Role of a Project Manager in an Organization

Who is a Project Manager?

People with strong entrepreneurial mindsets make for outstanding project managers. The project manager’s role is to lead teams and team members over the finish line, and this enables them to think about a project beyond the fundamental skill set required to manage it. The project manager is ultimately responsible for the outcome and bears sole responsibility for the project’s success or failure.

“Project Managers play the lead role in planning, executing, monitoring, controlling, and closing projects. They’re expected to deliver a project on time, within the budget, and brief while keeping everyone in the know and happy.”

Cam Lee, Rock Agency

Basic activities that must be accomplished by a team on the schedule are called projects. To ensure that the team assigned to work on the project completely understands the expectations from the project and adequately delivers what has been expected it on time, a project manager is needed.

To ensure that everyone gets what they want out of the project, the project manager serves as a liaison between the client and the project team. As a result, the project manager serves as the conduit for communication between the client and the project resources. The project manager oversees the entire team to ensure that the objectives are met, and that the client receives a flawless product within the allotted time frames.

Key Roles & Responsibilities of a Project Manager in an Organization

Being an effective project manager requires the following organizing skills, which may be applied to a variety of projects:

1. Activity, and Resource Planning

Along with outlining the workflow, a project manager breaks down the many tasks that make up project activity. Project managers are expected to coordinate the numerous operations of a project with the available resources.

A clever project manager can spot resource waste and redeploy resources for higher uses or utilization when planning is done precisely and the progress of groups of activities is closely monitored. This holds true for natural, technical, physical, and human resources. As a result, at some time during the project, the project manager’s position changes to that of a Tracker.

2. Managing Risks & Containing Issues

Any competent project manager will understand that risk is anything that happens throughout the course of a project that is “not as per plan.” This unanticipated development could either be beneficial or detrimental to the project’s success. Managing risk is all about being ready to deal with it.

Risks will develop into significant problems if the project manager’s duties do not emphasize the necessity to list them as potentialities that could become realities. The project will experience issues that cannot be appropriately addressed if dangers are not recognized, classified, prioritized, and planned for.

3. Cost Estimation and Quality Satisfaction

Only with a precise cost estimation performed utilizing a top-down or bottom-up method can any product or service innovation be pursued to a successful conclusion. A project manager can divide the project into units using the bottom-up methodology, and each unit’s cost can be determined using metrics such as cycle time, resource usage, cost per person, and others. The project budget is then calculated by applying this to each unit. The top-down estimation strategy takes a more all-encompassing approach, considering significant spending headings, recurring and one-time expenses, as well as other parameters. Without realistic, pessimistic, and optimistic estimates, cost estimation is incomplete.

To satisfy quality standards and guarantee client satisfaction, cost-benefit trade-offs are one of the main duties of the project manager. So, the expense of quality management–which implies higher productivity at lower costs to fulfill stakeholder expectations– should not be neglected. 

4. Scalability, Interoperability, and Portability

First, a project manager must act quickly to determine whether a system or method being used to carry out a project can be “sufficiently” scaled to satisfy client requests.

Second, the project manager must be able to determine whether the software and hardware components may be set up differently to provide various organizational capabilities. It’s also crucial to determine whether a program or process can be converted to operate on a different operating system without requiring extensive rewriting.

5. Reporting and Documentation

The only way to maintain order and a sense of single-minded purpose when there are so many people working to bring a concept to life is to make sure there is a mechanism in place to report every small detail. Time logs, timetables, letters, and photographs are a few examples of documentation elements that, when recorded, offer proof, compile work, and highlight the project.

6. Communication

A proper medium (telephone, fax, encrypted, messenger), different channels (emails, memoranda, reports, press releases), and message structure (five W’s, i.e., Why, what, Where, When, Who, and one How) must be in place for communication to be effective.

As a result, managing every area of a project shapes the project manager’s communication style.

7. Strategic Influence

About stakeholders, suppliers, clients, end users, sponsors, governing bodies, steering committees, project team members, resource managers, and industry peers, a project manager’s sphere of influence is expanded by their various duties.

Conclusion 

The project manager is a flexible professional that employs a variety of knowledge, abilities, procedures, and methodologies to interact with internal teams and external stakeholders to contribute to the development of a technique or item that helps society. Not only are the duties many, but so are the roles played to complete a project successfully. A project manager’s management skills can be enhanced by traditional knowledge and experience, but industry-relevant certification is a big help in handling all job roles. So, give yourself a chance to enhance your Project Management skills, and excel in your career with Project Management Course at DeMont Institute of Management and Technology, UAE.

How Are Managements Tending to The WFH Culture Shift with Employees Back in The Offices?

Life has been nothing short of a dramatic turn of events from 2019 – 2021 (though we technically still are in the pandemic). Especially for the major portion of the population that commutes to work – be it a desk job, an on-field job or any other job that required assistance over the phone or in person. As humans are categorically social beings which means we are in constant need of communicating through words, touch or emotions – the entire phase of the lockdown was tumultuous and challenging to say the least.

With the changing times in the last 3 years, we have seen a significant transition in the way work places have shaped. The boon of highspeed internet and advancement in video-calling platforms we have come far. Be it educational institutes, hospitals, restaurants; the need to adapt and survive the crisis was a priority to many.

Companies and business houses at large had to get accustomed to their employees working from home, which is the new trend for most of the existing companies and start-ups together. The WFH aka Work From Home culture has allowed the employers to think out of the box and at the same time provided with the opportunity to the employees to understand and adapt to Flexi Time (an arrangement between the employer and employee to choose the start and end time for their working day) working hours. With several people working remotely during this period has also opened doors to prioritizing actual work and responsibilities in their personal life and allowing them to be available to their family’s disposal.

Being said that, once the lockdown rules were relaxed and life started moving forward, several concerns raised:

  • Is it necessary to go back to the office?
  • Isn’t work from home a new lifestyle that most of us adapted to?
  • What about the mental health of those employees who have lost their loved ones to covid 19?
  • What about choosing the right technology for effective communication?
  • Isn’t it time to address the slack of outdated work policies with optimum alternative policies?
    And most importantly,
  • How can we ensure the help that employees might need to an overall transition from WFH?

Several organizations have undergone a drastic change which ranges from the overall business models to a shift in the consumer’s behavior. Understanding the gravity of the situation and the market’s demands, the companies have had to conclude and make decisions on the following grounds:

A. Providing options for a variety of workplace paradigms.

  1. Hybrid working arrangement allows the employees to work based on the priority of the task assigned to them, be it at the office or from the comfort of their homes.
  2. Compressed or shorter work week allows people to be more productive and effective with their contributions to their workplace.
  3. Job sharing or part time work and Snowbird Programs are a new norm in several parts of the world to be more accommodating.

B. Prioritizing Mental Health of the employees.

  1. This is the right time to organize social events to engage employees in conversations and listen to their perspective about the work in general and take notes on their feedbacks. This is also a great platform to identify talent and give them the opportunities to excel at work.
  2. Check on the employees more routinely than usual. Exhibit a culture of kindness and active listening so that the employee feels safe and would want to flock back and contribute to their teams in general.
  3. Setting work boundaries is also one of the most important factors when it comes to addressing the mental health of the employees. Burnout is real so and it can only be controlled by understanding the capacity of individuals and their skills. Assign and reassign tasks as per capabilities and situations.
  4. Be fair in deciding who works remotely depending upon the situation and analyze with the right information and data. This will work effectively when the leaders take responsibility to be fair to all. Trust and loyalty are built through example.

C. Choosing the right technology in the workplace.

  1. The support technology provides to working remotely is only possible if the companies customize their requirements into a workable technology for the employees to stay connected and work around with.
  2. Technology also supports security of data which in return boosts productivity and reduces the consumption of time.

Leaders must take initiatives to make the work environment much more relevant and engaging to accelerate business and as well as employee’s willingness to work for you. We have seen businesses function even more effectively with the unforeseen challenges it had to face in the period of the pandemic.

Different management styles and practices have emerged from different work cultures.Tapping into new management trends is of utmost importance for management to ensure consistent progress of the organization. The programs, such as HND in International Business, HND in Human Resources; as well as continued professional development courses like Certified Manager and Certified Team Leader, offered by DeMont Institute of Management and Technology, equip professionals with new-age management practices.

Importance of a diverse team in an organization

The founder of the Order of the Missionaries of Charity Mother Teresa has beautifully quoted on teamwork “None of us, including me, ever do great things. But we can all do small things, with great love, and together we can do something wonderful”. It is rightly said that teamwork is important, even more so in today’s digital world. The reason is that a team can find a better solution quickly which ultimately results to attaining higher productivity. Teamwork also helps to increase learning opportunities as the members of the team are from different backgrounds or areas of expertise.

Therefore, we can say that diversity creates dimension in the world. Diversity is the key to happiness in society. Apple CEO, Tim Cook, in his response to students’ questions at Trinity College in Dublin mentioned that “A diverse team is more than academic; they bring life experience”. He strongly believes that future companies will be the most diverse as compared to organizations in the past.

Figure 1. A team of diverse employees

Creativity is essential to the success of an international firms and diversity encourages innovation by providing fresh perspectives and a deeper knowledge of customer needs. Anywhere innovation may occur, and without a diverse workforce, opportunities could be overlooked. A diverse workplace is an asset because it recognizes the unique talents and potential that each person brings. Respecting one another’s diversity is what ultimately unites us all and can be the key to a prosperous company with the fair work culture. Characteristics of diversity include understanding, acceptance, and appreciation of variations in terms of race, ethnicity, gender, and age, as well as education, abilities, and experience.

Why a diverse team is an asset to any organization:

Helps to increase creativity and innovation

Businesses should always innovate if they want to remain competitive. The culture and education of the workers from various backgrounds give them unique insights and points of view. Each of them contributes a different mindset to the project they are working on, and they can push each other, which results in the creation of unique and diverse ideas. In this way, the team’s creativity is encouraged and the ability for innovation is strengthened.

In a study that was published in the journal Innovation: Management, Policy & Practice, the authors examined the degrees of gender diversity in the R&D teams of 4,277 Spanish enterprises. Using statistical models, they discovered that during two years, businesses with more women on staff were more likely to develop ground-breaking new ideas.(Rock and Grant, 2016)

Assist to motivate and retain existing/new employees

Staff retention and motivation are factors influenced by diversity as well. If the employees feel they are accepted, valued, and empowered they will be happy, more motivated, and productive and it is easy to retain them. Therefore, businesses with greater diversity are probably to see lower staff turnover rates, which leads to less time spent on recruiting and reduced training expenses.

Connects with a huge number of customers around the world

Every company needs a diversified workforce if they want to market to a variety of consumers. A company must ensure that the business appeals to a larger target market by hiring people from a variety of backgrounds, languages, etc. The personnel will be able to relate to customers from all walks of life since they come from diverse backgrounds. For instance, Amazon e-commerce tech giant has more than 310 million customers (eTail Boston 2020, n.d.). It is because this company has the most diversified workforce which results in connecting many people across the world and ultimately converting them into real customers.

Boost revenue

Any business must prioritize growing its revenue. The ultimate objective of raising earnings will be closer to reality if a company takes full use of a diverse staff. Companies with a diverse workforce and enhanced creativity produced 19% more revenue than businesses with lower diversity scores, according to a recent study by the Boston Consulting Group. The stats provide the evidence. (Lorenzo, 2020)

Improves employer brand and global reputation

The importance of workplace diversity in establishing the company’s outstanding reputation cannot be overstated. As a result, the company and its employees experience enhanced profitability and equality of opportunity. Therefore, businesses that support diversity have a good reputation around the world. As a result, the employer’s reputation and reputation for ethical and fair employment practices are improved.

Understanding the need for diversity in team is especially important to business owners and human resource professionals. DeMont Institute of Management and Technology offers programmes such as HND in Human Resources and HND in International Business that covers topics such as the importance of diversity at workplace and its relevance to present-time job market.

References

‌eTail Boston 2020. (n.d.). Amazon’s Social Media Marketing Strategy To Inspire Buyers. [online] Available at: https://etaileast.wbresearch.com/blog/amazons-engaged-buyers-drive-social-media-revenue.

Kennedy, J. (2015). Apple CEO Tim Cook says diversity leads to better products. [online] Silicon Republic. Available at: https://www.siliconrepublic.com/business/apple-ceo-tim-cook-says-diversity-leads-to-better-products#:~:text=%E2%80%9CA%20diverse%20team%20is%20more [Accessed 27 Aug. 2022].

‌Lorenzo, R. (2020). How diverse leadership teams boost innovation. [online] BCG Global. Available at: https://www.bcg.com/publications/2018/how-diverse-leadership-teams-boost-innovation.

ResearchGate. (n.d.). (PDF) Diversity in organizations. [online] Available at: https://www.researchgate.net/publication/304190988_Diversity_in_organizations.

Rock, D. and Grant, H. (2016). Why Diverse Teams Are Smarter. [online] Harvard Business Review. Available at: https://hbr.org/2016/11/why-diverse-teams-are-smarter.

Refresher on The Impact of Globalisation on Businesses

Globalization is generally referred to as the expansion of the flow of products, services, capital, people, and ideas across international borders. Professor Forest Reinhardt, who teaches Global Business at Harvard Business School, claims that “we live in a globalized age.” In other words, national economies are linked to one another more closely than before.

A firm grounding in the fundamentals of business globalization is essential, whether you’re trying to learn more about a multinational company or considering expanding operations abroad. Individuals must understand what it means to be an international firm, things to think about while addressing the global business scene, and how to increase your knowledge are all covered in this primer.

Globalization’s effects on enterprises

Businesses must constantly adapt to both internal and external environment changes. With increased globalization and the use of new technology, change is occurring more quickly, which makes markets more competitive and complex.

Why is there a rise in globalization?

  • Expanding options for transnational commerce and streamlining capital transfers.
  • Desegregation makes it possible for foreign businesses to compete for local contracts.
  • A rise in competition brought on by foreign investment.
  • The expansion of emerging markets, such as those in BRIC nations.
  • Global strategies building corporate awareness on a worldwide scale.
  • Global corporations gain economies of scale and a competitive edge.
  • Modern production methods enable resource cost reduction and location flexibility.
  • More acquisitions and joint ventures let companies reach international markets.
  • Two-way skill transfers as multinationals establish themselves in new markets and hire locals.
  • Transport expenses have decreased, for example, with bulk containers.

Different types of globalization

Economic globalization

The continual improvement of procedures, taking advantage of chances and overcoming obstacles in global economic activity. The spread of capitalism, a surge in market trading and exports, and the development of international economic policy are a few examples.

Cultural globalization

The dissemination and exchange of cultural values, customs, and concepts. The development of K-Pop is one example of this (Korean pop music).

Digital globalization

The speeding up and strengthening of global connections through the exchange of data and information through digital platforms. Big tech platforms like Facebook, Instagram, and YouTube are some examples.

Financial globalization

The expansion of international financial systems and the exchange of money internationally. Examples include the global stock market, which is dependent on the whole economy and where the performance of one market affects others.

Geographic globalization

The dynamic organization of many nations and regions in the world. Examples include the exchange of visas between a few nations, which allows citizens to readily travel, work, and reside elsewhere.

Political globalization

The growth and influence of multinational organizations that make decisions about acts and regulations on a global scale. These organizations include the United Nations, the European Union, and even the World Health Organization.

Ecological globalization

Relates to the emerging idea that we should all be accountable for taking care of the Earth as one entity. One instance is the COP26 summit, where nations from all around the world joined forces to combat climate change as a single global team.

Impact of globalization

The lowering of obstacles to selling abroad is referred to as market globalization. Since lower tariffs keep consumer costs lower and fewer limitations when crossing borders make it easier for a company to access a foreign market, this shift will make it simpler for your company to start selling items worldwide. Additionally, it indicates that businesses should consider various cultures when creating their business strategies and may need to change their product offerings or marketing techniques if they are not appropriate in the target nation. In the case of the camera sector, this might not be a problem, but a hamburger company expanding into India would undoubtedly need to review its offerings and business models.

Production globalization is the practice of obtaining goods and services from elsewhere to benefit from regional pricing variations. To cut production costs, you may, for instance, source materials and components for your cameras from several different nations before assembling the finished product in yet another foreign country. Given that the cost of production is reduced, this adjustment should result in cheaper costs for customers. Additionally, it affects employment since production may move from one nation to another, typically from more developed nations to less developed nations with lower average wages.

Summary

No generation before us has had the chance to create a global economy that leaves no one behind. It is a great chance, but it also comes with a lot of responsibility. Globalization must be advantageous to everyone if we are to live in peace and prosperity as one planet. The rising global connectivity of our world in all areas is inevitable, but it’s critical that the risks and difficulties that come with globalization be not overlooked.

So, what can you do right now to combat the problems caused by globalization? You may do your part to keep people accountable by staying informed, involved, and up to speed with the most recent forms of globalization and developing your own ideas on its role in contemporary society.

DeMont School of Management and Technology offers multiple programmes such as the and HND in International Business that offer deeper understanding of the cause, effects, impact and outcomes of globalisation on businesses. 

References:

https://www.investopedia.com/terms/g/globalization.asp

https://core.ac.uk/download/pdf/33812244.pdf

Keywords that Managers and Team Leads should Add to Their CVs

An individual’s resume is an integral part of their profile as a manager. The inclusion of certain keywords whilst describing your experience to recruiters helps in demonstrating your expertise and can make a huge difference in your job prospects.

The inclusion of such keywords can be done intentionally according to the requirements of the employer. Even though research of the top keywords to use and applying it to your skills will help you highlight the reasons why you would be perfect for the job role offered. Analyzing your qualifications and presenting them in an effective manner is what writing a resume is all about.

Managers and team leaders must display their ability to keep track of the workflow within their team and take responsibility for the company’s goals. Since recruiters receiving applications look for applicants who understand their responsibilities, you must employ all aspects of language in your resume. These can be words that illustrate your responsibilities, adjectives that describe your skills, or industry terms that explain various facets of management.

Below are some of the qualifications that are often sought after in management roles :

Team Building : A manager must possess the ability to develop a culture of collective responsibility and cultivate the skills of their team members. A key component of every manager’s resume is the ability to select, train, and supervise other employees. Keywords such as human resources, interviewing, recruiting, team engagement, workflow management, delegation, collaboration, etc. can help in highlighting the various skills that a manager employs in leading their team.

Business : Candidates for managerial positions must have a solid grasp of standard business procedures and industry best practices. Your management resume should emphasize your business-related abilities and responsibilities because managers oversee many different business tasks and help the company achieve its overall goals. Describing your experience in fields such as finance and operations can help in highlighting your understanding of business. Keywords such as asset management, business analysis, profit and loss, supply chain, finance, logistics, corporate responsibility etc. can help in illustrating your qualifications and understanding of business.

Relationship Development : Employing resume keywords that highlight your capacity for interpersonal interaction and connection-making is crucial since good managers should be able to manage both internal and external relationships on behalf of their company. When describing your experience dealing with clients, customers, project managers, community groups, stakeholders, investors, and other important people within a firm, you can utilize relationship development keywords such as partnerships, networking, customer relationship, outsourcing, community engagement etc. can help in demonstrating your abilities to develop relationships as a manager.

Problem-solving : Addressing team or operational issues before they have a negative impact on the business is one of the main reasons businesses hire managers. Employers may look for keywords linked to resolving interpersonal conflicts, logistical problems, misunderstandings, and inefficiencies depending on the type of business. On your resume, you can highlight your ability to evaluate the facts of a situation, identify the root causes of fundamental issues, and come up with feasible solutions using the resources at hand. Keywords such as critical thinking, decision making, resource management, conflict resolution, adaptability, risk management etc. can be used to showcase your problem-solving skills.

Communication: Communication is one of the top qualities employers seek when hiring for tasks that require management since managers serve as a bridge between a company’s leaders and the specific employees handling each crucial task. You’ll assist your team members in interacting with one another, creating documents that explain corporate regulations, and interacting with the general public as a manager. The strategies and channels you employ to convey information to your team are identified by communication keywords. Keywords such as confidence, persuasion, presentation, constructive feedback, active listening, correspondence etc. can be used while writing about your skills to demonstrate your communication abilities.

Keywords should be spread out in as many parts of a resume as possible. The inclusion of certain keywords can make your application stand out to recruiters. Employers will appreciate a resume that matches more keywords to their needs. By using the appropriate context for your keywords, you can keep the hiring manager’s interest and persuade them to set up an interview.

What must Human Resource Professionals Look for in Candidates Applying in 2022?

Hiring an employee is not just an operational activity for HR professionals but a strategic initiative affecting the entire organization. Not only can a bad hire be costly to the business, but it can also affect the company’s current workforce. As the saying goes, “One bad apple spoils the barrel.” It is better for a vacant role to remain open rather than hiring the wrong candidate. The new normal of the labour market may make it difficult for hiring professionals to find the best suitable candidates. Here are the top skills they should strive to identify.

 

Culture Fit. This is one of the most essential aspects that hiring managers should look for in a candidate. Every organization has some dominant values and norms that its founders or owners have shaped. Culture is what makes people understand their identity as an organization.For different business circumstances, it specifies the type of behaviour that is encouraged. Organizational culture defines the “way we do things around here” in the firm, especially regarding how employees communicate and relate with each other, customers, or other external stakeholders.

A study at the University of Iowa reveals that culturally fit candidates showed higher job satisfaction and better performance. Furthermore, candidates who fit culturally in the organization tend to stay longer and have higher levels of commitment. To understand a candidate’s cultural fit , hiring managers should ask them what type of culture they will succeed in or what principles and values they love and uphold. Finally, evaluate the candidates’ work ethic and norms and give them a realistic culture preview by touring them in the office to see how employees interact and collaborate.

 

Teamwork.  Teamwork is a critical skill regardless of whether a candidate is being interviewed as a senior executive or an intern. It’s a skill applicable to all types of careers in the organization. Bringing in a new employee who loves working in silos will be challenging to manage and eventually ruin the firm’s team synergy. Agile organizations’ capability to innovate and deliver superior products and services is distinguished by the ability of their people to collaborate and achieve their goals through teamwork. Teamwork is the ability to work well with others, often displayed through cooperation. When members of a team show empathy, respect, trust, and support towards each other, it creates a unique working environment where people actively participate and thrive to achieve a common goal.

Recruiters can ask candidates about a team project they had been involved with. This question will provide an overview of the type of initiatives that the candidate had participated in their work. Then probe on what contributions they had played and how they handled a challenging team member. Hiring Managers should also ask the candidate to describe their experience on how well they collaborated and showcased their trust and cooperation with others. Asking them about the quality of their working relationships with their colleagues will show managers how well the candidate will relate with others. These questions will reveal not just their teamwork skill but also understand their ability to build positive and productive relationships in the organization.

 

Adaptability. Nowadays, every organization faces an uncertain, highly competitive, and disruptive work environment. The rapid pace of change and innovation brought about by the advancement of technology and other external forces creates a constantly changing organizational landscape. For instance, the recent COVID-19 pandemic did not just change the way we work, but it changed how organizations value their employee’s health and well-being.

Such unprecedented patterns call for adaptability and resilience. Candidates with a growth mindset who recognize their need to learn and adapt to their organization’s ever-changing environment will be the ones who will thrive and succeed. Moreover, flexible employees are more innovative and tend to explore various work approaches rather than accept the conventional work method allowing them to embrace change as a regular part of their lives.

 

Problem-Solving.  The organization expects its employees to solve its most pressing issues. Effectively identifying a problem and its causes and solving it effectively is a crucial skill that recruiters look for in job applicants. Elon Musks, the world’s richest entrepreneur, suggests that he pays employees based on their ability to solve complex problems. With the constant change in the business environment, which can present several organizational problems, issues, and challenges, problem-solving has never been a more critical skill for employees.

 

How to Calculate Your Marketing Budget in 2022

The sales numbers aren’t adding up, you’re employing every strategy you found on Google, but nothing seems to click. Where are you going wrong? Maybe your marketing budget isn’t in place but how much is enough to get your brand noticed? How do you calculate if it’s too much or too little to generate any return on investment? As always, the challenge is to find the right balance while getting plenty of quality leads. 

So how much should you spend on marketing? 

A survey conducted by CMO in 2021 showed that organizations spend anywhere between 10.4% – 13.7% of their company budget on marketing. Although this number varies from industry to industry, this could give you a small idea of how much you should be spending on marketing. What you might want to break down is how much of that budget should you spend on different marketing strategies. With the world of tech taking over, companies are shifting much of their marketing efforts to digital platforms.

In addition to dividing between digital and traditional methods of marketing, you need to figure out which channels get your better results. The easiest way to put this is, spend more money where you’re getting the most return. Make use of analytical tools to determine which channels perform consistently over time and which ones are not yielding good value.  

5 Things to Consider When Setting a Marketing Budget 

There are multiple strategies companies use to develop a marketing budget. Here are some guidelines that can help you in setting the perfect marketing budget for your company 

Industry : One of the common ways is setting a percentage of revenue for marketing based on your industry type. You can learn how much your business can allot for its marketing budget based on the table below

IndustryMarketing Budget (% Of Company Revenue)
Communications Media10%
Mining and Construction3%
Service Consulting21%
Consumer Packaged Goods9%
Consumer Services6%
Education3%
Energy1%
Banking, Finance, Insurance, and Real Estate8%
Healthcare18%
Manufacturing13%
Retail Wholesale14%
Technology21%
Transportation6%
Source: WebFX (2022)

New Companies: Business running their operations between 1 – 5 years of age can invest anywhere between 12% – 20% of their total revenue towards marketing. Whilst this might seem a lot, you need to remember that there are many sharks looking to capture the market share. You need to let the audience know that you exist, and therefore your marketing strategy should be aggressive. 

Established Companies: Businesses older than 5 years of age can invest between 6% – 12% of their total revenue. If your business is older than 5 years and you haven’t yet invested in any marketing, you may see which strategy works better and tweak your budget accordingly.

Market: A Business-to-Business (B2B) should invest 7% – 8% of its total revenue towards marketing. Whereas for Business-to-Consumer (B2C), ideally, they should be spending about 9% of revenue on marketing.

You need to consider business goals when creating your budget and depending on your overall business strategy, you may opt to create a marketing budget that could be higher or lower than your industry’s average. How do you do that you ask? The final piece to this puzzle (drum rolls) is to find out:

Target Cost of Acquiring New Customer: A goal-driven marketing budget should determine the target cost for acquiring a new customer and how many new customers you aim to get through your marketing strategy. The last step is to multiply those and add any fixed costs. For instance, you set your target cost as $100 per customer, and you are aiming to get 100 new customers, and your fixed cost is $5000. So, the total cost would be

(100 x 100) = 5000 = $15000

If you’re busy running your business, you could also make use of a digital marketing company so that you can focus on other aspects of the business. We all know that there are certain marketing strategies you must spend time and money on so that you don’t FOMO (Fear of Missing Out). But how much does a professional digital marketing service cost? Here’s an estimate

SEO $500 – $10,000 + per month
PPC 5-20% of monthly ad spend
Content marketing $1000 – $10,000 per month
Social media marketing $200 – $5,000 per month
Email marketing $200 – $1500 per month

Do bear in mind that these prices vary depending on your business, and you will need to consider your goals when creating your budget. As you run your marketing campaigns, you might want to tweak them to improve the overall performance. There’s no magic formula for reaching your goals, but you can use these steps in building your brand while spending wisely.

References

https://www.entrepreneur.com/article/243790
https://www.rogerwest.com/strategy/calculate-annual-marketing-budget/

https://www.businessnewsdaily.com/15766-how-to-develop-a-marketing-budget.html

https://www.webfx.com/blog/marketing/how-to-plan-a-marketing-budget/

10 Steps to Having Productive Mondays

Mondays can be hard, but with a little bit of discipline, it can be the best day of the week. We often dread its arrival, especially after an eventful weekend has passed, and now we must head back to the workweek. But Monday can also be an exciting beginning. We need to change our mindset and with the right approach, it can stimulate efficiency and productivity for the entire week. It takes determination to start the week with focus and optimism and it is exactly what the most productive people do! In fact, several studies show Monday is the most productive day of the week.

Here are some tips for making your Mondays more productive :

  1. Monday is a fresh start

Mondays are a new beginning. Take every Monday as a fresh start regardless of what may have happened during the weekend. Weekends are there to break from your regular routine so that you can arrive refreshed and recharged and ready for the start of the week. More importantly, preparation is the key to embracing Monday and making it your most productive day.

  1. Have a positive attitude

So much time and energy are wasted when you are in a bad mood. Productive people don’t like to waste any energy, and do not want the week to lag from a bad start. Focus your mind on joyful productivity from the moment you wake up and be excited about what you can accomplish.

  1. Wear your power outfit

Your clothes influence how you feel so why not take advantage of that on a Monday morning and choose a power outfit for yourself. Choose something you feel great in that will help you set your mind – and the week – to success and achievement.

  1. Arrive at work a little early

Start your week off on the right foot so instead of sleeping in until the last second, arriving to work just a little earlier can give you time to straighten out your thoughts and organize. Use the time to plan your day and the rest of the week.

  1. Set realistic goals for the week

Be realistic about how your time will be spent. You can use an online calendar or applications to help you set and achieve realistic, attainable goals for the day and the week. Using an online or hard copy notepad can help you organize your thoughts, activities, and deadlines to create an action plan.

  1. Establish a routine

A routine gives you more freedom as it reduces the psychological impact of changing your environment and making decisions. When you create a routine, it allows you to easily switch from your weekend mindset to your weekday mindset. This helps you to improve your concentration, mood, and focus.

  1. Track your success

Keep a log of your daily activities. Track your process and keep it results-oriented. Track the accounts won, tasks completed, and achievements unlocked. On your most productive days, review what you did to make them so productive. Keeping track of your success keeps you focused on not starting things, but actually finishing them. In this way, you end the day off on a high note and it keeps you motivated and excited for the rest of the week.

  1. Save meetings for later

Cancel Monday morning meetings if possible or reschedule them for later in the day. You and your colleagues will appreciate having the time to get a leg up on the week’s work. Commit to your work and try to avoid any distractions. After two hours, get up, walk around, stretch, and have a drink of water.

  1. Schedule a little ‘me’ time

It’s up to you to decide the best, most productive use of your time. Making exercise part of your Monday routine in whatever way you can helps set the tone for the rest of the week. Exercise also boosts your energy for the rest of the week.

  1. Change your mind set about Monday

You must stop seeing Monday as a terrible, horrible, no good, very bad day, and you have to start looking at it for all of its possibilities: the opportunity it presents for a good start, the opening it gives you for a productive week.

Sources:

https://www.entrepreneur.com/article/340029

https://www.randstad.ca/job-seeker/career-resources/workplace-culture/how-to-make-your-mondays-memorable/

https://www.inc.com/kevin-daum/5-simple-things-super-productive-people-do-on-monday.html

5 Tips to Choose the Perfect Career

Majority considers career or work as one of the main priorities in life and getting stuck in a wrong job can be frustrating and can impact the personal life as well. Choosing the correct career is very important as it marks the first step towards the professional life. Sadly, survey shows that only less than 50% of U.S. workers feel that they are in good jobs, that shows more than half U.S. workers are unhappy in their jobs. Indeed’s latest ‘Work Happiness Score’ survey has found that three fourth of UK workers are not happy in their jobs most of the time. The reasons behind such statistics are many but a study published in Indian Journal of Commerce & Management Studies, showed that employees who make the right career choice are more likely to be satisfied with their job. Appropriate career choices and job satisfaction have major health effects on a person’s wellbeing.

 

Job expectations

Making a major career change or choosing a career is a huge professional and personal decision According to 2022 statistics, only 21% of college graduates pursue a career based on their qualifications and 39% of the people consider changing their careers based on salaries. Additionally, 70% of the workforce is actively looking for a career change. Due to several factors a constant need for career change is observed and some of the job expectations include the following:

 

Work-life balance plays a major role when choosing a career. Survey done on the impact of 2020 shows that work from home has increased overall global job satisfaction and Owl Lab’s 2020 State of Remote Work Survey Report revealed that work from home has become a requirement for work happiness for a significant portion of the workforce. The survey also uncovered that 46% of professionals surveyed would seek out a new position if current employers demanded a full return to the office. As the job expectations are changing, the need for career change is also observed worldwide.

 

Factors Affecting Career Choice:

While key factors while choosing a career may vary from person to person, following are a few basic reasons for professionals to seek new job opportunities:

 

 

5 Steps Assess Career Possibilities:

Knowing the above factors alone cannot make the process easy. Many times, it is stressful to choose the perfect career, but the process can be simplified by following certain steps.

 

. 1. Assess Yourself

This is a crucial step in choosing your career. Assessing can be done in many ways. It can be done systematically or even in an informal way. This includes understanding yourself, knowing your strengths, identifying your passion, and even understanding your weaknesses.

This step will help you to understand about yourself and knowing what your priorities are. It can be started by jotting down your likes and dislikes, asking your friends what your strengths and challenges are, asking yourself the same question, and understanding what excites you (it can be travelling, talking to people etc.)

You can get the guidance of a professional too. Taking aptitude tests, personality tests (like MBTI) and attending career counselling can make it easier. Career tests come in various forms, including questionnaires, card sorts, and multiple choice and short answer tests.

2. The long list

You can write down all the careers that can match your personality, likes, strengths etc. This can be the step where you can be creative and write down every single job that can interests.

Sometimes it is even fine if you go out of the box and include uncommon career paths or even the daring ones. It’s OK to feel different or misfit because only if you dream big, you can achieve the unachievable. As the psychologist Dr Ronald Fischer said, job choice and autonomy is more directly related to happiness than having lots of money.

. 3. Explore Your List

In this step, you explore all the options that was included in the list. This step forms the basis for your decision. Get all the information on the occupations you are interested in. You can use social media, online searching, talking to friends, parents, and other adults to know more about the options. You can also use LinkedIn to talk to professionals in the same or similar positions and even conduct informational interviews. Use all the possible methods to get the maximum information on all the job options.

4. Short List

Once you have all the details on the different job options that suit you, it is time to remove all the disinterested and unappealing options. You can have 5 to ten options in the final list. You should consider all the factors that can make it the best option or the worst. You should also identify your must-haves. It can include the monetary part, growth opportunity, limitations, and feasibility.

The important point here is, “Do not let others make the decisions for you.”  According to this survey, students are most influenced by family when choosing a major; 22% chose family as the most important factor influencing their choice of major.

5. Make Your Career Choice

Considering all the points discussed before, a final decision should be taken here. Sometimes you are stuck between two appealing options. In this case, go to the step four and do more research on the two occupations.

Make sure you choose something which you know is challenging and interesting because only ifyou are challenged you grow more otherwise it can lead to burn out. Once you choose your career path, identify your goals (short-term and long-term), and write a career action plan. It might be too soon in your career journey but it’s always good to have goals that can keep you on track. It can be as simple as “getting a degree” or “doing an internship”.

Remember that this need not be your last decision. It is OK to change your decision, try something new or change the career path in between. In the end, you should feel content and motivated when you are at work. As David Suzuki said, “It is not too late to take another path.”

 

 

Importance of Skill Development in Making your Workforce Future Ready

Over the past two years, since the spread of the pandemic, it has been observed that companies across the globe have drastically altered their mainstream methods of operations to adopt a unique and lean approach that better suits the current circumstances. Apart from the pandemic, multiple factors such as geopolitical risks and the vociferous gas prices have further compelled organisations to realise that change is constant. This has encouraged individuals and organisations alike, to make reskilling and upskilling a regular practice. Furthermore, the shift from onsite to online learning, the abundance of study material available on the internet, and the options to study part-time, over the weekends or attend evening classes has taught the masses that learning can be quick and easy.

 

Figure 1. Geopolitical Risks Forecast for 2022
Figure 2. Fluctuation in gas prices from 1995 to 2022

McKinsey Global Survey 2021 stressed on reskilling and upskilling employees a matter of urgency to try and reduce the skill gaps across industries. In the same survey, most respondents stated that skill building has become even more crucial than hiring, contracting, and redeploying employees, with 69% of organizations doing more skill building now than before the COVID-19 crisis. LinkedIn’s Workplace Learning Report 2022 confirmed that 46% of Learning and Development leaders mentioned that upskilling and reskilling has been their top-most priority this year. (2022 Workplace Learning Report | LinkedIn Learning, 2022).

According to the definition provided by Forbes, Upskilling is a go-to strategy where critical skills are discussed in a more straightforward manner in deciding how to approach progress. Such as organizations looking at their own employees that were provided training by the organization itself versus the talent that has recently been hired and what they bring to the table. (Odom, 2022)

Reskilling, on the other hand, is when your talent moves to a new job. Reason could be plentiful, such as a career growth or organizational changes resulting in the move. Reskilling programs requires a greater level of investment as it starts with assessment and different requirements for different people. Organizational skill-building through reskilling is a progression that is an important metric in terms of the impact of a particular skills learning. (Odom, 2022)

Harvard Business Review research has indicated that 65% of the tasks that a manager is currently in charge of will be automated by 2025. (11 Trends that Will Shape Work in 2022 and Beyond, 2022) This means, that if a manager needs to affirm their position, then one must fit into the new definition of what it means to be a manager or have themselves at the unease of losing a job. This is just one example of the alarming changes that are coming at the workplace and the impact of automation.

 

Topics like these have become an on-going discussion for many senior leaders to up their game in the industry. Discussions on assessing the skills of their current workforce and how can an impactful performance be delivered with solutions that build onto their skills in their current role is a constant conversation and a struggle.

Although this survey done by McKinsey dates to 2017, the statistical estimation done here is much more digestible now than ever. Approximately 50% of the jobs according to this survey can be automated, and this is not limited to a selected number of jobs, but across industries globally implying substantial workplace transformations and changes and changes for all. The solution of which can only be understood by creating an urgency on reskilling and upskilling employees.

Countries like India that ace in manpower strength have realized that 60% of the HR executives reported that CEOs were on the lookout for the employees who possessed a skillset for the future jobs, and for India to have an economic growth and to receive a heavy influx of global investments, a nationwide rigorous upskilling of working professionals is crucial. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

 

According to the World Economic Forum’s ‘The Future of Job’s Report’ 40% of the employees in companies will need to reskill for 6 months, and 94% of the leaders expect their employees to upskill while on the job to keep up with the changing needs. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

This constant evolvement of skills is also bringing a paradigm shift in the education industry, as well. It is estimated that the online education market in India alone will grow by USD 2.28 billion through 2021 – 2025 and executive education programs are excellent avenues for upskilling and reskilling employees.

“As India consolidates its presence as a global powerhouse of economic growth and tech-driven innovation, its workforce will need continuous upskilling and reskilling to keep pace with the changing contours of the industry. Executive education presents the opportunity to prepare India’s massive workforce for the future, and educational technologies will allow for greater accessibility, customization, engagement, and democratization”. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

This is for India alone, however, the requirement for upskilling and reskilling is now a global phenomenon. Adoption of this practice has become crucial for growth and stability of companies and their employees. It has become equally mandatory for educational institutions to cater to this demand. DeMont offers professionals an opportunity to upskill and advance into their careers in the fields of Project Management, HR, Supply Chain Management, Sales and Marketing, and Healthcare Management. It also offers courses such as Certified Manager and Certified Team Leaders that support individuals who are looking forward to or have already acquired leadership roles at their workplace.