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For SMEs in Phl: Cisco launches 0% financing program

The new financing option is now available through Cisco Capital, the vendor financing business within Cisco that delivers customer-centric, partner-enabled payment options for Cisco-led solutions.

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Cisco launched a new financing program to help SMEs invest in cutting-edge technology at 0% interest and with no upfront costs, at a fixed 3-year monthly payment term. SMEs will be able to purchase hardware, software solutions, as well as services under the program. 

“The world is going through an uncertain economic period and, at Cisco, we are committed to doing our part to help lighten the burden for Philippines’ SMEs,” said Karrie Ilagan, Managing Director, for Cisco Philippines.

The launch of the programme comes at the heels of the COVID-19 pandemic wherein lockdowns across the region have disrupted supply chains and decreased business activities. Micro and Small & Medium Enterprises accounting for 99.5% of all businesses and 63% of the Philippines’ total employment. With this much impact on the country’s progress, Cisco deems it crucial to provide support for the recovery of the MSME industry to ultimately provide support for the overall recovery of the national economy.

“The outbreak of COVID-19 has had a huge impact on SMEs across the country,” Ilagan said. “However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth.”

As the government starts to ease some of the restrictions and reopen the economy, SMEs are looking to adopt technology and digitize their business to resume operations safely, open new growth opportunities, and contribute to the overall economic recovery post COVID-19. The new program from Cisco provides financial support to SMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cybersecurity solutions and networking equipment.

The 0% financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget. They will enjoy a 3-year, full payout lease plan where they pay equal 36-month payments on their Cisco purchases that costs between USD20,000 to USD300,000 and will fully own the equipment at the end of contract period.

“SMEs are the backbone of ASEAN economies, accounting for over 85% of total business establishments and making up the main contributions to private sector employment in the region. However, they are currently facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalize their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programs that can help alleviate financial concerns,” said Raz Mohamad, Director Small Business and Commercial for ASEAN at Cisco. 

The new financing option is now available through Cisco Capital, the vendor financing business within Cisco that delivers customer-centric, partner-enabled payment options for Cisco-led solutions.

For more information on the offer, visit www.cisco.com/c/en_my/buy/payment-solutions/solutions/small-business or connect with your local Cisco team.

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LinkedIn lists top startups in PH, highlights rise of digital entrepreneurship, entertainment, education

The Philippines has always had a strong MSME (micro, small, and medium enterprises) sector. The pandemic further propelled its growth as Filipinos embarked on micro or solo entrepreneurship to augment their income and overcome financial challenges.

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LinkedIn, the world’s largest professional network, revealed its inaugural Top Startups in the Philippines list, which highlights the local startups that have shown resilience in an uncertain market environment and are continuing to innovate in 2022.  

LinkedIn analyzed data across four pillars to compile the list: employee growth, jobseeker interest, the attraction of top talent, and engagement with the company’s LinkedIn page and its employees. This is the first time LinkedIn has introduced the Top Startups list in the Philippines.

Satoshi Ebitani, Senior Managing Editor, LinkedIn News, said: “In an uncertain financial climate, what has proven resilient time and time again is the enterprising spirit that startups embody, especially those on this year’s LinkedIn Top Startups list. In the Philippines, we see a diverse mix in sectors such as e-commerce, education, and entertainment, which continue to lead the way in the future of skills by embracing innovation and attracting top talent with their robust cultures. Through this list, we hope to spark meaningful conversations surrounding the future of work and inspire professionals to equip themselves with the necessary skills to thrive, no matter the headwinds.”

New era of entrepreneurship

The Philippines has always had a strong MSME (micro, small, and medium enterprises) sector. The pandemic further propelled its growth as Filipinos embarked on micro or solo entrepreneurship to augment their income and overcome financial challenges. This new class of entrepreneurs behind startups such as SariSuki (#2), Shoppertainment Live (#3), Edamama (#5), Growsari (#6), Peddlr (#9), and Prosperna (#10) met opportunities to respond to the demands of the times.

Entertainment, E-sports, and Education companies are thriving 

The success of the live-streaming platform Kumu (#4), led by local creatives and talent, highlights the country’s growing demand for innovative and interactive digital entertainment that champions Filipino voices and perspectives. Meanwhile, gaming and e-sports company Tier One Entertainment (#1) shows the unique potential of this lucrative industry by investing in talent and technology.

“Investing in automation, the right people, and experienced leadership who are open to feedback and the ever-changing status quo of our industry was key for surviving and growing during the pandemic. Pivoting quickly through setbacks is vital to survival in these times,” Tryke Gutierrez, Co-Founder and CEO of Tier One Entertainment, said. “LinkedIn has helped us tell our story to the world. We’re able to share more long-form content that isn’t as readily digestible on other social media platforms to an audience that is more open to serious or nuanced discussion,” he added.

Education technology (Edtech) platform Edukasyon.ph (#8) saw an opportunity to be of service in response to the disruption in the education sector and emerging concerns about the future readiness of today’s youth.

Growth areas in digital finance

As digital finance becomes more mainstream in the Philippines, the rise of  PDAX (Philippine Digital Asset Exchange) (#7), a homegrown cryptocurrency exchange, indicates the Filipinos’ growing interest in exploring new frontiers in personal finance and investments to diversify and optimize their portfolios, navigate the current economic climate, and benefit from future growth potential.     

The top 10 startups in the Philippines are:

  1. Tier One Entertainment
  2. SariSuki
  3. Shoppertainment Live
  4. Kumu
  5. Edamama
  6. GrowSari
  7. PDAX (Philippine Digital Asset Exchange)
  8. Edukasyon.ph
  9. Peddlr
  10. Prosperna

More details on the LinkedIn Top Startups list in the Philippines are found here.

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Cash may not be most effective way to motivate employees

84 per cent spent more than $90 billion annually on tangible employee rewards, such as gift cards, recreation trips and merchandise in hopes of increasing productivity. 

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Tangible rewards motivate employees when they’re easy to use, pleasurable, unexpected, and distinct from salary, a new study found. 

A recent survey of firms in the US revealed that 84 per cent spent more than $90 billion annually on tangible employee rewards, such as gift cards, recreation trips and merchandise in hopes of increasing productivity. 

“We found that there is, at best, mixed evidence regarding the motivational efficacy of tangible rewards versus cash rewards,” said Adam Presslee, an associate professor at the University of Waterloo’s School of Accounting and Finance. “It is somewhat puzzling why so many companies go to the trouble of tangible rewards when cash rewards also lead to motivational differences.”

Presslee and his co-author, University of Wisconsin-Madison’s Willie Choi, used four experiments to investigate the factors driving the preference between cash and tangible rewards. The attributes examined include ease of use of the reward (fungibility), hedonic nature of the reward (want vs. need), the novelty of the reward, and how the reward is presented. 

“Rewards are constellations of attributes, and firms should focus more on the motivational effects of the attributes associated with a reward rather than the reward type itself,” Presslee said. “Results confirmed that each of these attributes – individually and in combination – increases employee effort and performance.”

The researchers recommend managers interested in motivating employees using tangible rewards would be best served to offer tangible rewards that incorporate these four attributes.

“If for whatever reason tangible rewards are the only tool available, our results show compelling evidence that employees are motivated by rewards that are perceived as distinct from salary,” Presslee said. “Therefore, firms looking to get the most out of their reward programs should emphasize the distinctiveness of those rewards, and the attributes above are four ways firms can do that.”

The study, authored by Presslee and Choi, was recently published in the journal Accounting, Organizations, and Society.

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Engaging leadership style may boost employee engagement

Supervisors perceived as engaged leaders in the initial survey did indeed enhance employee engagement as captured in the second survey. This impact appeared to occur via a boost in employees’ personal psychological resources of optimism, resiliency, self-efficacy, and flexibility—these results are in line with evidence from previous studies.

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A new analysis suggests that a particular leadership style dubbed “engaging leadership” can boost employees’ engagement and enhance team effectiveness within the workplace. Greta Mazzetti of the University of Bologna, Italy, and Wilmar Schaufeli of Utrecht University in the Netherlands present these findings in the open-access journal PLOS ONE.

An employee who is engaged typically has a positive state of mind relating to their work and shows vigor, dedication, and absorption in their work. Previous research suggests that more engaged employees tend to have greater well-being and better job performance.

Previous research also suggests that a certain style of leadership known as engaging leadership—involving leaders who fulfill employees’ need for autonomy, feeling competent, and feeling cared for—may boost employee engagement. However, most studies of workplace leadership styles have focused on a single point in time, without analyzing potential effects over time.

To provide new insights, Mazzetti and Schaufeli explored the impact of an engaged leadership style on work engagement and team effectiveness of 1,048 employees across 90 teams within a Dutch workplace. Participants each took two surveys, one year apart, which included questions about their supervisors’ level of engaging leadership, their own work engagement, and other personal and team characteristics.

Statistical analysis of the responses suggests that supervisors perceived as engaged leaders in the initial survey did indeed enhance employee engagement as captured in the second survey. This impact appeared to occur via a boost in employees’ personal psychological resources of optimism, resiliency, self-efficacy, and flexibility—these results are in line with evidence from previous studies.

Similarly, engaged leaders appeared to enhance team effectiveness by boosting team resources, which consisted of performance feedback, trust in management, communication, and participation in decision-making. Team resources also appeared to affect individual employee engagement.

These findings support the use of engaging leadership to boost employee engagement and team effectiveness in the workplace. Future research could compare the effects of engaging leadership versus other leadership styles on employees and teams over time.

The authors add: “A leader who inspires, strengthens and connects team members fosters a shared perception of available resources (in terms of performance feedback, trust in management, communication, and participation in decision-making), and a greater psychological capital (i.e., self-efficacy, optimism, resilience, and flexibility).”

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