MBA Essentials

Reshaping Employee Experience

noreply@blogger.com (MBA Essentials) — Fri, 16 Jul 2021 13:39:00 +0000

Author-Sonam Jain

Everything has changed, from water-cooler conversations to brown bag lunches and happy hours, and so has the way employees perceive their workplace. The entire life is housed in 16*20 ft. rooms.

Let's look at how the year 2021 has affected the Employee Experience.

Prior to the Pandemic, whenever we started a new job, we were given a tour of the office, including our cubicle, desk, or table. We were able to meet our co-workers in a natural setting and form genuine relationships.

Everything was so simple, from celebrating birthdays to celebrating life milestones and praising people in a meeting, without audio overlapping and connectivity issues.

Since everything shifted to a virtual mode of operation, the employee experience has changed dramatically.

Few examples

Onboarding: Employee introductions, welcome sessions, and basic getting to know you rituals are all done remotely. The necessary equipment must be shipped, and other items must be set up with guided assistance, which marks the beginning of a new employee's journey in an organization

No bifurcation of work-life balance: Working from home has had such a negative impact on work-life balance that it has resulted in employee fatigue and an inability to "divide hours of working."

Lack of in-person guidance and interaction: Because everything is virtual, it has resulted in fewer opportunities for socializing and receiving feedback from bosses.

Employee Experience has been impacted: It makes employees conscious when they give a wide-eyed view of their surroundings during the video conferencing, resulting in employee fatigue. As a result, the Employee The experience continues to suffer.

Building and maintaining workplace relationships: The formal communication the platform has shifted from meeting rooms to video-conferencing meetings, and co-workers' chit-chat has shifted from cafeterias to virtual meeting rooms, resulting in a struggle to manage workplace relationships for employees.

Re-Inventing Employee Experience?

1. Hiring: Because some candidates do not have designated office space, the interviewer should be mindful and not form judgments or be biased about the candidate's background.

2. Onboarding: All necessary equipment must be delivered on time and various introductory sessions may be held to make things easier for them.

3. Development: Training and development should be ongoing, and even if everything is virtual, employee engagement should not be limited. A variety of activities could be carried out on a regular basis to assist them in learning and growing.

Future of Employee Experience

Flexibility: It is critical to allow the employee to choose their location flexibility and schedule facility. To address their needs, the concept of customizing must be introduced. Allow the employee to make the decision.

Recognition: Employee recognition must be prioritized because no one wants their suggestions and contributions to be overlooked. It is critical because it will be used by employees to decide whether they will be included or excluded voluntarily.

Skill-sets: Because everything is virtual and tech-savvy, it is critical that organizations prioritize keeping their employees up to date on the latest technological changes and advancements. To keep up with the pace, virtual workshops and webinars could be held.

Author-Sonam Jain

When is the Right Time to Invest

noreply@blogger.com (MBA Essentials) — Tue, 06 Jul 2021 07:31:00 +0000

Author - Chirag Kedia

Yesterday was the best day to start with your investments. If you have missed it start investing today. Delay it further to forego your extra returns. Every investor has confronted the same dilemma when they think about investing. As Stephen R Covey said, “The key is in not spending time, but in investing it." So, it is always the correct time when you start investing.

For an investment to work for you, it is critical to have a basic understanding and know the rules to get it right. Every investor has varying financial needs, incomes, and preferences. It is substantial to assess your investor profile before investing as every investor is unique and has specific financial goals and risk tolerance. It is significant to apprehend these things, as there can be various reasons behind investing, so understanding your goals helps you to assess your returns or target that you want, plan an investment strategy considering the risk tolerance level, and ascertain the time for which you intend to stay invested. This will help in creating an investment strategy that works for you.

It is easy to think to save as investing as they both go hand in hand and are quite different. On a practical level, saving involves keeping aside money today for future use. Although, saving is a starting point for investing as it provides the funds. However, investing is one step further as it helps to achieve personal goals with significant benefits. It will improve your financial circumstances over time, and you can also change how you invest to fulfill your needs. Investing to potentially earn a better return over the long term and beat inflation, which is the ongoing cost of living over time, by investing in assets that are not just capable of delivering higher income returns but also offer the potential for capital growth.

Therefore, you can start investing right away as there is no right time to invest. The sooner you invest, the longer your investment has to grow.

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Author - Chirag Kedia

COVID-19 and The Sate of Marketing and Consumer Behavior

noreply@blogger.com (secretsanta) — Sat, 03 Jul 2021 07:36:00 +0000

Author- Sameer Shaikh

“It has been over a century since our world has faced a pandemic of Covid-19’s magnitude. The socio-economic disruptions triggered by the virus will continue for upcoming months and a “new normal” for business seems likely to be in the long run. As an organizational activity, business function, and profession, marketing sits at the epicenter of corporate responses to these challenges as companies shift their go-to-market activities.”

~ Christine Moorman, T. Austin Finch

Figure 1: www.gettyimages.com

CMO Survey 2020 – a survey of around 300 top marketers of US companies produced and conducted by Deloitte, Duke University’s Fuqua School of Business, and the American Marketing Association (AMA) shed light on how the coronavirus crisis has impacted the marketing strategies of prominent brands. It states about how this pandemic has reformed the landscape for marketing organizations across a range of industries. One of the most vital key findings: because of the total collapse of in-person marketing engagement due to the lockdowns, customers are now considerably more open to new digital offerings and experiences from the brands, more interested towards companies’ efforts to promote social good, and more deliberate in their consideration, purchasing, feedback and loyalty behaviour. These disruptions have led to comprehensive shifts in marketing tactics and investments within departments as leadership is scrambling to adapt to a new and an absolute uncertain future.

Let’s have a look at some of the key findings of the CMO Survey:

Figure 2: Top reported customer priorities according to the June 2020 CMO Survey. Christine Moorman/CMO Survey

Customers prioritize trusted relationships.

Marketers expect that customers will place a higher value on “trusting relationships”, as 29.3% are expecting it will be customers’ top priority. Most of the marketers surveyed expect customers to focus more on “trusting relationships” with brands and companies than on low prices, despite the economic slowdown.

Around 80% of CMOs believe customers are paying closer attention to the social activism, outreach and investments of companies during a pandemic, and will reward brands that represent their values with greater loyalty in the long run.

Online and digital are essential.

According to the survey, online sales have grown 43% between February and May, 2020, accounting for 19.3% of all sales --- marking a trend in more companies selling online. Small companies (with less than 500 employees) are taking full advantage of selling online, at 26.1%. The emergence of doing business online has made consumers significantly more open to digital offerings and experiences - a shift that marketing executives believe will persist even after the pandemic recedes. This suggests that efforts in digital marketing will command a greater share of total marketing spending moving forward, even if overall marketing budgets shrink around 10% next year, as many of those surveyed expect.

Social media is a critical brand-building tool.

As marketers emphasize on building brand trust and loyalty to attract and retain customers, companies are more and more using social platforms as a vital engagement tool.

Brands are using social media for brand awareness and attracting and retaining customers much more than for market research, engaging employees, or other social media pursuits. Marketers stated that 7.5% of their marketing spending is assigned to online influencers, mostly on Company blogs, LinkedIn, Instagram, and Facebook, and that they are anticipating large gains in the use of influencers in the next few years (up to 12.7%). Marketers reveal a clear prioritization of mobile website optimization (70.1%) over app creation and maintenance (29.9%).

84% of CMOs are using social media for brand building and more than 54% have used it for customer retention during this pandemic.

Figure 3: Social media used for various purposes according to the June, 2020 CMO Survey. Christine Moorman/CMO Survey

Figure 4: Marketing budget for social media according to the June, 2020 CMO Survey. Christine Moorman/CMO Survey

That’s reflected in a 74% increase in social media marketing budgets since February 2020 – a rise from 12.3% to 23.2% of total marketing budget. That shows an important shift in the perception of value of social media among marketing leaders, reversing a sceptical trend that’s persisted for the past few years.

Agility and Improvisation will lead to success.

The COVID-19 pandemic caught everyone by surprise, including marketers. The economic downturn has already resulted in a 9% reduction in marketing jobs with more likely to follow. The largest majority of marketers (24%) anticipate these jobs will never return, with 19.2% of marketers expecting these jobs to return in 6-12 months and 19.9% expecting them to return 1-2 years from now. This suggests that the departments will have to do more with less. Marketers revealed that marketing employees are being assigned to work for the online promotion of the company, developing new promotional strategies, and reaching out to existing customers.

Figure 5: Marketing Employees' tasks during the pandemic according to the June, 2020 CMO Survey. Christine Moorman/CMO Survey

The pandemic also drove home the importance of agility and resilience in the face of unforeseen events. Most of the marketers considered themselves and their organizations unprepared for the events that emerged, and expect to invest more in training to develop improvisational/pivoting skills, innovation, creative thinking and managing uncertainty within their workforce.

Marketers also believe that they missed some opportunities, suggesting their organizations have not taken full advantage of market research, customer acquisition opportunities or new engagements, and may have been too conventional in their willingness to experiment with new tactics and approaches.

Marketers’ key objectives during the pandemic are building brand value that connects with customers and retaining current customers, more than improving ROI or even customer acquisition. Considering marketing opportunities, marketers shift resources toward building better customer-facing digital interfaces, transforming their business models, expanding into new offerings, and building partnerships over new markets, new capabilities, new automation, and data integration. Marketers believe these strategies will be noteworthy long-term opportunities for their companies.

Figure 6:Marketing objectives during the pandemic according to the June, 2020 CMO Survey. Christine Moorman/CMO Survey

Overall, marketers are considering the pandemic as an opportunity to demonstrate value to their organizations, especially in industries that are desperate to rebuild customer engagement in a world where traditional in-person channels are significantly curtailed.

Based on these findings of the survey, we can say that if marketing organizations learn the lessons from the past few months, we will see greater investments in digital outreach and digital experience, more social engagement around contemporary issues and values, and more internal importance on creativity and experimentation in the months and years to come.

Author- Sameer Shaikh

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Automating Recruitment Process

noreply@blogger.com (MBA Essentials) — Tue, 29 Jun 2021 13:17:00 +0000

Author: Sonam Jain

Recruitment is one of the most important functions of human resources in any organisation. The HR Department is the first point of contact for any organisation. The tone of the HR Department influences the candidate's engagement and, later, defines their comfort with the organisation.

The recruitment process, which is made up of many sub-processes, primarily involves the sourcing and hiring of potential candidates to fill vacancies.

A recruiter spends 70% of his time on the job evaluating resumes and answering questions. To ensure a faster recruitment process and a positive candidate experience, all these recruitment processes should be automated. Today's applicants' demographics include millennials and Gen Z, and as a result, they approach all processes differently.

It is critical that the means for reaching out to potential candidates be modified and that the recruiter be able to approach them. The procedure should be simpler, faster, and easier to follow, and it should help to retain staff.

v Applications and Screening- An AI-powered chatbot might be used to collect all the relevant information and initiate and respond to early interactions. These chatbots can receive, organize, screen, and share information with recruiters.

v Interview Management: The interview consists of several procedures that include personality tests, skill sets, domain knowledge, and aptitude tests. Not only would automating all these operations save time, but it will also maintain a seamless flow. Interview scheduling, re-confirming interviews, providing post-interview comments, and other regular tasks can all be automated which in turn, will decrease the chances of errors.

v Offer Process: The recruitment and onboarding process necessitates a great deal of paperwork. From gathering numerous paperwork for filing to sharing an offer letter, it is a time-consuming task with the potential for errors. This problem can be solved by using an automated recruitment solution that allows you to share the offer letter with only one click of a button.

v Onboarding process: The employment of a potential employee does not end the recruitment process. The onboarding process is critical, and employees will feel welcomed if it is streamlined. The procedure, which includes sending welcome emails and providing appropriate access and details as needed by employees, may be automated.

The recruitment process is hampered by a great deal of manual labour and mass mail distribution, which can be laborious and lead to errors.

The automation of the recruitment process will save money for the organisation because fewer employees will be needed to complete the duties, improve employee experience and reduce attrition.

Author: Sonam Jain

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5 Very Good Reasons to Do an MBA Degree

noreply@blogger.com (MBA Essentials) — Sat, 26 Jun 2021 17:30:00 +0000

1- Develop advanced and flexible management skills

MBA applicants are usually young businesspeople with a minimum of two years of professional experience. Even senior employees who feel up to the challenge may sometimes apply.

MBA classes will help you develop the skills necessary to keep a company successful. The curriculum of each Master of Business Administration degree can be different, but these are some of the most common competencies you’ll develop depending on the study program you choose:

Improve leadership and people management skills
Develop, advertise and sell your products and services
Network and create connections or partnerships
Manage difficult situations (e.g. financial crisis, public scandals)
Keep the company's finances healthy
Promote and maintain the company’s positive image
Gather, interpret, and create reports based on industry data
Hire top talent and improve employee retention
Create hierarchies that help the company thrive
Make tough calls at the right time

Studying an MBA degree forces you to get out of your comfort zone. You'll explore the latest International Business trends, apply the newest management tools and techniques, and challenge yourself to improve your business, teams, and collaboration.

An MBA is also a great way to prepare for a changing business environment. The abilities you develop are also the best tools you have to adapt to the unavoidable change of industries, the marketplace, and the ways people do business.

If you plan to change careers, but the industry evolves in a way that messes with your plans, the skills you’ve developed will help you quickly adapt and find a new direction. You’ll also be able to make use of changes in the economy and find new business opportunities where others simply try to survive a harsh business environment.

2- A lot of MBA specializations to fit your exact goals

Because of their international popularity, many universities and business schools have developed a diverse range of MBA programs, specializing in different aspects of the business world. So, what MBA specializations can you choose from? What’s the difference between them? And which MBA subjects are in highest demand?

General Management – Probably the most popular MBA specialization. Great for developing an all-around effective business arsenal – great for a very versatile business environment.
International Business – Great if you want to work abroad, or work in a global company with offices in different locations. Great for aligning business goals across borders. As global businesses are growing, this too is an all-around popular specialization.
Strategic Management – Prepares you for long-term business planning and backup planning.
Finance – Great for bankers, financial controllers, chief financial officers, and finance managers. Courses will focus on Statistics, Data Analysis, Accounting, and more.
Marketing – Focuses on businesses that rely on promoting products and services.
Entrepreneurship – Best if you have an original business idea and think about launching a start-up.
Operations Management – Ideal for managers in charge of optimizing production processes. You’ll learn how to run production as efficiently as possible.
IT Management – Prepares you to do business in the technology sector or do business that heavily relies on technology. This side of business relies heavily on the analysis of collected data and product development based on it.
Human Resources – Great to learn for managers in charge of HR teams or working with large groups of employees. Focuses on conflict resolution, team development, motivation, defining job responsibilities, and more. You can’t go wrong with this one if you’re a people person, as companies will always need good and happy employees.
Consulting – prepares experts ready to offer an outside opinion for challenges faced by companies. This specialization also develops your expertise in a variety of sectors and is very well paid.

3- Start your own company from scratch

Many students choose an MBA because they want to become entrepreneurs and learn how to start and grow a business. They have a big dream and want to know how to turn it into reality. Here’s why an MBA can help you become a successful entrepreneur:

MBA professors with real-life experience in starting a business can tell you the major traps you need to avoid and what you should do to make sure your company grows and remains stable over time.

You can find MBA colleagues who have similar interests. Share your ideas with them and see if you can form a common vision. It’s easier to succeed with your start-up if you have a reliable partner who has your back and vice versa.

You’ll learn how to communicate effectively and why it is essential for the success of any organization. Whether you’re negotiating a contract with the suppliers or explaining your vision to prospective investors, knowing how to express your ideas clearly can make the difference between winning or losing the support and attention of your audience.

4- MBAs are great for a career change and thriving business opportunities

Many students take MBAs to either change the industry they’re working in or advance to a managerial or administrative position. You shouldn’t do both at once, as it’s possible to spread too thin – not having the work experience in the new position to back it up. Approximately 1 in 3 prospective MBA students use their management education to pursue opportunities in new industries or job functions they have not worked in.

It’s a good idea to decide on the industry and job you plan to follow before applying to the MBA. This way, it will be easier to pick the best MBA for your needs and have clear future goals that weigh heavily during your application interview. Also, you’ll have 2 years to develop the exact skills you need for the new job.

The versatility and diversity of MBA program specializations are a great support for those preparing for a career switch.

Graduates of part-time or full-time MBA programs have higher chances of holding a high-level management position and enjoying successful MBA careers. Over 50% of MBA graduates worldwide are senior managers or board directors. This type of positions brings a higher salary, but also greater responsibilities.

Here are some of the largest companies in the world that hire MBA graduates:

Amazon
Apple
Bain & Company
The Boston Consulting Group (BCG)
Citigroup
Facebook
Goldman Sachs
JP Morgan
McKinsey & Company
Microsoft
Walt Disney

5- MBA salaries are some of the highest on the job market

Among the benefits of an MBA degree, job security and high salary are some of the most important. The average income for an MBA graduate is much higher than an employee's with a regular Master's. You can expect to earn twice as much as what you would get from a regular university degree.

If you’re wondering what you can do with an MBA degree or what MBA jobs are available, here are some popular career choices: business operations manager, management analyst, market research analyst, top executive, HR manager, etc.

Average salaries for MBA graduates

According to the QS Jobs & Salary Report, these are some of the average MBA annual salaries in the world:

In the US – 102,100 USD/year
In Canada – 99,800 USD/year
In Australia – 98,400 USD/year
In Singapore – 82,700 USD/year
In the UK – 92,400 USD/year
In Switzerland – 123,500 USD/year
In Germany – 77,200 USD/year
In France – 98,500 USD/year
In Italy – 86,400 USD/year