Alexandra Levit's Water Cooler Wisdom

Learning Resources to Help You Keep Up With Your Growing Business

Effective strategies for managing a growing business change all the time—the onus is on the owner to develop a mindset of continuous education. It's in your best interest to identify learning resources in a few key areas that are critical for growing your business.

Let's focus on debt consolidation, business loan attainment, supply chain  management and sales and marketing tracking because they all affect your ability to generate positive cash flow and ensure that your operations solidly support your growth objectives.

Debt Consolidation

When growing pains hit your business, you could unexpectedly find yourself in a mountain of debt.

Rather than letting the situation get out of control, you might consider debt consolidation, which involves taking out a new loan to pay off the debt and associated interest across your accounts. Debt consolidation loans are typically installment-based, meaning you pay them off monthly over a set time period.

Provided you procure a loan with a lower interest rate than that of your other balances, debt consolidation may make sense for you. Learning resources that teach the ins and outs of debt consolidation include a local credit union, CreditKarma, Debt.org and NerdWallet.

Business Loan Attainment

Once upon a time, getting a business loan meant walking into your local bank branch and convincing the lender to take a chance on you. Fortunately, there are more online options than ever before, but you must know what to look for.

 

Your growing business can benefit from a variety of financing solutions with low interest rates. Some common solutions include term loans, in which a lender provides a lump sum that you may back over a specified time period of one to five years; and business lines of credit, in which you borrow a maximum credit limit and pay interest rates on only the capital borrowed from the credit line.

And unlike the loans of yesteryear, you don't have to wait very long. Most online business loans get you the money you need within a few days. If your business needs a capital infusion to keep up with industry changes, check out learning resources like the Small Business Administration and Fundera to identify the loan that best addresses your business requirements and unique financial situation.

For the rest of the piece, check out the AMEX Business site.

How Working Parents Can Hack Their Professional Development

Considering the average working parent's schedule, most don't have time to pursue an additional degree or attend lengthy onsite trainings while parenting and working full time. 

However, keeping skills current is essential to gainful employment through the automation age. Let's have a look at six alternate ways working parents can upskill without drowning in additional commitments.

1. Read a book on your phone.

In my home office, I have a stack of business books I've been meaning to (at least) skim, but the idea of sitting down with 250 pages overwhelms me. 

Instead, working parents should consider downloading a relevant professional development book onto their smartphones, and stealing a few minutes to read while waiting in line at the grocery store or sitting in the doctor's waiting room. 

You'd be surprised how the time adds up! Employing this strategy, I went from reading a book a quarter to a book a month.

2. Listen to podcasts on your commute.

On a related point, commuting by car, train or foot involves at least an hour a day for most working parents. You can stay entertained and learning about your field by searching podcast directories, such as Apple's Podcast app, Google Play Music and Spotify, and choosing one that appeals to your sensibilities and development goals. 

Usually spanning 30 to 60 minutes, podcast episodes are the perfect size to consume while making your way to and from work.

3. Take an online course during lunch or after bedtime.

Massive open online courses (MOOCs) are free, short or long-form courses provided by established universities like Stanford and Yale, as well as specialized sites like Coursera, EdX and Udemy. These offerings include a mix of learning modalities including filmed lectures, readings, quizzes and online community interaction. 

The good news is working parents can sign in whenever they have time. You might also consider standalone webinars from third-party associations or companies in your space. For example, I regularly attend webinars sponsored by the American Management Association and the Human Capital Institute. If I can't make the live events, I'll listen to the recordings after my kids are in bed.

For more where this came from, head over to the AMEX Business site.

Time-Saving Ways to Stay Up to Date on Market Trends

Business success today depends on understanding, in real time, what your customers need and what types of competitive strategies are the most effective. After all, there’s nothing worse than spending precious resources launching a new product or service that ultimately flops in the marketplace.

Fortunately, advancing technology makes it possible to conduct competitive market research more rapidly than in the past. Let’s explore how to conduct a market analysis efficiently, as well as strategies that facilitate quick learning of key market trends.

How to Conduct a Customer Needs Analysis

The first step is getting to know your customers, which we’ll discuss in more detail in the next section. You should use the information and feedback collected to divide your customers into segments. Segments should share a common characteristic (such as age or location) and be large enough to warrant individual marketing attention.

Within each segment, it’s helpful to develop buyer profiles. Thanks to the below information on how to conduct market research, you’ll hopefully have a complete understanding of your target buyer’s needs. Picturing her as a flesh and blood human, you’ll describe her demographics and background, her motivations and challenges, what she spends her life doing, how she communicates with businesses she patronizes and the messages that are most likely to appeal to her.

Your last customer needs analysis step? Connect each target buyer’s needs to a product or service. Call out your benefits, why the target buyer would or would not choose you over a competitor. If there are holes, consider refining your offerings to better address critical customer pain points.

How to Conduct Market Research without Spending Months or Millions

You don’t need to spend a fortune with a prestigious market research firm to gain valuable customer insights. There are a number of low cost, time-efficient ways of examining market trends – many of which are online. One go-to strategy is crowdsourcing. You can use social media or online surveys emailed to your database to collect feedback about what’s working (or not) for your existing customers. Be sure to ask the tough questions, encourage honesty, and reward customers for their participation via coupons, discounts, or gift cards.

In some cases and especially if you are developing a new product to service, you might want to access the larger market. Online services like TYLM (Tap Your Larger Market) and Gutcheck allow you to use targeting criteria like gender and income to ask a series of open and closed questions to millions of pre-qualified individuals. In addition to completed surveys, these tools can capture customer emotions via one-on-one video responses and can analyze and summarize the results so you don’t have to spend time sifting through raw data.

You might also deduce market trends through the use of text analysis software. These tools help business owners gain insights from structured and unstructured text data using natural language processing (or a program’s ability to process human speech patterns). Leveraging data from a variety of sources including public reviews, emails sent to your organization, surveys, and phone transcripts, text analysis software can pull out key language patterns that get to the bottom of customer sentiment. As an example, Thematic gathers customer feedback from your existing data sources and, by distilling common themes, analyzes your best route to keeping customers. Similarly, Chattermill takes unstructured input and translates it into clear actions meant to improve customer experience. And best of all, many steps can be automated!

Of course, your market trends analysis won’t be complete without competitor monitoring. If you’re not sure how to find competitors of a company, searching them out via Google and comparing and contrasting the features and benefits listed on their websites is an excellent place to start. A number of paid tools also help with competitor monitoring, including SEMRush, which provides data about your current online performance as well as that of your competitors and helps you accurately assess the search terms leading to your company and competitors. A second option is SpyFu, which allows you to search for any competitor and download their keywords.

While conducting a customer needs analysis and market trends research doesn’t have to take over your life, it may still be worthwhile to hire an intern or freelancer to employ these strategies on your behalf. While you should probably repeat your analyses annually, you will also get more proficient at minimizing time spent!

The Forgotten Transitions: New Managers, New Responsibilities

In an ideal world, every employee would be solidly prepared for a transition involving a promotion or new roles and responsibilities. And yet so often, we leave this to chance. We hope that the person in charge will make sure the employee has all of the right information, tools, and support to perform the new job effectively.

Unfortunately, this often doesn’t happen. Employees are expected to figure it out, and many get overwhelmed, burned out, and demotivated in the process. Exacerbating the problem is the fact that – due to baby boomer retirement and other workforce demographic shifts – rising millennial leaders are being promoted an average of 10 years earlier than prior generations and have a steeper learning curve as a result.

Fortunately, providing a high tech, high touch experience for new managers and others transitioning to new roles and responsibilities can be a relatively seamless extension to your existing strategic onboarding activities.  Here are a few things to keep in mind.

Provide relevant, on-demand learning content in a variety of formats

Whether you’ve created online courses in short or long format or have curated resources from other places, use your HRMS to offer employees their choice of training, being as flexible as you can regarding how and where they master the necessary information. Outline essential competencies, track training completion and skill acquisition, and suggest next steps.

Match employees with those already doing their new jobs

Your HMIS is a great place to pair newbies with seasoned managers or those performing especially well in a job function. Both formal and informal mentorship is useful in helping transitioning employees see a clear path forward and feel comfortable, supported, and confident in their new roles.

Document expectations and goals

Employees with new roles and responsibilities should understand exactly what they need to accomplish in the context of the larger organization, when specific goals must be achieved, how performance will be measured, and how other people (managers, reports, colleagues, etc.) will be involved. These details, highly customized to each new role, should be proactively communicated and reinforced.

Schedule and execute more frequent check-ins to accommodate assimilation

Managers of transitioning employees should be prompted to pay extra attention to those ramping up in a new position. This might include weekly in-person or video discussions that address both the personal and professional demands of the new job. Topics might include time management, cross-departmental rapport building, and leader-facing communication.

Demonstrate psychological comprehension

While there’s no substitute for a leader taking a new manager to lunch with inquiring after her well-being, software can go a long way in illustrating that your organization understands the obstacles and pressures of a new role and wants to be a partner in alleviating them.  For instance, an embedded app that serves up a motivational “quote of the day” could set an important tone for an employee’s new journey.

Did you miss last week’s webinar on managing effective transitions? Catch the replay here and let us know what you think!

Announcing Workforce 2030: A New Podcast About Our Most Critical Workplace Disruptions

Today marks a very special occasion. Alongside my partner of 10 years, SilkRoad Technology, a global leader in strategic onboarding for workforce transformation, I am releasing a new podcast: Workforce 2030. The show features discussions with leading talent management experts, business leaders and industry disrupters on topics about the future of work and how the workforce will transform to meet the needs of 2030 and beyond.

In my tenure as a workforce futurist, I’ve spent a great deal of time on the microphone with fabulous hosts, and now the tables have been turned! The inaugural episode of Workforce 2030 features Robert Dvorak, CEO and President of SilkRoad. Bob was incredibly fun to talk to because he’s been working in the technology field for 30 years and as you can imagine, has witnessed an incredible amount of growth and change.

In our lively, 30-minute conversation, Bob and I addressed what makes a successful brand a successful employer, why establishing strong employee relationships must be a combination of high tech and high touch approaches, why there’s one human managerial skill that’s essential for effective onboarding, and how tech-based systems facilitate assimilation and prevent quit quits. You’ll also hear why Bob and I are against the word “retention” and why it’s now everyone’s job to be in continuous learning mode.

Whether you’re leading an organization or a team, whether you seek the secret sauce for your own successful career in the mid-21^st century workforce, or whether you read Humanity Works and are looking for a bit more guidance, this is the show for you. Our next several guests include Jennifer Fondrevay, Chief Humanity Officer, Day1 Ready™ M&A consultancy, Grant Zallis, CEO, Founder IAR Consulting, and Ravin Jesuthasan, Managing Director, Willis Towers Watson. If you have a question you’d like me to ask these knowledgeable experts, please send it along!

Tune in to the first episode or access the whole series.

The Real Story Behind Stretch Assignments

Stretch opportunities are all the rage in the workplace. But as popular as they are, it’s unclear why some people decide to accept a stretch assignment or role – and others step aside. It’s also unclear why women haven’t benefited from stretches as much as men.

Selena Rezvani is Be Leaderly’s VP of consulting and research and a recognized speaker on women and leadership. She recently led Be Leaderly’s original research on how both genders decide if they are ready for a stretch, and how they make that decision. The report also explores how employers can create a workplace that supports employees who step out of their comfort zones. Based on a survey of 1,549 U.S.- based professionals, the research uncovered the following:

• Men (48%) and women (52%) are equally interested in ultimately advancing into senior vice president or C-suite roles.
• However, the largest portion of women (45%) don’t feel their employers make it easy to gauge if they are ready for a promotion, while the largest portion of men (40%) think their employers help them know whether they are prepared to advance.
• Women are less engaged in and passionate (67%) about their jobs than men (77%), another possible explanation for why fewer women take on stretch opportunities. A strong correlation exists between employees who feel engaged and passionate about their work and those who perceive that their employer makes it easy to assess their readiness to advance.
• In order to apply for a job, both women and men feel that they need to meet, on average, 75% of the qualifications for the role – a surprising difference from accepted thinking about gender attitudes toward the qualifications people feel they need to try for a new position.
• Women may hold back from taking stretches because when assessing how ready they are for a new job, they are less likely than men to overestimate or “round up” their skills, and more likely to underestimate or “round down” what they know or can do. (73% of women disagree that they round up their skills while 60% of men disagree).
• For both men and women, the top criteria for deciding whether to take a stretch assignment are having the influence to create a positive outcome (40% women/43% men), and getting an assignment that lines up with their career goals (33% women/33% men). Both genders say office politics is the biggest practical challenge to taking a stretch assignment (38% women/33% men), with lack of time a close second (34% women, 31% men).
• Money matters. Men are 3.5 times more likely than women to cite pay as an important factor in evaluating the appeal of a new assignment, job or level.

So what do we make of this? Well, if the workplace is being disrupted by sweeping, large-scale trends, employees must have the opportunity to continually redefine and hone their skills. One way employers can offer that is through stretch assignments that provide intrapreneurial short-term “gig economy” type work with minimal risk and disruption, all within the organization’s dominion. Employees, especially millennials, want to “job-craft” their roles. Offering an internal gig economy – or stretch marketplace – delivers big.

Exploring and Closing the Middle Skills Gap

As the chair of DeVry University’s Career Advisory Board, I’ve been talking about skills gaps a lot recently. Usually, I address either the technology skills gap or the soft skills gap specifically, and I’m usually referring to graduates of four-year institutions who are pursuing careers in the business world

In reading my veteran HR thought leader Sharlyn Lauby’s new book The Recruiter’s Handbook, however, I was alerted to an entirely different type of skills gap: the middle skills gap. According to Lauby, the middle skills gap is defined as those jobs that require more than a high school diploma but less than a four-year-degree. Some industries affected by the middle skills gap are finance, manufacturing, telecommunications, healthcare, and retail, and the jobs themselves range from entry-level administrative positions to highly specific operational roles.

Digging Deeper Into the Middle Skills Quandary

Why is the middle skills gap a problem? “At the heart of the issue is an oft-discussed anomaly: while millions of workers remain unemployed and an unprecedented percentage of the workforce report being underemployed, employers across industries and regions find it hard to fill open positions,” said the report by Harvard Business School, Accenture, and Burning Glass Technologies.  “A first, essential step to closing this gap is to differentiate between the vast array of middle skills jobs in order to concentrate on jobs with three important attributes: they create high value for U.S. business; they provide not only decent wages initially, but also a pathway to increasing lifetime career value for many workers; and finally, they are persistently hard-to-fill.”

Lauby recommended addressing middle skills gaps by gaining information that allows you to bridge where your workforce is today with where you want it to be in the future. Specifically, Lauby suggested the following action steps for hiring managers and recruiters:

Pay attention to what’s happening in your geographic area and industry

What’s happening on a global or national stage might not pertain to your region. Your industry could also be affected by external factors other types of organizations aren’t facing. Anyone in the position of hiring needs to know their unique market conditions.

Find credible sources of information

If you’re going to cite sources for a trend or solution, they need to be from trusted authorities. You don’t want your CEO questioning your business case.

For more where this came from, check out the DeVryWORKS site.

How to Sustain the Benefits of Corporate Training After the Course is Over

In my experience as a workforce author and consultant, I’ve observed that organizations tend to invest more in their employees during good economic times, and pull back development efforts when their businesses are feeling the pinch.

Let’s recall what we learned from our earliest years in school. Our teachers encouraged us to master material through repetition. We’d be introduced to a concept in class, practice it via homework, be quizzed on it by the teacher, and be tested on it again much later on a final exam. In other words, learning was an extended, ongoing process. If you want to sustain the benefits of your corporate training long after your employees have completed it, you might consider incorporating this advice into your regimen.

Communicate the Big Picture

While they are still in the main training event, explain why it’s in employees’ best interests to apply the skills they’ve learned. How will using these new concepts help them do their jobs more effectively? Why will they now be able to add greater value to the organization? How will further mastery of the skills drive their careers forward overall?

Emphasize Concrete Actions

As part of any training, crystallize exactly what employees should do as part of their everyday responsibilities so skills are continuously re-emphasized. Decide on a cadence of activities to ensure that self-study and on-the-job practice are occurring on at least a monthly basis, and clearly communicate your expectations. Ideally, these tasks are mandatory.

Gain On-the-Spot Commitment

Before they leave a workshop, employees might write down what they have learned that is most relevant to their current roles, and specific actions they will take to apply those ideas in the next 30-60 days. If they can add results they intend to achieve by way of implementing the course learnings, so much the better. Participants can either take these goal statements with them when they leave the training, or the trainer may collect them and return them to employees at a later date.

 

For more tips, read the rest of the post at the DeVryWORKS site.

Increasing Your Workforce’s Digital Fluency

Digital literary and fluency are terms that are often used interchangeably, but there are subtle differences. According to Christian Briggs and Kevin Makice, two early advocates of the concept of digital fluency and the authors of Digital Fluency: Building Success in the Digital Age, both digital literacy and digital fluency involve the ability to use technology to achieve a desired outcome.

A digitally literate person knows how to use technologies and what to do with them, but the outcome is less likely to match their intention. It is not until that person reaches a level of fluency that they are comfortable with when to use the tools to achieve the desired outcome, and even why the tools they are using are likely to have the desired outcome period.

True digital fluency may incorporate having an understanding of the overall digital landscape, and being able to appropriately and confidently select a technology to solve a given business problem. Digitally fluent individuals are often effective communicators and are competent at pushing forward implementations and encouraging adoption.

Why Digital Fluency Matters for Everyone

Per the CORE Education blog, digital fluency is a crucial part of a broader set of competencies related to 21st century learning. Being able to manipulate technologies so we can create and navigate information successfully is supported by our ability to work collaboratively, solve real-world problems creatively, and pursue our own learning goals. Given this broad application, everyone working in a professional capacity today may benefit from achieving digital fluency, and educational institutions and organizations alike may wish to take steps to facilitate skill acquisition.

For more where this came from, check out the DeVryWORKS site.

Hiring Managers: Are You Supporting Vets?

In a recent Prudential Financial and IAVA survey published on Military.com¹, two-thirds of veterans said they faced a difficult transition to civilian life, partly because they speak a different language than the business leaders hiring them.

Tom Tarantino, chief policy officer for Iraq and Afghanistan Veterans of America, said that we aren’t doing a good enough job of training people leaving the military to look for work. “It’s less a matter of veterans overestimating their skills than it is miscalculating how their experience translates to nonmilitary jobs and how well business leaders comprehend what veterans can offer,” he commented.

Because of these disconnects, a veteran who managed a few dozen people in the military might only be considered for an entry-level, individual contributor role in a private-sector organization, and significant achievements might be overlooked because they occurred in a military rather than a business setting.

Preparing New Vets for Transition

A few years ago, as a workplace and career author and consultant, I worked with the U.S. Department of Labor and the U.S. Department of Defense to overhaul the military’s Transition Assistance Program (TAP)². This mandatory five- to seven-day program educates departing troops on job skills, vet benefits, and personal finances. The course explains the expectations, behavioral styles, cultural norms, and “lingo” associated with civilian employment and helps veterans adjust to a less rigid routine with increased individual competition.

Perhaps most importantly, it guides veterans in effectively translating skills acquired in the military – which often include strategic thinking, scenario planning, critical thinking, problem-solving, coaching, self-discipline, time management, attention to detail, teamwork, interpersonal communication, and adaptability – to civilian jobs in which these exact attributes are needed.

For the rest of this post, please visit the DeVryWORKS website.