December 14, 2022
Inflation numbers came in better than analysts expected. Yes, Virginia, there is a Santa Claus. And it’s Jerome Powell.
Hot off the SMB press this week:
But first, here are some headlines that caught our attention this week.
It’s been a wild and crazy year.
Business can be difficult when you have to deal with supply chain issues, high inflation rates, and the threat of a recession on the horizon. And under those conditions, how can we expect industries to perform to their usual standards, revenue-wise?
Here’s what that means for end-of-year bonuses.
TL; DR: It’s not great news. In fact, 27% of U.S.-based businesses stated they would not be awarding bonuses this year (compared to 23% last year).
Bonuses (or holiday gifts, end-of-year parties, etc.) are a great way to reward employees for their hard work while also encouraging loyalty. But if your business isn’t in the financial position to offer monetary bonuses this year, it may come as a (not fun) surprise to your employees.
But you can help ease the blow.
If you’ve awarded employee bonuses in previous years, you’ll want to communicate why it won’t be happening this year. Your people are going to feel disappointed, but you should stress that ending bonuses was a business-related decision.
If you don’t, employees could feel like the decision was based on their performance, which could lead to anxiety about their place on the team.
In fact, you should also take the opportunity to emphasize job security. There are a lot of layoffs happening right now, so reassuring your employees will help ease the loss of that yearly bonus. It’ll be a tough conversation, but you’ll come out a stronger team for having it.
They both sound like the same thing, tbh.
Not quite. But let’s jog it back a bit with a knowledge bomb: Experts say that learning is the key to making employees both happier and more productive. In a recent survey, the opportunity to learn and grow was identified as the second most important factor in workplace happiness. Because learning is so important, businesses across industries are working to give employees more opportunities to do it.
Understanding the basics of learning processes is the best way to fully revamp your learning and development initiatives so that you can incorporate the right tools and strategies for specific goals.
This is usually where businesses mix up the principles of education with those of training.
Okay, so then what’s the difference?
Training is about learning to do something, while education is learning to know something. For new staff, there will be a lot of training, while experienced staff may receive more education for their role. Training sets the foundation, while education can fine-tune and help your staff grow. Both are meant to create competent employees but play very different roles.
How can I use both to benefit my business?
Training and education are both important in any business — here are some tactics for implementing them:
1. Use a knowledge base to help streamline both. Having a solid knowledge base is more important than ever. E-learning is low-stakes and easy to incorporate into your existing training and education programs. Plus, its accessibility is perfect for the practical side of both training and education, allowing employees to take learning into their own hands.
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