Businesses are facing both scary and exciting times all over the world. There is a constant emergence of many tools to facilitate functions like accounting, branding, marketing, etc. The other side offers raging competition as the internet opens up the market to international players through innovation and technology that is hard to keep up with. Many traditional businesses are succumbing to entities dominating web presence by implementing the latest technology.
Most small business entities are struggling with current tech trends like data analytic, AI, and cloud computing; though it is impossible to know the challenges ahead, risk management cushions your business against any negative impact from the changes.
Keep Tabs on the Tech Trends
There is always something coming up in the technological world. Smart entrepreneurs keep tabs on the new technologies and adopt favorable ones to scale their businesses to the next level. Before other players realize, you will be ahead of the pack. Do not dismiss an innovation, thinking it is too early for its implementation. As long as you can afford and will add value to the business, take it up.
Others appreciate the use of AI and use products like chatbots to improve their customer service, marketing tools, and branding. Internet of Things introduces smart supply chains, holds massive potential for small businesses, and allows the collection of real-time data through responsive system building. Consult your tech-savvy team and brainstorm on how to synchronize these technologies into your existing processes for future-visioning.
Through Virtual reality (VR) and Augmented reality (AR), customer engagement is changing. You can implement AR technology and free customers to visualize products in real environments or train employees on difficult tasks through VR. Such an approach sets you steps ahead of your competitors when they become table stakes.
Educate yourself on developments around you, even if not related to your line of trade. Keep yourself informed. Kodak – filmmaker and camera was a million dollar company but failed to see the introduction of smartphones as a threat. The giant company that was in operation for 130 years came tumbling down in 2012. Other products like handy cams, PSP portable gaming consoles, GPs devices, and telephone directories died when users shifted to smartphones.
Cloud Technology
Both small and large business enterprises have, for example, adopted cloud solutions for downscaling or upscaling, allowing a seamless collaboration. Employees can work remotely, thanks to this technology, as they can access and use files from their location, anytime. Organizations provide more secure access and reduce cybersecurity threats and virus outbreaks. A security breach is a serious threat to most businesses as it can cripple a company. A robust system is one way of future-proofing a business.
Some businesses are reluctant to adopt cloud migration as they have invested in customized software and infrastructure or do not like cost models like “pay what you use.” Hybrid clouds will allow you to use your system while you move some data to the cloud. Hardware, licensing costs, and public servers can be costly. Hybrid offers a cost-effective storage solution for start-ups and small businesses at any stage.
Hybrid also provides scalability and flexibility that allows rollback and roll out services for your customers and team. Since you only pay for dedicated servers when there is demand, you will reduce overhead IT costs. Ample data storage and the ability to support the latest tech will not only give you an edge over your competitors but also impress your customers.
Always Play by the Book
Change in the game presents different rules. Jurisdictions are exploring, and grappling with smart cities concept have birthed the need for local and regional data regulations. Invest in reliable cybersecurity to always remain on the right side of the law even when regulations shift. Some companies providing secure access, offer API management tools that allow you to integrate third-party apps with no compromise on your security.
Playing fair and keeping on the right side of the law will shield you from lawsuits and penalties that can quickly bring your business down.
Pay Attention to Customers
Rife competition in business can keep you engaged in product development and pushing sales that you forget about the most crucial player – the customer. Paying closer attention to your clients and studying their behavior is one way proofing your business.
People shifted to online shopping for convenience, wide product range, discounts, among other benefits a few years ago. Entrepreneurs who anticipated the change acted fast and set up eCommerce stores alongside their physical ones. Their counterparts caught off guard stuck in traditional outlets closed down.
Set up systems to track your customer behavior, listen to their needs, and consider industry developments. Always try to predict changes in the buying pattern and consider accommodating the clients to stay ahead of the game.
Track Happenings in Developed Countries
One of the most straightforward strategies of staying ahead and future-proofing your business is to follow trends in the developed countries in your industry. Creating a Google Alert on your interested topics is an excellent place to start. India cab hiring businesses should have learned a few things from Uber’s entry in the US.
Create a Conducive Environment for Innovation
While following the leaders is good, but becoming one is better. Innovation is not for the faint-hearted, as you may fail many times. Keep trying, though. An invention will set you far apart from your competitors and keep you ahead for a while. Innovation needs a favorable environment. You will, therefore, need to trust your team more. Give your employees the freedom to explore and reward their efforts. Invest in them by sending them to tech conferences and events in your industry. Working as a team makes your employees loyal to your brand and embrace your vision. Once they own the concept, they are more likely to make it better as they offer different views.
No business can survive the fierce competition and dynamic technologies with inadequate preparation for the future. Entrepreneurs who employ the future-proofing strategies above will withstand the unpredictable tides in the business world.
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New and experienced dentists often wonder if they should open a private dental clinic. It’s a question without a clear answer but with the right facts in hand, you can arrive at an educated decision that’s right for you.
It’s true that opening your own dental clinic offers unique advantages not found anywhere else. On the flip side, there’s the aspect of risk and stress that comes with getting a new business off the ground. Is joining an existing dental practice really that bad?
Let’s make sense of these complicated considerations. If you’re thinking about opening a dental practice or still weighing your options, read this guide to work through the decision-making process.
Advantages and Disadvantages of Opening a Dental Clinic
Most people can agree: They’d rather be their own boss. It’s hard to put a price tag on autonomy, but if you often disagree with the practices of other dentists, why work for them? Opening your own dental clinic is an opportunity to build and run a business however you see fit.
It’s also no secret that joining an existing practice comes with inferior income packages. It’s not to say that dental employees receive inadequate pay, but it pales in comparison to the owner’s income potential. If you’re trying to earn a small fortune, it may be worth the risk to create your own dental clinic.
But income and autonomy aside, not everything is rosy. If success was guaranteed, everyone would create their own dental clinics. Buying and renovating a property can already cost you hundreds of thousands of dollars.
Not to mention, you’ll have to worry about paying employees and creating a profitable client base. The income potential is there, but the first few years will no doubt be a stressful, uphill battle. In the worst scenario, you could lose everything you invest in the company.
Unless you already have business experience, your dental expertise does not lend itself to business management. To truly find success, you’ll have to further your education to get a grip on the ins-and-outs of running your own business.
Opening a dental clinic is a risk. If executed well, you’ll likely enjoy significantly better pay, prestige, and self-worth.
Creating Your Own Dental Clinic
Still unsure? That’s the nature of risk-taking. But according to the statistics, only about 2% of dental clinics fail within five years.
Still, you could be that 2%. Understanding everything that goes into creating your own dental clinic can help you determine if it’s the right call. Let’s take a short look at the startup basics.
1. Discover Financing
You don’t have to be rich to open up your own dental clinic. Lenders everywhere are happy to finance dental practices, especially since they are likely to find success. However, your personal credit score could impact your ability to find adequate financing options.
Always keep the interest rate and loan term in mind while shopping for dental financing. Fixed rates are usually a better option whenever available. Unless you are sitting on a small fortune, it’s best to take the longest loan term possible, giving you more time to make your clinic profitable.
2. Connect With Advisors
It’s true that you’ll eventually have to hire employees. First, you’ll be working with specialized contractors and certified public accountants. To keep everything up to code, you’ll be paying a premium on contractors with dental renovation and equipment experience.
Why does this matter? Because you should know the upfront cost before seeking out a lender. Building a dental clinic is more than purchasing the space.
3. Get Licensed
As you know, the dental industry is highly regulated. Your dental license won’t be enough to get started. For example, you’ll have to endure the lengthy process of earning credentials and getting approval for a variety of different insurance agencies.
This is to say that it could take you much longer than expected to open up your dental clinic. For this reason, it’s best to secure additional financing for any hiccups along the way.
4. Build Clientele
While it may seem overwhelming, most dental practices are able to get up and running with only a few hitches. The most important factor in the success of your new dental clinic is attracting patients. After all, you can’t build a steady stream of income if nobody makes use of your services.
Opening a dental clinic in underserved areas is a pivotal way to start off on the right foot. In urban areas, you may notice dental clinics just down the street from one another. Although there is more competition, it’s still possible to find success.
What’s the secret? A thorough marketing plan. From magazines to television, consider getting the word out as your opening day approaches.
Whether or not money is an issue, search engine optimization is a must. Create a website for your practice, claim your dental clinic on Google my business, and hire a talented SEO expert like Webileo. Soon enough, your new dental clinic will appear in suggested searches for customers in your area.
Ready to Open a Private Dental Clinic?
Hopefully, this quick guide has given you better insight into what it takes to open a private dental clinic. Most dentists will work at an existing clinic for several years before making the jump. Others are happy to work as employees all their lives, avoiding the stress and uncertainty that comes with running their own business.
Still not sure? Give it some time. You’ll know when you’re ready.
Looking for the latest business strategies and insight? Search our site for more.
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Having the right people in the right jobs at the right time is essential for achieving your business objectives. And to do that well, you need a current talent strategy that connects to your business strategy and a culture that nurtures people. I write about this in great detail in my newest book, Evergreen Talent.
When’s the last time your company created a talent strategy? Three years ago? Five years ago? Never? This could explain why you’re unable to find and keep the talent needed to fuel business growth.
The results from a new McKinsey Global Survey confirm the positive effects of talent management on business outcomes. According to respondents, organizations with effective talent-management programs have a better chance than other companies of outperforming competitors and, among publicly owned companies, are likelier to outpace their peers’ returns to shareholders.
Here in the U.S., we have a record-high number of job openings. Unemployment rates continue to drop, making it even more difficult for companies to staff their organizations. When it comes to acquiring and retaining talent, employers are no longer in the driver’s seat.
Unfortunately, many talent plans were written at a time when the labor market wasn’t nearly as tight as it is today. These plans are no longer viable.
No doubt it can be disheartening to think about all the time and money you’ve invested in something that hasn’t had much of a shelf-life. However, here’s the good news. A talent strategy can be created in one day, thereby freeing you up to do what’s most important – implementing the plan.
Creating an effective talent strategy plan
Here’s what sets effective talent strategies apart from the pack.
The talent strategy supports the company’s overall business plan.
The executive team is directly involved in setting the talent strategy and fully committed to the process.
The senior leaders are heavily engaged in the implementation of the strategic talent plan.
Line managers are directly responsible and accountable for identifying, developing, and retaining talent.
Financial resources are provided to ensure the strategy can be successfully implemented.
What’s included in a talent strategy
What you’ll need to include in your talent strategy will vary depending on the industry, company size, location, local employment market conditions. This is why it’s a terrible idea to “borrow” a colleague’s talent plan and call it your own.
Imagine a 90-person company, made up of mostly blue-collar workers, trying to implement a talent plan designed by the folks at Microsoft. That’s nuts! A small company doesn’t have the resources that a large company has. Nor does it make business sense to take a similar approach when you’re not even in the same league. The Microsoft plan would be overkill for many businesses.
All talent strategies should include the following:
Identification of the organization’s goals, as set by the board and the executive team
Where the organization stands today in relation to these goals, in terms of talent
Any gaps that exist
Specific steps needed to close these gaps and achieve the stated goals
Identification of those individuals who will own the implementation of each part of the plan.
Success, not perfection
There’s a misnomer about strategic plans. Many leaders believe their plans have to be perfect before proceeding. The current hiring environment is so intense that winning the war for talent often comes down to who gets their first. Not who has the better plan.
When you are eighty percent there, execute your plan. You can and will need to adjust your plan as you go, which in turn will ensure your plan is always current.
Roberta Matuson, THE TALENT MAXIMIZER ®, is the President of Matuson Consulting and author of five books, including Evergreen Talent and the international bestseller Suddenly in Charge, a Washington Post Top-5 Leadership pick. She’s a LinkedIn Top Voice and the person that Monster.com and Staples turns to for advice on talent. Sign up to receive a complimentary subscription to Roberta’s monthly newsletter, Talent Maximizer.
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It’s easy for bosses to take their employees for granted. Yet there are consequences if you do it all the time. One survey found that 66 percent of employees would leave a job if they didn’t feel appreciated.
Telling someone you appreciate them is one thing. But you have to show appreciation as well. Everyone likes to know they matter.
Employee appreciation week is a good start, but you should show appreciation all year long. Read on for four staff appreciation ideas that will boost morale at the office.
Buy Them Food
This is a basic method of staff appreciation. In fact, it’s so basic it can be easy to overlook.
Bring in a catered lunch on days where the workload is big and the deadlines are coming up fast. It’s a reminder that you see your employees as people, not just cogs in a productivity machine.
If you can, give them a few minutes to actually enjoy the food as well. If someone wants to eat at their desk, that’s fine. But it’s always nice to say, “The work can wait.”
Don’t Micromanage Their Time
Speaking of time, try not to be an obsessive bean-counter. Yes, that’s true even if you’re in an office full of accountants. If someone comes in five minutes late on a Monday, don’t scold them.
Now, if they come in an hour late, it’s fair to ask if something’s wrong. That’s especially true if they don’t call or text first.
But a significant part of employee appreciation is trusting adults to act like adults. You’re managing an office, not a daycare.
Don’t assume people are irresponsible or untrustworthy. As long as they’re getting the work done, it shouldn’t matter as much when they arrive or leave.
Allow Office Dogs
Pet ownership has a clear connection to better heart health. Yet not everyone has an apartment or house suitable for a pet. Other people might want dogs, but not want to leave them at home all day.
You can help out both groups by inviting dogs into the office. If a dog is well-behaved, there’s no reason why it can’t join its person at work.
Again, this is a way to show staff appreciation by reminding people that work is not the be-all and end-all of their existence. Encourage them to spend their break time petting dogs. Both the employees and the dogs will be better off for it.
As remote working becomes more common, you’ll have a choice: Allow it or continue insisting everyone is in the office 40 hours a week.
The best businesses will offer more flexibility. You can start by offering remote work days every Wednesday, for instance. If that goes well, you can add more remote work options.
Not everyone will want to work remotely, and that’s fine. But it’s a good option for people who feel more productive in their home office.
How to Show Appreciation to Employees
Figuring out how to show appreciation to employees may feel awkward, at least at first. Yet that’s no reason not to try. The more you do it, the better you’ll get at it.
Did you like these business leadership tips? There’s much more where that came from, so bookmark our site to stay informed.
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If you are familiar with simultaneous interpreting service, real-time speech-to-text is somewhat similar. In simultaneous interpreting, the interpreter allows the speaker to speak first before starting the interpretation after a few seconds’ delay. Real-time speech-to-text accurately transcribes the words in a spoken language into text a few moments after its delivery.
Real-time speech-to-text is a general term used to define the accommodation wherein auditory information and other spoken words are translated into text at the same time. In the past a transcriber types the information they hear and the text is displayed on a screen so consumers can read it easily. Today, professional real-time speech-to-text service solutions do the process automatically, with AI assistance and human transcribers and editors working together to provide high quality and accurate transcription immediately.
There are simpler speech-to-text apps available for PC and mobile phones. Some work like dictation application, while others allow users to say the text instead of typing it and send it through SMS or email. Some apps are useful for note taking.
Benefits of speech-to-text solutions to people and businesses
People who are deaf or hard of hearing can get information faster because they can read what they need to know. Businesses stand to gain many benefits from using real-time speech-to-text solutions. They can either buy the program and implement it themselves or hire a provider on a per-need basis. Either way, the technology offers several benefits, such as competitive advantage, increased efficiency in day-to-day operation, and enhanced customer experience. The program can collect data as well, which can be used for data analysis.
Here are some of the key benefits:
Communication becomes easier. Handwritten notes that are illegible will no longer be a problem.
The turnaround time for documents, such as minutes of the meeting, seminar, discussion groups, forum, conference or lectures is quicker.
The increased efficiency of the work force saves time. It also reduces paperwork.
It allows employees to immediately share files across different devices.
The system allows for fewer mistakes. The program accurately and reliably transcribes what has been said.
Aside from the above, certain businesses and organizations also benefit from real-time speech-to-text program, such as those conducting live events and productions, which may include the following:
Live podcasts, webinars and live video feeds
Speaking engagements, conferences and events
Training sessions, meetings and phone calls
Briefings, announcements and speeches
As mentioned earlier, real-time speech-to-text application helps you communicate with people who are hearing-impaired. They can access and enjoy your live events and media presentations with transcripts and captions that are easy to read. Further, you provide them with information with correct grammar, spelling and punctuation.
With the support of artificial intelligence (AI), you can monitor the quality of customer support calls in real time.
A real-time speech-to-text provider can be vital for those engaged in corporate training and learning, media production, education, legal transcription, and court reporting.
The thing to keep in mind is that the real-time transcription program works in conjunction with professional transcriptionists and editors to make sure the transcription is accurate.
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Business Programs
Future-Proofing Your Business 2020
/in Entrepreneurship/by StrategyDrivenMost small business entities are struggling with current tech trends like data analytic, AI, and cloud computing; though it is impossible to know the challenges ahead, risk management cushions your business against any negative impact from the changes.
Keep Tabs on the Tech Trends
There is always something coming up in the technological world. Smart entrepreneurs keep tabs on the new technologies and adopt favorable ones to scale their businesses to the next level. Before other players realize, you will be ahead of the pack. Do not dismiss an innovation, thinking it is too early for its implementation. As long as you can afford and will add value to the business, take it up.
Others appreciate the use of AI and use products like chatbots to improve their customer service, marketing tools, and branding. Internet of Things introduces smart supply chains, holds massive potential for small businesses, and allows the collection of real-time data through responsive system building. Consult your tech-savvy team and brainstorm on how to synchronize these technologies into your existing processes for future-visioning.
Through Virtual reality (VR) and Augmented reality (AR), customer engagement is changing. You can implement AR technology and free customers to visualize products in real environments or train employees on difficult tasks through VR. Such an approach sets you steps ahead of your competitors when they become table stakes.
Educate yourself on developments around you, even if not related to your line of trade. Keep yourself informed. Kodak – filmmaker and camera was a million dollar company but failed to see the introduction of smartphones as a threat. The giant company that was in operation for 130 years came tumbling down in 2012. Other products like handy cams, PSP portable gaming consoles, GPs devices, and telephone directories died when users shifted to smartphones.
Cloud Technology
Both small and large business enterprises have, for example, adopted cloud solutions for downscaling or upscaling, allowing a seamless collaboration. Employees can work remotely, thanks to this technology, as they can access and use files from their location, anytime. Organizations provide more secure access and reduce cybersecurity threats and virus outbreaks. A security breach is a serious threat to most businesses as it can cripple a company. A robust system is one way of future-proofing a business.
Some businesses are reluctant to adopt cloud migration as they have invested in customized software and infrastructure or do not like cost models like “pay what you use.” Hybrid clouds will allow you to use your system while you move some data to the cloud. Hardware, licensing costs, and public servers can be costly. Hybrid offers a cost-effective storage solution for start-ups and small businesses at any stage.
Hybrid also provides scalability and flexibility that allows rollback and roll out services for your customers and team. Since you only pay for dedicated servers when there is demand, you will reduce overhead IT costs. Ample data storage and the ability to support the latest tech will not only give you an edge over your competitors but also impress your customers.
Always Play by the Book
Change in the game presents different rules. Jurisdictions are exploring, and grappling with smart cities concept have birthed the need for local and regional data regulations. Invest in reliable cybersecurity to always remain on the right side of the law even when regulations shift. Some companies providing secure access, offer API management tools that allow you to integrate third-party apps with no compromise on your security.
Playing fair and keeping on the right side of the law will shield you from lawsuits and penalties that can quickly bring your business down.
Pay Attention to Customers
Rife competition in business can keep you engaged in product development and pushing sales that you forget about the most crucial player – the customer. Paying closer attention to your clients and studying their behavior is one way proofing your business.
People shifted to online shopping for convenience, wide product range, discounts, among other benefits a few years ago. Entrepreneurs who anticipated the change acted fast and set up eCommerce stores alongside their physical ones. Their counterparts caught off guard stuck in traditional outlets closed down.
Set up systems to track your customer behavior, listen to their needs, and consider industry developments. Always try to predict changes in the buying pattern and consider accommodating the clients to stay ahead of the game.
Track Happenings in Developed Countries
One of the most straightforward strategies of staying ahead and future-proofing your business is to follow trends in the developed countries in your industry. Creating a Google Alert on your interested topics is an excellent place to start. India cab hiring businesses should have learned a few things from Uber’s entry in the US.
Create a Conducive Environment for Innovation
While following the leaders is good, but becoming one is better. Innovation is not for the faint-hearted, as you may fail many times. Keep trying, though. An invention will set you far apart from your competitors and keep you ahead for a while. Innovation needs a favorable environment. You will, therefore, need to trust your team more. Give your employees the freedom to explore and reward their efforts. Invest in them by sending them to tech conferences and events in your industry. Working as a team makes your employees loyal to your brand and embrace your vision. Once they own the concept, they are more likely to make it better as they offer different views.
No business can survive the fierce competition and dynamic technologies with inadequate preparation for the future. Entrepreneurs who employ the future-proofing strategies above will withstand the unpredictable tides in the business world.
Should I Open a Private Dental Clinic?
/in Starting Your Business/by StrategyDrivenIt’s true that opening your own dental clinic offers unique advantages not found anywhere else. On the flip side, there’s the aspect of risk and stress that comes with getting a new business off the ground. Is joining an existing dental practice really that bad?
Let’s make sense of these complicated considerations. If you’re thinking about opening a dental practice or still weighing your options, read this guide to work through the decision-making process.
Advantages and Disadvantages of Opening a Dental Clinic
Most people can agree: They’d rather be their own boss. It’s hard to put a price tag on autonomy, but if you often disagree with the practices of other dentists, why work for them? Opening your own dental clinic is an opportunity to build and run a business however you see fit.
It’s also no secret that joining an existing practice comes with inferior income packages. It’s not to say that dental employees receive inadequate pay, but it pales in comparison to the owner’s income potential. If you’re trying to earn a small fortune, it may be worth the risk to create your own dental clinic.
But income and autonomy aside, not everything is rosy. If success was guaranteed, everyone would create their own dental clinics. Buying and renovating a property can already cost you hundreds of thousands of dollars.
Not to mention, you’ll have to worry about paying employees and creating a profitable client base. The income potential is there, but the first few years will no doubt be a stressful, uphill battle. In the worst scenario, you could lose everything you invest in the company.
Unless you already have business experience, your dental expertise does not lend itself to business management. To truly find success, you’ll have to further your education to get a grip on the ins-and-outs of running your own business.
Opening a dental clinic is a risk. If executed well, you’ll likely enjoy significantly better pay, prestige, and self-worth.
Creating Your Own Dental Clinic
Still unsure? That’s the nature of risk-taking. But according to the statistics, only about 2% of dental clinics fail within five years.
Still, you could be that 2%. Understanding everything that goes into creating your own dental clinic can help you determine if it’s the right call. Let’s take a short look at the startup basics.
1. Discover Financing
You don’t have to be rich to open up your own dental clinic. Lenders everywhere are happy to finance dental practices, especially since they are likely to find success. However, your personal credit score could impact your ability to find adequate financing options.
Always keep the interest rate and loan term in mind while shopping for dental financing. Fixed rates are usually a better option whenever available. Unless you are sitting on a small fortune, it’s best to take the longest loan term possible, giving you more time to make your clinic profitable.
2. Connect With Advisors
It’s true that you’ll eventually have to hire employees. First, you’ll be working with specialized contractors and certified public accountants. To keep everything up to code, you’ll be paying a premium on contractors with dental renovation and equipment experience.
Why does this matter? Because you should know the upfront cost before seeking out a lender. Building a dental clinic is more than purchasing the space.
3. Get Licensed
As you know, the dental industry is highly regulated. Your dental license won’t be enough to get started. For example, you’ll have to endure the lengthy process of earning credentials and getting approval for a variety of different insurance agencies.
This is to say that it could take you much longer than expected to open up your dental clinic. For this reason, it’s best to secure additional financing for any hiccups along the way.
4. Build Clientele
While it may seem overwhelming, most dental practices are able to get up and running with only a few hitches. The most important factor in the success of your new dental clinic is attracting patients. After all, you can’t build a steady stream of income if nobody makes use of your services.
Opening a dental clinic in underserved areas is a pivotal way to start off on the right foot. In urban areas, you may notice dental clinics just down the street from one another. Although there is more competition, it’s still possible to find success.
What’s the secret? A thorough marketing plan. From magazines to television, consider getting the word out as your opening day approaches.
Whether or not money is an issue, search engine optimization is a must. Create a website for your practice, claim your dental clinic on Google my business, and hire a talented SEO expert like Webileo. Soon enough, your new dental clinic will appear in suggested searches for customers in your area.
Ready to Open a Private Dental Clinic?
Hopefully, this quick guide has given you better insight into what it takes to open a private dental clinic. Most dentists will work at an existing clinic for several years before making the jump. Others are happy to work as employees all their lives, avoiding the stress and uncertainty that comes with running their own business.
Still not sure? Give it some time. You’ll know when you’re ready.
Looking for the latest business strategies and insight? Search our site for more.
Why Every Company Needs a Current Talent Strategy
/in Managing Your People, Talent Management/by Roberta MatusonHaving the right people in the right jobs at the right time is essential for achieving your business objectives. And to do that well, you need a current talent strategy that connects to your business strategy and a culture that nurtures people. I write about this in great detail in my newest book, Evergreen Talent.
When’s the last time your company created a talent strategy? Three years ago? Five years ago? Never? This could explain why you’re unable to find and keep the talent needed to fuel business growth.
The results from a new McKinsey Global Survey confirm the positive effects of talent management on business outcomes. According to respondents, organizations with effective talent-management programs have a better chance than other companies of outperforming competitors and, among publicly owned companies, are likelier to outpace their peers’ returns to shareholders.
Here in the U.S., we have a record-high number of job openings. Unemployment rates continue to drop, making it even more difficult for companies to staff their organizations. When it comes to acquiring and retaining talent, employers are no longer in the driver’s seat.
Unfortunately, many talent plans were written at a time when the labor market wasn’t nearly as tight as it is today. These plans are no longer viable.
No doubt it can be disheartening to think about all the time and money you’ve invested in something that hasn’t had much of a shelf-life. However, here’s the good news. A talent strategy can be created in one day, thereby freeing you up to do what’s most important – implementing the plan.
Creating an effective talent strategy plan
Here’s what sets effective talent strategies apart from the pack.
What’s included in a talent strategy
What you’ll need to include in your talent strategy will vary depending on the industry, company size, location, local employment market conditions. This is why it’s a terrible idea to “borrow” a colleague’s talent plan and call it your own.
Imagine a 90-person company, made up of mostly blue-collar workers, trying to implement a talent plan designed by the folks at Microsoft. That’s nuts! A small company doesn’t have the resources that a large company has. Nor does it make business sense to take a similar approach when you’re not even in the same league. The Microsoft plan would be overkill for many businesses.
All talent strategies should include the following:
Success, not perfection
There’s a misnomer about strategic plans. Many leaders believe their plans have to be perfect before proceeding. The current hiring environment is so intense that winning the war for talent often comes down to who gets their first. Not who has the better plan.
When you are eighty percent there, execute your plan. You can and will need to adjust your plan as you go, which in turn will ensure your plan is always current.
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How to Show Appreciation to Employees for a Job Well Done
/in Managing Your People/by StrategyDrivenTelling someone you appreciate them is one thing. But you have to show appreciation as well. Everyone likes to know they matter.
Employee appreciation week is a good start, but you should show appreciation all year long. Read on for four staff appreciation ideas that will boost morale at the office.
Buy Them Food
This is a basic method of staff appreciation. In fact, it’s so basic it can be easy to overlook.
Bring in a catered lunch on days where the workload is big and the deadlines are coming up fast. It’s a reminder that you see your employees as people, not just cogs in a productivity machine.
If you can, give them a few minutes to actually enjoy the food as well. If someone wants to eat at their desk, that’s fine. But it’s always nice to say, “The work can wait.”
Don’t Micromanage Their Time
Speaking of time, try not to be an obsessive bean-counter. Yes, that’s true even if you’re in an office full of accountants. If someone comes in five minutes late on a Monday, don’t scold them.
Now, if they come in an hour late, it’s fair to ask if something’s wrong. That’s especially true if they don’t call or text first.
But a significant part of employee appreciation is trusting adults to act like adults. You’re managing an office, not a daycare.
Don’t assume people are irresponsible or untrustworthy. As long as they’re getting the work done, it shouldn’t matter as much when they arrive or leave.
Allow Office Dogs
Pet ownership has a clear connection to better heart health. Yet not everyone has an apartment or house suitable for a pet. Other people might want dogs, but not want to leave them at home all day.
You can help out both groups by inviting dogs into the office. If a dog is well-behaved, there’s no reason why it can’t join its person at work.
Again, this is a way to show staff appreciation by reminding people that work is not the be-all and end-all of their existence. Encourage them to spend their break time petting dogs. Both the employees and the dogs will be better off for it.
Dogs are a gift for everyone. Check out gift ideas from Bonusly for more.
Remote Work Days
As remote working becomes more common, you’ll have a choice: Allow it or continue insisting everyone is in the office 40 hours a week.
The best businesses will offer more flexibility. You can start by offering remote work days every Wednesday, for instance. If that goes well, you can add more remote work options.
Not everyone will want to work remotely, and that’s fine. But it’s a good option for people who feel more productive in their home office.
How to Show Appreciation to Employees
Figuring out how to show appreciation to employees may feel awkward, at least at first. Yet that’s no reason not to try. The more you do it, the better you’ll get at it.
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What Is Real-Time Speech to Text and How Does It Benefit Businesses?
/in Innovation/by StrategyDrivenIf you are familiar with simultaneous interpreting service, real-time speech-to-text is somewhat similar. In simultaneous interpreting, the interpreter allows the speaker to speak first before starting the interpretation after a few seconds’ delay. Real-time speech-to-text accurately transcribes the words in a spoken language into text a few moments after its delivery.
Real-time speech-to-text is a general term used to define the accommodation wherein auditory information and other spoken words are translated into text at the same time. In the past a transcriber types the information they hear and the text is displayed on a screen so consumers can read it easily. Today, professional real-time speech-to-text service solutions do the process automatically, with AI assistance and human transcribers and editors working together to provide high quality and accurate transcription immediately.
There are simpler speech-to-text apps available for PC and mobile phones. Some work like dictation application, while others allow users to say the text instead of typing it and send it through SMS or email. Some apps are useful for note taking.
Benefits of speech-to-text solutions to people and businesses
People who are deaf or hard of hearing can get information faster because they can read what they need to know. Businesses stand to gain many benefits from using real-time speech-to-text solutions. They can either buy the program and implement it themselves or hire a provider on a per-need basis. Either way, the technology offers several benefits, such as competitive advantage, increased efficiency in day-to-day operation, and enhanced customer experience. The program can collect data as well, which can be used for data analysis.
Here are some of the key benefits:
Aside from the above, certain businesses and organizations also benefit from real-time speech-to-text program, such as those conducting live events and productions, which may include the following:
As mentioned earlier, real-time speech-to-text application helps you communicate with people who are hearing-impaired. They can access and enjoy your live events and media presentations with transcripts and captions that are easy to read. Further, you provide them with information with correct grammar, spelling and punctuation.
With the support of artificial intelligence (AI), you can monitor the quality of customer support calls in real time.
A real-time speech-to-text provider can be vital for those engaged in corporate training and learning, media production, education, legal transcription, and court reporting.
The thing to keep in mind is that the real-time transcription program works in conjunction with professional transcriptionists and editors to make sure the transcription is accurate.