Ensuring a Long Lasting Relationship

At workplace, where the war for talent makes it difficult to find good workers with required talent, the need to retain the talented individuals increases. Great businesses understand the importance of retaining talented individuals. They are well aware of the fact that replacing employees require time, money and energy. According to the ‘Center for American Progress’, it costs roughly 20% of an employee’s salary to replace that individual. So when the employees of an organization constantly leave for greener pastures, the organization is forced to spend the equivalent of over two months’ worth of salary just to find someone to replace them.

Retaining top talent is a struggle for many businesses, but there are several things an organization can do to increase the likelihood of its talented team sticking around a little longer than average.

Hire the right Talent- An employee is not able to perform well if he does not fit in the organization’s culture. Therefore, it becomes really important for the employer to ensure the alignment of skills of the new entrant with that of the organization’s culture.

Provide Growth Opportunities- An employee joins an organization with a vision to grow with it and expects challenging positions to showcase his talent. In the case of limited advancement opportunities an employee becomes demotivated and starts to look for an alternate. To avoid such situations, an organization must provide challenging opportunities to its employees. This will not only motivate the employees but also provide a positive and hopeful atmosphere to its people. 

Recognition- Sincere and positive recognition strengthens the bond that an employee has with its organization. Constant and constructive feedback ensures that an employee is motivated to put in his hard work. Day to day interactions with the superiors can directly impact on motivating or losing a key contributor.

Handsome Compensation- Scarcity of talented professionals is an alarm to the ever expanding industries. In the event of non-availability of surplus of talent, an organization needs to deploy strategies to retain the existing talent with the organization. Understanding the worth of a talented employee and providing him the required compensation may help in retaining a contributor within the organization.

Eliminate unnecessary barriers- Unnecessary barriers not only irritate the employees but also prove to be a major time waster.  Providing the right amount and quality of tools can ensure the correct and optimum usage of employees’ time and potential.  

Conclusively, if an organization continues to nurture and support its talent by offering them ongoing opportunities for professional growth and development along with constructive feedback while showing them that their opinions and efforts are heard and valued, it can ensure that its relationship with its employees will last long.

By:
Ms. Priyanka Trakroo - Faculty
INLEAD

The World of Mouse

The invention of internet has created a paradigm shift in the traditional way of shopping.  The behavior of Buyers is changing rapidly and thus leading to a change in how brands are trying to capture the target market across all verticals to adjust and conform to the interactive world. In the current scenario nearly all the consumers have shifted  their  regular activities to  digital in some way — from listening to music, to shopping, to booking restaurant,  ticket reservations and so on.

Increased use of smartphones, health and environment concerns, technological innovations and the rising complexity in the decision-making process are some of the key areas of change that will impact retail businesses.

We are living in a consumer- driven market, where marketers are trying to understand the needs and wants of consumer and do business across channels and devices.

These days, brands are recognizing the importance of customer satisfaction and trying to ease the buying process.

• One-on-one communication – The focus has shifted from advertising to improving the customer experience by understanding the needs and wants of customers throughout the purchase cycle.
• Availability of various media channels – The number of media channels available in the market has created a big problem for marketers to determine when and where there is a customer is located.
• Make the experience easier – The marketers are trying to create platforms which are easy to access and provide all the relevant information to the buyer.
• Availability of Various payment methods – with the increase in number of mobile wallets the marketers are trying to ease the buying process.

India has come a long way in regulating its policies and promoting ease of doing business, and has huge potential for growth in this sector. As per the report, the Government is working on policy reforms by liberalising foreign investment norms and creating a single window clearance policy to facilitate business in the country.

By:

Sakshi Vig  -Faculty
INLEAD

Career Opportunities in Digital Marketing

Had this been 2007, you would have been laughing at me for writing an article that focuses on job opportunities in the field of digital marketing.  Till a few years back, it was almost impossible to find a job in digital marketing. The organizations were mainly stuck with the traditional promotional activities that aimed at spreading their product’s awareness and enhancing the bottom lines. Nevertheless, the tables have turned in a decade’s time. Today, the organizations are highly inclined towards adopting the contemporary techniques of promotion that does not only maximize their revenues but also focuses on revitalizing their brand.

From an unnoticed niche approach to one of the most persuasive contemporary marketing tactic, Digital marketing has grown in leaps and bounds in the last once decade. Along with the growth of digital marketing, the numbers of job opportunities have also increased. Hence, the aspiring managers should eye the varied opportunities in this sun shining field. Following are some of the job opportunities that should be considered by management graduates –

• Search Engine Optimizer – Who would like to spend money on Google AdWords when you can conveniently get free traffic on your website? The key responsibility of a SEO executive is to carry out keyword research to support new client pitches and existing client SEM campaigns.
• Social Media Marketing Expert The key role of SMM is to promote an organization, its products and services with the help of social networking sites such as Facebook, Instagram, YouTube, Twitter etc.
• Content Writing – If you have a good command on language, content writing is surely your cup of tea. The job responsibilities include writing blogs, updating websites, developing interesting content for promotional campaigns and drip marketing campaigns.

Source: www.digitalmarketingeducation.com

• Conversion rate optimizer – Yet another job opportunity for the aspiring managers is CRO. The key job responsibility of a CRO is to enhance the conversion rate and enhance revenues. Other duties include defining and executing a CRO roadmap, market trends, implementing CRO best practice, comprehending the customer feedback and analysis.
• Search Engine Marketing Executive – The job description involves tracking and analyzing the efficiency of digital campaigns, targeting high number of leads, keyword research, landing page selection, split testing the ad campaigns etc.

Hope this information will be useful for the young managers who are looking forward to build their careers in digital marketing. In the upcoming posts, we will explore other interesting job opportunities in the field of digital marketing. 

By:

Dr Priyank Azad - Senior Faculty

INLEAD

Wellness India 2017 Expo

“Wellness India 2017 Expo ”  (Health India Expo+ Biotech India Expo+ Organic India Expo) opened its doors from 29 Aug - 31Aug’17. Wellness India 2017 Expo, integrating organics, health and biotechnology, is a favorite for all ages! Attended by multitudes, it was buzzing with a wide range of exhibitors, booths, seminars and dynamic workshops. The expo opened up vast opportunities for participants to enjoy wellness wisdom in groups and individually. At the creative entertaining workshops, participants learnt about the potential applications of various health therapies, and practiced yoga, mindfulness and naturopathy, amongst others. 

Being Students of Indian Institute of Learning& Advance Development (INLEAD), we got the opportunity to explore “Wellness India 2017 Expo”, free of cost, and we really learned a lot.

The expo started on Tuesday, August 29, in Pragati Maidan, New Delhi, where major companies showcased ground–breaking technologies and services related to health, biotechnology with new organic product launches, Organized by the ITPO (India Trade Promotion organization), Exhibitions India Group, the Ministry of Science & Technology, Ministry of AYUSH, Ministry of Rural Development, Ministry of Skill development & Entrepreneurship, along with Ministry of Tourism.

We tasted, sampled and experienced organic and natural products from exhibitors nationwide including rice, vegetables, fruits, processed food, skincare and cosmetics, cotton, as well as health and beauty services from leading fitness centers and spas. 

The captivated audience at the conference sessions heard industry leaders on what it takes to break into and succeed in the wellness industry, while having a massive impact by transforming the health of their communities. Discussions also centered around strategies on how to build your brand, become a leader in your field, and leverage industry relationships to launch and sustain a successful business in the organic, health and biotech sectors.

Wellness India 2017 expo, incorporated Health India expo, Biotech India expo and Organic India expo, & is an excellent platform to know what’s new in natural remedies, alternative medicines, Ayurveda, nutrition, organic, herbal and natural personal care products, biotech and so much more! The event provided a unique opportunity for gaining invaluable industry knowledge, building new contacts and networking with thousands of attendees including government representatives, industry pioneers, large corporate, leading technical universities and research institutes, health practitioners, SMEs and a new generation of innovators shaping the future of healthy and sustainable products.

Witnessing this gala event we are pleased to note that India is going Organic, is concerned about healthy living & is moving into highly aimed biotechnological era. We are in throes of a transformation which will make us a global organic powerhouse. “The 2017 Wellness India” initiative from Govt. of India will surely empower and equip the ordinary citizen in a way that will clearly be revolutionary.

By: Aniket Patil - Student
INBM - Jan'17 Batch

INLEAD

The brass-tacks of Social Media

When we feel bored, when we feel a little unwanted, when we feel like reaching out to the world, we often turn to our favorite partner in crime, Facebook! Our day starts with clicking on it & our day ends with a post to the world or rather to our friends & followers. The incessant messages, images & videos that are forwarded to us over WhatsApp, the retweets that keep getting pinged, the videos that are shared by the groups we are part of, keep us rather busy clicking away on our smartphones. I often wonder: is the smart phone making us dumb! Or is it making us addicted to an instrument that seems to dominate our senses? Nevertheless, we cannot deny the fact that the Social Media while it may have its drawbacks, there’s a huge surge in the utility of the same.

What makes the social media so useful? In this blog, let’s analyse FACEBOOK, India’s favourite social media platform.

As of July 2017, FB has reported a total “potential audience” of 241 million active users in India, which is higher than Unites State’s 240 million. The absolute numbers seem exciting, but it’s just 19% of the total country’s population. USA’s penetration stands at 73%, with the world average being 73% (source: livemint.com, accessed 4^th Sept’17). Men outnumber women on FB in India, while it’s the reverse in US, where 54% of the platform’s users are female. Another factor that makes a huge impact is that the age group predominantly on FB is younger than 25 years of age.

Monetizing FB as a platform and upgrading it to a business tool has been an uphill task for Facebook Inc. They have moved away from being just a social media platform to an advertising medium, with promoted posts, promoted pages, & pay per click adverts. Your timelines are now resonating not just your friends’ posts but also with promoted newsfeeds, stories, videos, images, etc. Engagement with the audience is something very challenging for FB. They have to not only get Likes, they have to ensure Shares, comments, tagging of people, as also posting of requests. Only when all these are done, is there true engagement with stories shared on FB. Paid promotions which are known as boosts, cost but they lead to increase in likes for a post or for a page. Once all the above tools are put to use, an anlyst needs to check on FB insights as also on the Analytics of FB to track the growth, dips, engagement & disengagements over time.

Facebook has found its place amongst corporate budgets for digital promotions and they are increasingly leaving positive footprints for businesses to come. From setting up a company page, to reaching out to target audience, to raising charity money, even SMEs and NGOs are making a mark here. Facebook is here to stay for sometime now and with increased penetration we will see a gargantuan market opening up for those online. So much so now we may add a verb in our dictionary: “facebooking”!!

In another blog we will look into other social media platforms that are becoming popular in India. Keep reading!

By:

Monica Mor-Senior Faculty
INLEAD

Training the Heroes

Behind a successful organization, there is always a team of Superheroes working hard & in harmony for the benefit of the organization. Sometimes it takes much more than just employing their skills and hoping that somehow they will figure out how to work things out together as a unit for the betterment of the organization.

In this competitive era, an employer understands the importance of training and development to boost the morale of the employees and ensure the organizational success.

On the Job training and development programs is one of the best tools used to train and then extract the very best from employees. Training can come in many different forms and can be very beneficial to your business where employees increase the capacity to adopt new technologies and methods, helping staff develop their skills and knowledge, thereby leading to improved performances and therefore increased productivity.

Employers know the importance of right training at the right position and thus organize various engaging training and development programs for the employees at different levels of authority. There are alot of corporate consultants that offer comprehensive trainings, development programs, team building sessions to organizations. These consultants are experienced professionals and thus are proved to be very helpful in terms of achieving the targets

Some of the benefits of employee training are:

• Increased Productivity -Employees who are well trained are more likely to produce higher-quality output the first time around, thereby minimizing mistakes.
• Increased Motivation - Investing in your staff will show that they are a valued member of the team, which can lead to an increase in morale. This could develop more loyalty and improve staff retention
• Employee Engagement -Training is a good opportunity for employers and staff to get to know each other better, which can lead to stronger working relationships.
• Healthy relations at work- Corporate training tries to bridge the gap between one employee and another to create a better understanding of each other thus promoting harmonious working beyond the differences.
• Increased Efficiency – Training can be done as per the specific needs and requirements of the organization, resulting in increased efficiency in terms of meeting the market demands.
• Stay ahead of the competition – Training for working professionals also comes in handy in helping with changed management and market innovation to ensure that your company stays ahead of the competition.

As the saying goes, “If you think training is expensive, try ignorance.”

Corporate development programs create a “learning environment” where employees are not limited to their current role, but also take initiative to try new things.  Training helps to nurture the best leaders from within for the success of the organization and when you are able to embrace change and innovate, and then your future can only flourish

By:   

Sakshi Vig - Faculty
INLEAD