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Employee well-being a major priority for many CEOs of high performing companies – IBM

IBM’s annual study found the majority of CEOs surveyed reported empowering a remote workforce was their top priority during 2020. Half of outperforming company CEOs surveyed said managing a remote “anywhere” workforce is a top leadership challenge over the next few years, compared to 25 percent of underperformers, companies in the bottom 20 percent for revenue growth of those surveyed.

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A new IBM Institute for Business Value (IBV) study revealed a top challenge for many surveyed CEOs over the next few years is managing an “anywhere” workforce. CEOs of outperforming organizations – those who were in the top 20 percent for revenue growth of those surveyed – are prioritizing talent, technology and partnerships to position their companies for success post-COVID-19 pandemic.

Empowering Employees in the Hybrid Workplace

IBM’s annual study found the majority of CEOs surveyed reported empowering a remote workforce was their top priority during 2020. Half of outperforming company CEOs surveyed said managing a remote “anywhere” workforce is a top leadership challenge over the next few years, compared to 25 percent of underperformers, companies in the bottom 20 percent for revenue growth of those surveyed.

“The COVID-19 pandemic challenged many leaders to focus on what’s essential, like their people,” said Mark Foster, senior vice president, IBM Services. “Many employees’ expectations of their employers have significantly changed. The ‘anywhere’ workforce can require leaders to provide agile technology, to adopt more empathetic leadership models that prioritize employee well-being and to champion flexible and inclusive cultures.”

In addition, 77 percent of outperforming company CEOs surveyed report they plan to prioritize employee well-being even if it affects near-term profitability, compared to 39 percent of underperformers, reflecting that the surveyed leaders of top organizations are heavily focused on their people in this moment.

IBM recommends that leaders consider carefully the longer-term challenge of a hybrid work environment, which can include things like providing employees with digital, cloud-enabled tools for collaboration, preventing employee burnout or sustaining company culture with focus on diversity and inclusion.

  • Voluntary Attrition: In a related IBV survey of more than 14,000 global consumers, one in four employees surveyed reported they are planning to change employers in 2021, citing the need for a more flexible work schedule or location as a top reason why.
  • Diversity: Only 17 percent of CEOs surveyed ranked diversity and inclusion among the most important organizational attributes for engaging employees.

Scalable and Flexible Technology Foundations

The IBV study also revealed that the majority of CEOs surveyed see technological factors among the most important external forces that will affect their business in the next few years, following the massive disruptions of 2020.

Across the board, surveyed CEOs said Cloud, AI and IoT were the top technologies that they believe can deliver benefits for their business. However, outperforming company CEOs surveyed said technology foundations were the top challenge at double the rate of underperformers.

Growing Importance of Partnerships

Outperforming company CEOs are also more focused on partnerships, according to the IBV study. 63 percent of outperforming CEOs surveyed said partnerships have become more important for driving business performance while only about half as many underperformers said the same. Based on the results of this study, IBM’s thesis is that outperforming company CEOs are narrowing their focus to what they do best and relying on partners and ecosystems for access to broader ideas and innovation opportunities.

In addition, IBM notes that as many leaders increasingly see how their organizations can help address interconnected global issues like climate change, ecosystems may be able to play a pivotal role in driving lasting change. 

The IBV study includes recommendations from IBM for how leaders can seize this moment to reset and focus on what may be essential for success: choosing flexible and scalable technology platforms like an open hybrid cloud, investing in the holistic well-being of their people, and partnering to win with an open innovation approach.

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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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