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  • What is Financial Stress? How to achieve financial well being?

    What is Financial Stress? How to achieve financial well being?

    Summary

    Financial stress is an issue that most people will experience at some point in their lives. Financial stress is present in today’s society, and it affects many people. Education is supposed to be a way of life that leads to less debt and higher success, but the reality is far away from this. For most people, debt and stress are life-long companions. People are often faced with debt and stress when they go to college. Student loans are a problem because you have to pay them back, and they lead to more debt. Education is supposed to be a way of life that leads to less debt and higher success, but the reality is far away from this. Problems with finance, debts and bills can be eased to a great extent by getting your financial well-being in order. Financial well-being is the answer to debt. A life full of debts, stress and worries is a problem that finance will help to ease. A life full of debt, stress and worries is prevented by financial well-being.

    Financial Stress? When we come to a certain age, we start understanding the importance of financial aspects in our lives and how hard it is to earn it in an era that is full of cut-throat competition no matter the sector it is. 

    Money helps us to put food on our table and that’s what matters the most. In some cases, we have witnessed the parents working 2-3 jobs so that they can provide 2 meals a day for their children. You can imagine how much of a toll it would take on the individual, both mentally and physically.


    For most money invites two things in our life i.e. debt and stress. Let’s talk about the vicious circle of loan here, especially the student loan. The motive behind education is to get a well-paid job to having a humble life. Unfortunately, the reality is far away from this. Once you are out of college not only you have to arrange for your two meals, you have to pay the hefty debt, rent, various bills etc.

    There are innumerable issues caused by these debts and bills. Finance is one of the top causes of stress around the world.  So this is how it’s going to be, a life full of debts, stress and worries. Well, financial well-being is the answer to this problem. It will not completely eradicate your debts, but it will ease down your debt as well as stress up to a great extent.

    WHAT’S IN IT

    Financial Stress and Poor Health

    financial-stress-and-health

    Financial Stress is not only limited to the debts and bills you have to pay, it has more serious consequences hurting your health. Apart from suffering issues like stress and anxiety in personal life, such individuals face lots of problems in their professional lives as well.

    People suffering from financial stress become absent-minded, miss going to work. It becomes hard to finish the task in time, let alone the efficiency and high performance.

    Imagine how stressful it is for such employees who are not only working under the pressure of their work but also suffering from various issues. Now some optimum level of pressure and stress does not harm and increase performance level instead, but issues these individuals are facing undermine the other theories to an extent.

    In a recent study, it was found that individuals who experience major financial stressors report greater levels of psychological distress and lower levels of psychological well-being.
    Source: Psychosomatic Medicine Journal


    Here are some of the issues that Financial Stress can cause: 

    1. Anxiety
    2. Depression
    3. Low Self-Esteem
    4. Insomnia
    5. Weight Gain
    6. Reduced Mindfulness
            

     What is financial well-being?

    financial-well-being

    Financial well-being is having financial security and financial freedom to be able to make monetary decisions in future or present. Apart from that, there are other points as well which defines the ideal financial well-being which is as follows:

    • Able to pay the mortgage or retire comfortably
    • Able to monthly expenses
    • Capacity to absorb financial shock like job loss. That is the person in such a condition should be able to payday to day expenses, bills, debt etc.
    • Meeting the long-term or short-term financial goals. This can include paying off your mortgage or setting up a fund for college and other higher education

    Now it’s a relative term i.e. it differs from person to person. Person A has a family and a kid who’s about to go to college and then we have Person B who has just started. There would be different financial decisions that need to be made by two to achieve financial well-being. Person B need not worry about the mortgage or tuition fee for the kid going to college, student loan debt and rent could be the priority in this case.

    Steps to achieve Financial-Wellness:

    finance-management

    Create a budget:

    Spending up your salary like there is no other day is not a great idea. The financial drought we see for ourselves between the month or month-end is caused by no planning. It may doesn’t seem like a big deal, but it is. A budget can help you to become future proof.

    Make a list of expenses you did in the past 3 months and list them under two columns namely “essential” and “non-essential”. If you see yourself in a tight corner then try to remove some items from the non-essential list. Else get that salary raise so that you don’t have to compromise much.

    It might be possible for you to need to do 2 jobs at the time to meet your expenses and if that’s the case then so be it.  A debt-free and stress-free life will ask for such dedication from you.
     

    Debt Management:

    Debt is divided into two segments: Good Debt and Bad debt.

    Good Debt: Good debt is a loan that has the potential to increase your net worth.
    Bad Debt: Bad debt involves borrowing money to purchase depreciating assets.

    Source: Investopedia

    For Example, Good debt may include Student loans, mortgage for home etc.  Bad loans may include a loan for a brand new car or bike, video games etc. It’s quite relative too as it might be necessary for you to get a car to travel to your work. The good idea would be to get a car from a second-hand dealer and that too a non-luxury one.

    It’s easier to get a loan than to repay it. While taking a loan keep on checking the interest rate. Don’t get into a loop where you’re hardly able to pay the interest and not the principal amount.  Just have a budget, cut on your expenses and make it your priority to clear your debt.

    Investments:

    As per Wikipedia Investments means “to invest is to allocate money in the expectation of some benefit in the future.”
    Not only will investment help you to meet your essential expenses, but the financial abundance it creates also can cater for your non-essential needs as well. It can be short-term or long-term, long-term may include investing for your retirement.

    Now with this, I am not asking you to just go to your bank and opt for a fixed deposit. There are other ways to get a higher return as compared to a bank deposit. You can opt for a SIP (Systematic Investment Plan) or learn stock trading as a side hustle. There is no need to worry as there are Financial Services just there to help you with these.

    Emergency Fund:

    This is a must-have, you need to set aside money for your rainy days to meet your financial needs. Make sure that you strictly do not touch that fund until and unless you guessed it right “an emergency”.  What if you’re laid off suddenly or a contract is about to end and we are well aware that it’s a common occurrence in the corporate world.

    One needs to have at least enough savings for about a minimum of three to six months so that you can not only meet your day to day needs but also be able to pay for your rent, bills, debts etc. Take COVID 19 for example, it shook the whole world. Millions lost their jobs around the world and the situation is not going to be good anytime sooner. This is not a regular occurrence, but remember even in this situation you will have to pay.

    We have insurance for our car, home, even nowadays our cell phone can get insured too. At times we give so much thought to materialistic aspects of our life that we forget to take care of ourselves. It’s important to get health insurance, as you never know what will happen next. I am sure we all are aware of how back-breaking these medical expenses are.

    Giving a reality check here if possible and when your financial conditions allow. Apart from health insurance options for a term plan. A term plan or term life insurance is
    “a life insurance product, which offers financial coverage to the policyholder for a specific period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.”

    Conclusion

    Financial well-being is key to a stress-free lifestyle. In the materialistic world, we live in money has the last say and there is no doubt about this. This is a long term process that might take you years, but in the end, it’s all worth it. As it will not only help you in getting stable financially, it will prevent various health issues like anxiety, depression, eating disorders etc. 

    Also Read: Amazing Things You Should Know About Leadership Excellence

    Frequently Asked Question

  • 7 Ways Encouraging Learning in the Workplace 2021

    7 Ways Encouraging Learning in the Workplace 2021

    There is no age to learn, and the learner never loses. Encouraging learning in the workplace is an endeavour of every enterprise sector. In the same way, learning the work at the workplace is also very beneficial for the employee. Most successful industries believe that talented professionals are valuable to our business and that educating employees through training should keep them informed as it creates new records for the company.

    An employee with learning disabilities can pursue any profession of their choice with the right support system. The success of each employee requires attention to the achievement of each individual. 

    Homework assignments turn into work assignments. As an employee with a learning disability, company accommodations are available. How is the adjustment made? The pressure to learn, read, write, and interpret information often increases when entering the workforce. 

    Career options can also change. This creates even more pressure to learn new things. Coping with life changes is an essential requirement. When entering the real world, an adjustment is necessary to succeed. Success can be achieved with or without a disability. In most cases, the relationship is distant due to a lack of social skills. Because learning disabilities are not visible, it is often misunderstood by others. 

    There is a need to develop a partnership within the workplace. For example, an employee may be assigned to read instructions or use voicemail instead of written instructions. Time management can be learned using a daily calendar or an alarm. Distractions can also adjust by going to a quiet place in the office.

    What’s in it for me?

    How to be active in work

    The mindset takes on the “one” who owns the person, as it gives him a sense of control over his role, allowing him to balance multiple responsibilities without compromising the quality of his work. आप Do you want to know how to be active at work? Then pay attention to these tips and habits for practice step by step practice.

    1. Get organized

    The key to being active is an organization; after all, if you find yourself in complete chaos, you cannot fulfil your responsibilities. It goes beyond using a weekly planner and keeping your desk clutter-free. You must learn to prioritize tasks if you want to meet deadlines, which means how much time you need for specific tasks.

    Instead of just marking on your calendar when you should make a report or proposal, keep several essential points in mind before the deadline so that you can manage your time effectively.

    The trick to becoming active in another task is the following: Consider writing a reminder two weeks, one week, and several days before an important date so that you can keep up to date on what can do. To know how much time is to be given for similar work in the future, keep in mind the time taken in a task.

    2. Think positively

    Negativity will get you nowhere and will prevent you from reaching your full potential. Instead of focusing on what you have not done, focus on what you have achieved. Then make a list of goals for the next day. In this way, you are continually leaving room for improvement without being overwhelmed by the demands of your work.

    Also, if you always encourage the fact of having positive thinking, do not resort to negativity if something goes wrong. There is still an opportunity to learn from your mistakes, so if a problem arises, consider how you can handle the situation differently. 

    3. Actively participate

    It is not easy to talk about, but maybe join the conversation is what separates leaders from their followers. By engaging openly with your colleagues and supervisors, you can influence the course of action and contribute to the solution rather than just reacting to it.

    There is no doubt that you have recognized areas of opportunity in your workplace, and you probably have ideas on how to approach them. Start registering these assumptions as soon as you arise, so that when the opportunity arises in a company meeting, you should be ready to present new ideas.

    How to motivate employees to learn new skills

    motivate-employees-to-learn-new-skills

    Encouraging Learning in the Workplace has come to some hard work, making Encouraging Learning in the Workplace easier for the future. In the same way, along with memorizing at our workplace, we should also learn a new technique so that our future can be improved.

    Learning can occur in any situation; this may require a little creativity. Self-assessment will give insight into strengths and weaknesses. The use of this information will strengthen the relationship, as well as provide employment. For example, if socialization is not a strong point, choose a career in which people do not need skills.

    Good Instruction And Advising

    The best way to make an effective trainer is to guide the employees, and their response should be started from the training centre itself. We told you about Kirkpatrick’s Four-Level Training Evaluation Model – Analyzing Learning Effectiveness in our previous article. If you do not read this, go and read it once. You should keep in mind that the work of your employees is done with their efficient ability so that they can progress the company.

    There is no reason to wait for problems to be resolved; Instead, use self-reflection techniques to avoid potential problems altogether. Develop a detailed plan for projects in advance, which will also include a checklist of information or resources needed to complete each task efficiently. Over time, you can identify steps that are not necessary or that can be truncated or consolidated. There should always be an emergency plan in case of unexpected challenges.

    Push your work forward

    put-your-work-forward

    Always be devoted to your work like a simple employee does more than what he does. For example, if you finish your work on time, and you have more free time, then do not let that time go in vain, do some work so that your work can be farther. Take help your friends to work and learn something new. Doing this solves many problems. Remember, the learned person always wins.

    If you can handle the workload, then it is right for you. Do the new work carefully, because it is unique to you right now. It may be that your senior in the company will stop you from doing this because no one lets you play with your business, now you have to convince them that you can complete this task at this pace. Ask them if they have understood this and only when they agree to do that work.

    But remember that by doing this, the company has no one. Do whatever you want to help them, but if you feel that doing so will affect your principles, stop yourself.

    Know your successful work

    team-work

    You recognize each of your tasks, and its success is related to your hard work; a sensible person makes every unsuccessful work successful with his hard work. Always pursue your goals to achieve your goals; Work under the direction of your trainer. Success leads to every person.

    You have to assure your trainer that your words are worth listening to, especially when you are encouraging them towards your subject. Showing your skills is important. You are not just an employee; you are competent and efficient in your work. Show yourself like you would for a job interview. 

    Be gentle, but do not hide this thing. Keep in mind that while talking to them, you should be proud of your experience. If you have connections with some of the people, then call them. Don’t ask them to give a speech; just make it like an interview.

    If your trainer feels that you are not working hard on what you are telling, then he will create an image of being lazy for you.

    Promote working together

    By working together, you will get to know each other, will see your information from a new perspective, and will also be encouraged to succeed. If you work alone, then you will feel more pressure to succeed, and if you work together with everyone, then you will get success. By doing this, you can get your work done by explaining it differently.

    You can also get a good competition among the groups. No matter what the challenge is, you will see how encouraged each employee is by joining it and trying their best to do the right thing.

    Important Tips

    • Make your effort simple. Whether you are speaking, teaching, listening, or doing anything, it seems that you do not have to work hard.
    • Don’t be angry at every insolent person. Your friend should feel that their work is more elementary than your arguments.
    • Do not deliberately speak slowly. Makes the employee feel as if they think that by babbling, they will not understand you.
    • Do not spoil your trainee-trainer relationship. 
    • Don’t be too observant.
    • Do not show them your flaws and problems. Is it such a turning point in life, where there are many problems in his life, and people do not indicate that you are weak, and they cannot find support in you? If they bring any problem with them, then combine their issues with their experience and talk to them.
    • If you often speak slowly, try to talk a little bit quicker.

    Conclusion

    You have seen what is Encouraging Learning in the Workplace, and what can be learned while in the company. Training is not the only way to receive an education. The working profession requires continuous learning. But the exciting part comes when you do that work to benefit some learning experience.

    Also Read: How to Run Successful Lunch and Learn Events: Full Detail

    Frequently Asked Questions

  • How to Ask for a Pay Raise – 100% Working Solution

    How to Ask for a Pay Raise – 100% Working Solution

    What is the pay scale? How To Ask for Pay Raise?

    It’s an amount paid on different scales of the level to the employee, which is decided based on their education, overall skills, experience, and many more important things.

    Why is it important to decide?

    The companies asked this pay scale question because most of the companies have created a budget for that specific position or role.

    So, they want to know if your expectation is matching with their budget or not.

    But what if they didn’t ask you about the pay scale or still not talked about this topic to you.

    Even after a few stages of the interview or after a few days of joining the job. Then you should talk about the pay scale for your position and without any delay.

    According to the survey of monster.com in the US, the data says that more than 70% of people say that salary is the most important factor when choosing or applying for a job.

    Also, 58% of candidates have rejected the job offer because of the low pay scale. So it is very important to decide on a pay scale or pay rise as soon as possible.

    So now in this blog, I will tell you a few strategies and tips about how to ask for a pay scale salary or salary or compensation.

    Following are the strategies one should be kept in mind:

    1) Research your pay scale worth

    2) Ask your networks and co-workers.

    3) Having a strategic approach to difficult questions.

    4) Talking about the other benefits along with the pay scale

    5) Don’t tell them the previous salary if possible.

    6) Practice the word before the actual one 

    7) Final thoughts on salary talks

    8) Frequently Asked Questions

    Research your pay scale worth

    How can you ask for a pay scale if you only don’t know what’s the current market salary which matches your education, skill, past experiences, and job position criteria?

    So you have to research it. You can start simply from Indeed salary where you can get your scale just by adding the job description, name of the organization, and your location.

    Also, you can do it through websites like Glassdoor or Payscale by putting your data and which shows the scaling demand for your role.

    If you do research it will help you to avoid the awkwardness while asking for it. Another thing is you will get to know that the company is lowballing the compensation offer.

    There are many ways of asking a question rather than one.

    Ask your networks and co-workers

    what-is-pay-scale

    Many professionals suggest that to know the exact and perfect scale one should ask the employee of the same field or job position or same organization.

    I suggest you do not ask them directly as it will create awkwardness for them so few might not tell you the exact numbers. 

    So better ask them like: How much money scale one should have nowadays for my types of job position?

    You can also ask people from different company’s match your job profile in a digital way like LinkedIn.

    Having a strategic approach for difficult questions

    Generally, one cannot go to them or the interviewer directly and tell them about how much salary or holiday you can offer to me. Instead, you can ask them with a strategic and sensible approach.

    So the delicacy is the main point in balancing this pay scale act.

    The following few things will be helpful while questioning about pay scale or benefits

    1) Mark your words smartly.

    So initiating a question of scale properly and smartly is also an important factor.

    Suppose if you want to ask about the salary can refer to the word salary or money with compensation. Also, you can easily ask about how the work-life balance of you by simply saying the word office culture.’

    So this little thing is also important which matters while asking.

    2) Look for a Proper Time to Ask 

    I think there is the proper timing for everything we do in life just in this case also.

    So you are going for interviews I suggest don’t ask for the salary as soon as the interview program started.

    The right time is when the interviewer started showing interest in you and your suitability for the job profile by showing your capability and strength.

    If they are interested they will give you a hint like: When will you join? Or What are your expectations?

    This is the green signal and perfect time where you can raise a question about the pay scale or benefits. Then get all the information you want from them.

    3) A straightforward and direct approach

    You can say “I am looking for a job having a role suitable for me with a pay scale ranging from 20k to 30k as this is the current scale for having skills like me. Is this job is suitable for that range?

    salay-increase

    4) Wide approach to start

    How can one compare the scale of this job with the scale in the market with a similar job profile? What are the steps?.

    These steps can be used only when you know the current market rate and also when you can’t remain silent about it anymore you can go for it.

    If they know and are interested to tell you then you can get your answer easily but if they don’t know about it, you can just simply tell them the current scale for your job position.

    5) Be positive and ask 

     By knowing yourself, your impact the organization will have with a positive approach as what you have done yet and achievements, measurements, and skills which helps in knowing the salaries.

    Every company has decided the average pay scale for a particular position but you should consider yourself upper than average, a great package.

    This mindset will help you to get to a higher scale more than the average.

    For example, you can ask like this:

    I am glad that you give me a chance for this offer and I will look forward to getting the best for the values of the organization and I expect you to value the pay scale. Can I know the valuable pay scale for this offer? 

    6) Asking in a soft tone

    Everyone should play the game on the safe side just you can also play the game of asking more carefully.

    You should be very gentle and soft. Always showing gratitude by thanking the interviewer for the opportunities you provided to me and giving your time for listening to me.

    After this further, you can add a question about a pay scale and know the status that it is worth or not carry this conversation further.

    It’s like checking the depth of water by putting the toe inside the pool before going for the swim.

    But if they reply in a good and positive way you can carry forward the question about it further.

    Talking about the other benefits along with the pay scale

    There are many things other than the pay scale one should ask like bonuses, allowances, stocks, credits, benefits, time relaxation, number of holidays allowed.

    I think benefits and incentives are very important for the organization and employee.

    The more value you provide, the more efforts you give, the more time you give to the organization, the higher the work benefits you get at the end of a financial year. 

    It can also result in a salary hike. Sometimes you should think of the other abilities they should have to provide other than just salaries. As for the long term, it will also give a high earning scale.

    Don’t tell them the  previous salary if possible 

    The key point one should remember is to never disclose your previous salaries or position if possible.

    Always try that they should take the first action regarding salary if they put their budget scale and ask you to tell your expectation.

    Then you should always tell like if you earn 50k +8k (bonus), so you can tell them that you earn 58k + bonus and benefits.

    But if you are asked first directly about your expectations regarding the scale or your previous scale then I suggest you change the focus of answering and try to talk about what you have learned your skills and your experiences.

    This will increase the chances of a high pay scale but you should make yourself capable enough and give the values in return.

    Practice the word before the actual one

    I suggest you rehearse the proposal of your deal of asking before making a real one to the experienced person who can guide you if there are any mistakes or any missing points.

    By doing this type of thing in front of experience will help you in properly asking for a pay scale.

    Final thoughts on salary talks

    In short from all the above discussion just remember key points when talking about the pay scale anywhere and in any field.

    • You should always know your value, worth capabilities, and what types of compensation according to your life matters most to you.
    • You should never declare the number of scales; just describe the range which you expect regarding the job position.

    Also Read: Emotional Intelligence- Developing Strong “People Skills”

    Frequently Asked Questions:

  • Increase Profits with Activity-Based Costing (ABC Costing)

    Increase Profits with Activity-Based Costing (ABC Costing)

    Activity-based costing or ABC costing is a method to calculate the product or any service. We are calculate based on overhead and indirect cost. In ABC costing, we are calculating all types of expenses.

    Activity = Cost

    In this paragraph, Activity-based costing is a way to calculate what is our product rate and how we are going to decide our product rate.

    Firstly, we are thinking about it what is our production rate, in the traditional way we decide my production rate is equal to how much our cost is divided by how much product is made. Still, it is not possible because many products take less row marital it’s all thought about it.

    Secondly, we are not decided by-product or service rate by their raw material and human resources. We are choosing our product rate by executing all our overhead and all indirect cost, then we are deciding but how we are decided.

    Thirdly, we have to decide how much all over are expense and how much workforce is consumed by the product or service.

    Finally, we are getting the price of our product or service. It all drives the cost, cost drive mines we are going to make a reasonable product rate and going to make the right product and make then analysis in a better way is called cost drive and after we are getting the final result is called ABC.

    What’s in it

    What is the Traditional way of costing?

    traditional-costing

    Traditional way costing is also a method to identify the estimated price of your product or service.

    If we are wanted a quick rate of product or service, Then we use the traditional way of costing but want to describe all product prices and accuracy, then we have to activity-based requiring.

    Therefore, It directly depends on the direct price.

    The formula of Traditional way costing: –

    Formula

    The average rate of the product = Total price of Products / Total no of Products

    Example: –

    Let’s discuss this costing via some questions?

    Question: –

    For instance, We are making some product like “simple phone” and “pro phone” We want to know how much cost will be spared in this both phone

    Machine Maintenance Cost = $400

    Machine Running = 10000

    Quality control cost = $600

    Quality Inspection = $1000

    Total No of Simple Phone = 7000

    Total No of Pro Phone = 3000

    Answer: –

    Then we are going to calculate via the Traditional way.

    Machin Maintenance cost = $400

    One Phone rate = 1,000,000 / 10,000 phones = $100 for each phone (simple or pro both rates are same)

    How to use activity-based costing and How we can Apply is your Business?

    Activity-based costing or ABC costing is going to calculate all type of resources and all type of, cost, so we are going to calculate this is a very inefficiency way to decide our price below: –

    T is the same above question are Given you can learn how it is work and how to use then you can apply in your business I explain via one question: –

    Question: –

    We are making some product like “simple phone” and “pro phone” then we want to know how much cost will be spared in this both phone

    Machine Maintenance Cost = $400

    Machine Running = 10000

    Quality control cost = $600

    Quality Inspection = $1000

    Total No of Simple Phone = 7000

    Total No of Pro Phone = 3000

    Answer: –

    The machine uses in Simple and Pro Phone

    Machine Maintenance Cost = $400,000

    Machine Hours = 10,000

    $400,000 / 10,000 = $40 for one machine hours

    Simple Phones Maintenance cost and Hours use by making this phone

    4500 Machine Hours use

    then

    4500 x $40 =$180,000 (10,000 Machine Hours = $40 for 1 machine hour)

    Pro Phone Machine Minutemen cost and Hours use by making this phone

    5500 Machine Hours

    5500 x $40 = $220,000 (Machine Maintech Cost $400,000

    Quality Control Cost

    Quality control cost = $6000,000 (10,000 M

    Inspection = 1000

    $600,000 / 1,000 = $600 for one inspection

    Simple Phone quality control cost

    350 Quality Inspection

    350 x $600 = $210,000

    1,000 Quality Inspection $600 for 1 inspection

    Pro Phone quality control cost

    650 Quality Inspections

    650 x $600 = $390,000

    Quality Control Cost $600,000

    Final Prize of Simple and Pro Phones:

    Machine Manteca cost for all Simple phone = $ 180,000

    Number of Simple phones made = 7,000

    Machine maintenance cost for each Simple phone

    $180,000 / 7,000 phone = $25.71 for each Simple phone

    Quality control cost for all Simple phones = $210,000

    Number of Simple phones made = 7,000

    Quality control cost for each Simple phone

    $210,000 / 7,000 phones = $30 for each Simple phone

    Total Overhead Cost for each Simple phone

    $25.71 + $30 = $55.71 each pro phone.

    Machine Maintenance cost for all pro phone = $220,000

    Number of pro phones made = 3,000

    Machine Maintenance cost for each pro phone

    $220,000 / 3,000 phone = $73.33 for each pro phone

    Quality control cost for all pro phones = 390,000

    Number of pro phones made = 3,000

    Quality control cost for each pro phone

    $390.000 / 3,000 phones = $130 for each pro phone

    Total Overhead Cost for each pro phone

    $73.33 + $130 = $203.33 each pro phone.

    Activity-based costing steps by steps: –

    activity-costing-step-by-step

    I am going to describe Activity-based costing in a step by step process: –

    First, we search for all the related essential things use in our products and take the rate.

    Then, we are calculating all related prices and are expenses in our making the products and how we have overcome the appraisal price and also define the overhead cost.

    Next, each cost drive to assigned to a specific driver, then it drives all assign programs and other costs labour, rate, and we can think of other salutation.

    Then each cost driver drives their products

    Lastly, we all apperception per, form then we are calculating all how many hours and how many materials and how many raw marital are consumed, and all are multiply by the cost driver.

    Then you are got the rate of your products and then You can see the above Example for more understanding.

    Difference between Activity-based costing and Traditional way of coasting:

    activity-based-costing

    You can see in the above all question difference between Traditional based costing way and activity-based costing, The there substantial big difference:

    I Traditional way we can see all phone price is $100 but, in the activity, based costing or ABC costing you can see Simple phone price is $5,5.71, and Pro phone price is $203.33 for each phone.

    That is all difference between Traditional based Costing and Activity-based costing

    Note: – If we are wanted to estimate what is our product and service price then we consider the Traditional is way costing, but we are want to know the act amount price of the product or ser, vice then we have to consider the ABC system.

    Application

    1.       Better Management of the prize.

    2.       Overhead cost.

    3.       Budgeting.

    4.       Calculate costs more accurately.

    5.       Performance measure.

    6.       Fixing the price of the Product or service.

    7.       Management.

    8.       Managing cost.

    9.       Incentives by creating cost consciousness among employees.

    10.   Calculate the cost more accurately.

    Advantage of Activity-based costing

    • That helps to understand the behaviour of overhead costs.
    • It links profitability analysis and operational decisions.
    • This improves the competitive pastime of a business.
    • helps to identify inefficient product deployments and activities.
    • It helps to identify unnecessary costs.
    • That provides information for the measurement of performance.
    • It identifies the product department’s actinides
    • control costs for each product for each department.
    • unnecessary costs as cost drives for each activity give better control over the factor that costumer costs.

    Conclusion: –

    In this above all, a blog we understand how to fix the rate of price and how to calculate, and we are going to take the average of the products or service rate.

    Firstly, we are learning how to calculate the price Traditionally, and the activity-based way this is all defined. In addition, we understand how to get instant price rates and how to get more accurately are of our service.

    Secondly, we are learning how to implement this service in our business and how we are calculating more accurately rate/price/prize for our service or products in our company.

    Thirdly, we understand where we use and what is the application of this ABC technique, and we also define the advantage of this service.

    Finally, we are found the best price for our products or service for our business relations.

    Also Read: Emotional Intelligence- Developing Strong “People Skills”

    Frequently Asked Questions

  • Successful Ways To Stay Focus In An Open Plan Office

    Successful Ways To Stay Focus In An Open Plan Office

    In this blog, we will discuss the ways to stay focused in an open plan office, which will help you to concentrate on your work. So you can complete the job before the time.

    WHAT’S IN IT

    What is an open-plan office 

    what-is-open-office

    A simple way to understand the open-plan office is the design of the office, which is more reliable for company employees, and it is created to increase the productivity of the company so the company will get more profit through employees. 

    Ways To Stay Focus In An Open Plan Office

    focus-open-office

    There are some ways which I explain to you which will help you to concentrate on your work in an open-plan office. 

    Use headphones to stay focused.

    I read so many articles to find the ways how to stay focus in any open-plan office, and I found most of the materials are telling the same point, every blog has one standard tip, yes you think right which is about headphones. 

    They all are talking about the same thing that if you are unable to stay focus on your work then use your headphones and listen to some good song that gives you peace,

    And it doesn’t mean only headphones you have to use headphones even you can use earbuds, earphones, etc. 

    If the noise is high around you and you are not able to stay focus on the work, then just try one thing which is going for a walk with any of your colleagues or seniors or alone and only takes a breath, when you feel relaxed, come again try to concentrate on your work. 

    Sit separately 

    If you have a time limit to complete the work before the time or you want to work privately, and you are not able to stay focus on your work then, 

    This tip will become beneficial for you. Just find some private desk to sit separately instead of sitting with colleagues in a group or the same office where you sit commonly ignore that desk. 

    If you want to find a separate desk or private space for your work, then I have some ideas. 

    You can use the lunch area for your work, and you can go to the terrace, or on a different floor, etc. Are useful places where you can go if you can’t find any separate desk. 

    Switch ON the silent mode of your phone during working hours

    open-office-blog

    All we know is that the mobile phone is becoming an essential part of our life, but we can’t ignore that most people are wasting their time on social media platforms like Facebook, Instagram, Twitter, YouTube, etc.

    And This is the reason that people can’t concentrate on their work. So this is the one more tip which is very useful for you

    when you are doing work just switch on the silent mode on your phone or if you want to switch off your phone you can do it. 

    Start ‘Saying No’ when it is essential.

    This tip is essential and saves so much time of yours if you want to keep your time instead of spending time on useless things like gossiping with friends, scrolling social media, etc. 

    Then you have to start saying No because if you are busy making your work and anyone requests you to do their job or help them, or any other work,

    Then it is also a waste of time. And it takes more time to complete your task. Just start saying No if you are busy, and if you have time, then you can say yes. 

    Use break alarms for freshness

    Every person needs a break in their work it doesn’t matter about what the layout or design the office have, no one can work continuously for long, this tip will help you how you can take a break when you are doing your work,

    you can set the alarm on your phone according to your suitability or time difference and take a break, and you can do something like a walk, drink coffee, juice, etc. 

    Use writing to contact colleagues instead of verbal communication. 

    As we discussed in the above section, you should avoid the phone when you are busy completing your work,

    and if you need to send some files to your colleagues or seniors or bosses, then you can use email for it,

    That is the tip which I will suggest to you. Because if you use your phone, maybe you will open your other social media, which is a great distraction. 

    Create boundaries on working time

    If you are serious about your work or completing it before the fixed time, then you have to create some boundaries,

    or you can say some rules for you which help you to stay in discipline, That is the tip about your practices which you create to apply to you. 

    All the tips which I discussed in the above section are the boundaries or rules that you create for yourself so you can complete your work on time. 

    These are some tips that are helpful for you to stay focused in an open plan office, and you perform more effectively and can be concentrated on your work.

    Conclusion 

    The final words of mine related to this article are if you are working in an open-plan office and you are not able to stay focused on your work,

    And then you can apply these tips on you, which will help you to perform better in your open-plan office. 

    So here we discussed the ways stay to focus in an open-plan office. 

    Also Read: Amazing Things You Should Know About Leadership Excellence

    Frequently Asked Questions 

  • What is Succession Planning | Learn About Succession Planning Tools

    What is Succession Planning | Learn About Succession Planning Tools

    The article is all about succession planning. What is Succession Planning? How will it help an organization? What are the benefits of it. If you’re interested to know about it just read this well-researched post. 

    WHAT’S IN IT

    What is Succession Planning

    what-is-succession-planning

    It is a process of finding a correct employee for the role of a leader

    who can replace the old leader & who leads the team, and it will help the companies growth 

    By using this process in the companies, the company will get an ideal & experienced leader on that profile. 

    It will be select by checking the performance of candidates on all levels, which are chosen by company heads. 

    Benefits of Succession Planning

    The benefits of succession planning are very beneficial for companies, and they have to know all its benefits.

    Only then, they are able to apply the succession plan to their company and organization. 

    Fill in the requirements to choose the leader.

    This is the first benefit of this list. It gives you the opportunity to create a proper structure for your leader

    And select the requirements as you want (according to your business) on your leader’s behalf on that you can select the perfect leader. 

    Avoid not deserving candidates in recruitment. 

    If you create a proper structure for the recruitment and use succession planning for selecting a deserving candidate for your organization then this helps you to avoid not deserving employees,

    Because if the candidates who came for getting the job and are not clearing your recruitment process which you created

    Then it will help you to filter the candidates and choose a correct and deserving candidate for your company. 

    Planning to reduce the cost of losses 

    If you use succession planning to select talent leaders or employees for your organization,

    Then your company leaders can do planning for your business and help to reduce the cost of losses.

    This is how it will help you & reduce your future losses. 

    Helping to motivate the employees 

    Your talented and experienced leader those selected by your company’s leaders and the manager will work with a team and help motivate your employees

    so they can work more efficiently so indirectly the succession planning process is only responsible for your employee’s motivation. 

    Developing your training and employees skills 

    If you focus on succession planning, then you can focus on all the major aspects which have a negative impact on your business,

    And you can improve them through training and developing your employee’s skills. 

    Succession planning tools or software

    succession-planning-tools-softwares

    In this list, we will tell you about the top 6 succession planning tool or software

    which helps you improve your strategies and your organization management system.

    These all are the software that provides a service that helps to build a perfect and robust succession plan.

    All offer their services worldwide by using this software you can get positive results in many fields

    Every software has a different pricing plan, if you want to check the pricing, then you have to visit their platform,

    And you can also check the reviews or other details about the tool Every software has so many features which you can see on their platforms

    Talentguard

    Talentguard is the first tool in this list that provides a talent management system.

    That mostly concentrates on some of the fields like talent management, succession planning, 360-degree feedback, and career pathing, etc.

    It will help you to find the best key roles for jobs such as identifying the correct employee who fulfils the requirements for that particular job. 

    What’s unique you get in it

    You can visit the official site to know all the features of this tool, one of the features is you can create n number (unlimited) of dedicated pools in it. 

    Plum

    The second number of software on this list is Plum. It has a great way to introduce itself. It tells that it is on a mission to build the best talent management system for companies

    so they can develop more effective and plum will do it through its artificial intelligence system,

    which helps companies to make a strong structure for their employees. 

    Talentsoft

    Talentsoft also has a similar feature, like every other tool.

    It is also a cloud-based management system that provides the services to grow companies and organizations

    It is a European based company & reviews and ratings are also positive on the internet of this software. So you can try it. 

    Ultipro

    Ultipro or you can say ultimate software’s is one more extraordinary software that provides features which is useful to enhance the company or an organization

    That provides some of the services such as payroll, talent, management, hr related services, and more strategies. 

    It has one more unique feature, which is Leadership actions. 

    Humantelligence

    Human Intelligence is a culture analysis tool which is founded in 2013,

    The headquarters of this platform is located in Miami Beach, Florida, USA

    The rating of this tool is more than 4 out of 5,

    So you can predict its useful tool not, I will not tell you the same thing, again and again, to know

    all features just visit the website and check it out. It supports many languages, like English, Spanish, French, german. 

    School

    It is a last in this list, launched in 2012. It is a platform working in a cloud-based management system,

    which is created to help the companies and organizations so they can develop professionally.

    They can select a talented candidate for their companies. On the internet,

    It has a 4+ rating out of 5, so you can try this tool for your companies growth. 

    team discussion

    Conclusion

    We discussed in this blog what is succession planning & its benefits ,

    so here is the quick one meaning ,

    It is a beneficial process to select the perfect candidate for your company or an organization

    By creating a proper structure for your business & which helps you in the future to grow your company. 

    Also Read : Amazing Things You Should Know About Leadership Excellence

    Frequently Asked Questions

  • Virtual CFO – Everything needs to know about

    Virtual CFO – Everything needs to know about

    A virtual CFO assists a company by analyzing and managing the organization’s financial status. You can get the services of a highly skilled virtual CFO at a minimum cost to improve your business or organization profit.

    First, we need to know who is CFO. CFO stands for the Chief Financial Officer. It is responsible for managing the financial actions of a company.

    It includes financial planning and analyzing the financial strength and weakness of the business and finding a better solution for it by taking corrective actions.

    WHAT’S IN IT

    What is a Virtual CFO?

    A virtual CFO has the expertise to manage your company regarding finance and also helps the staff in strategic planning and decisions. CFO also helps to analyze the company’s growth and profit and gives expert advice to increase the profit.

    It’s a new concept that helps small businesses at a reasonable price. A virtual CFO usually handles the job of house-in CFO.

    He/she monitors the financial health and gives guidance according to the issues of the company. The house-in CFOs are sometimes out of budget for small business and start-ups, so for them, I truly recommend virtual CFO services.

    In comparison to the house-in CFO, virtual CFO is less expensive as they are not the employee of the company. A house-in CFO is part of the company that gets benefits, bonuses, and salary, but a virtual CFO cost is based on the deliverables.

    What are the services a virtual CFO provides?

    A virtual CFO provides better services than a traditional house-in full-time CFO. As it is more beneficial for start-ups, small business because who have low budget. Some of its services are:-

    • A CFO can manage the accounts and analyze the company’s data and interpret the results for the benefit. He/ She always try to reach the company’s goals and objectives.
    • Suppose you are financially frustrated and want to increase your productivity in the market. A CFO can help with the proper guidance and his/her network with different invertors and clients.
    • A CFO participates in your board meetings and coaches your staff for the betterment of the company.
    •  A virtual CFO provides a detailed report of your finance and guides you accordingly.

    Roles of Virtual CFO 

    The 3 essential roles of virtual CFO are:-

    Bookkeeping:

    It refers to keeping records of bills and invoices sent to customers as an entry in financial transactions. If you do this yourself, then you will not be able to do other important business tasks. A virtual CFO has to take responsibility for finance and analyze the information from the accounting data. This frees up your time and can focus more on your business goals.

    Accountant:

    An accountant uses the data created by the bookkeeper along with other records to generate the financial status of the company periodically. It includes balance sheets and income statements. By this statement, business owners determine their progress and make decisions. As the owner, you are not able to make these sheets yourself, so you have to keep a person who analyzes the transactions and provides you with the monthly financial status.

    Main CFO:

    CFO manages the finance staff and also reviews the transactions and statements. Apart from this, CFO creates a budget by analyzing the data and advises the owner for future investments by being a part of major financial decisions. 

    Do you need a virtual CFO?

    Yes, my answer is yes because any businessman or entrepreneur don’t like accounting and finance or in other words, you don’t want to waste time on it as you have many important tasks to do related to your business like making plans and strategies for the business growth.

    So there is a need for a person who handles your transaction, bills and creates monthly statements and puts the results in your hand so you can take decisions according to it.

    The person is CFO (Chief Financial Officer), He/she is the one who manages the finance related staff. But not all business owners afford full-time CFO. So here is the solution for the small business or start-ups that you can get services from the virtual CFO.

    The job of VCFO is the same as the house-in CFO but it is reasonable. The benefit of having a CFO that you get more time to focus on your goals and objectives and the CFO helps you to take finance decisions by analyzing your data and by advising different investment ideas to increase your productivity and reach in the market.

    Virtual CFO vs. House-in CFO

    in-house-cfo

    So if you want to manage your finance, I recommend you to get the services of a virtual CFO as there are many benefits of a virtual CFO. Some of them are:

    Flexibility:

    Virtual CFOs are way more experienced and can handle complicated challenges more easily. But in the case of house-in CFO, they cannot handle complicated challenges due to lack of experience and restrictions 

    Improving productivity in less time:

    Suppose you hired a house-in CFO, then first, he needs at least 5 to 6 months to understands the progress of the company.

    He/she will take time to adapt to the environment of the company. But services of a virtual CFO will provide the best solution in a reasonable time as he/she worked with other companies and have great experience in the field of accounts and finance.

    Strong business network:

    A virtual CFO is a good decision-maker. They help to make the best decisions for the company regarding investing as their network is strong.

    Professional team effort: A VCFO has a professional team who give lots of solution for a single problem.

    Services at a reasonable cost:

    The services you will get from the virtual CFO are at a minimum cost that a small business owner can afford it. But in the case of house-in CFO, it costs a lot that only bigger organizations can afford it.

    Follow standards:

    Virtual CFO expertise has good exposure in the field of finance and accounts. They follow the standard rules for creating the finance report. They create a proper report format, which is helpful to understand easily.

    Advantages for business

    advantages-of-virtual-cfo

    Some of the advantages of virtual CFO are:

    Provide better guidance:

    A CFO is responsible for managing financial transactions and focuses on your business growth. He/ She will help you to understand the key performance numbers, pricing, setting, achieving profit goals. They build and grow your business and make it successful.

    Better operational control:

    This is the dream of every business owner or start-up person to reach their business at the top level. But sometimes they ignore small details that need improvement so a CFO can acknowledge you about the different areas of your business from time to time by which you can plan accordingly.

    High-level services:

    The virtual CFO provides high-level financial services at a very low cost in comparison to an in-house CFO. The services include a focus on strategy, uncover various leaks, tax deductions, and restructuring of the business that helps in reducing the overall tax of the business.

    Only pay for what you need:

    This means you only pay for those services which you need. This is one of the benefits of hiring a virtual CFO. You can customize your services according to time and specific tasks.

    Provide proper guidance:

    A virtual CFO helps to educate with the proper skill of managing the business to business owners. A CFO gives proper guidance and advice to the owner in financial-related goals.

    Virtual CFO jobs

    There is a huge requirement for a virtual CFO in the market, so it can be a good opportunity.

    The accounting profession has gone through some major changes. Many small businesses and start-ups cannot afford a full-time CFO.

    A virtual CFO is quite affordable for them and a good opportunity for you to being an expert in this field as you can work with different organizations that give you a lot of experience. But first, you need to grow up your other skills too. Some of them are:

    1. Problem-solving abilities
    2. Leadership skills
    3. Teamwork
    4. Cash management and finance accounting 

    Apart from these skills, you should have a finance-related University degree and professional qualification in accounting.

    Finding the right person

    virtual-cfo-jobs

    Hiring people to your organization is one of the tough tasks. The decision should not be taken lightly. Finding the best employees for your organization is part of your business growth, whether they are front runners or your senior staff.

    Financial management is an important part of your business, whether your business is small or big. Every businessman needs to take care of their budget and make decisions according to it.

    But owners don’t have much time to manage the books or the software, and some of them don’t have any knowledge about debit, credit, bookkeeping, accountancy.

    So there is a need for an expert who takes care of all these data and creates a final report through which the owner can estimate or make decisions for the future.

    Now the question is how to find them or what we call them? 

    You need to find a person who supervises your finance staff, financial reports, budgeting, resolve your finance-related issues, advises you according to the report, profit-loss, direct you for better investments, and helps you to raise your capital.

    These can be done by a CFO. Your staff will work under a CFO. A CFO oversees your transactions, analyzes the final reports, and gives you advice related to finance. He/she takes part in your major decisions and coaches you where to invest your money.

    Although it costs a lot that only bigger organizations can afford a CFO. So what will small organizations do? The answer is simple; they can hire a virtual CFO. To find the best one:

    • A CFO should have good knowledge of accounting, finance and should have a great passion for his/her work, which brings the company’s success.
    • A CFO should have a good leadership quality so that he/she can lead his/her staff and bind them in an objective to look forward to success.
    • Good communication is always needed in every field. A CFO should have good communication skills with co-workers.
    • A CFO should have problem-solving skills. He/ She should be prepared with common solutions. 

    Conclusion

    According to you, what’s better, a house-in CFO or a Virtual CFO?  I will prefer a virtual CFO with customized services at a reasonable cost. They are experienced, standardized, and great advisers that help me to grow my business at a reasonable time.

    They are said to be the right hand of the business owner as they take part in major financial decisions and advise better investment strategies. Hiring a CFO frees up you to focus on other important objectives and goals of your business. A CFO minimizes your burden and helps you increase your business productivity.

    Also Read: Amazing Things You Should Know About Leadership Excellence

     FAQ’s

  • Everything About Blue Ocean Strategy and Blue Ocean Leadership

    Everything About Blue Ocean Strategy and Blue Ocean Leadership

    Out of many leadership ways, blue ocean strategy and blue ocean leadership are some of the ways that can boost the productivity of team members. 

    According to Gallup 2013 American workplace report, only 30% of team members are committed to doing their job. It’s kind of a sad thing. 

    Also, according to the same report, only 50% of people in your team merely put their time into their job. And 20% of people negatively influence your business. 

    You will feel amazed that according to the same research, this 20% of people alone cost the developed nations like the US each year by half-trillion-dollar.   

    Now you still think what the reason for this loss is? Leadership is the main reason behind all these losses.

    WHAT’S IN IT

    Blue Ocean Leadership:

    what-is-blue-ocean-strategy

    It is just an obvious thing that no one wants these losses in their business, and no leader leaves this fresh talent and energy intentionally. Marketers and CEOs believe that one of the best methods to use this unused energy and talent is blue ocean leadership; additionally, unlike other ways of leadership which solely focus on cognitive skills and psychology. With blue ocean leadership leaders only focus on the field of strategy. 

    In over twenty-five years of research, marketers found a blue ocean strategy that enhances productivity and changes your cooled customers to hot customers or potential customers. 

    Marketers coined the word blue ocean.  The concept reflects the deep blue sea of talent, and team members still have not discovered this talent yet. And by this method, we have to find this untapped talent and energy. 

    The Link Between Blue Ocean Leadership and Blue Ocean Strategy: 

    Not only in this case. But also with other matters, strategy and executing leadership linked with each other. Even without a plan, no leadership can tap fresh talent and energy and vice versa. 

    In the research of over twenty-five years in the blue ocean leadership, markets observed that over time organisation spends dollars and dollars on leadership coaching but barely moves a needle in leadership skills.  

    Key Difference Between Traditional Leadership and Blue Ocean Leadership: 

    traditional-leadership-vs-blue-ocean-leadership

    Blue ocean leadership brings profound changes not only in productivity but also in the result. It is different from the current administration in many ways. There are some differences between them. 

    Focus more on activities:

    Many years of research on marketing and leadership found that qualities, values, and behavioural styles are the fundamental pillar of good leadership. And these formed an executive coaching and development program. This research also concludes that qualities, values, and behavioural styles might translate to boost high productivity. 

    The matter of fact is that when people look backwards, they find any noticeable changes. And here, the question arises. 

    Without maximum effort, how can you change the behavioural traits or person characters? Also, is there any measure that tells that leaders start to adopt these changes? In theory, it is but in practical life is hard to figure out.  

    Blue ocean leadership and blue ocean leadership strategy are only focused on what activities and acts leaders should adopt. This difference is essential because changing people’s behaviour traits, qualities, and values are hard than changing people’s movements and actions. 

    However, it’s just an obvious thing that changing people’s activities and actions is not a complete solution. But sometimes activities and actions are the only things that can change and measure both theoretically and practically.

    Connects the person to the market:

    Conventional leadership development programs detach the person from the market. 

    In other words, in the blue ocean leadership and blue ocean strategy. The Interviewer asks people who face the market. The interviewer also asked what the essential bad qualities of a leader hold them back. Even in the blue ocean leadership, people asked what the things that leaders could do to boost productivity among team members and help them to serve stakeholders and customers are.

    This willingness of cooperation in team members minimises the implementation cost and maximises the new method of leadership.

    Also Read: The Future of Leadership Development

    4 Steps of Blue Ocean Leadership:

    Now it’s higher time for you to practice the blue ocean leadership and blue ocean strategy. And here are the necessary four steps of blue ocean leadership.

    leadership-qualities

    Observer your leadership reality:

    The common mistake that organisations do is that they are discussing changes in the present leadership over what leaders are thinking and what they are doing. Also, without a shared understanding of what leaders think and do, how can a leadership stand? And this causes the fall of the present administration.

    Doing this first step ensures the data collected from all levels of the organisation. This day shows how managers at each level think and invest their efforts and time. 

    For this step, 10-15 members are selected. It should be noticed that these 10-15 members are from each level. Doing this will increase credibility at different levels. After this, the team is divided into three small subparts. Additionally, each side interviews current leadership customers, both subordinates and bosses.

    The aim of this step is to ensure communication between each level and what are some changes that they should do in the current leadership. Additionally, in the interview process, the customers, including bosses and subordinates, asked what are some activities either it is wrong or right that their leaders spend the most time on. What are the factors, including motivation and performance, that is ignored or neglected by leaders?

    Develop leadership profiles: 

    At this stage, each subteam is eager to know which leadership profile will be active at each level. To answer this question marketer recommended going back to the interview process with two questions. 

    The first step aimed at locating the extent to which action is a cold spot on canvas and which is a hot spot. Here the cold place is referred to as the interviewer absorbing leader time and but the interviewer adding very little or no value. Whereas, in the warm spot interviewer motivates, and inspires the employees to use their untapped talent and energy in their work. 

    The second step allows the interviewee to think beyond the company favour. Also, the second step solely focuses on effective leadership that they observed outside the organisation. This helps the leaders to apply effective leadership that they found outside the organisation to use inside the organisation. 

    In the same process leaders also asked to think about their role model. These role models act and actions can be copied in the internal organisation too. 

    After the finding in the second step interviewer can use an analytic tool to find the answer that they get from interviews, Blue ocean or blue ocean strategy grid is widely used as an analytic tool.

    Present the Leadership Profiles: 

    leadership-profiles

    After some time or three or four weeks, the interviewers present their analytics in the leadership fair. The leadership fair includes all managers, team members, and leaders.

    A head member of the team has started the fair by describing all efforts and procedures behind the whole process. With analytics, the senior leader describes why the change is necessary for the organisation. Presenting the analytics at the fair ensures a comfortable environment in the organisation. The main criteria of fair should not criticise any leaders but ensure that they feel that they are in the same boat. 

    Practice new leadership profile:                      

    After the fair leaders planned according to analytics, leaders after planning the next step are to create a strategy that ensures maximum output. Also, leaders have to take part in the monthly meeting. In this monthly meeting, head members asked leaders to present their reports.  Many leaders give their story after practising new leadership. 

    Additionally, in these reports, leaders present how they cut their old activities and actions. These reports indicate activity that affects an organisation to achieve its goals.  And also they asked to give the story on how new businesses and operations will profit the organisation. 

    Conclusion:

    We are all amazed to discover the hidden talent in our organisations. But we were also surprised that this hidden talent was untapped for a very long time. And how this undiscovered talent harms our organisation. 

    The leadership canvas gives visual to the leader and team members how they can concentrate on the surface program to ensure more productivity in the organisation.

    Whatever your position is. You don’t have to wait for your organization to start these leadership programs. Additionally, you can independently begin this program to boost your productivity. Whatever management class you are in, you can start this program.

    Always remember it is still better to start something than relying on someone.   

    Also Read: Amazing Things You Should Know About Leadership Excellence

    FAQ’s 

  • Leading and succeeding in a downturn – Best Guide

    Leading and succeeding in a downturn – Best Guide

    A downturn is the time where the true leaders are identified. One of the main things that a leader should focus on during leading in a downturn is that the leader should never look like he or she is worried. It makes your employees worried also. You have to stay confident.

    WHAT’S IN IT

    Major Mistakes While Leading in the Downturn

    Focusing only on one Problem

    Focusing only on one Problem

    Mostly whenever a problem comes into any person’s life, it is observed that most of the people just focus on the problem and complain to god, blaming someone else for their conditions. 

    Leaders are also human. If a downturn comes in the company, the leader focuses on fixing one thing and the rest of the things are also ruined because they lack focus on those things. Great leaders should continue the operations which are running in the company while leading in a downturn. 

    Behaviour with the employees

    Another mistake while leading in a downturn is not focusing on our employees. This is one of the main mistakes that almost every leader makes while leading in a downturn. Employees also know there is a downturn coming in the company.

    So, they are trying to work hard. In such cases, the leaders should not increase their work too much. Maybe in the initial days it brings you good results but eventually, the employees will start burning out. Employees understand if some day you give them extra work but, it should not be the routine for them.

    Otherwise, they will leave the company and manpower will also start decreasing. And remember that you are leading in a downturn, so the companies will not be able to find equally skilled employees immediately.

    You should not increase employees’ work too much. If you will stop paying the bonus to them while leading in a downturn, then it is ok. They can understand this. Just be nice to your employees. They will stand by you in the crises.

    Not taking experts to advise

    You must know how expensive business consultancy charges are. Still, most of the businessmen are ok with spending that much money on that. Why? Because a true leader knows the value of the expert’s advice. Every single coin you spend on the experts’ advice will help you for leading in a downturn.

    I would recommend that the leader must hire an expert business consultant, no matter you are leading in a downturn or upturn. And if you are not okay with it, then you should read books and articles on the internet which have explained how the leader should act in the crises.

    Read about some famous businessmen, and notice how they lead their company in crises. And if you’re reading this article that means you have done the right things.

    Becoming problem-oriented

    You must have heard the terms problem-oriented and solution-oriented. Problem-oriented are those people who just keep complaining to god about their problem, always thinking why this problem came into my life.

    Being problem-oriented is a bad habit that you should just leave. No matter there is a downturn or an upturn in your organisation but being problem-oriented is always a problem.

    A leader should always be solution-oriented no matter you are leading in a downturn or upturn. This means, instead of complaining about the thing crying and asking why me, you should focus on how you can solve the problem.

    Leaders’ attitude while leading in the downturn

    Leaders’ attitude while leading in the downturn

    The leader is the role model of the team members. So, he should focus on his attitude while leading in a downturn, which is inspiring his or her team members.

    • First of all, leaders should stay positive and confident, so your team will not panic and feel safe.
    • Leaders should make more effective strategic plans and send them to their team. Thus, your team will have a proper direction to work. And they will also notice that the leader is confident that we will overcome this. 
    • According to your company, you should know when to slow down and when to speed up. But still, i will suggest that not try to speed up too much during a downturn. 
    • Leaders should re-analyze the operation and projects are running in their company. Find out the flows in the strategy and try to fix it.
    • Not only high authorities have good ideas and strategy. If you will ask the employees then they can also suggest a great plan, then it’s on to you whether you want to execute it or not. 

    Facebook’s CEO Mark Zuckerburg has allowed the people working under him that they can stop him in between if they are thinking there is something wrong or they want to suggest something.

    • Analyze your competition, what they are doing. Find out the good strategy they are applying and try to take out something great from them. And apply this thing to your strategy.
    • Filter the employees who are not working properly and also break the team’s motivation. After you will start firing the lazy people, the rest of your employees will start working sincerely.

    Points to remember while  leading in a downturn as well as an upturn  

    Points to remember while leading in a downturn as well as an upturn
    1. As mentioned in the above passage, leaders should always be solution-oriented.
    2. Try to understand everyone’s point of view and respect your employees’ suggestions. At Least listen to them, and if it is not appropriate then the leader should explain to the employee why his idea is not considerable.
    3. A leader should have the skill to identify the talent, Giving a person the work in what he is good at, then the person will work with his heart. And a leader can get maximum output from his employee this way.
    4. The leader should work harder than the employees. This way the employees will also keep motivated and most importantly, they will respect you and obey your orders.
    5. There should be common dreams between the team to achieve the goals. If employees are not treating the goal of the team as their own goal, there will be a gap between your team. So, make sure that your team has a common goal.
    6. Be polite with everyone and accept their way of living. Don’t suggest them every small thing. otherwise, they will be frustrated. Give a little bit of freedom to them.
    7. A leader should not blame anyone else for his own mistake. He or she should accept their own mistake. Everyone can understand that if you are a human you can make mistakes. If you will blame your team for the failure they will start hating you.
    8. Maintain a good relationship with your employees. So, whenever a downturn will come they will support you.
    9. A leader has been given a great responsibility. Always keep in your mind that your team is influenced by you. So, keep working hard so your team will also understand the value of the goal.

    Conclusion

    In this blog post, we discussed how to lead and succeed in a downturn? using some point like Major mistakes while leading in the downturn, Leaders’ attitude while leading in the downturn and another thing.

    This is the responsibility of a leader that he should take care of the team members and train them to face all the ups and downs. Real leaders always look forward and keep walking irrespective of the adverse conditions.

    They also inspire others and appreciate everybody for their genuine efforts, no matter if the results are not promising. They give them a chance to improve. If you like this post so shear and read our other blog post.

    Also, you can read our blog on Albrecht’s four types of stress-managing common pressures

    FAQ’s

  • Everything You Need to Know About Adaptive Leadership Qualities

    Everything You Need to Know About Adaptive Leadership Qualities

    There are many leadership skills and leadership qualities out there. They conclude that they can boost your team productivity and your business profits. 

    No one knows which are the best leadership qualities for their team. It’s about the hit and trial method. It is essential to know your leadership skills and conditions for your organisation.

    WHAT’S IN IT

    What is Adaptive Leadership:   

    what-is-adaptive-leadership

    Marty Linsky and Ronald Heifetz are two people who introduced adaptive leadership. Heifetz defines adaptive leadership as a team that can handle the toughest challenge and task and completes this task at the end. He also describes that after completing the job, they celebrate. 

    Celebrations are necessary after every most challenging task to maintain the right work environment. 

    Understanding leadership qualities nowadays is different from the traditional definition. In the old way, people assumed that a leader is one who is single able to handle any task with their will. 

    But in this era, leadership is all about team contribution. In a prominent organisation, leaders or managers work with their team members to achieve any task. 

    For surviving in this business world, one has to be more than highly active and performing. No matter what happens, corporations should adopt new strategies and techniques to tackle all the challenges that they will face shortly.

    Imagine how volatile or uncertain the organization will be if leaders are unable to adopt new strategies and tasks.  

    What is the Difference Between Adaptive and Technical Leadership: 

    adaptive-technical-leadership

    There are two types of problems one is adaptive, and the second is a technical problem. According to adaptive leadership qualities, the solution to technical challenges is already there. Some people call themselves an expert who is having professional problem-solving. These experts build their solid reputation on the market.

    An expert can solve these technical problems. Whereas, for the adaptive problem, no one has a particular set of answers and solutions for these problems. Also, there is no specific instruction and rules out there to address adaptive difficulties. 

    In most cases, there is no proper definition of adaptive problems. In these situations, only the adaptiveness of a leader helps them to tackle these problems. These leadership qualities help the leader to define the real problem and teach their team members for their support. 

    What are the Four Principles of Adaptive Leadership:   

    The four principles of this theory are:

    Emotional leadership intelligence:

    Emotional leadership intelligence is the ability or method to understand the own feelings and feelings of other team members. This ability helps the leader to understand their team members and make a bridge of trust between them. This bridge of faith helps to boost productivity and help to maintain a comfortable working environment. 

    Team development: 

    Adaptive leadership qualities help the leader to learn many new things. If one thing is not working for their team, then they discover new ideas or a process that allows their team members in development. With these new learnings and these theory qualities, leaders and team members contribute toward high productivity and business profits.  

    Leader character: 

    In adaptive leadership, the transparency of leader work is crucial. Sometimes, leaders are not correct, but they earn respect from their team members.

    Being transparent and creative helps them to maintain a proper and comfortable work environment. 

    Justice: 

    Another most crucial principle of adaptive leadership is justice. It is essential to growing honestly in your organisation. And this policy is necessary to boost the productivity and work culture in your organisations.

    What are the Traits of Adaptive Leadership:

    adaptive-leadership-traits

      There are some traits that every team leader should have:

    • The first trait that every leader should have is to link new changes to the values of stakeholders, organizations, and team members.
    • Additionally, to maintain the organization nature that welcomes every change that benefits the organization. 
    • The leader should know that changes are painful and difficult. And no leader should forcefully expect those changes with their teammate. 
    • Additionally, the leader should know that changes in significant organizations demand pressure and time. And leaders should welcome the time and stress that come along with the changes. 
    • Also, the leader should be active in finding the opportunity to invest in necessary resources. 
    • Leaders should admit that they also make mistakes, and they should welcome the change and error that they commit.  
    • Additionally, leaders should be open-minded and have risk-taking capacities. 
    • Also, the adaptive leader should embrace and welcome the innovation from team members.    

    What are Some Challenges You Will Face When Practicing Adaptive leadership: 

    Like other leadership, adaptive leadership also comes with lots of challenges. These leadership qualities are about finding new knowledge, experimenting, and making small changes within the organisation. It is about changes in work progress and attitude, which brings changes and helps to survive the organisation in this competitive world. 

    However, it should be noted that changing people’s perception, their beliefs, and nature is the most challenging thing in the world. For making essential changes, you should accept that your current technique sucks. 

    For example, if you apply and adopt new marketing skills, you should first accept that your current marketing skills suck. To boost productivity and change, you should adapt to new things in life.   

    Most managers and so-called CEOs stick to their original or old stinky methods or procedure throughout time. This old stinky strategy and advice stop the benefits that they can get through the new techniques. 

    The second challenge that comes when you practice adaptive leadership is those team members, or employees are attacking and marginalising the changes.

    More about practicing adaptive leadership: 

    practising-adaptive-leadership

    If you observe the above changes, then the chances are there that they are starting to challenge your new plans. 

    After all these, every organisation experienced these changes in activities. Adaptive leadership is not about completing whatever you wanted. It’s about proper teamwork and collaboration. 

    It is also essential to maintain communication between team members and team leaders. And without communication, you can’t do any task in adaptive leadership.   

    But in reality, only a few leaders welcome the changes and get ready to listen to their team members’ problems.  These leaders fail to understand that merely looking to their team members doesn’t mean they are opposing you. After all, they are your team members, and it’s your responsibility to nurture them. 

    Additionally, it is essential to understand your team members and what they are expecting from you. After listening, what they want you can manage or change your decision.  

    Verdict:

    Apart from all changes, adaptive leadership welcomes the benefits of reforms. Adaptive leadership qualities help to boost productivity and business profits.    

    For adaptive leadership qualities, it is essential to follow all traits that we mentioned above. If you want something to add to this guide mention us in the comment section below. 

    Conclusion

    Understanding leadership is a different thing from traditional definition. A leader should be able to identify the talent and he should work harder than the employees.

    Adaptive leadership qualities help the leader to learn many new things. You have to face various challenges from the employees as well as management while practicing adaptive leadership.

    But, it is always beneficial for an organisation to adapt the changes as early as possible. It helps in the future growth and fighting the competition. The leaders who can adapt the changes at right time can bring changes in the processes and behaviour of the business and bring it to the sky heights.

    Also Read: Amazing Things You Should Know About Leadership Excellence

    FAQ’s