managing HR book 2016.)

Identifying Performance

The first step in the appraisal process is to identify what is to be measured. Individual differences in performance can make a difference to company performance. The appraisal also provides a rational basis for constructing a merit system. Assessment and recognition of performance levels can motivate workers to improve their performance. Ethics should also be also be made a part of the appraisal process, not just tasks and business accomplishments. Competencies – The ability to do the tasks that are part of the job and the ability to contribute to the strategic mission of the organisation are core competencies. (Managing HR book 2016.)

Measuring Performance

The next step is to measure the performance. The methods used to measure employee performance can be classified in two ways:

  • Deciding whether the type of judgement necessary is relative or absolute.
  • Whether the measure focuses on traits, behaviour, or outcomes.

Each measure has its advantages and disadvantages. But it is clear that the overall quality of the ratings is much more a function of the rater’s motivation and ability than of the type of instruction chosen. (Managing HR book 2016.)

Challenges:

  1. The main challenges of performance measurement are:
  2. Rater errors and bias
  3. The influence of liking
  4. Organisational politics
  5. Whether to focus on the individual or the group
  6. Legal issues

Managing Performance

The primary goal of the appraisal system is to manage and improve their employees’ performance. Managers must explore the causes of performance problems, develop action plans, empower workers to find solutions, and use performance-focused communication. (Managing HR book 2016.)

Where do things go wrong? 

  1. Poor metrics
  2. Poor targets
  3. Lack of transparency
  4. Lack of relevance
  5. Lack of dialogue
  6. Lack of consequences
  7. Lack of management engagement (Carpi. 2017)

KPI’s

Key Performance Indicator (KPI) is a quantifiable metric that reflects how well an organization is achieving its stated goals and objectives.

When an employee’s goal is defined in terms of an organizational KPI, it ensures that what the employee is doing is well aligned with the goals of the organization. This is the critical link between employee performance and organizational success. (Mind Tools)

Case Study

Case A: A Performance Appraisal Horror Story (With A Happy Ending)

The key problem in this case study was a lack of KPI’s to measure Jerry’s performance.

Effective performance appraisal requires managers to measure and improve performance. Without these key KPI’s performance can be very subjective, which is what happened in this case study. Jerry felt very unfairly targeted. That is why having KPI’s is so important, the supervisor needs to have a good understanding of the cause for a performance problem. Another issue here is that the supervisor was not actually supervising Jerry effectively. He waited until six months later to report that he was unhappy with Jerry’s work. Jerry was unaware of this issue, and without effective criticism, and the necessary training, he was unable to improve to standards to which the supervisor held him accountable for. If his supervisor had a problem with him, then keeping quiet about it almost seemed like an inadvertent form of sabotage.

If the cause of the problem isn’t solved, it can result in the worker having reduced motivation and commitment, even wanting to leave – which was the case with Jerry. The performance appraisal process includes providing feedback to workers so that they can improve their performance, it needs to be relevant and accepted by the worker. Once Jerry’s workplace realised their mistake and quickly put goals in place for him to reach, he quickly excelled in his work and became very motivated. Achieving the goals also meant recognition now for Jerry.

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

Susan Heathfield. 2018. Performance Management. https://www.thebalancecareers.com/performance-management-1918226/ Accessed on 11.02.2019

David Sturt and Todd Nordstrom. 2018. Performance Management: One Simple Secret For Doing It Right. https://www.forbes.com/sites/davidsturt/2018/06/15/performance-management-1-simple-secret-to-do-it-right/#7c3d22ae1981/ Accessed on 11.02.2019

Mind Tools. Performance Management and KPIs. https://www.mindtools.com/pages/article/newTMM_87.htm/ Accessed on 11.02.2019

Raffaele Carpi. 2017. Performance management: Why keeping score is so important, and so hard. https://www.mckinsey.com/business-functions/operations/our-insights/performance-management-why-keeping-score-is-so-important-and-so-hard/ Accessed on 11.02.2019

 

Learning and Development

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Figure 1.

 

Training presents a prime opportunity to expand the knowledge base of all employees, but many employers find development opportunities expensive. Employees attending training sessions also miss out on work time which may delay the completion of projects. However, despite these potential drawbacks, training and development provides both the individual and organisations as a whole with benefits that make the cost and time a worthwhile investment. The return on investment from training and development of employees is worth the investment. (Business Insight. 2018)

Training in the workplace:

Training is different to development in the workplace. Training is the process of providing employees with specific skills or helping them correct deficiencies in their performance. Development is an effort to provide employees with the abilities the organisation will need in the future. (Managing HR. 2016)

The training process consists of three phases: (Managing HR. 2016)

  1. Assessment
  2. Development and conduct of training
  3. Evaluation

 

Benefits of Training: (Business Insight. 2018)

Benefits of Training: (Business Insight. 2018)

  1. Improved employee performance
  2. Improved employee satisfaction and morale
  3. Addressing weaknesses
  4. Consistency
  5. Increased productivity and adherence to quality standards
  6. Increased innovation in new strategies and products
  7. Reduced employee turnover
  8. Enhances company reputation and profile

 

It could include:

On-the-job learning

Mentoring schemes

In-house training

Individual study

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Figure 2.

Types of employee training: (Vanry.2018)

  • Instructor-led training
  • eLearning
  • Simulation employee training
  • Hands-on training
  • Coaching or mentoring
  • Lectures
  • Group discussion and activities
  • Role-playing
  • Management-specific activities
  • Case studies or other required reading

 

Career Development

Career development is the series of activities or the on-going/lifelong process of developing one’s career. Career development usually refers to managing one’s career in an intra-organizational or inter-organizational scenario. It involves training on new skills, moving to higher job responsibilities, making a career change within the same organization, moving to a different organization or starting one’s own business. (MBASkool. 2018)

Career development is directly linked to the goals and objectives set by an individual. It starts with self-actualization and self-assessment of one’s interests and capabilities. The interests are then matched with the available options. The individual needs to train themself to acquire the skills needed for the option or career path chosen by them. Finally, after acquiring the desired competency, they have to perform to achieve the goals and targets set by them. (MBASkool. 2018)

career_dev.jpg
Figure 3.

Company’s involvement in Career Development

The employer and employee often share the responsibility for career development. Emphasizing career development for employees can provide some insurance that they won’t pursue other opportunities when presented. Giving employees the chance to grow and develop can ensure that a workforce keeps pace with the demands of the challenging business environment. In addition, if a company makes this kind of investment, employees are likely to remain loyal instead of being lured away by competitors. (Managing HR. 2016)

Definition- Career development is an ongoing and formalized effort that focuses on developing  enriched and more capable workers.  (Managing HR. 2016)

 

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

20|20 Business Insight. 2018. The Importance of Training and Development in the Workplace. http://2020projectmanagement.com/resources/project-management-training-and-qualifications/the-importance-of-training-and-development-in-the-workplace/ Accessed on 28.01.2019

Nikki Vanry. 2018. Top 10 Types of Employee Training. https://www.edgepointlearning.com/blog/top-10-types-of-employee-training/ Accessed on 28.01.2019

Source Photo’s:

Figure 1. Nikki Vanry. 2018. Top 10 Types of Employee Training. https://www.edgepointlearning.com/blog/top-10-types-of-employee-training/ Accessed on 28.01.2019

Figure 2. Soft Skills Training. 2016. The Top 5 Skills in Demand. https://www.bizlibrary.com/soft-skills-training/ Accessed on 28.01.2019

Figure 3. MBASkool. 2018. Career Development. https://www.mbaskool.com/business-concepts/human-resources-hr-terms/1779-career-development.html/ Accessed on 28.01.2019

Recruitment and Selection

HR pic 2.png
Figure 1.

Basics of Human Resource Management HRM1LF101-3004

Stocking a company with top talent has been described as the single most important job of management. The ability to attract and hire effective employees is also a key element of a successful management career. (Managing HR)

Recruitment and Selection process is defined as the process through which the best individuals are selected among a pool of applicants for particular positions of job. Mostly managers consider selection process as one of their critical decision functions in the organization. In selection process, the managers actually try to match knowledge, skills & abilities of the applicants with the requirements of the jobs. There is no single selection process that can be considered as standard one for all the organizations. Rather the steps & procedure of selection process varies from organization to organization. (Zkjadoon. 2015.)  Managers should consider how a potential employee ‘fits’ with the firm’s culture in addition to that employee’s skill level. (Managing HR)

 

Steps in the Hiring Process

HR pic.jpg
Figure 2.

Managers should consider how a potential employee ‘fits’ with the firm’s culture in addition to that employee’s skill level. (Managing HR)

  1. Initial Screening
  2. Application
  3. Pre-employment Testing
  4. Interview
  5. Background Checks
  6. Conditional Job Offer
  7. Drug Test/Medical Exam
  8. Final Selection Decision
hrwheel.jpg
Figure 3.

Factors Effecting Recruitment and Selection Process (Managing HR)

  1. Legal Considerations
  2. Speed of Decision Making
  3. Organizational Hierarchy
  4. Applicant Pool
  5. Types of Organization
  6. Probationary Period
  7. Selection Criteria:

 

Labour Demand and Supply

The supply of labour isn’t just the number of bodies willing to work. Critical issues are the talent that is available in the market and whether sufficient number of workers are available in an area or industry at a reasonable wage rate. (Managing HR)

When labour supply exceeds demand, companies might introduce pay cuts, reducing the number of hours worked, and work sharing. (Managing HR).

Challenges

Above average employees are worth about 40% of their salary more to an organisation than the average employees. Poor hiring decisions are likely to cause problems from day one. Unqualified or unmotivated workers will probably require closer supervision and direction. It has been estimated that managers spend 12% of their time managing poor performers, time and energy that could be applied to more productive areas if the poor performers had not been hired. (Managing HR)

 

Sources of Recruiting (Managing HR)

  1. Current employees – via internal job openings.
  2. Referrals from current employees.
  3. Former employees
  4. Customers
  5. Print and Radio ads
  6. Internet ads, career sites, and social media

 

Selection:

Reed1.png
Figure 4.

Selection determines the overall quality of an organisation’s human resources.

Commonly used methods of Selection: (Managing HR)

  1. Letters of recommendation
  2. Application forms
  3. Ability Tests
  4. Personality tests
  5. Honesty tests- Polygraph tests
  6. Interviews:
    1. Situational Questions
    2. Job Knowledge questions
    3. Worker requirement questions
Reed 2.png
Figure 5.

Legality

Companies should ask only for information that is related to job performance. Avoid discriminatory topics such as illness, religion, weight and age etc

 

References

Gomez-Mejia, L.R., Balkin, D.B. and Cardy, R.L. 2016. Managing Human Resources. Global Edition 8/E. Pearson. London. ISBN-10: 1292097248 • ISBN-13: 9781292097244.

Zkjadoon. 2015. Recruitment and Selection Process in HRM. http://www.businessstudynotes.com/hrm/human-resource-management/recruitment-and-selection-process-in-hrm/ Accessed on 28.01.2019

Edna Nakamoto. 2018. Problems in the Recruitment & Selection Process (and How to Solve Them) https://www.tamrecruiting.com/blog/3-problems-recruitment-and-selection-process. Accessed on 28.01.2019

Source Photo’s:

Figure 1. Edna Nakamoto. 2018. Problems in the Recruitment & Selection Process (and How to Solve Them) https://www.tamrecruiting.com/blog/3-problems-recruitment-and-selection-process. Accessed on 28.01.2019

Figure 2. Study.com. 2018. The Hiring Process: How Human Resource Managers Recruit and Hire Employees. https://study.com/academy/lesson/the-hiring-process-types-of-recruiting-strategies.html/ Accessed on 28.01.2019

Figure 3. HRT Solutions. 2019. Recruitment Process Outsourcing. https://hrtsolutions.net/recruiting/ Accessed on 28.01.2019

Figure 4&5. Reed. 2018. 7 steps to a foolproof recruitment process. https://www.reedglobal.com/blog/2017/06/7-steps-to-a-foolproof-recruitment-process/ Accessed on 28.01.2019

 

 

 

 

 

 

Global Export Risk Management

Trigger 5

Keywords:

#insurance #riskanalysis #scm #importexport #brand

emerging markets.jpg
Figure 1.

How do you analyse the risk when entering the new export market?

The key to successful international business is to understand where export risks can arise, and having a risk management plan to deal with them. Doing as much research and analysis as you can on your suppliers or partners, the products, your markets and what financial and legal liabilities you’ll be facing will help to minimise some of the risk.

Product risk is anything to do with the product you’re exporting. It covers demand for the product, your competitors, pricing sensitivity and even packaging of the product.

If you are exporting, assess what demand there is for your product in the overseas market you’re targeting, and whether you need to modify your product to suit the new market’s needs; you can’t necessarily rely on replicating exactly what works at home.

Do some market research to identify what your target market wants and then compare your findings to your existing product. You also need to be aware of any restrictions that may exist in your target market for the product you’re selling.

Make sure you’re actually allowed to import or export the product you want to trade. Many products are restricted or prohibited in some countries, but not all, so make sure you know the rules set out both in New Zealand and in your target market.

Keep an eye on what your competitors are doing in your target market. Visit your competitors’ websites and keep up-to-date with who they’re selling to, and any innovations they might be making. Be ready to alter your product or price to remain competitive.

It’s important not to price yourself out of the market, so it’s a good idea to do some research on what price customers might pay for your product.

Don’t underestimate the cost of exporting, you need to make sure your business will be profitable once you’ve factored in all the associated costs. Factor in additional costs such as freight and insurance, tariffs and customs charges, regulations compliance, and exchange rate fluctuations.

Packaging, design and brand name are other potential risk areas. It pays to research your brand name before launching it in an overseas market, and check that the colours and imagery you use don’t have any negative or inappropriate significance in the local culture. Make sure that the packaging and labelling you use on your product complies with country-specific rules and regulations. Product packaging and labelling regulations in most countries are designed to protect the consumer by providing essential information on the product, so make sure you know what’s required for the countries you’re trading in.

Make sure you’re aware of import duties and tariffs, and any quotas that may exist. Most countries are very strict on import documents being accurate, and if your paperwork isn’t complete or correct it may result in delays or even confiscation of goods. Check with the customs or border control agency to find out what documents you need to file and take the time to fill in all the paperwork properly.

Political, or country risks are things like non-tariff barriers to trade (NTBs), sanctions, central bank exchange control regulations or goods that are prohibited in some countries, for example products from threatened animal species.

Many developing nations operate exchange control regulations which regulate the flow of money to and from their country. Find out if these are in place in the country you are trading with, as they could delay payment to you. (ASB)

 

What are the ways to cover liability with global export?

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Figure 2.

When you’re trading overseas you’ll most likely be using a foreign currency, which exposes you to currency and exchange rate risk. Fluctuations in the exchange rate can affect the final amount you pay or receive. The ways you can reduce your exchange rate risk is by transferring the risk to your supplier by asking them to quote in your currency. Protect yourself from fluctuations in the exchange rate by taking out forward foreign exchange cover. This is a foreign exchange contract whereby you can agree to exchange your foreign currency at an agreed rate on an agreed date in the future. Cover the risk yourself by adding an exchange rate risk to your margin. (ASB)

If you’re exporting goods, particularly to a buyer you haven’t worked with before, non-payment is a significant risk. Trade credit insurance helps mitigate credit and settlement risk, enabling an exporter to recover up to 90% of the sale or invoice value of goods if the buyer defaults or there is a contract dispute. This includes protracted defaults – where debt remains unpaid for some time and contract repudiation – where the buyer refuses to accept your goods without just cause.

In some overseas markets, piracy and counterfeiting are a problem, so it’s usually best to register your IP in the countries where you intend to trade. Be prepared, and take steps to protect your intellectual property.

Take out product liability insurance and make sure you’re covered for your target market. Product liability risk is harm to people or property caused by your product. You must be aware of potential product liability issues in your target market. Some countries are more litigious than others, so make sure you take appropriate measures to counter this risk.

Reduce the risk of someone copying the design of your product by registering your design. Register your trade marks; include brands, slogans, logos, smells, colours and sounds. Patents protect concepts, inventions and ideas, and can give you patent monopoly to commercialise for up to 20 years.

Operational risk is any other kind of risk. It includes breakdowns in internal processes and procedures, human error and imperfect systems. There are operational risks both in the actual production of your goods and in the paperwork and documentation you’ll have to produce. You can manage operational risk in the actual production of your goods by having an emergency and business continuity plan, having a continuity plan will help reduce potential risk to your business after an emergency. Have a long-term business strategy or business plan. (ASB)

 

How to minimize the risk in SCM?

Supply-chain risk management (SCRM).jpg
Figure 3.

Supply chain risks can be managed more effectively when applying the Supply Chain Risk Management Process (SCRMP). The structured approach can be divided into the phases of risk identification, risk measurement and risk assessment; risk evaluation, and risk mitigation and contingency plans; and risk control and monitoring via data management systems. (Tummala & Schoenherr 2011)

Supply chain risk management (SCRM) is becoming a top priority in procurement, as organizations lose millions because of cost volatility, supply disruption, non-compliance fines and incidents that cause damage to the organizational brand and reputation. (Lamoureux 2016)

Bribes to shady government officials, salmonella in the spinach and forced labor in the supply chain can all result in brand-damaging headlines that can cost an organization tens of millions in sales and hundred of millions in brand damage. And while reputation may only be important for name brands, cost volatility and supply disruption affect all manufacturers. In the 2015 study by the Business Continuity Institute, supply chains had 14% losses from supply chain disruptions (e.g., natural hazards, labour strikes, fires, etc.) that cost over €1 million, and these disruptions can easily go up to nine figures. (Lamoureux 2016)

You Need to ‘Cost the Risk’ and Also Get It in the Contract. Once you have prioritized your supply (and supplier) KPIs, and have analyzed the biggest risks that threaten those KPIs, you must then analyze your options for risk mitigation (e.g., complexity reduction, early warning detection, faster recovery time, financial insurance policies, etc.) and then estimate whether you or your supplier (or a third party) has the lowest cost to treat and mitigate those risks so that you can plan for your supplier negotiations and contracting appropriately.

You Must Design a Monitoring System That is Part of Onboarding. Most procurement professionals understand that savings are not realized during sourcing, but rather, are accrued during the execution process, with automated and fail-safe monitoring being the goal to create transparency for all stakeholders. The same, however, goes for risk. Unless you have a means to automate the most important risk monitoring activities, and provide immediate transparency and alerting to key stakeholders, the costs of such monitoring will lead to poor or no monitoring and increased risk. And this will eventually come around to bite you financially. (Lamoureux 2016)

 

How do you keep your brand valuable in a global market?

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The physical value of your products may be easy to calculate, but your consumers’ perceptions are what really determine the value your brand and products have in the marketplace. Because of this, your ability to build value into your brand and communicate that value to customers through your marketing is essential to the long-term success of your company.

Awareness

Credibility

Reputation

Customer satisfaction

The mindful consumer is willing to buy – but craves value. In the search for value, they consider factors like:

Research. 67% of the buyer’s journey is completed digitally meaning the mindful consumer wants and has a lot of information on their side about which companies have what they want.

Social proof. Having a great product isn’t enough. The mindful consumer looks to online reviews, peer recommendations and social media profiles for evidence of a well-liked product.

Identity and preference. Customers are mindful of a relationship between their purchase decisions and their identity. They are looking to make a purchase decision which suits their personal brand.

These factors all play a part in a purchase decision and all are about more than just the product. At the core of their search, customers are looking to form a bond with a brand they perceive as high in value.

  1. Work from the inside out

‘The world is full of boring stuff – brown cows – which is why so few people pay attention,’ Seth Godin writes. ‘Remarkable marketing is the art of building things worth noticing right into your product or service.’ To be perceived as valuable, your brand has to stand out from the herd -be a purple cow. A strong brand is about superlatives: the best customer service, most innovative, the happiest employees.

  1. Target your brand message

‘You have to find a group who really desperately cares about what you have to say,’ according to Seth Godin in his TED talk. How to get your ideas to spread. Godin asserts that building value means finding the crowd that would find your brand and products valuable in the first place, rather than just casting a wide net. This means: Find the marketing channels your ideal audience is on. Tailor your brand message to that marketing channel

In the 2014 World Cup, Nike and Adidas, who share a target audience, each created a campaign. While Adidas went for the ‘win or lose’ sentiment, Nike appealed strictly to football fans with inside jokes only enthusiasts who follow the sport would understand. Nike’s message was stronger-more valuable-because it was more specific to its audience.

  1.  Maintain high standards for design

Design is visual communication. How you use colour, shapes and font or organise elements on a website page, email campaign or even a product package will dictate whether or not your brand is perceived as valuable. How you package your brand affects how your brand is perceived and interpreted. A ‘strong visual branding system’ can make a small company seem more powerful or demonstrate a large company’s strength. Bad design has the adverse effect – just watch this insightful spoof:

  1. Give your brand meaning

In the same way beauty is in the eye of the beholder, all value is perceived value. To give meaning to your brand: Make it a status symbol. In Rory Sutherland’s TED talk, he tells the story of a king who, to prevent famine, decreed the potato a royal crop and put guards around the fields to make the previously rejected vegetable desirable. The king changed the perception of the crop’s worth, not the crop itself. He advises that ‘anything worth guarding must be worth stealing.’

Make it symbolic. Connect to emotions. According to Nielsen’s VP, ‘emotional preference is important: while services may be similar, that emotional connection can create the perception that the “connected” brand exceeds customer expectations.’

  1. Provide thought leadership and valuable information in your content

Buyer stories. Again, to create brand equity, the buyers have to realise the value. So content can’t correlate to your marketing goals. It must correspond to the content leads and customers are looking for.

  1. Build loyalty

Tailored content is the start of a long-term relationship. If you continually produce content that interests and leads customers, you can keep them coming back to your brand and build loyalty.

Content on social media is a way to delight customers and put them back into the sales funnel for future purchases. Learn what channels your customers are on and the type of content they want to see and then put consistent, tailored content on those channels.

Once you’ve built value into your brand from the product to the campaigns, it’s important to understand where your brand falls on the value scale and to continually adapt your marketing strategy to suit. (Piontek Katelyn. 2018)

 

Sources:

ASB. Managing seven key risks when trading overseas. https://www.asb.co.nz/international-business/risks-of-trading-overseas-guide.html. Accessed on 25.11.2018.

Lamoureux Michael. 2016. 5 Critical Supply Risk Mitigation Principles for Your Sourcing Processhttp://spendmatters.com/2016/05/09/5-critical-supply-risk-mitigation-principles-for-your-sourcing-process/ Accessed on 25.11.2018.

Flash Global. 2018. 4 Key Areas for Managing Supply Chain Risk in the Global Supply Chain. https://flashglobal.com/blog/supply-chain-risk-mitigation/ Accessed on 25.11.2018.

Piontek Katelyn. 2018. How to strengthen your brand with your marketing strategy. Articulate Marketing. https://www.articulatemarketing.com/blog/strengthen-your-brand/ Accessed on 25.11.2018.

Cooper Lou. 2010. Five strategies for a successful global brand. Marketing Week. https://www.marketingweek.com/2010/07/01/five-strategies-for-a-successful-global-brand/ Accessed on 25.11.2018.

Tummala Rao & Schoenherr Tobias. 2011. Assessing and managing risks using the Supply Chain Risk Management Process (SCRMP).  Emerald Publishing Limited. 2018. https://www.emeraldinsight.com/doi/abs/10.1108/13598541111171165?fullSc=1&journalCode=scm/ Accessed on 25.11.2018.

 

Photo Sources:

Figure 1. The Institute of Export and International Trade. Turning Risk into Opportunity in Export Markets beyond the EU. https://www.export.org.uk/page/EmergingMarkets. Accessed on 28.10.2018.

Figure 2. Pace University. Departmental Business Continuity Plan Template. 2018. https://www.pace.edu/security-emergency-management/business-continuity-planning. Accessed on 25.11.2018

Figure 3. Interos Solution. 2014. http://www.interos.net/approach.php. Accessed on 25.11.2018

Figure 4. Wilson Kathy. 2018. Brand Guidelines Help Protect Your Most Valuable Asset. ETMG. 2018. https://wedomarketing.com/blog/brand-guidelines-help-protect-your-most-valuable-asset/Accessed on 25.11.2018