The unique pressures of an economic downturn

When the pandemic began, economists and financial experts quickly flagged that somewhere down the line the bill for Covid-19 would be paid. From inflationary events and economic shutdowns to money lending and money printing, the trickle-down was a ticking time bomb. And now, many of the world’s economies are in recessionand seeing consecutive quarters of negative growth.

It can be argued that few settings make an economic downturn feel more stressful than the workplace. After all, people go to their job for the personal and financial reward. When there is a precariousness to the economy, everything feels volatile and we can’t help but worry when we’ll feel the full weight of this and whether it might even suffocate us entirely. In terms of patterns, it’s also logical that if an organization is already taking steps to conserve outgoings, it’s yet another heaviness employees might feel. They can’t help but think about the ‘what if’ of an economic downturn and if it might spell disaster for them and their loved ones.

The responsibilities of and options available to managers

The role of managers is always to find ways to help, lead, guide, and support their teams. When managers and their teams are thriving, the pay-offs are numerous and go far beyond strategic and financial objectives. In a time of economic uncertainty it can feel near impossible to succeed in any area. The data is clear: stressed people rarely do great work; in fact, a recent U.S. study found that 43 percent of desk workers surveyed reported feeling burnt out, while global burnout rates rose to 40 percent between May 2022 and October 2022.

It makes sense and yet, it also raises the question: what can be done in a workplace to support staff in the inevitable face of an economic downturn? In this article, we’ll review five strategies that are designed to help managers focus on their team with complementary tactics covering the following key areas:

• Communication
• Incentives
• Pressure reduction
• Resource sharing
• Flexibility

Strategy One: Facilitating open communication

The success of all businesses lies in the quality of communication. In a time of crisis, whether it is specifically related to the workplace or not, attention paid to communication is make or break. The backbone of any communication policy should be open discourse that is modelled from upper management down to every single team member, no matter their role. If the workplace is going through formal changes due to financial pressures, transparent communication can crucially influence morale, the organization’s reputation, stakeholder confidence, and long-term staff retention. A key strategy for transparent communication and facilitating openness is to establish clear, two-way channels for conversation. These channels can serve to emphasize that communication is expected no matter what, that all team members have agency, that managers are open and available, and they also nurture a culture of trust in the organization. With a framework of proven, reliable communication, managers can always demonstrate effective, respectful communication. Some simple yet impactful practices include policies of email check-ins, face-to-face meetings, and time-based updates. In the event the worst-case scenario plays out, communication will steer the ship of the organization and any crises can actually be managed.

Strategy Two: Look for incentives

A common tactic to deliver value when there are limited resources is to find incentives that have dynamic value. In a time of stress and uncertainty, managers should look for what can uniquely incentivize their team. Beyond the obvious quantitative incentive of salary and greater financial rewards, are there any opportunities to deliver qualitative value that can improve the life of team members? One key takeaway of the pandemic was that remote work gave some people back things they missed due to long office hours, commutes, and travel for work. Managers could revisit this kind of policy to help with tackling economic pressures. For example, allowing employees to manage their own schedules and the option to condense their work week — with advance notice — could give them greater work life balance. This might look like more vacation days by working five days in four so then they take a trip away and perhaps travel on a cheaper day of the week. A strategy like this ensures people know that enjoying life is still important even when expenses are high and their manager carers about them having quality personal time. Another option could be to review an adjustment to the company’s working day ‘hours’. Commuters could then travel in off-peak to spend less on public transport or fuel and even opt to structure their work at home into off-peak energy periods for running equipment and heating. Taking an empathetic approach like this requires significant discourse and trust from management yet the qualitative upsides endure in the minds of team members.

Strategy Three: Assess options that reduce financial pressure on staff

Pressure of any kind is overwhelming — even if it’s just heavy traffic on a usually quiet street. Financial pressure takes its toll so if managers can relieve even a small amount of this for their teams everyone can have resilience in a hard time. If an organization has means to shoulder some financial burdens then it’s worth investigating and implementing. In certain scenarios, managers may be able to incorporate certain low-level organizational expenses as a tax write-off. This could look like a company-catered weekly or fortnightly lunch, to save team members some money, as well as providing work-appropriate beverages and snacks for everyone day-to-day. These small costs could be a show of goodwill that provides relief. Another option could be to revise the company dress code so staff don’t feel like they need to wear expensive clothing if they don’t have to. After two years of work from home, a more relaxed yet still smart clothing expectation is more attainable and could even help to eliminate dry-cleaning bills. Managers could also look to solutions that help relieve financial pressure after-hours, too. Simply surveying team members and establishing the most common streaming or audio services could then result in the company purchasing ‘family’ or ‘business’ log-ins so that people don’t have this monthly expense but can still enjoy their preferred platforms. Finally, as the holiday season approaches, opt for a company gift with financial benefits like gift cards or a coupon book — there are even digital options available for this now that are sustainable and can be carried conveniently as a smartphone app.

Strategy Four: Share cost-saving resources

Incorporating services and items in the workplace that can be shared or utilized is a positive step managers that promotes a team working together through a tough time. A starting point could be booking free financial advice and tax education sessions in the workplace so employees know what expenses they can claim back. On a daily level, and in line with with safety policies, managers could dedicate a physical space at the office for working out so employees don’t have to pay for the gym and the health of the team is promoted in group workouts, too. Creating a green space onsite that grows herbs is a way to enhance a workplace and everyone can take home clippings for meals while enjoying the presence of plants. Finally, setting up a message board that highlights discounts, offers or annual subscription deals normalizes a knowledge sharing economy so that employees can save money where possible in a group effort that doesn’t single anyone out.

Strategy Five: Encourage flexibility for employee gain

Managers can also encourage a model of work flexibility that dynamically engages all team members. If employees find that stress is interfering with their focus, managers can use their communication policies to design and implement solutions that are about value for everyone. A flexible workplace with hybrid working means staff know they’re trusted and they can plan their work days in line with their own strengths. A refreshing step of normal processes like walking meetings could shake up existing operations wherein the team steps outside for their physical and mental health without their work day getting any longer. Managers might also allocate weekly training time that keeps staff skilled. Working one-on-one to identify goals for each team member, managers could: implement a formal training module to keep things fresh, allocate self-education periods in the workday, schedule regular training sessions with experts, or pre-determine a company-wide afternoon a week for self-directed professional development tasks. The number one goal is to show team members that they’re being invested in and that their managers recognize they are more engaged when they pursue multifaceted skill-development as feeling joy at work is particularly difficult in this climate. Treating every person with individual consideration is a part of respectfully working with purpose no matter what’s happening at work.

A final note for managers looking to support their teams during an economic downturn

It is worthwhile to note that every organization is different and certain strategies outlined above may not be wholly suitable for implementation. These points are still designed to be attainable and customized depending on needs, policies, and industry. A final option could be discussing the pressure of economic downturn and using the general themes of the strategies as a launchpad for action. More than any other, the strategy of communication is fundamental to managers staying connected with their teams, so take the time for conversation and start devising solutions together from there.

The post How Managers Can Support Staff in an Economic Downturn appeared first on A3Logics.

What do we mean when we say skill and will?
Derived from Paul Hershey and Blanchard’s The Situational Leadership Model (1970s), the most common definitions relate skill to competency and will to motivation, however remote work and hybrid work where so many aspects of the role are digital require slightly more nuanced definitions. Personio, a Business to Business (B2B) service for HR companies, explains that, “In the workplace, some skills come naturally, while others are honed over time—but the same can be said for will.” There are frequent obstacles in the kind of jobs that are computer-based and remote/hybrid work. Ultimately, there are often technical issues that arise on the skill side with software, hardware, and knowledge of processes, whereas on the will side, motivation wanes with a range of contributing factors including isolation, disconnection, and frustration. It’s important to differentiate between the skill-will matrix, the main situations that occur in a digital setting, and what managers can do when they face skill vs. will scenarios.

• Start with training designed for core KPIs

In nearly every workplace — irrespective of the digital era — most issues relate to key performance indicators (KPIs). When this happens, managers need to individually work with each team member and evaluate exactly what is causing their problems. As touched on in the definition of will, failure to achieve KPIs is usually not from a lack of capability and more likely from disinterest or disconnection. Establishing with the employee what their problems are with the task or project is the most effective starting point. If a manager can guide the person to explain exactly what they think about the KPI, they can then focus on introducing a motivator for getting the work done. In a digital setting, the trade-off might be greater flexibility in their daily schedule if they can demonstrate their trustworthiness to uphold the KPI requirements. On the other side, skill issues are far harder to fix when they happen remotely. People get lost in the mix with digital processes because it’s not as explicit or measurable, which means that training and follow-up are the deciding factors in improving their skills. If there is training that can be approached with both will and skill in mind — such as when new KPIs are added to roles — then managers can get on the front foot with keeping their team on track then resolving issues should they emerge.

• Team members set their own task timelines & managers manage those

An effective tactic for remote management is for managers to set schedules with their teams that are uploaded into project management software. This kind of software, such as Asana or even a Google Drive spreadsheet, allocates deadlines and teams along with their managers can monitor task progress. Clear communication systems underpin the success of these tools so keeping people on track requires one key tactic: asking each team member to nominate their timeline for work completion. When team members nominate their timeline, the manager can then check in with their progress from that standpoint and ask questions that relate to the dichotomy of skill and will. Some example questions for checking in about progress with tasks designed for skill and will are:

1. 1. How is your progress with the task? (Will)

1. 1. Do you have enough time or are you struggling to maintain momentum? (Will)

1. 1. Do you have everything you need to complete the task? (Skill)

1. 1. Do you need any support with the system? (Skill)

1. 1. Are there any conflicts with this task and the rest of your schedule that you need support with? ((Skill/Will)

• Make communication the cornerstone of skill and will support for all team members

Remote and hybrid work where the majority of communication happens without in-person, face-to-face cues causes both skill and will problems due to miscommunications and disengagement. In a range of cases, isolation causes apathy on the will side and communication silos on the skill side with both of these kinds of isolation causing detriment to projects, team relationships, and the organization. The impact of communication issues on all sides is significant with new Grammarly data finding that poor workplace communication actually costs U.S. businesses $1.2 trillion USD annually. To resolve this, managers need to bridge gaps via flexibility measures that compensate for the communication teething that occurs in remote and hybrid digital workplaces. Working with their teams through designing communication systems, identifying tools and software needed for better engagement, and organizing training is a tactic all managers need to use for the achievement of the following: 

• Purposeful communication to overcome gaps and silos
• Incorporate individual and collective needs for enhanced culture
• Encourage communication across a range of channels

Once this happens, managers can work to review, test, and change as needed in line with feedback from their team and analysis of performance data.

• Always gather feedback through inclusive and supportive policies

Managerial styles that incorporate multifaceted approaches for different people means a workplace where people know they are valued. This proactivity leads to a more positive culture and greater long-term employee retention. Transparent feedback systems accomplish this as understanding the unique difficulties people face is every manager’s responsibility. Though it can be a heavy load, managers can invite team input in every single interaction thus making feedback part of how skills are developed and will is coached. When there is a two-way conversation and feedback is acted on, people know there will be follow through and they are a part of team achievements and a real work community. After all, employees want connection  and 51 percent of people who left a job between 2020-2022 did so because they lacked a sense of belonging. Human beings are wired for connection and together even complex challenges can be conquered.          

The post Skill vs. Will – What Every Manager Needs To Know & Do In The Digital Era appeared first on A3Logics.

The pandemic was a time of colossal change. Digital nomads are yet another professional group that was not only impervious to the economic and social impacts of Covid-19, it’s a group that doubled in size from 2019 to 2021 as en masse remote and flexible work became normalized for the first time. A 2021 study from MBO Partners, quoted by the U.S. Chamber of Commerce, even considers digital nomadism to represent a new niche of the working class and there’s no doubt that they’re here to stay. In analyzing the technology-geared professional niche, the MBO Partners report claimed that, “While we don’t expect the number of digital nomads to continue to grow at the rapid pace we’ve seen over the past two years, we believe strong growth will continue in the coming years, allowing millions of Americans to achieve their dream of becoming digital nomads.”

So what exactly could this future look like, where will digital nomads go next, and how can companies invest in this professional asset class? 

Digital Nomadism Pre-2020

While hardly a surprise to anyone, the 2010s, pre-pandemic rise of digital nomads was still somewhat unorthodox. The accessibility of technology like smart phones and ease of wifi connections made working remotely trendy yet somewhat unattainable in the post-GFC world. Though the late Noughts ideology of streamlining professional and personal lifestyles popularized in Tim Ferriss’ 2007 bestseller, The 4-Hour Workweek was in the zeitgeist, digital nomadism was not just uncommon, it was largely impossible.

The 25 years between the publication of Ferriss’ seminal book and the recovering “post-pandemic” world of 2022, very clearly shows the industrial and cultural changes that needed to happen for digital nomadism to go mainstream. The spread and uptake of digital nomadism of the last two years occurred specifically due to the combination of accelerating remote work across nearly every industry and the acceptance of employers and policy-makers that people could absolutely get the job done from wherever they were even while employed in a 9-5 role.

2000s, 2010s & 2020s – What the Third Phase of Digital Nomadism Looks Like

Crucially — and even in a time of economic downturn — many employees now have negotiating power that enables them to design a life without compromising a career they’ve worked to establish. What really sets digital nomadism apart as a working style in 2022 is just how attainable it is. People opting for the working life of a digital nomad can now ascend as many rungs on the career ladder as they like and do it from nearly anywhere they like. These first two evolutionary phases of digital nomadism — Technology followed by  Industry and Culture — now bring us to the third: the Economic phase.

As we enter a third decade of digital nomadism, we can assess that the tertiary phase is all about economics. After 2020 and 2021, people know that in a range of industries they can go remote fairly simply. In 2022 we’ve seen it go one step further as the fiscal costs of the pandemic and global events land on everyone’s desks. Up until now, digital nomads tended to be people who opted for the discretionary benefits of life on the road, be it work and backpacking or slower travel with a base, or those who the lifestyle genuinely suited. This third phase is more about economics than ever before.

In many cases, the third phase digital nomad’s decision-making is all about reducing overheads by hitting the road. When we consider that digital nomadism is no longer purely about discretionary needs and lifestyle benefits, and that it’s now driven by economic pressures then the future becomes quite different.

In this phase, we start to see many more people opt for digital nomadism due to reasons including:

• Costs of living increasing, such as inflation on groceries, fuel, and energy supplies
• Jobs that are no longer geography-dependent or in-person
• Certain industries becoming so precarious that it’s better to work remotely and opting for freelance or negotiated contract work
• Rental and buying shortages making living in some cities or countries unattainable
• Preferring to live without high-level contractual commitments and debt such as mortgages in favour of flexibility
• Political and/or ethical factors, such as climate change, causing an exodus

Even though the choice to opt for digital nomadism could be based around discretionary factors, lifestyle preferences, and economic pressures, the overall trend indicates that we are also more open-minded to changing the way we work. From the growing number of countries offering digital nomad visas through to companies like Spotify indicating they have greater diversity now thanks to remote hiring, digital nomadism has professional and personal benefits for individuals, organizations, and even governments.

Digital Nomads as an Asset Class

In no uncertain terms, digital nomads should be viewed as an untapped multi-skilled, dedicated, and diverse international talent pool. Even while some major companies such as Goldman Sachs and Tesla have sought to bring people back in office, the last two years show that remote work isn’t to be feared. What is to be feared is how not valuing workers as individuals with dynamic personal needs undermines their contributions. The reality is that stress, undue pressure, and burnout as well as inflexible and impersonal work environments all take a toll on employees.

The flip side of this is investing in and encouraging employees to have their own working style as long as they deliver on their accountabilities. Digital nomads are the definition of professionals who will work hard and bring a serious, multifaceted edge to the companies to whom they are committing their skills and experience.

Five Defining Assets of Digital Nomads

1. Incentivized employees

Whether contract or internal team team members, digital nomads are incentivized to work based on the benefits of their circumstances. One powerful reason that everyone works beyond a pay check is having their psychological needs met. For digital nomads, the choice to work remotely and be where they want to be is about their personal values. If they can find a job and, moreover, an employer who understands this, they’re that much more likely to uphold their responsibilities and commit to a role in meaningful ways.

2. Responsible remote workers

A foremost question about remote workers is whether they can be trusted to work as hard and be as proactive during work hours. This can be subjective as it means different things to different managers. What is undeniably true is that digital nomads have serious reasons to be responsible; they’re designing their time and schedules around getting work done then maximizing where they are. Being a conscientious, reliable professional is part of being a successful digital nomad and employers can factor this into their investment.

3. Greater flexibility with work hours

Digital nomads’ availability and adaptive capacity benefits organizations both in the day-to-day and in specific contexts. The flexibility in working hours means that digital nomads can deliver on projects outside the normal limitations such as contracted daily work or they can begin the working day earlier, giving progress a head start compared to onsite team members. Timezones are also the type of benefit that hides in plain sight. Digital nomads on a different timezone can work with managers and colleagues much more creatively to get work done. For multinationals or companies with varying timezones, this may already be standard so it can actually minimize internal logistical adjustments. The bonus here is how onboarding a digital nomad enhances work with regional stakeholders. They can connect locally and provide more timely responses without managers needing to put extra effort into how things run.

4. Regional and international business edge

Organizations can consider again how much value digital nomads add with their regional and international experience. Even businesses that don’t have stakeholders outside their immediate location can draw on the specializations of digital nomads in surprising and invaluable ways. In a globalized world, digital nomads are adept at swiftly understanding a broad range of policies, standards, and technical systems that are directly transferrable to professional settings. Managers can draw upon this to set their own workplace apart as a talent with fresh eyes can make creative suggestions for approaching a project while efficiently onboarding with the operations of the organization. This tenacity, patience, and resilience helps with building relationships with new people and simultaneously being very productive. If there’s a geographical and cultural upside, these are priceless soft skills, too.

5. Dynamic experience and strong interpersonal skills

Digital nomads are definitively used to acclimatizing to new settings, cultures, and people. When it comes to overcoming logistical and unexpected challenges, they are professionals who have to be able to make things happen or lose out themselves. In the workplace, a digital nomad can leverage their daily skills of project managing and resolving issues to minimizing disruptions to their own productivity. Their experience and ability to handle changing scenarios with minimal fuss can apply just as much to managing international transits as it can to devising and implementing a marketing strategy. The same applies to politely and respectfully making connections with people who they’ve only just met to facilitate mutual objectives — the only difference is that in context, they’re sharing a dorm room with a stranger in a hostel and in the other they’re authentically nurturing rapport with a client over a Zoom call. Digital nomads are practised at taking their skills, experience and knowledge and transferring them positively to every scenario.

Conclusion: Digital Nomads in the Workplace in 2023

In the new year ahead, there is a high likelihood that organizations will begin to work with digital nomads, both directly and indirectly. To make this a possibility, in addition to normal hiring and management processes, managers and hiring personnel should incorporate the following as cornerstone priorities as well: 

1. Open communication

This is expected in any working relationship though it may require a more nuanced and explicit design for working with digital nomads. Setting systems in advance for when communication is expected, the style, and how connecting will work is fundamental to success. Being mindful of this is extra important due to the disconnect that can happen without in-person, face-to-face contact. It’s a worthwhile strategy to check the preferred communication style of the employee and set a regular meeting schedule at least in the initial months.

2. Internet connections and cybersecurity

These pillars of getting the work done and protecting the organization are crucial to success. The organization could communicate expectations for a certain standard of internet speed although this would still be the responsibility of the digital nomad. An alternative could be for the digital nomad to have to communicate if they are having any connectivity issues and an understanding that they need to resolve these if it’s compromising work. Cybersecurity should be part of professional contracts and if necessary, the organization could require disclosure of the technical systems the person has implemented to protect their professional data.

3. Timezones

It has been highlighted above that timezones can be a benefit for both organizations and digital nomads. Irrespective of this, professionalism is obviously essential. If timezones are in any way an issue, clear discussions about how to manage them should be factored into open communication about workloads and how all parties will connect. If work cannot be completed due to the timezones, a contingency plan should be in place inclusive of managing expectations and setting deadlines that can be achieved without negative impacts to any stakeholders. It should be foremost in the mind of hiring teams if timezones are a barrier to organizational goals and operations.

In closing on this discussion of digital nomads, while 2023 remains to be seen, the future will surely see remote work and economic shifts continuing to go hand in hand. Looking for the benefits while working collaboratively and professionally is central to moving forward in a digital era both with local and remote teams. This new era of professional norms should be greeted with an outlook of anticipation and openness where organizations, managers, and employees can all benefit from an exciting period of evolution in how we live and work.

The post The Future of Digital Nomadism appeared first on A3Logics.

The term ‘National Technology Day’ was coined by the then Prime Minister Atal Bihari Vajpayee in 1998. On May 11, 1998, INDIA test fired the Shakti-I nuclear missile at the Indian Army’s Pokhran Test Range (Rajasthan) led by Late President Dr. A.P.J. Abdul Kalam. 

Venture Capitalist and Author of Zero to One Peter Thiel believes Technology to be something that changes constantly. If something isn’t changing, we filter it out and don’t even look at it. Late Professor Stephen Hawking made quite a few premonitions wherein he was vocal enough to pronounce the advancements in technology w.r.t Artificial Intelligence (AI) and nuclear technology.

We are indeed on the verge of making Late Stephen Hawking’s predictions true as we are leveraging technology at every step of our life.

The post National Technology Day – Celebrate Your Technological Advancements appeared first on A3Logics.