Attracting Millennials to Your Workforce

Although the Millennial generation is often under-estimated, they are key to growing your business. By 2020, this demographic will be making up most of the workforce, and that, in turn, means that companies must focus on attracting, retaining and engaging them if they want to stay productive, profitable and successful. So, what do Millennials want? How can you persuade them to join your team and, more importantly, stay there? Here is an expert guide to help you to keep your business thriving in the near future.

Work/Life Balance Is Key

If you take a closer look at the differences between the way business operates today when compared with a decade again, you can see that millennials are driving change. Their top priority is establishing the right work/life balance, and when this demographic looks for a job, having sufficient time off remains a top priority. Flexible working patterns are also very important, and in surveys, Millennials have reported that their top reasons for quitting a job are inflexible hours and excessive overtime. While this sounds like bad news for employers, in fact, 77% of this generation report that having flexible working patterns allows them to be more productive and efficient in their roles.

It’s Not Just About Money

Millennials don’t just focus on the salary when they take up a new post. Almost 90% believe that career growth and training opportunities are vital to them, with most choosing to stay with a current employer who offers new opportunities and a clearer path of progression. Most importantly, millennials need to have recognition for their professional accomplishments and for reaching their milestones in the workplace. Positive feedback is key for them, and therefore putting an infrastructure in place which invests in development and training and which rewards achievement is essential.

Increased Transparency

Millennials value honesty and transparency in their leaders. Employers must build-up a company culture in which employees can see the processes of decision making, and can contribute to those decisions in a meaningful way. Traditional systems of management in which strict boundaries are imposed cause this demographic to lose trust in their leadership since younger generations perform more effectively in a trust-based, candid environment. You must share information openly with your team in order for your younger employees to feel trusted as well as reassured that their opinions will be taken on board.

Inclusion And Diversity

50% of all Millennials look actively for inclusion and diversity in a potential workplace before committing to a position. Beyond physical ability, race, gender, religion, and age, they’re also concerned about how differing viewpoints are valued and accepted. With 83% of employees reporting that they remain actively engaged in their organization fosters a more inclusive working environment, it’s something that’s well worth implementing into your business ethos.

Seeking Professional Advice

It can be challenging to attract Millennials to your workforce, but with the right advice and support, it becomes possible. Global Resources LLC can help you with this, offering business consultancy services that will take your organization to the next level.

Choosing the Right Project Management Methodology for You

There is no shortage of project management methodologies for you to choose from, but all have a single thing in common: they are all designed to help you to manage the work processes of your team through communication, structure, and rules so your projects can be successfully completed.

Yet, despite having the same goal, and despite the similar-sounding jargon which is used in each methodology, all have very different approaches that set them apart from each other. While there are many successful options for you to consider to help your business to grow and thrive, there are four which stand out from the crowd. Here, we take an expert look at these methodologies so you can make an informed decision about which one suits you and your business best.

The Waterfall Method

The Waterfall methodology is an older project management approach, with its origins in manufacturing and construction industries where every part of each project depends on another part having been already completed. This methodology can only be applied in a linear fashion, allowing a project to move from one phase onto the next, with no going back to the previous phase. This way of completing projects is extremely structured, with each stage agreed beforehand. This makes it an excellent choice if you prefer rigidity and tight structure within your organization. However, if you require greater flexibility or simultaneous working, this approach won’t be helpful for your business.

The Agile Method

This methodology is the polar opposite of the Waterfall method. It allows simultaneous, flexible workflows with projects being broken down into smaller subsections. This is an ideal approach for any team that prefers to adapt their processes if and when the requirements of a project change. It’s also a good choice for any projects which require testing or regular revisions, such as those found in the software development sector. Members of the team can easily stop or change direction with no disruption to the project.

The Kanban Method

The Kanban approach is a specific form of the Agile methodology as it adheres to a flexible principle instead of a rigid one. The primary feature of the Kanban method is that it improves team processes. The Kanban board is used to demonstrate incremental work as it progresses to completion, allowing teams to visualize any bottlenecks or flow issues and to identify where problems lie within their processes. It also allows teams to adjust or correct the workflow processes more easily so projects can efficiently stay on track.

The Scrum Method

Scrum is also a type of Agile methodology, but with a strong focus on speed. Each project is broken down into “sprints” – short periods of time during which specific project elements are completed, all facilitated by the “Scrum Master”. Daily meetings are held to check on progress and to ensure everybody is in line with expectations.

Choosing the Right Methodology for You

Adopting the best methodology for your business and your team will depend on the nature of your projects and the optimal working style of your team. Every methodology comes with its own advantages and restrictions, depending on whether process, workflow or speed is key to your operations. The most important thing is to select the right method for you and then stick to it. If you try to use elements of multiple strategies, the effect will almost certainly be to slow down your team and your projects.

You may benefit from some expert consultancy advice to help you select the most appropriate methodology for your business. Global Resources LLC is here to assist, helping your small or mid-sized business to grow and thrive. You can check Global Resources Reviews here to find out more about how we can help you and your company to stay profitable.

Your Expert Guide to Retaining the Best People in Your Organization

Loyalty is, arguably, the glue that holds businesses together. It is the key to keeping talent within your organization and it’s also what keeps customers and clients returning time and again rather than going to your competition.

Companies usually put considerable effort into rewarding the loyalty of customers, but does your business actually reward employee loyalty too? All-too-often, businesses demand loyalty from their workforce, but they aren’t so good at recognizing it in return.

Your employees are dedicating significant amounts of their lives to your business. So, shouldn’t they feel supported and secure in their jobs? Recruitment and retention are major issues that face every business, especially in today’s highly competitive workplace, so it couldn’t be more important to consider how your staff is treated. Could attrition in your organization all be down to your lack of loyalty and respect?

Could showing greater loyalty to your team really have an impact on the success of your company? Here, we take a closer look at why it could be so important to retain the best talent in your organization.

Boosting Your Reputation

Your employees are delivering your services or products to your clients and customers. Therefore, your business’ reputation is also carried on their shoulders. If your workforce is disengaged, their performance will suffer, their customer service will drop and, ultimately, your business will develop a poor reputation. Remember that your workforce is your competitive advantage over your rivals. Meeting their needs means that your brand image can remain a positive one.

Greater Productivity

It stands to reason that if your employees are satisfied, they will be more efficient and productive. Happy employees who feel appreciated and supported will work harder and contribute more. They’ll also take less time off work for sick days. In organizations where employees feel valued, productivity can increase by as much as 25%. Engaged employees have a 27% greater chance of reporting excellent performance. Yet almost 60% of workers who feel stressed in the workplace feel less engaged and non-productive. Evidence shows that companies that have engaged employees can outperform those which don’t by a massive 202%. Meanwhile, disengaged workers have a 37% greater chance of taking time off work for sickness, are almost twice as likely to be involved in an accident and are 60% more likely to make a mistake. It stands to reason that supporting your workers can make an enormous difference to productivity and, thus, the profitability of your business.

Better Staff Retention

Perhaps the biggest benefit of showing loyalty to your employees is staff retention. If your team feels appreciated, they’ll be increasingly loyal themselves, staying with your company for longer and, most importantly, speaking positively to others about their work, which attracts more new talent.

It’s clear to see why showing increased loyalty and support for your workforce could save your business a lot of money and could also help to improve your overall brand’s reputation. If you need more advice about how to recruit and retain the top talent to your organization, take the time to read out Global Resources LLC reviews. As expert business consultants, we can offer you all the help you need to grow your business and help it thrive.

Is Getting Help with Corporate Business Solutions a Waste of Time?

Your business is running well so why would you want to spend money on getting help with Corporate Business Solutions; surely it’s a waste of time.

You may think that this is the case but in fact, using professional services such as Global Resources LLC can be a very good idea. There are several business areas in which professional help can be useful. Let’s take a closer look at four of these areas.

Expert business analysis

You may think that your business is running as well as it can. However, it’s not possible to be certain about this unless you have comprehensive analytics in place. This is because you need to have an in-depth understanding of the past and present situation with the business in order to plan for the future.

This type of business analysis takes time and expertise. This is why working with a professional partner often makes sense.

Management consulting services

Once you have data from the analysis of your business, you need to make sure that you optimize its use. This involves planning and managing projects within the business, in order to improve and change in a positive manner.

Professional management consultants can help you with this work. They have considerable knowledge and experience working with businesses that are similar to yours. This means that you can trust them to provide a high-quality service.

Strategic tax planning

Any small business owner wants to make sure that they optimize their tax situation. However, it can be difficult to find the time, and develop the expertise, to make sure that this is the case.

Working with tax planning specialists takes the pressure off your shoulders. This means that you can ensure that you pay the right amount of tax, and receive any allowances that you are entitled to, without raising your stress levels.

Business Valuations

It’s helpful to understand the value of your business, especially if you are intending to sell. There are several factors that come together to determine this value. These factors include:

  • The quality of your business.
  • The amount of projected revenue that your business has.
  • The cash flow of your business.
  • The size of your operations.
  • Fluctuations of value within the industry.
  • The number of similar businesses that are available on the market.

It’s difficult to get an accurate valuation of your business on your own. This is why it makes sense to get help from experts in the area.You may think you have everything under control with your business, but there may still be room for improvement. Partnering with independent experts means that you get the benefit of their experience and expertise. It also means that you can get ongoing help with analyzing your business, managing improvements, planning your taxes and establishing the value of your business. This is the type of assistance that any business can benefit from.

 

Do You Really Understand Your Customers?

Understanding your customers is vital if you want your business to flourish and grow. It’s simply not good enough to believe that you have a great product or service to offer. You need to know that you are providing something that your customers are actually looking for.

This is why it’s so important to know all that you can about your customers. One way you can do this is to get help with your business analytics. Doing so helps you to see what actions your customers are taking. Take a look at Global Resources LLC Reviews and you can see what sort of help you can get. However, this is only part of the story. You need to work hard to develop a better understanding of your customers. Here are three ways in which you can do this, including the use of analysis.

Imagine that you are the customer

One of the best ways to understand someone is to put yourself in their place. This applies when you are trying to find out about your customers.

Think about the touchpoints that your customers have with your business. This can include telephone calls, visits to your business premises, correspondence and receiving goods from you.

Now you need to examine what the experience is like with each of these touchpoints. You may want to carry out research, such as making a phone call to your own business. If the phone is not answered quickly, you can see that this has a detrimental effect on customer experience.

You need to put all of the observations you make to use. This means that you should use them to determine what your business does well and where improvements need to be made.

Use data that is available to you

The importance of analytics was briefly mentioned earlier in this article. It’s one of the best ways to get to know more about your customers and their habits. You should have a lot of valuable data in your customer database, or customer relationship management system (CRM), that can provide you with the insight that you need.

For instance, you can examine this data to see when customers are more likely to make purchases from you and what items they tend to purchase at the same time. You can also see how your business dispatches these orders to the customer.

You can see how information like this can be of use to your business. For instance, it enables you to target certain customers for discounts and new product information. It also allows you to see if there are any issues with your dispatch system which could have an adverse effect on customer experience. It’s an efficient way of getting a better understanding of your customers.

Designing and issuing a customer survey

You may not realize it, but not everyone who is dissatisfied with your business will tell you about the issues that they have; they may just discuss it with other people. This is why it’s so important to design and issue customer surveys so that you can directly ask your customers about their experiences.

When you are designing your surveys, think carefully about the questions that you want to ask. You also need to make sure that you are prepared to act on any less than positive feedback that you receive. This is important if you do not want to provide a negative impression of your business.

It’s also vital that you do not treat a customer survey as a one-off experience. You also need to provide customers with the opportunity to contact you and give you feedback on a regular basis. Doing so means that you provide better customer service and that you keep on top of any issues that you may not otherwise be aware of.

You can see that there are many actions that you can take in order to ensure that you understand your customers as well as you think you do.

What on Earth is Management Consulting?

If your business is starting to grow, and you want to make sure that you optimize its potential, partnering with a management consultant might be a good idea. If you are wondering what a management consultant actually does, you may be surprised at just how useful they can be.

There are many different areas of your business that professionals like the team at GR-US.com can help with. Let’s examine this in more detail.

Business expertise

One of the major benefits that can be had from working with a management consultant is that they have a high level of business expertise. This is because they have been exposed to a number of different organizations and businesses over the years. This exposure has enabled them to digest all of the best business practices that they have seen.

This expertise also enables management consultants to help by providing services such as the analysis of processes, the implementation of technology and helping with the improvement of operations.

An objective eye

It’s never easy to be completely objective about your own business. You may believe that everything is going well, but this may not be the view of a completely objective person.

This is where hiring a management consultant can be useful. They have no preconceived ideas about your business and no personal interest in it. This means that they can give a completely unbiased view of your business and the way it’s operating.

They can use this objectivity, together with the available data and their past experiences, to create well-informed solutions for your business.

A dedicated resource

When you are running a business it can be difficult to allocate resources to certain projects or initiatives as well as keeping up with the daily routine. The role of management consultants is to help businesses improve their operations and run more efficiently. This means they can dedicate all of their time to this.

This is why working with a management consultant enables you to secure a dedicated resource without any detrimental effect on regular business activity.

Savings for the business

It may seem as though using the services of a management consultant would be costly. However, while there is certainly cost involved, there are also substantial savings to be made. For instance, you can acquire the help that you need for a specified period of time, without having to incur the expense of recruiting a full-time member of your team.

You also get the benefit of cost savings which results from initiatives inspired by a management consultant who works with you. You should also not forget that professional management consultants have the experience and expertise that they need in order to complete the job to a high standard. It can be difficult to get this high standard of work elsewhere.

You should now have a better understanding of the work that a management consultant does. You should also be able to see the benefits that this work can provide for your business.

Why You Need a Good Exit Strategy for Retiring as a Business Owner

If you are running a successful small business, it may seem strange to think about retirement. However, it’s important that you do think about what you are going to do about the business when you retire. This is because leaving this decision until the last minute can cause you problems.

For instance, you need to decide whether you want to sell the business when you retire. If this is the case, you may want to take a look at Global Resources Reviews, to see what sort of help you can get with valuing your business. Of course, you do not have to sell; you may want to hand the business over to a relative instead. However, if selling is your preferred option, you should start to think about an exit strategy as soon as possible. This is because it could have an effect on your overall retirement planning.

How retirement planning is affected by your Exit Strategy

When you are planning for your retirement, you need to make sure that you have enough cash available to pay for your lifestyle when you are no longer working.

The problem with this is that you cannot be certain of the value of your business at the time you are planning to retire. This may mean that you need some flexibility when it comes to the timing of your retirement. This, in turn, means that your retirement planning also needs to have some flexibility built-in.

How selling a business can affect the date of your retirement

If you are not intending to sell your business when you retire, then you need to make arrangements for someone to take over running the business for you. However, if you are intending to sell you need to make the best use of the liquidity.

This means that you need to sell at the right time. This may mean that you need to arrange the time and date of your retirement around the sale of your business. In order to make the date of your retirement as predictable as possible, it’s a good idea to prepare for selling well in advance. This enables you to sell at the best time, as far as the market is concerned.

This is important as the last thing you want is to be forced into a distress sale. There are several reasons why a distress sale is not ideal for a seller:

  • Having to sell by a certain date means that the seller may have to accept a reduced amount from the buyer.
  • There is less opportunity for the owner of a business to benefit from buoyancy in the market if they are desperate to sell.
  • Potential buyers are likely to take advantage of if they sense the desperation of the seller.

You can see why having a good exit strategy, planned well in advance, is so important. It helps you to optimize the financial benefit you can get from selling your business.

Balancing a Business and a Home – Getting it Right

Any entrepreneur knows that building a business requires the dedication of a lot of time. The problem is that this can lead to the neglecting of other aspects of life. In order to make sure that growing a business does not result in ignoring other areas, entrepreneurs need to be proactive.

This starts with getting the assistance they need from professionals such as GR-US.com. This help includes analyzing business processes and identifying opportunities for improvements. It can also include managing the implementation of improvements, thereby removing some of the pressures from the shoulders of business owners and managers. This can be a big help when balancing work and home life. There are other actions that a business owner can take in order to assist with this balance.

Getting priorities right

Prioritizing life is not always easy, especially when trying to grow a business. For this reason, it’s important to plan. Anyone who is running a business needs to identify and list their priorities. For instance, there could be a meeting to attend with a potential investor or a child’s birthday party to go to.

It’s vital to recognize that not every priority will be business-related. Important occasions outside work should be given just as much priority whenever possible. Planning ahead makes scheduling a lot easier. This makes it simpler to balance work activities with home life.

The art of delegation

Delegation is a skill that any entrepreneur needs to earn. It allows them to remove some of the workloads from their shoulders. In order to be able to delegate, a business owner needs to build a valuable team around them.

This involves hiring professionals with the right background and ethos to benefit the business. It also involves putting the right training and development opportunities in place. Doing so means that an entrepreneur can delegate with confidence and dedicate some of the time that has been released to live outside of work.

Downsizing

Downsizing a business can be a way of reducing business-related time pressures. This can give an entrepreneur the opportunity to spend more time outside of work.

Downsizing can also provide other benefits for a business.

  • Financial savings.

Reducing the size of a business usually means reducing the size of the workforce. It can also result in moving to smaller premises. Changes like these can result in financial savings.

  • Improved efficiency.

Many businesses have processes that involve unnecessary repetition. Downsizing means that a business has to look carefully at all of its processes, to see where savings can be made. This often leads to a reduction in repetition and an improvement in inefficiency.

  • Increased creativity.

It’s easy for a business to become complacent when their enterprise achieves a certain level of success. This can lead to a reduction in creativity and less innovation. Downsizing a business means that improved working practices are more likely to be created, in order for the business to thrive.

These actions can be useful in helping an entrepreneur to balance a business and home while still maintaining a level of success. They can also help to improve the efficiency of the business itself.

How Industrial-Organizational Psychology can Work for Your Business

Business owners and managers benefit from understanding how Industrial-Organizational psychology (I-O psychology) works. This is due to the fact that it can play an important role in enhancing the success of a business. It does this by suggesting potential changes that can improve the mental and physical well-being of employees and the productivity of the business.

Experts like the team at Global Resources LLC reviews understand the concept of I-O psychology and how it can be used to benefit organizations. This means that they can help businesses understand what I-O psychology means for them. So, what can these businesses learn?

How does Industrial-Organizational Psychology work?

In order to understand how I-O psychology benefits a business, it’s essential to know how it works. There are actually two major parts to this type of psychology; industrial and organizational.

The industrial aspect is also often referred to as personnel psychology. This involves examining how individuals can be matched to job roles. This area of I-O psychology involves looking at characteristics that different employees have and matching them to the roles that exist within the business.

The other side of I-O psychology is organizational. This means looking at the organization and how it affects the behavior of individuals. This is important because organizational behavior can have a significant effect on the success of any business.

Areas of Industrial and Organizational Psychology

There are several different areas that fall within the umbrella of I-O psychology. Most professionals who work in this field are involved in one of six areas.

  • Training and development.

This area involves the determination of what type of skills are needed for certain jobs within an organization. Training can then be developed, taking this information into account.

  • Selection of employees.

Every business needs to get its recruitment process right in order to make sure it has a skilled and dedicated workforce that it needs. There is an area of I-O psychology that helps with this. It is used to create selection questions and tests so that the right person is hired to fill a vacant position.

  • Ergonomic development.

People working in this area are dedicated to helping a business to optimize performance and reduce the risk of injury, by designing and/or using safe and efficient procedures and equipment.

  • Performance management.

Performance management plays an important role in ensuring the success of a business. There is an area of I-O psychology that is beneficial in helping to create methods of determining how effectively an employee is performing.

  • Work-life

Maintaining a work-life balance has been increasingly recognized for its importance over recent years. I-O psychology helps to improve life in the workplace by assisting with the design of features such as recognition and reward programs.

  • Organizational development.

I-O psychologists work with businesses and organizations to re-design structures and processes in order to optimize employee satisfaction and productivity, and increase profits.

It’s clear to see that I-O psychology is a vital benefit for any business that wants to optimize its growth and potential.

Optimizing Your Valuable Time as an Entrepreneur

As an entrepreneur, time is one thing that you cannot afford to waste. Often, it seems like there are simply not enough hours in a day. So, it’s vital for you to ensure that every second is used in the right way.

You can get expert help with this from professionals such as Global Resources LLC. Your business can be analyzed and you can receive advice about efficiency improvements. In addition to getting this sort of help, you can also improve your personal use of the time that you have available.

Start your day at the first alarm

It’s important that you start the day as you mean to go on. Being productive starts as soon as you open your eyes when the alarm sounds. Instead of ‘snoozing’, so that you can get an extra few minutes in bed, you need to get up straight away. It’s time to jump in the shower and begin your day in a positive manner.

Make the most of your best thinking time

Everyone has a time of the day when their brain works at an optimum level. You need to recognize when this time is for you and make the best use of it. For instance, major business decisions should be made at this time.

You should also get into the habit of listing some new ideas each day. These ideas do not have to be thought through fully at this point. It’s just about getting them down on paper while you are at your most productive from a thinking point of view.

Personalize your planning

Planning is an essential part of optimizing your time as an entrepreneur. It’s important to remember that every entrepreneur is different, so you need to personalize your planning.

In order to do this, you need to factor in every aspect of your day that requires the dedication of time. These aspects can include things such as commuting, sleeping, exercise and work-related tasks.

Organize meetings effectively

Meetings can take up a lot of time in your business day. So, it’s essential that you plan them effectively. Many people find that it’s easier to allocate certain days of the week to meetings. This means that the remaining days can be kept free to concentrate on other business-related tasks.

You should also try to organize all meetings in a certain location on the same day. Doing this means that you can reduce the amount of travel time required to attend the meetings.

Think of breaks as an opportunity

It can be tempting to skip breaks when there is a lot of work to be done. However, this is usually not the best thing to do. Entrepreneurs need breaks just like everyone else. These breaks should be seen as an opportunity. They give you a chance to relax and recharge your batteries. This means that you are more productive and efficient overall.

Taking these actions helps you to ensure that you optimize the use of your time. This helps you to achieve your goals and get the success you want as an entrepreneur.