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Important Things to Know About the Revolutionary “Share Economy”

Important Things to Know About the Revolutionary “Share Economy”

When we were kids, one of the first lessons we learned was to share. In a world where business is under increased pressure to be more socially responsible, easier on the environment and take a more active role in social issues, some businesses are getting the message.

The share economy is made up of companies like Airbnb, Elance, VerbalizeIt, Mechanical Turk, co-working spaces and numerous other services that unite those who have available goods and services with the people who need access to them.

The “share economy” is changing the way people access the resources they need. But it’s not all rainbows and puppies, there are downsides. If you are already participating in the new sharing economy or considering it, you need to know these nine things.

1. It requires companies to make better products

When a product is shared by a large number of people instead of just one person or family, a different level of quality is required. It gets passed around more and is subjected to more wear and tear. Cheap, throw-away products are no longer acceptable.

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2. It’s better for the environment

When you aren’t using something you own, you can share it instead of throwing it away. This saves natural resources. For example, we don’t have to manufacture a whole bicycle for each person who uses a bicycle only occasionally. They can use bike sharing to get access to a bike only when they want it.

3. It destroys jobs

St. Louis cab driver and ride-sharing critic Umar Lee, believes that car sharing facilitated by companies like Uber and Lyft hurts people by taking away their jobs. He says:

Driving a cab in St. Louis is a job that has allowed drivers to buy homes, raise families and send their children to college. Its not a plaything for me. I work six or seven days a week on this job (usually 10-12 hours a day) and that’s the money I use to support my children and pay my bills.

4. You can own less

The share economy lets you have access to things instead of owning them. If you want to use something, you don’t need to own it because access is an option. This saves money and resources and gives you the ability to have richer life experiences because the cost of access is reduced.

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5. It’s hard to regulate

In the traditional economy, regulation by the government is how we ensure safety and quality. When the parties providing and receiving the goods and services are distributed individuals, it becomes difficult to regulate. According to Jeremiah Owyang, share economy expert and founder of Crowd Companies, it’s also difficult to stop:

This is powered on mobile and social; the only way you can stop this tech-based movement is to stop the Internet.

The share economy depends on reputation instead of regulation.

6. It brings economic opportunity to everyone

Those who do not have the means to start a business or job opportunities available to them can make money by sharing their skills. Ryan Frankel, share economy enthusiast and co-founder of VerbalizeIt says:

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The shared economy model allows us to disrupt a traditionally broken translation industry, be a driving force for business internationalization and create job opportunities around the globe for those with a proven and tested skill-set.

7. Company growth is driven by reuse

In the legacy economy, company growth came from selling more products. Growth meant getting more people to consume more goods. Companies that facilitate the share economy grow when their customers share more of what they already have.

8. It’s harder to tax

It’s easy to tax hotels, cab companies and industries dominated by large companies, but when the service providers become distributed, as they necessarily do in the share economy, it gets messier, but not impossible. However, San Francisco recently reached an agreement with Airbnb to collect taxes on rentals in the city.

9. It helps people get access to resources they need

Resources that were previously inaccessible due to a higher cost of owning or purchasing them can made be more accessible. For example, entrepreneurs, who would have previously been limited to working out of a spare bedroom, can get access to workspace in a collaborative environment. Jason Deem, founder of Nebula Coworking, says:

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Coworking encourages innovation and experimentation by fostering a collaborative community of entrepreneurs who benefit from the diversity of skills and connections in the coworking environment. It also minimizes the risk of starting a new business by keeping costs low through the use of shared resources.

How to start participating in the share economy

You may find that you can benefit from both being a consumer and provider of shared resources. Begin by looking at things you own, but don’t use as much as you could. Start with your most expensive assets, such as your house, car, boat or other large, expensive items. Then research your options for sharing those things and making some money doing it.

Next, look at resources that you use. Think in terms of access instead of ownership. Research and understand your options for getting access to those things you want instead of owning them. You may find that you would be better off getting rid of things you own and accessing them instead. Or you may find that you can get access to things, like a boat via Boatbound, that you previously thought were inaccessible.

You’ll get the most benefit by participating on both sides of the sharing economy (consuming shared resources and sharing your unused resources). You might find that you can get access to more of the things you want and spend less money.

Give it a shot, it’s the future, so you might as well see if it will help you, right?

Featured photo credit: Ted Manasa via facebook.com

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Published on September 18, 2018

17 Proven Tactics for Motivating Employees and Building a Stronger Team

17 Proven Tactics for Motivating Employees and Building a Stronger Team

Have there been instances when you noted a drop in your team’s productivity or observed a behavioral change in someone who used to be an excellent performer?

Before you blame the team for not being motivated enough or worse still, choose to ignore these warning signs, look inwards and ask yourself if YOU are doing enough to keep your team motivated in the first place.

Motivating employees is extremely crucial. As the leader of the pack, it is your responsibility to ensure each and every member of your team feels valued, driven and motivated.

After all, you cannot expect a bunch of disengaged and demotivated people to deliver results and grow your business, can you?

Here are 17 surefire tactics for motivating your employees and building a productive team:

1. Show your appreciation

In the whole race to achieve external business goals, leaders often forget to value their most important assets — their employees.

The least you can do to boost performance and morale is to appreciate your employees, recognize their efforts and give them credit when it is due.

Whether it’s sending a personalized note, recognizing achievements publicly during team huddles or even rewarding top performers at the end of every month, you will be surprised to see how these small acts of appreciation can go a long way.

2. Communicate effectively

Effective communication can do wonders in motivating employees. Who is a strong communicator? Someone who knows what they are talking about and are able to convey their message accurately.

Communication is a lot more than just language and talking. Factors such as eye contact, active listening, hand gestures and postures also say a lot about a person’s communication skills.

3. Be open to dialogue

Gone are the days when leading through fear and putting on the tough, distant leader act would work.

New age leadership is all about instilling trust by being accessible and encouraging discussions. Your team needs to feel comfortable speaking to you and you need to set the tone for such a camaraderie.

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In spite of having a busy schedule, you can still show you care through simple, effective acts.

For instance, having an open door policy, showing genuine interest while interacting with your employees or even greeting your team members helps breaking barriers and projects you as an accessible leader.

4. Provide constructive criticism

Giving negative feedback is always tricky — you don’t want to hurt feelings nor do you want the feedback to be taken lightly.

So, what do you do? The idea is to offer criticism such that it inspires change and delivers results.

Firstly, take criticism behind closed doors because nothing breaks self esteem the way calling out employees in public does.

Have a one-on-one discussion with the concerned person and make your feedback very specific. Be clear about your expectations and offer guidance on how they can improve.

Most importantly, give them the chance to explain their side of the story too instead of jumping to conclusions.

5. Conduct one-on-ones

Yes, you conduct weekly meetings with the team but how well do you know them on a personal level?

While you may think this isn’t an important practice to follow, it is one of the best ways to engage with your employees and identify what drives them.

Conduct a one-one-one session every month and use it to understand how your employees are doing and if they are facing any roadblocks.

More than reviewing performances, consider this as a relationship building tool to ensure you are aligned with your team and are working towards a shared, common goal.

6. Build training programs

In this ever-changing business landscape, it is important to ensure your employees are updated with the latest, relevant skills that can help boost productivity and performance.

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From imparting technical and soft skills to offering mentoring programs – investing in training and development significantly helps in motivating employees and keeps the learning going.

While conducting training programs, remember to keep them engaging and interactive. They need to ultimately drive value and reinforce learnings.

7. Offer growth opportunities

Every employee envisions a different career path for themselves and demotivation strikes the day they feel they have reached stagnation. As a leader, you need to first be aligned with their goals and offer ample growth opportunities that constantly keeps them engaged and motivated.

Growth opportunities go beyond just financial growth. While money is a huge driving factor, what makes most people tick is making progress in the company and going up the career ladder.

Being faced with new challenges and responsibilities lets them push the envelope and broaden their knowledge and skills.

8. Reward them

Go beyond verbal recognition and reward employees for their notable work. You can start an incentive program and reward top performers. This ensures increased productivity and brings out the best in them.

If you don’t have enough budgets for that, you can also reward top performers with movie tickets, a paid vacation or something as simple as giving them the option to work from home.

Rewarding employees promotes healthy competition and motivates them while meeting business goals.

9. Encourage team outings

Employee motivation also stems from how connected the team is. Invest time in team building because a team that works collaboratively is likely to deliver better results.

From bowling nights to hosting team dinners – team outings are a great way to get to know each other and bond. Assign someone from your team to be in charge of organizing these monthly outings and make sure you join them too!

10. Involve them

Involve your employees in decision making because when they are involved, they feel more valued and part of a larger cause.

Seek your team’s opinion and encourage healthy debates within the team. This boosts employee morale and challenges them to work harder as they know they are in a position to make an impact and will be taken seriously.

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11. Set meaningful goals

In the beginning of the financial year, make sure you sit down with each employee to set meaningful and realistic goals. The goal-setting conversation is an extremely crucial one and needs to be a two-way street.

Whether your employee feels burdened or doesn’t feel inspired enough by the assigned goals – this is the time to come to a consensus and assign goals derived from business objectives that foster individual development while keeping in mind their strengths and weaknesses.

12. Empower them

You cannot expect employees to be motivated for long if you micro manage the team and do all the talking.

Trust your employees and empower them to take decisions. Mistakes will happen but that is the only way they will learn.

Be open to discussions, delegate effectively, set your expectations and give your team the freedom to do it their way.

13. Deal with conflict

A conducive work environment is one wherein there is open communication and trust, but every once in a while, you do encounter people in the team who indulge in office politics and spread negativity.

How much ever fulfilled an employee feels with their work, gossiping co-workers are bound to ruin it for them. Workplace gossip if not tackled hampers productivity and soils working relations.

As a responsible leader, you need to maintain a conducive work environment and act as a mediator in such cases. Don’t be the leader who is locked up in his/her cabin and is unaware of what is brewing within the team.

14. Implement a flexible work culture

Flexible work cultures are a growing trend and are here to stay.

Whether it is offering flexible working hours or allowing employees to work from home once in a month – a flexible work culture promotes work-life balance and aids in employee satisfaction.

It shows that the management is sensitive to employees’ schedules and is thereby highly appreciated.

15. Host engaging activities

All work and no play makes Jack a dull boy and we cannot agree more! So, why not devote one day of the week to employee engagement activities?

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From hosting baking competitions to introducing wellness programs in the office – let your team have some fun beyond work. This keeps the environment engaging, light-hearted and interesting, giving them all the more reason to look forward to coming to work.

16. Maintain a positive work space

Your employees spend more than half their day at work and in order to keep them energized and motivated, it is important to maintain a positive and inspiring work space.

Have a recreation center where employees can unwind after a hard day’s work, offer free snacks and beverages and invest in an open office design that promotes socializing and conversations.

These are simple yet effective ways to create a space your employees will love coming to.

17. Avoid discrimination

Any kind of discrimination, be it due to age, gender, religion or race hugely impacts employee motivation and performance.

In order to avoid such cases, you must lay down rules against discrimination and take strict action against accused employees. Lead by example and make sure no one in the team is a victim of bias and discrimination.

The bottom line

Don’t underestimate the power of motivating employees. Understand that the more engaged and motivated they are, the better their performance will be.

It is also a good idea to send out a survey and get feedback from your employees on the company culture, work environment and their motivation levels.

This will help you be more aligned with their expectations and further improve your efforts in building a stronger, engaged team.

Featured photo credit: Unsplash via unsplash.com

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