Categories
Motivational Strategy

3 Key Steps To Bring A Positive Lens To Workplace Mental Health

Summary: As employers are focusing more on mental well-being, they are still missing a crucial factor- positive conversation.

According to the World Health Organization (WHO), India accounts for nearly 15 percent of the global mental health burden. Deloitte’s Mental Health Survey states that the poor mental health of employees costs Indian employers around USD 14 billion annually because of lower productivity, absenteeism, and attrition.

The survey titled ‘Mental health and well-being in the workplace was conducted to analyze the current state of mental well-being amongst Indian employees by Deloitte Touche Tohmatsu India.

Around 47 percent of professionals surveyed consider workplace-related stress as the most significant factor affecting their mental health, followed by financial and COVID-19 challenges. The numbers are quite alarming. But despite the severity, there are a lot of stigmas associated with mental health and well-being.

While employers are turning their focus on mental health, they are still missing out on a crucial factor that can deeply impact the mental health of the employees which is- positive conversation. Though addressing stress, burnout, workload, and mental illness is critically important, highlighting new opportunities to move forward is the need of the hour.

Organizations should ask the question: how can we cultivate an inclusive work culture where employees actively participate and make genuine connections? How can work proactively help employees improve their well-being?

Various strategies can help both — employees and businesses. The key three strategies are:

1. Give Employees Opportunities that Promote Learning and Purpose

Every employee wants to make a difference in a fulfilling job. Also, when they have a sense of purpose and feel that their contributions are aligned with a larger purpose, they tend to perform better. Providing training and learning opportunities by the best business coach in India not only fuels employee performance and thereby company performance, but also boosts employee motivation and engagement.

When employees feel they have better opportunities to grow in an organization both- professionally and personally, they have a greater reason to stick to their current company.

2. Foster Connection and Collaboration

The pandemic has given rise to the culture of working from home. Despite having plenty of benefits, this new and profound culture also has a few drawbacks which include a lack of connectivity and collaboration. Emotional and social growth opportunities can empower employees as much as professional development opportunities. And these relationships can build better collaboration, communication, and trust within the company.

You can establish employee resource groups, mentorship programs, and other frameworks to encourage employees to feel more socially connected and comfortable bringing their authentic selves to the workplace.

3. Provide Tools to Support Overall Well Being

Rather than focusing just on employees who are facing mental challenges or experiencing stress and anxiety, you should take a holistic approach. Proactive mental health offerings such as meditation, sleep, and fitness programs, can equip all employees with the tools to take care of their overall well-being.

It can deliver benefits not only by helping employees avoid a mental health crisis, but also by empowering them to create, contribute, and collaborate sustainably. If you feel that your team lacks motivation, you can also hire the best motivational speaker in India to inspire them and boost their productivity levels.

By aiming to make work and the workplace a net positive for employee wellness, companies and management can offer people a more compelling and lucrative opportunity and a more effective working environment.  Keep the conversation positive, clear, unbiased, and transparent so that everyone can bring their “whole self” to work and provide the resources and programs to become their “best selves” while at work!

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about such programs, visit: www.badabusiness.com

Categories
Finance

Union Budget 2021 Should Focus More on Growth Recovery; Fiscal Deficit May Fall to 6.2 Percent in FY22, Says Report

Mumbai, January 28: The annual Union Budget is round the corner. The Union Budget is slated to be presented on Monday, February 1, 2021 while the Economic Survey will be tabled on Friday, January 29, 2021. All eyes will be on the forthcoming Union Budget as it is expected to focus more on putting the economy back on track. According to a report by India Ratings, the focus of the budget will be to get back things to normalcy and not too much on arresting fiscal deficit, which is seen at 6.2 percent in 2021-22, down from 7 percent this year.

The Union Budget 2020-21 had estimated fiscal deficit at Rs 7.96 lakh crore or 3.5 percent of GDP but India Ratings sees it printing in at Rs 13.44 lakh crore or 7 percent if the government cleared its payables and roll over some portion of expenditure to 2021-22.

India Ratings Chief Economist Devendra Pant said that the 2021-22 budget is likely to project a fiscal deficit of 6.2 percent but that will be achievable if nominal growth comes in around 14 percent and real growth prints in at 9.5-10 percent. The study pegged growth at 9.6 per cent for 2021-22 and (-)7.8 per cent for the current financial year 2020-21.

The report said that the fiscal impact of the economic packages worked out to be about Rs 3.5 lakh, or 1.8 percent of GDP. Even without this package, Ind-Ra had estimated that FY21 will witness a revenue shortfall of Rs 60,000 crore due to aggressive estimation of revenue receipts, it added. The government adopted a lose fiscal policy due to the coronavirus pandemic and announced a number of policy measures under Atmanirbhar Bharat packages to support the economy. The report adds that as per the grant-wise expenditure trend, the report estimates revenue expenditure in 2020-21 to be Rs 26.65 lakh crore as against a Budget Estimate of Rs 26.30 lakh crore.

Categories
Technology

Eric Yuan, Founder and CEO of Zoom, Named ‘Businessperson of Year 2020’ by TIME Magazine

Eric Yuan, founder and CEO of Zoom, has been named the ‘Businessperson of the 2020’ by TIME Magazine for the growth of his video conferencing platform amid the coronavirus pandemic. Yuan, who began at WebEx as a coder, soon became integral to the creation of his video-conferencing platform that served as a communication medium for millions during the COVID-19 pandemic. The birth of Zoom by the 50-year-old founder and CEO became successful after he struggled for a decade to build the no-frills, highly functional conferencing platform for businesses. With his determination and hardwork, Zoom was now being used in all sorts of unexpected places, from delivery rooms to grade schools.

Zoom’s popularity grew in 2020 as the world was hit with the pandemic at start of the year, which forced people to stay indoors, maintain social distancing and work from home. With the pandemic spreading its arms over the world, Zoom started growing with leaps and bounds, helping people to continue with the work through online mode. The video conferencing platform allows individuals to communicate virtually face to face. Zoom is now in the business of connecting everybody, originally intended for businesses and universities. Business Ideas For 2021: Here Are 4 Business Ideas Which You Can Start Next Year.

“We never thought about consumers or K-12 schools when we started planning the year 2020,” Yuan was quoted by TIME while speaking over Zoom from his home in the Bay Area. He had ordered employees to work from home in early March, but it wasn’t until weeks later—around when U.K. Prime Minister Boris Johnson tweeted a photo of a Cabinet meeting over Zoom—that it dawned on Yuan that his company might play a major role in this new virtual world order.

Yuan soon found himself serving as the world’s relationship liaison, social chair, principal, convention-center host, chief security officer and pallbearer. Despite competition from corporate behemoths like Google, Apple and Microsoft, Zoom jumped out in front of the video pack, catapulting from 10 million daily meeting participants in December to a staggering 300 million in April. Zoom became a verb and a prefix, a defining syllable of a socially distant era. As his company’s valuation soared, Yuan crashed into the Forbes billionaires list.

Zoom’s software was released in 2013, promoting a free basic service for different-size organisations along with many paid levels. Although many other startups relied heavily on free goods to cause widespread saturation, Zoom targeted modest school and company networks that would pay year after year for subscriptions.

Categories
Business motivation

5 Steps You Can Take to Get Your Business Off the Ground

Mumbai, November 17: Starting a business can be a daunting task and more so amid the coronavirus outbreak. There are several things which one needs to take care of, from the right idea to proper marketing, everything needs to fall in place for a business to take off.

The process of starting a business is always filled with challenges. Therefore, it is very important that you should be prepared before you take the final leap. The success of a business is never guaranteed, but there are few changes which you can do to reduce the risks and improve the chances of your business in being successful.

We have curated a list of 5 steps which you need to take before you get your business off the ground:

1. Think of a unique and a great idea: Think of a unique idea for your business and ask yourself how will my product be different from thousands of products which have already cluttered the market. Try to offer the customers something which they haven’t experienced before. Also, the product should solve the customer’s problem and then only will they be able to relate with your product.

2. Define your business: This is another critical step. Before you start a business, it is very important to understand how much time (and money) you’re willing to devote to your new venture. Also, a few other questions which you need to answer is that will you have a brick and mortar store or only have an online presence.

3. Study the market & competition: Do extensive study before launching a product in the market. Try to understand if there is a demand for your product. Never underestimate your competition. Always learn from their strength and also be aware of their weakness and understand the space where your product will be able to enter.

4. Check your finances: It is very important to track your finances from the get-go. Spend wisely and only on things that are required. Every business takes time to start off. The initial few days to a year might be full of struggles, so save your finances for tough times ahead. Keep an eye on your finances, so that midway, you don’t have to wind up your business and exit the market.

5. Keep Your Plan B Ready: Always keep a plan B ready before you start your business. One can never predict the challenges which can crop up and pose a hurdle in the path of growth. For e.g. no one could predict that coronavirus could get the world to a grinding halt. Several businesses shut due to the lockdown and thousands were left jobless. However, the ones which had a plan B ready could sail through the crisis period.

We hope that these steps will come in handy when you are thinking to get the business off the ground.