<![CDATA[]]> https://hadaratglobal.com/blog/ EN Mon, 28 Feb 2022 15:38:00 +0000 Incomedia WebSite X5 Pro <![CDATA[The Importance of Recognition]]> imblog
"People work for money but go the extra mile for recognition, praise and rewards."
 
-Dale Carnegie
 
Recognition initiatives are effective methods to focus on the positives, sending ordinary people, that are doing exceptional work in their respective fields, a clear message that what they’re doing matters. These programs encourage these people to set and reach even higher goals and aspirations.

 
Recognition is defined as conveying a token of thanks, appreciation and acknowledgement of achievement, service, and merit. Recognizing people for their good work sends an extremely powerful message to the recipient, their work team, other employees, families, friends, local communities, funders, investors, and the business community through the grapevine and formal communication channels. Recognising people for their contribution is, therefore, a powerful communication technique.

 
"Recognition is not a scarce resource. You can't use it up or run out of it."
 
-Susan M. Heathfield
 
What’s critical is that we as humans celebrate success. Those who perform must be recognized. Their behaviour and its results must be reinforced. Awarding and Recognition is one of the most important things we can do to empower the people around us, ourselves, and the communities in which we engage.

 
Recognising people’s contribution is the principle of social proof in action, a term pioneered by social psychology professor Robert Cialdini. He defined the principle as: “We view a behaviour as correct in a given situation to the degree that we see others performing it.” for their achievements embodies the principle by showing to others in a tangible way that a person’s efforts have been outstanding and worthy.

 
There are two aspects to recognition:
 
1.    The first aspect is to see, identify or realise an opportunity to honour someone. If you are not in a receptive frame of mind you can easily pass over many such opportunities. This happens all too frequently.
 
2.    The other aspect is, of course, the physical act of doing something to acknowledge and praise people for their good work.

 
"Brains, like hearts, go where they are appreciated." --Robert McNamara

 
Conducting formal rewards and recognition program has tremendous benefits:
 
1.    Increase motivation
 
2.    Shows appreciation
 
3.    Encourage friendly competition
 
4.    Improves productivity
 
5.    Creates a positive environment
 
6.    Displays to others as to what is possible

 
One such initiative is the Woman of Stature Awards in association with Hadarat Global Business Innovation Leadership Summit (HGBIL). These awards acknowledge women who significantly contribute to the advancement of women in various fields. Woman of Stature Awards is reserved for influential women leaders, across diverse spectrums of emerging economies, who have demonstrated extraordinary commitment and significant contributions to community development, economic and environmental sustainability, as well as ceaseless efforts in promoting gender diversity and equity, making inroads for other women and girls in the society.

 
These programmes aim to encourage self and professional growth and entrepreneurship. They recognise individuals who embody integrity, excellence, emotional and professional maturity, selflessness, and empathy.
 
"Nothing great was ever achieved without enthusiasm." --Ralph Waldo Emerson,
]]> Mon, 28 Feb 2022 15:38:00 GMT https://hadaratglobal.com/blog/?the-importance-of-recognition https://hadaratglobal.com/blog/rss/000000007 <![CDATA[Is the world ready to embrace AI?]]> imblog
According to SEMRush, the artificial intelligence (AI) annual growth rate between 2020 and 2027 is estimated to be 33.2%. In short, AI is advancing every single day and it is going to have a tremendous impact on not only the business world, but on everyday life, too.

Considering how, in most cases, AI equals automation, it would be safe to assume that most people would be slightly wary of the technology, especially considering that it could lead to significant job losses in the future.

Despite this, the majority of research that has been conducted into public opinion regarding advances in AI has revealed that most people feel largely positive about AI – and its exciting possibilities.

Is the world ready to embrace AI?

According to an online survey that was distributed in 2016 and completed by 2,100 consumers across Canada, the UK, the United States, China, and Brazil, approximately 45% of respondents claimed to view the impact of AI on society as an overall positive one, while just 7% viewed the societal impact in a negative light. According to another survey conducted more recently in 2020, 70% of respondents were of the opinion that the future of AI is looking bright, and that AI will likely enable humans to become more efficient and innovative over time.

However, it is also very clear that there is a lack of education surrounding the topic, with many people feeling rather uncertain of what the future of AI is likely to look like.

How AI will impact the future of business

It is evident that countless organisations from around the globe are happy to embrace the power of AI with open arms. The reality is that it is already transforming businesses of all types and sizes, and in all industries around the world, for the better. A few examples of how AI is already being utilised in business include:

  • Marketing: AI is responsible for allowing for the improved targeting of ads. This is achieved through the organisation of potential customers based on demographics, online behaviour and browsing history, interests, and more.
  • Sales: AI is often used to gather insights to improve sales within an organisation. It can anticipate consumer needs and desires, take care of sales forecasting, and sort potential consumers based on who is most likely to convert in the near future.
  • Customer service: Chatbots are a fantastic example of AI at work and just how big of an impact it can have on the productivity of an organisation. Chatbots are programmed to actively assist customers with simpler problems, questions, and queries, therefore reducing the load for customer service agents and allowing for faster customer satisfaction.
  • HR: AI helps to make many aspects of HR more efficient, especially when it comes to recruitment, screening of potential candidates, and data-based decision making.

There’s little doubt that AI is already transforming businesses for the better and experts predict that it will continue to play a part in improving interactions, efficiency, productivity, and communication amongst enterprises and business professionals going forward. And while it is expected to benefit all industries around the globe, there are a few that stand out specifically. These include the transport, healthcare, finance, and marketing industries.

For instance, the world can look forward to the rise of self-drive vehicles and smart cars, as well as more advanced wellness wearables, and enhanced image-based healthcare diagnostic tools, thus reducing the need for quite as many invasive procedures, such as biopsies.

From a marketing perspective, the digital realm will continue to reign supreme, and artificial intelligence will continue opening doors for greater levels of personalisation when engaging with existing and potential customers.

In the finance industry, consumers can expect to interact more regularly with ‘robo-advisors’ and utilising significantly more advanced tools for data-based decision-making when it comes to investing and selling stocks.

In short, AI is here, and it is here to stay – and now is the time for business owners to be investigating how their organisations can benefit both immediately and in the future. Take note that 9 out of 10 leading businesses in the world have an ongoing investment in AI, according to statistics released by NewVantage, and it will become evident that making such an investment is no longer optional, but a necessity to survive and thrive amidst ever-changing consumer needs and demands.
]]> Thu, 24 Jun 2021 12:22:00 GMT https://hadaratglobal.com/blog/?how-do-people-and-businesses-really-feel-about-ai- https://hadaratglobal.com/blog/rss/000000004 <![CDATA[Building Successful Business Ecosystems]]> imblog
Whether you have just got your start-up off the ground or whether you are piloting a business that is generating millions in profit year upon year, having the right business ecosystems in place is critical to securing and solidifying your success over the long-term.

But what exactly are business ecosystems?  And what factors should you be taking into consideration when building them? Here is everything that you need to know.

What are business ecosystems?

Business ecosystems revolve around partnerships – the partnerships that are directly involved in creating a product and releasing it out into the market,
as well as the partnerships that come together to provide a customer or a client with a reliable, quality service. Business ecosystems, therefore, comprise multiple organisations, including distributors, suppliers, companies to which you outsource specific business functions, and even your customers themselves.

Many experts also insist that business ecosystems extend further than just the organisations and individuals that your company associates with directly – that they encompass all other organisations and individuals, such as your competitors, the media, etc., that have an impact on your company’s sales, strategy, and the products and/or services that you have to offer.

Why are business ecosystems so important?

When an entrepreneur is aware of the ‘bigger picture’ and how different business ecosystems operate, they immediately unlock a world of great potential. By building the right relationships with the right partners and the right customers, entrepreneurs can:

  • Reach new customers
  • Build better products and services and, as a result, improve their company’s reputation
  • Make it easier, cheaper, and more profitable to run their business
  • Hire the right employees who have a shared vision and similar ethics

How to build and nurture the right business ecosystems

Every entrepreneur must realise that there are a few important drivers when it comes to the success of business ecosystems – particularly those ecosystems that revolve around coming together to provide a quality product or service to an end-user.

First and foremost, it must be evident that the organisations will be able to produce better value by coming together than what they would be able to produce as standalone entities.

Secondly, the ecosystem of organisations must be managed as a unit with united goals, visions, ethics, and ways of working. The more organisations that are involved in the ecosystem, the more challenging this can be to achieve. However, with strong communication, adaptability, and fool-proof systems in place, it is wholly possible.

Thirdly, the rewards, profits, and equities need to be fairly distributed amongst the organisations involved in the ecosystem based on their unique contributions. There cannot be a sense of competition where each organisation is trying to get a bigger piece of the pie for themselves.

Getting it right

Now that it is obvious what it takes to create a high-functioning business ecosystem, many entrepreneurs will be wondering how to go about getting it right the first time. As already mentioned, regular, transparent communication amongst all of the organisations is key.
Most will opt to make use of a communication and collaboration platform to make it easier to keep in touch and stay on top of all relevant processes. Luckily, there are countless options when it comes to selecting one of these platforms – however, it may take some trial and error to find the right one to fit in with the needs and objectives of the ecosystem.

Along with ensuring adequate communication, it is vital for all participating organisations to be on the same page regarding the division of equities from the very start. Ultimately, this division must be done fairly and transparently, and in such a way that each company generates enough value from being actively involved in the ecosystem that it makes the collaboration worthwhile for them.

Finally, it is important to examine the ecosystem from a future-focused perspective, avoiding thinking only of the value that will be achieved in the ‘here and now’. There must be consideration in terms of how future growth can be ignited and how value can be dramatically increased for all participating organisations over time. There should also be a detailed plan in place in terms of attracting respectable organisations into the ecosystem from the beginning so as to ensure that even more sought-after organisations follow suit shortly thereafter.

Ultimately, business ecosystems are the lifeblood of thriving industries and help to ensure that the customer receives the treatments and quality of products and services that they deserve. If you have yet to consider how embracing the power of business ecosystems can help to boost the growth of your own organisation, now is the time to kick-start those investigations. You will be very glad that you did.
]]> Mon, 21 Jun 2021 15:32:00 GMT https://hadaratglobal.com/blog/?building-successful-business-ecosystems https://hadaratglobal.com/blog/rss/000000005 <![CDATA[The Future Of A Hybrid Workforce]]> imblog
What is a hybrid workforce?

A hybrid workforce refers to a type of work dynamic, where a portion of employees works from home whilst the other portion work from the office. It can also refer to a work model split by employees choosing to work from home on specific days, then work from the office for the rest of the week or vice versa.

What brought about the hybrid workforce?

Because of the global pandemic, many individuals have had no choice but to work from home, and interestingly enough, research has shown that employees have been just as productive from home as they would have been in the office. Many employees also expressed that they feel as if they’re more productive working from home.
Company organisations soon caught on to this growing trend. They realised that adopting a hybrid work model would allow them to cut back on real estate costs without halting productivity.

How do we succeed with a hybrid workforce?
As technology continues to advance, this new work model doesn’t seem to be going anywhere. So how do we succeed in such an environment?

Invest in online communication

Investing in communication within a hybrid workforce means investing in the right software tools. Managing project progress and communicating information effectively through online channels is the bread and butter of a successful hybrid workforce.
More importantly, it’s vital that your Team, both remote and in-office, take the time to educate themselves thoroughly on making use of these applications to the fullest. Some household names include; Zoom, Slack, Dropbox, Google Drive, Monday.com, Hive, Asana and Trello – although there are many more.

Only you can decide on which of these applications will best suit your work environment.

Create structure

Which employees should come into the office and how often? Do your employees all have defined roles and tasks set out to complete daily? What does the schedule look like, are there designated days where everyone will be in the office? You must define a clear structure for your employees that attempts to incorporate everyone’s best interests – to ensure set goals and efficient productivity.

Utilise cybersecurity

With a remote workforce, where almost everything is dependent on online technology – we’re noticing a rise in cybercriminal activity.
Loss of data, data distortion, and file corruption are only some of the nightmares lurking behind a poorly encrypted security system. Take cybersecurity seriously and invest in VPNs, antivirus upgrades, multi-factor authentication, and data recovery plans.

Set clear expectations

One of the issues plaguing a hybrid workforce is the idea that employees working remotely are less productive because of at-home distractions and a lack of accountability; this can cause office workers to feel undervalued.

To combat this, be sure to set up a time and place for group meetings (online or in-person) where all employees are present. Use this time to demonstrate clear expectations of both remote and in-office employees; this ensures a healthy work environment by showcasing that remote workers have the same expectations as the office team.

Incorporate weekly meetings

Weekly meetings are a great way to ensure that everyone is on the same page. They also promote a sense of social interaction, which is needed – but often goes overlooked within a remote workforce.

Here, everyone should be allowed to present potential queries, discuss potential issues, and make sure they’re clear on their roles for the week/s to come.
]]> Sat, 19 Jun 2021 15:36:00 GMT https://hadaratglobal.com/blog/?the-future-of-a-hybrid-workforce https://hadaratglobal.com/blog/rss/000000006