Inflation is a common economic challenge that can have a significant impact on businesses and their bottom line. As a CEO, it is important to understand how inflation affects your company and ways you can take steps to mitigate its effects.
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Employee retention is an important measure all companies should be tracking. The cost of turnover can be astronomical – as we figured in this video. But before you can fix retention, you first have to understand why your employees may be looking for career opportunities elsewhere. Once you know why people are leaving, you have a better shot at correcting any shortcomings within the company, thus improving employee job satisfaction, improving retention, AND working your way to becoming a sought after workplace!
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Your company doesn't have to provide literal "employee ownership" or stock options to establish a culture of ownership. Your actions as a leader are what counts. You can take small actionable steps to develop that sense of pride, commitment and psychological ownership within your team. Below we have listed 5 ways leaders can help increase that ownership mentality within their organizations and unleash the entrepreneur inside every employee.
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People are your greatest asset — regardless of the company or industry, they make things happen. That's why nurturing your human capital cannot be emphasized enough. Human capital transformation helps companies better “define, structure, and realize their human capital management strategy” by focusing on what the company can do for its employees, according to Deloitte.
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Leaders can drive employee resilience, productivity, and engagement by actualizing one thing: hope. Instilling hope in your employees isn’t a one-and-done event. It’s not a mid-week seminar. It’s something you do every day to uplift your organization’s climate. In today’s post, we’ll cover simple ways to deeply embed hope in the workplace.
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Like so many workers leaving their positions during The Great Resignation, I wanted it all. Higher pay, remote work, and a flexible schedule were options my former position in a non-profit couldn't offer, so I accepted a new job I knew had these benefits. But here's the plot twist: After six months in my new role, I'm on the move again. As it turns out, I value a company's culture just as much as I value flexibility. The non-profits I left (after five years) offered an incredible culture that my new job lacked.
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Cash is the lifeblood of any business. Without cash, an organization can't afford to keep its day-to-day operations running. Cash is important for two reasons; it offers flexibility to make investments for the future, and it offers security to be able to weather storms.
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Forecasting cash flow is the key to the survival of many organizations, yet it’s a non-existent process in others. Often, organizations with abundant cash see little value in taking the time to put a system in place to do this. Other organizations that operate with little or no cash see forecasting cash flow as a critical element in running their business in such a manner as to avoid a crisis of liquidity.
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Scoreboards, proper goal tracking, and budgeting are all natural components we expect to see utilized in any business. Afterall, how could we determine the success of a business without benchmarks and goal tracking? So if we determine the success of a business through financial scoreboards and goal tracking, then why don't we scoreboard our personal lives?
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Creating a sustainable business is no easy task. Creating a sustainable business that also enriches the lives of all the people involved in that business is an even more challenging task. This is exactly what English Tea Shop sought out to do in 2014. CEO, Suranga Herath, wanted to create shared value for his people and community and he needed a business model to do so.
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