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How Augmented Reality is offering new opportunities to broadcast businesses services globally

This technology is useful in projecting virtual images onto the physical world with the help of a mobile device

Augmented reality is bringing advancements with new possibilities for businesses to improve users lives.

To stand in the challenging market, augmented reality helps increase retention and understanding complex ideas in interactive layouts.

This is the reason AR holds huge potential to transform both human encounters and business tasks.

Also Read: 5 ways good design can help convert new customers for startups and small businesses

There are many AR applications, support for industries from retail to gaming, from real estate to advertising. In a report, it was stated nearly 70 million people in the United States use AR.

The technology continues to advance rapidly, consistently unlocking new use cases.

Tech giants, Apple and Google, are investing in this technology to create an interactive hybrid environment.

The businesses are giving the users another reason to experience the AR application. Statista stats, the market of augmented and virtual reality is expected to reach the size of US$215 billion in 2021.

Augmented Reality enhancing businesses prospects

Augmented Reality in business

With AR there’s a great innovative idea in the pipeline for the different businesses. Augmented reality’s potential is introducing new levels of user engagement to uplift enterprise and consumer markets.

AR experience enables the users to view more intense visualise objects with better processing.

Deeper understanding

AR provides a more interactive and engaging experience with 3D modelling of complex concepts. Virtually interacting with the product help to understand things better.

The virtual elements are helpful for greater retention with added visualise of effects. Businesses can gather a strong in the market and make their pitch with AR-enabled strategies.

Thus, the enterprises can take a 360-degree perspective to get a deeper understanding and gain important insights about the users as the results are a more memorable experience -dimensional presentation. 

Impactful experience

Brands are coming up with the AR empowered commercialisation of new products.

This practice is the best way to offer the impactful experience of the products with virtual elements. The market with the trend of AR is helping businesses understand the complicated situation.

AR is proving a natural fit in solving complex situations for any size of businesses. Augmented reality helps businesses to create a detailed and immersive experience with better engagement.

Brand awareness

AR is the best way to connect the user around the globe. The social platform has an integrated AR feature that can significantly boost engagement with a potential audience. This technology can be tailored to enhance brand awareness.

Also Read: 4 ways agritech and IoT can revoluionise the farming sector

To promote and broadcast the brand’s product and services with AR-enabled strategies. AR with 3D images and videos takes brand awareness to new heights. The targeted audience can be engaged with the immersive experience with the collected data.

Use cases of brands applying AR to their business strategies

Warby Parker’s AR app

warby Parker's

Try on eyewear AR App by Warby Parker’s shows how accurately frames will look on your face, with photorealism. This AR solution for eye care with 3D virtual try-on technology is pushing user experience.

Warby Parker’s virtual try-on glasses application offers a virtual catalogue of the different brands and stylish frames. The “try on” option offered helps to take a quick and easy check to discover the next pair of the recommendation of sunglasses, reading glasses or more.

Illusio – Virtual Try on Surgery App

Illusio AR App for plastic surgery can help the user to see what they want after surgery. The use of this App will superimpose the 3D digital simulation image of the desired appearance over the augmented body part before surgery.

The users can view what they will look like with cosmetic breast surgery before going through the surgery.

With this AR technology, the patient can choose the size and shape of their implants virtually.

How AR-enhanced shopping experience

Augmented Reality transports users to a virtual encompassing a unique relationship with the product.

Also Read: 75 per cent of startups fail: ways to increase your chances to be in the 25 per cent

Augmented reality utilises smart gadgets, for example, smartphones to blur the lines between the physical and the virtual world.

Thus, AR improving the shopping experience by fusing virtual items around us in the present reality condition.

  • Identify issues with specific items and fix them utilising the stepwise direction of AR overlays.
  • AR empowered approaches are applied in various items so that the client can undoubtedly buy the products.
  • AR offers a multi-tangible experience that can be more compelling to offer an immersive experience to the customer.

Take away

Augmented reality (AR) has introduced a new trend in the industry. Unique digital strategies enabled with the AR is helping the businesses to broadcast their services globally.

Augmented Reality Companies are helping to resolve tedious challenges in multiple industries like healthcare, e-commerce, architecture, and many others to enhance the user experience.

AR is advancing and analyses the user experience data to find better outcomes.

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit: Laura Lee Moreau

 

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3 ways startups should assess different financing options

Raising funds is just one step. Startups need to think about it affects cashflow and what is the end they are trying to achieve

Life of an entrepreneur is a constant struggle between bliss and misery. Sometimes, startup founders are exuberant about the latest milestones they achieved; other times, they find themselves in a constant state of panic as they are trying to solve another problem that might just end their venture.

One of the most difficult and painful problems to deal with is financing. Here, we discuss the major ways that startups can fund their operations, and what type of funding are appropriate for different situations.

Launching a new company

For budding entrepreneurs who have not yet launched their own companies, funding options are unfortunately quite limited. The most well-known venue is to receive funding from venture capital firms.

To actually raise capital from VCs and angel investors, you have to demonstrate that you have built a credible career, expertise, network and track record to prove that you have what it takes to make your new venture successful.

The key is to prepare a detailed plan of action to showcase why your strategy and product will succeed. Even better, creating a minimally viable product to test the market on your own could help convince VCs that you are serious about this venture and that your idea actually has a decent chance of success.

Getting VC funding is a difficult process that requires an extremely thorough preparation, and an incessant process of pitching and networking.

For most people, however, raising money from VCs simply will be too difficult and likely won’t be an option.

Instead, most will have to resort to using their personal savings as well as asking friends and families for investments.

But, there are also some other options like Kickstarter, where you can raise some amount of money to help your idea get off the ground by getting pre-orders.

Firms that have had a bit more progress should also explore leveraging online crowdfunding platforms like Fundnel and FundedHere that provide a variety of financing options like equity and even revenue sharing.

Also Read: These 4 Southeast Asian co-organisers are making TOP100 2018 a dream

The important step is to get the minimum amount of money you need to at least kick the ball rolling on your project; once you begin to show some progress, investors will be much more like to lend you a hand.

Cash flow and working capital troubles

Finance can be a headache even for startups that are already in operation. The most common of these pain points often has to do with cash flow.

For example, many companies have to first spend the money on rent, staff and material costs to create their products before they receive even a dollar from their customers. To exacerbate the situation, some customers will opt to pay 30 to 90 days after they have been invoiced.

Startups could find themselves with a rapidly declining cash balance even while they are growing just because their immediate cash outlays are growing faster than cash inflows.

In such situations, startups and other SMEs can turn to invoice financing or short-term business loans to fill the gap between when they spend money and when they receive money. For example, platforms like Funding Societies and MoolahSense allows companies to trade in invoices that they’ve issued in exchange for a short-term loan of up to 80% of their receivables.

By doing so, SMEs that have a significant amount of invoices don’t have to wait to get the cash they need immediately. While their interest rates can be a bit costly, their actual total costs in terms of dollar amount are relatively small since they tend to be very short-term (1-6 months).

Major growth initiatives

For relatively established startups that seek capital to fund major growth initiatives, there are couple of different options. First, they could opt to get a long-term loan. Companies can take business loans or corporate bonds to finance any projects that they deem appropriate.

Though these financing vehicles can compress the firm’s profit margins, they allow businesses to accelerate their growth by pulling forward some of their future earnings for a relatively low cost. Both commercial banks and private equity investment firms are known to provide these types of fundings, while there are also some online players that also deal with this types of methods.

For those whose profit margins can’t easily accommodate the added pressure of a loan, they can opt for alternative financing methods like equity financing where they sell a portion of their business ownership to investors.

VCs would be the most obvious source of these financing, but online platforms like Fundnel also provide a venue for equity fund raises, as well as other alternative methods like convertible bond, revenue share and debt.

For specific types of growth projects that require firms to purchase equipments that they don’t currently own, firms can turn to asset financing as a source of capital. Asset financing is a type of loan that is specifically given only to borrowers who already have work orders signed and only need additional equipments to fulfill the order they received.

Due to this nature, these loans are deemed less risky and tend to be cheaper than other loans. While traditional banks are also known to provide these types of financing, smaller firms that do not have easy access to commercial banks can turn to online players like KapitalBoost.

It is all about tradeoffs

Overall, you should assess what type of funding is the most appropriate for your circumstances. Short-term problems tend to be best addressed by short-term debt, and vice versa. While younger companies tend to be limited to equity financing, more mature andand bigger firms should assess whether equity will be cheaper than debt.

In a bubble market where VCs are willing to invest at extremely high valuations, equity could be a cheap source of funding. If the founders have a high confidence in their growth prospects, issuing debt could be more economical.

When it comes to finding capital to help your company stay afloat and develop, it is important to remember that no one type of financing is always the best. For example, turning to famous VCs could help raise the profile of your company and get you valuable connections without reducing your profit margins.

Also Read: Innovation is all about providing better user experience: Alibaba Cloud’s Joey Tan

However, it will also cost you a sizeable portion of your ownership, and also bring on an incredible amount of pressure to grow your company in a very short period of time.

On the other hand, loans could be “cheaper” than equity since you get to maintain all of your profits to yourself, but it’s only available for firms that have predictable level of profit that can satisfy the debt’s stringent repayment schedule.

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here or our e27 contributor Facebook page here.

This article originally appeared on ValuePenguin and was first published on e27 on February 20, 2018.

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Digitised veggie hawker startup Kedai Sayur raises US$4M to widen network

Joining East Ventures in the round for Kedai Sayur are SMDV, Triputra Group, and Multi Persada

Indonesian startup that aims to digitise vegetable hawkers, Kedai Sayur, announced today that it has closed a US$4 million new round of funding led by East Ventures, with participation of SMDV, Triputra Group, and Multi Persada.

Kedai Sayur said that the fresh funds will be used to accelerate the onboarding of more vegetable hawkers and retailers to be their partner –Mitra Sayur.

It will also further extend their networks of sources and suppliers, as well as to develop its technology.

Named after the Indonesian word for “vegetable kiosk,” the startup aims to eliminate the long process of fresh produces sourcing and distribution by working directly with farmers and partners.

Mitra Sayur can access these products through the Kedai Sayur apps and pick them up from the nearest grocer’s drop-off points.

Their solution was built upon the realisation that even with the agrarian DNA embedded in it, Indonesia’s hawkers are still struggling to source competitive fresh produce due to the long supply chain, adding costs and compromising the freshness of the food.

Also Read: Tech-enabled veggie hawker startup Kedai Sayur secures US$1.3M funding

Co-founder and CEO of Kedai Sayur, Adrian Hernanto, said, “From day one, we aim to create a tangible impact for all the fresh produce hawkers and allow them to enjoy a higher quality of life. We are delighted to witness the constantly increasing purchase value experienced by all of our Mitra Sayur, and how most of them can even double the amount within the first six months.”

This is the second funding the company has raised this year, after securing a US$1.3 million in May, also from East Ventures.

As for the leading investor East Ventures, the VC has been named as the “Most Consistent Top Performing Venture Capital Fund Managers” in the world by Preqin.

Melissa Irene, a Managing Partner of the VC that has backed Tokopedia and Warung Pintar among others, shared to e27 that such achievement is an accumulation of the consistency in building an ecosystem and “focussing on solving “invisible problems” as done by their portfolios”.

Image Credit: Kedai Sayur

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Today’s top tech news, Aug 23: Indian restaurant association boycotts Zomato, others

In addition to Zomato, we also have updates form Gitai, Ai Palette, and Amazon

Indian restaurant association boycotts Zomato, other dining startups – TechCrunch

The National Restaurant Association of India (NRAI), a trade body that represents over 500,000 restaurants in the country, launched a #LogOut campaign against Zomato and similar dining startups such as Nearbuy, Dineout, EazyDiner and Magicpin.

A feature by TechCrunch detailed that Zomato’s Zomato Gold programme has been criticised by its restaurant partners for “hurting their bottom line and brand image” as they struggle to handle the additional footfall that it has brought in. The programme itself was initially meant to be limited to a number of subscribers.

Zomato CEO Deepinder Goyal has acknowledged the resistance and admitted that the company had made some mistakes. The startup and other food startups have also held a meeting with the restaurant partners, but it was not considered successful.

“Over the past two days, NRAI has held extensive meetings with all restaurant aggregators and we were bemused to learn that the aggregators were promoting deep discounts to stay competitive amongst each other. While one aggregator gave 1+1 (one drink or food item free on purchase of another drink or food item), the other had to adopt a 50 per cent discount scheme in order to stay relevant,” NRAI President Rahul Singh stated.

Japanese space robot maker Gitai gets US$4.1M – TechCrunch Japan

Japanese robotics startups Gitai has raised a US$4.1 million funding round, according to TechCrunch Japan report.

Spiral Ventures Japan, DBJ Capital, J-Power, and 500 Startups Japan (now Coral Capital) participated in the funding round.

The startup aims to reduce work costs in the space by building a robot that can be controlled from the ground.

The funding will be used to develop the robots and the launching of a demo model on the International Space Station in 2020.

Also Read: Alibaba’s affiliate pumps US$200M into restaurant discovery and food delivery company Zomato

Amazon to buy minority stake at Indian retail chain – Reuters

E-commerce giant Amazon is set to purchase a minority stake at Indian retail giant Future Retail, Reuters wrote.

In a regulatory filing late on Thursday, Future Retail said Amazon has agreed to acquire a 49 per cent stake in Future Coupons Ltd.

The entity in turn owns a 7.3 per cent interest in Future Retail.

While the value of the deal was undisclosed, Amazon will get a 3.58 per cent stake in the retail giant.

The transaction marks Amazon’s second move to acquire stake at a local supermarket giant in the country. It has been aiming to launch its Amazon Fresh service to select areas in Bangalore.

Foodtech startup Ai Palette gets US$1M seed funding from Decacorn Capital, others – e27

Singapore-based foodtech startup Ai Palette has secured S$1.45 million (US$1 million) in seed funding led by Decacorn Capital.

The funding round included the participation of SGInnovate, AgFunder, Entrepreneur First, and some senior industry professionals in American and Swiss multinational food brands, pitching in their personal capacity.

Using Artificial Intelligence (AI) and Predictinalytics around Natural Language Processing (NLP) and Image Recognition for food and beverage manufacturers, Ai Pallete aimed to help manufacturers craft and launch new products by spotting and analysing emerging consumer trends.

It plans to use the funding to focus on growing customers across multiple markets by fast-tracking product development to enhance its platform capabilities to be able to scale.

Image Credit: K8 on Unsplash

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6 strategies to give valuable feedback that sticks

It is difficult to juggle between constructive comments and positive reinforcement; here are 6 strategies that can help you do this better

 

High above the Maslow’s Hierarchy of Needs lies the self-esteem and self-actualisation blocks, where we achieve with the respect of others, existential purpose, and finding our inner potential. However, this is all threatened by criticism.

Kathryn Schulz, the author of Being Wrong, explained how it is almost impossible for us to admit our mistakes. At least in the present: our brain is wired to protect ourselves.

Criticism can feel like an actual threat to our survival, and often being remarkably potent biologically, almost as those to our very survival, according to psychologist Daniel Goleman.

Since our brain goes out of its way to protect us, we often don’t remember criticism clearly. When we hear information that conflicts with our self-image, we instinctually change the information rather than ourselves. We do not experience, remember, track or retain mistakes as a feature of our inner landscape, according to Schulz.

While we may not retain information accurately, we internalise the emotions we feel in full—and most of the time it grows exponentially over time. Our brain possesses a higher sensitivity to unpleasant news, according to John Cacioppo, PhD.

Our brain reacts a lot stronger to stimuli it deems to be negative.

Furthermore, if the criticism was delivered in a harsh, unempathetic manner, our mind gets fired when we also ‘receive’ the feelings from the messenger. Our neural circuits are also stimulated, often in the same intensity as the other party, evidenced by a University of Washington study.

Chemistry also plays a big role in this phenomenon: when we face criticism, rejection or fear, our bodies produce higher levels of cortisol — a stress hormone produced by our adrenal glands that activate conflict aversion and protection behaviours.

With all the inherent problems of our mind affecting the way we internalise feedback, it is imperative to focus on delivery and the after-action rather than on pushing our emotions onto others instead.

While it may be easier to convey our anger or disappointment simply, the fact is that emotions mostly fail in creating an impact on future performance.

When Atlassian recently changed the way they did performance reviews, HR news portals and mainstream media gobbled up the news, syndicating them on various websites.

The reality is, the change was highly welcome in the world where almost 66 per cent of managers wish that their companies “would get rid of or change the current performance review process”, according to an Adobe study.

Performance reviews get a failing grade

Adobe’s titled study made headlines when they revealed how almost two-thirds of office workers and managers think performance reviews are undying dinosaurs. They are outdated HR management tools. More than half of office workers say reviews have “no impact on how they do their job” and are a “needless HR requirement.”

It is telling that a software giant like Adobe, serving hundreds and millions of creatives and developers abolished performance reviews in 2012. It simply didn’t work, especially in today’s millennial workforce.

61 per cent of millennials would switch jobs to a company with no performance review, even if the pay and job level were the same.

The emotional impact of a performance review is often understated as well. Like mentioned, performance reviews either affirms or contradicts our self-image. Since we also amplify negative emotions a lot more in our minds, it is small wonder that Adobe found that after a performance review, 22 per cent have cried, 20 per cent have quit.

After a performance review, 37 per cent have looked for another job.

Instantaneous feedback hurts performance

Over six months, hundreds of Singaporean drivers were examined in a study by Masha Shunko (University of Washington), her colleagues and Vivek Choudhary (INSEAD) and Serguei Netessine (Wharton).

In the hope of getting an insurance discount, the drivers agreed to let an app monitor and rate their driving.

Drivers had to keep their driving performance score above 70 per cent to qualify for an insurance discount. They had options to review their performance in real-time—immediately after their trips, some drivers looked at the score that their app gave.

The insight came from those drivers who actually looked at their feedback and responded with their driving actually got worse within the next few trips, with outcomes such as an 18 per cent increase in the distance covered while speeding.

Drivers who discovered that they were inching closer to a ‘good performance rating’ saw their performance after fell way more than those who were far away from their goal of 70.

In Shunko’s study, she further highlighted that context matters the most: in certain situations, instantaneous feedback may give positive results, more so than deliberately delayed feedback.

While there are few studies on the benefits of real-time feedback, she stressed that the mode of delivery should really be “individualised feedback”—no single approach is going to work well for everybody.

In a global survey, it is found that millennials heavily leaned towards monthly and quarterly feedback, specifically heavy on personal development rather than managerial direction. According to data, only 46 per cent of millennials agreed that their managers delivered on their expectations for feedback.

There is room for improvement, but more importantly, a space of individualisation to fill.

Companies need to execute well both on the macro and the micro of giving feedback. By nailing down the exact fundamentals that companies expect to see, managers can reconcile with it and execute.

Also Read: 9 times when acting on user feedback is a bad idea

It is important to note, however, on times where instant feedback is mandatory. Such situations can include:

  • Giving praise. Praise is a crucial part of driving engagement and motivation. Specific compliments reinforce what the leader would like to see more in the future.
  • Major issues. Leaders need to deal with egregious acts and non-compliance acts immediately.

Besides those urgent issues, what are the things that leaders need to focus on in the macro?

In the macro, it’s about engagement

For years, companies have been shifting resources to driving employee engagement. Employee engagement has hit an all-time high since 2016, according to a study by Gallup, at 34 per cent.

Technology has also made massive shifts, according to Deloitte, with 71 per cent of organisations places a priority in analytics.

Doubling down on this base, organisations are bound to see rippling effects within themselves, from rises in revenue to an explosion in growth. However, without solid steps in the micro, companies will fail to execute on their employee engagement strategy.

What’s in the micro?

Leaders need to consider many points here: by 2025, millennials are forecast to comprise 75 per cent of the global workforce.

Companies like Ernst & Young and Accenture have already reported that millennials make up over two-thirds of their entire employee base. Undoubtedly, lacking effort in engaging and retaining millennials is a surefire way to accelerate an organisation’s demise.

In an analysis of psychological tests of 1.4 million college students from 1938 to present, millennials are found to have more self-esteem. Conversely, they also possess more anxiety and a higher need for praise. Reconciling that with the Maslow’s Hierarchy of Needs, it is clear that leaders need to drive the top blocks as much as humanly possible.

Use the Rosenberg Method

Many organisations with highly evolved workplaces use the Rosenberg Nonviolent Communication method, according to Frederic Laloux, the author of Reinventing Organisations. 

It is a two-way communication framework that takes out some volatility of giving and receiving feedback.

Express observations with only facts. What did your employee do? What did you remember and see? Without providing any evaluation, keep the observation as factual as possible.

Express your emotions. This is about the feelings: did you feel disappointed. Did you feel angry? Did you feel upset? This must be communicated in the most neutral way possible.

Express your reasons. Why is it you feel the way you feel? What is the reason that caused it?

Express your requests. You need concrete actions from your employee—what do you want the employee to do in the future?

1.One at a time

Most people can take in only one critical comment at a time, according to Stanford Professor Nass. Tying back to neurochemistry, constantly firing our circuits and elevating cortisol levels are undeniably taxing for us.

Mental fatigue can set in, and the feedback loses its intended effect.

Criticism is often formed by more than one point of improvement. Rather than meshing them all together, what leaders can do instead is to:

  1. Focus on one priority at a time. Employees are not machines that can take in hundreds of input at one go. Allow your employees to internalise and understand.
  2. Give a list instead. While you can also focus on priority, having a huge team does not give you the luxury of taking time with every single employee. You can talk to your employee about every point briefly, before going back to focus on one priority. For the rest, you can leave it for self-internalisation and then doubling down on them in a coaching session sometime in the month.
  3. Write out the feedback to ensure that it is coherent. Before speaking to the employee, you can also ensure that you are being persuasive and coherent with your feedback by penning it down. It is also a great way to look at language, reinforce positive psychology and remove superfluous things in respect to their time and yours.

2. Practical and Specific Feedback

Saying “good job” and “that was really disappointing” are both equally lacking in value for any team member. Being specific is imperative to ensuring that employees have the opportunity to take action steps for improvement.

When giving praise, effortless and vague comments like “that’s awesome” often feels fleeting. Rather, take time to recognise why they did a ‘good job’ and what part you think should be continued. Instead of saying ‘good job’, you can say:

You really outdid yourself by going heavy on the research, so I think you dial it up even further to make sure our articles are really factual.

Likewise, for criticism, you need to make it about their work and not just them. Granted, personality traits may come in to play, but it is a variable that you cannot control.

Instead, by turning your focus to actions born from their undesirable personality traits, you can start tackling the problems in a steady, consistent manner.

For instance, it’s less “you’re really bad at designing graphics”, it’s more of:

Your colours are chosen with no rhyme or reason, which makes it unappealing. There should be some baseline you’re coming from, be it a colour wheel or a colour palette, at the very least.

Also Read: Startups need to balance feedback with own vision: Stephanie Crespin

Giving team feedback the right way is an essential part of accomplishing a key responsibility of a leader. Without that, teams can never perform at high levels, and there will be unhealthy levels of self-awareness.

3. Adhere to the praise to criticism ratio

Using positive feedback to praise and offering constructive comments are both essential aspects in giving feedback—the question is, what is the right mix? According to Jack Zenger and Joseph Folkman, it might be 5.6 positive comments to a single negative comment.

When people don’t get enough recognition, most of the time, they will ask themselves: “What am I doing this for? Nobody cares.”

When people don’t get enough recognition, most of the time, they will ask themselves: “What am I doing this for? Nobody cares.”

While others may argue that there are many inwards and outwards factors such as existential meaning, contributing to a larger cause or monetary benefits, ultimately, people love compliments—especially genuine, well-thought ones.

It is primarily due to ourselves: we attempt to get dopamine due to it being biologically preordained. To stimulate the release of dopamine, recognition for good work can be used in the workplace. In that vein, the dopamine hit cements the knowledge that more of such behaviour begets more praise: this is positive reinforcement at work.

One way to start is to give recognition or praise for doing work every seven days. According to Gallup research, employees who got that in the last seven days were responsible for a 10–20% difference in revenue and productivity.

4. Go individual

There is no “best” form of praise: David Grazian, the director of corporate taxation at Granite Construction, Inc. uses the money to recognise good work.

In contrast, Simon Cooper, Ritz-Carlton Group’s president and COO, believe it to degrade into bribery quickly. Regardless of the type of recognition, it is imperative that leaders maintain consistency department-wide, then going deep into each employee and understanding what kind of feedback works best for them.

Some may desire public praise while others want nothing more than quiet, casual praise over a cup of coffee. Leaders need to figure out the best form of praise for each person, and the frequency: praise must always be warranted—ditch the “employee of the month” program.

Just like Shunko’s study, it is evidenced that many people receive feedback differently: some want it instantly, others want it to be delayed. Nailing down the mode of delivery is extremely crucial, but leaders should not be afraid to ask: what better way to find out than to broach on the topic itself?

5. Coach and develop

According to Josh Bersin, organisations have been shifting away from a competitive ranking model to a coach and development model over the last two decades. With the current millennial generation being inclined towards being coached and developed by their leaders, it is imperative that organisations root themselves into that model for the future.

Organisations also need to focus on cultivating a growth mindset: nothing is fixed and everything can be changed. Gary Vaynerchuk famously said: “I love losing.” While an extreme example, it is evidence of a genuine growth mindset where there is always room for improvement in every single feedback.

By doing both coaching and cultivating, leaders are able to unlock a person’s potential to maximise their own performance.

6. Weave technology in

As mentioned earlier, HR analytics and technology have been on the rise.

With companies like Randstad investing in HR-tech startups and HR analytics becoming more popular, it is clear that data has been instrumental in creating a positive impact within companies. Be it in performance management or in identifying the right hires, every sector in the HR-tech world is covered.

How can companies weave technology to give and receive feedback?

Build your own pulse survey. Identify someone to be in charge of the entire employee pulse survey, from creation to identifying types of questions to put in. A simple form will suffice, with the items being compiled into a single report for the manager to read through. Actionable plans can be discussed later on in an in-depth meeting.

Use existing employee survey technologies. Performance management software is on the rise, and they are often laced with additions such as cognitive science, neuroscience or positive psychology. Regardless, companies can consider using technologies and piloting them within a single team. Not all software is created equal.

Get bespoke solutions. HR consultancies often work with data firms to help build bespoke solutions for companies that have more sophisticated requests, such as AI to identify what kind of questions in terms of context—a finance and a marketing team operate very differently, after all.

While technology is great, leaders need to remain objective with it and understand what sort of mindset goes into using data to make decisions. That way, leaders can pull on both ends, using both quantitative and qualitative research to make an impact.

It is clear that giving feedback is more than just an act: it is a must-to-have for any organisations intending to adapt and progress in modern-day society.

Also Read: How OKR training for managers can create a more realistic approach to learning

More than just giving vague feedback, leaders must really focus on introducing progress into the employees’ work. It is critical to point them in the right direction and give them actionable steps.

It is important that leaders stay authentic and relatable: open up about difficulties and have employees understand the leader’s emotions.

What makes a great leader is more than just driving results—it is about inspiring, guiding and mentoring a generation to come.

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here or our e27 contributor Facebook page here.

Image Credit: Charles

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