Category Archives: Business and Management

Asserting Your Consumer Rights For Your Consumer Satisfaction: A Guide

Asserting your consumer rights should be no hindrance to attaining consumer satisfaction. Speaking out against a business or company is uncomfortable and potentially costly to some. However, a business or company that allows itself to be critiqued by its consumers proves its decency and genuine intent to serve its consumers. So don’t fault yourself for overthinking about getting negatively affected by your own opinion. Moreover, your opinion matters. Your rights matter. You matter. Go ahead, know your rights, and assert yourself!

A Guide for Asserting  and  Practicing Your Consumer Rights

 1. The Right to Basic Needs

It’s okay to prioritize your needs as a consumer, especially when it comes to food, water, clothing, and shelter. However, do remember to prioritize value for money and quality, not brand identity or quantity. Avoid panic buying to ensure that everyone else can exercise their right to basic needs in times of crises or calamity.

If unsatisfied:

You may need to cut down on spending on unnecessary goods, products, and services. You may also need to ask for charitable help.

2. The Right to Safety

Read all product labels and circulars before buying and using a certain product, especially if you’re allergic to something. Stay abreast of the news. You never know which new good or product just got recalled or was discovered to be hazardous. Be responsible for other people in your household or immediate vicinity (i.e., children) concerning the use of certain goods and products.

If  unsatisfied:

When doubtful of a good or product’s effectiveness, ask for a professional consultant or anyone who genuinely knows how the good or product works. Ask for a sample or do a test run before purchase, if you can. If you have more doubts about a good or product’s safety and general performance, return to the establishment with your official proof of purchase or warranty. It may help to write down all your queries, concerns, and consumer complaints. If no one can address your issues thoroughly, try getting ahold of the manufacturer or supplier.

3. The Right to Information

Research what you can on what you want to buy before purchasing them. Information regarding good and product use, content (if applicable), stock, and reviews should always be available for consumption. Remember to read and understand all provisions in the documents related to your purchases. In addition, the name and address of the manufacturer or supplier should be known in case the need arises.

If unsatisfied:

You can get in touch with peers who purchased similar goods or products. You may also contact the manufacturer or distributor directly if you need more detailed information.

4. The Right to Have Choices

Remember to specify what you want or need. You are well within your right to check on the prices of similar goods or products before purchase.

Read online manuals or instructions carefully to compare one product from another thoroughly.

If unsatisfied:

Contact the manufacturer or supplier to inquire more about the good or product. Regarding services, emailing an official representative from the involved establishment with helpful suggestions to improve their services is always a good idea.

5. The Right to Be Heard

You can be part of a consumer collective and have a platform to use your voices as consumers and express your concerns to legislators.

If unsatisfied:

Being part of a consumer group is good because your collective appeal will be heard and heeded better. Also, you can always coordinate with legitimate and accredited consumer organizations in your locality. When in doubt, get a lawyer.

6. The Right to Redress

Returning defective purchased goods and products to the store of origin is a proper exercise of this right. However, do not sell a defective, faulty, or recalled good or product. You will be held liable. Instead, request a replacement, refund, or repair of the good or product. Keeping documents related to your defective purchases, such as official receipts, is prudent, especially if you get involved in a legal case.

If unsatisfied:

Get a lawyer. If legal mediation fails, arbitration follows. The process is similar to that of a regular court hearing. However, a formal hearing will be conducted if no settlement is reached.

7. The Right to Consumer Education

Voraciously read newspapers, magazines, and other pertinent literature for articles that may educate consumers on how to get the best value for their money and how to avoid getting scammed. In addition, participate in seminars, conferences, and online forums conducted by government agencies, consumer groups, and companies regarding consumer products, new concepts, and others.

If unsatisfied:

Write a letter to consumer columnists to share your opinions and concerns. Inquire about consumer education activities in schools.

Inform government officials via official correspondence on issues or legislation you think will affect you greatly as a consumer.

8. The Right to a Healthy Environment

Remember the 3 Rs (reduce, reuse, and recycle) and be aware of the kind and extent of pollution occurring in your area.

If unsatisfied:

Inform local officials and consumer organizations regarding illegal activity negatively impacting the environment, such as illegal logging, improper waste disposal, etc., committed in your area. Ensure that your surroundings (and air & water) are clean and relatively safe from pollution. Encourage proper waste disposal, segregation, and recycling in your community.

Author’s Bio:

Deinah Storm used to work in the corporate world as a marketing affiliate. She quit her job to pursue her passion for writing, but to this day, Deinah is committed to educating consumers about the different marketing scams and how to avoid them.

How to Ensure Proper Use of Rewards and Incentives

If the employees of a workplace are offered proper rewards and incentives by the higher-ups, it actually benefits the company more than the employees. These days rewards and incentives are used in a lot of workplaces to boost the morale of the employees and to motivate them to keep doing better in their job. Among other uses of rewards and incentives, these things help to develop teamwork among the employees of a workplace through friendly competition. 

It is important to provide rewards and incentives to the employees to keep them productive in their work. Employees feel highly driven and motivated to do a better job in the workplace if their hard work and efforts get properly recognized by the higher-ups of the company through rewards and incentives.

As everyone likes to feel appreciated for their efforts and hard work, it’s important for the leadership of a business or an organization to make their employees feel valued, appreciated, and rewarded. Also, a positive vibe gets created around a workplace if the employees are provided with proper rewards and incentives.

A business will get an increase in employee loyalty if it rewards the employees for all the good work they put in for the company. Also, the business experiences an increase in productivity, revenue, and growth. A proper culture of providing rewards and incentives also helps a lot with important workplace metrics, like employee engagementemployee retention, etc. 

These days, the culture of providing employees with various rewards and incentives has become an integral part of the corporate world. Employees feel inspired and elated after getting these and feel the need to do even better. Also, they feel more engaged in the workplace, and a good working relationship grows among the employees. It also becomes easier for a company to retain its top performers. Employees feel good to keep working at a company that recognizes and appreciates them properly for their hard work. 

There are great uses of rewards and incentives for a company. A company enjoys numerous advantages by implementing a proper culture of providing rewards and incentives to the employees. Here are the main use of rewards and incentives for a company-

Increases Employee Productivity

Providing rewards and incentives to the employees helps increase productivity in the workplace. When employees get properly appreciated, recognized, and rewarded for their hard work and efforts, they work even harder to meet their target and secure a reward. The reward itself can be very motivating for the employees, but mostly the thing that drives them is the recognition that comes with the reward. Employees get highly productive due to that and bring in better results for the company in return.

Ensures Employee Loyalty 

It is really important for a person that their work gets valued and recognized. In the same manner, it’s important for employees that the hard work and efforts they put in for the company get valued and appreciated by the higher-ups. Employees can feel happy with just recognition from the leadership, but a thoughtful and motivating reward lets an employee know that they really have made a difference for the company.

Employees that feel appreciated and feel like their hard work isn’t in vain, become really loyal to the workplace. They are not likely to leave the company when other opportunities come up. They might also recommend open positions of the company to their contacts.

More Accountability

When it comes to team or department-based rewards and incentives, where a whole team has to achieve certain goals, or complete particular tasks to get the reward, the accountability increases highly in the workplace. Members of a team hold each other accountable in the workplace so that they can reach new heights together as a team. Also, team members hold each other accountable so that they can succeed in winning rewards from the higher-ups. When accountability in the workplace increases, errors get decreased and work gets done in a much better manner. This will, of course, benefit the company massively. 

Increases Employee Motivation

When employees know that if they keep working hard and bringing in better results, they will get impressive rewards and incentives from the higher-ups, it motivates them highly. They feel motivated to keep doing better in their jobs so that they can get recognized and rewarded by the company.

Most employees are inherently competitive in nature, and they feel the need to stand out among their peers so that they can be recognized by the leadership and be considered for raises, promotions, and more important roles. When a proper culture of providing rewards and incentives is implemented, they feel motivated to do better so that they can get the rewards. They also feel motivated to make their team members and leaders proud. The company enjoys massive success and growth in return.

Boosted Morale

Getting rewards and incentives highly boosts the morale of the employees. It also helps boost the collective morale of the workplace. The employees encourage each other to do their best so that everyone’s accomplishments get rewarded properly. As everyone works with high morale to reach the same goal, the business experiences great results and profits.

Improves Collaboration

If a company introduces a proper rewards and incentives program in the workplace, especially for teams working on specific projects, the collaboration between the members of teams gets highly improved. They all do their part properly and work towards a common goal to get the projects done successfully. They work through their differences, help each other, and work together so that they can get rewarded. This in turn helps the company enjoy massive success. 

Final Words

These days nothing works better than rewards and incentives to increase the motivation, productivity, and morale of the employees of a business or an organization. It is paramount that the employees of a workplace get appreciated, valued, and recognized for all the efforts and hard work they put in for the company. This drives them to do better in their jobs. So, the implementation of a proper rewards and incentives program for employees is a must for any organization or business in order to experience growth and better results. 

Adapting marketing to the new economy

Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have to choose elements from old and new economy wisely as to build a business model which would bring value to the company.

Technology revolution, globalization and market deregulation factors are among many sculpting the new economy. These 3 factors interact with each other at different levels creating the driving force for the new economy. The old economy was full of analog devices, which were running on a continuous signal wave, for example, gramophone records. In today’s world systems and devices are running on digital technology where information is carried in ones and zeroes. However, this digital information cannot be exchanged between devices without connectivity through wire or wireless networks. This connectivity is achieved through intranet, extranet and internet.

Internet allowed players like Yahoo, Amazon, ebay to offer products like music, books, apparel, etc. directly to customers. This move de-stabilized the traditional distributors and retailers causing some to shut down their business. However, some of the players developed online portals to offer their products and services which in turn de-stabilized new online players. Some of the old players were successful with help of their brand strength and poor business models of pure online players.

In the old economy focus was only on standardization, mass production and singular marketing policy. However, with the amount of information available in the new economy, companies are best at understanding consumers. This better understanding has led to customized products, a shift from standardization. However, this customization has its drawbacks not only for companies but also for customer. Companies find it difficult to maintain the cost level for customized products to register profit. Customization is impossible for products, which require complex industrial engineering. Customer does not know real product appearance until it fully completed and also return policy is not there in customization.

The new functioning of economy has changed the way companies approach their business. Companies are looking forward to expanding across market segments to get maximum market share while keeping focus strictly on customer needs. For these companies are making organizational changes where departments are developed to manage a segment rather than a product. Companies are looking forward to developing consumer based brand equity to foster long term relation. Companies are coming up with products, which perform superior than consumer expectation there by creating a strong brand while the earlier branding task was accomplished through advertising. Companies are treating employees, distribution channel, and suppliers as their business partner and not customer.

Since companies have changed the way they function in the new economy, it is imperative that marketing practices also adapt. As consumers are looking forward going online for major of their purchase, businesses are looking towards electronic commerce (e-commerce) as a way forward. Research has shown online users usually buy music, software, books, apparel, etc. rather than goods like automobiles, house, etc. Business buyers are also coming online as well as suppliers, thereby substantially reducing the establishment cost. E-Commerce has also open doors for customer to customer relation through social networking and community forums, in which experience and discussion are done with respect to products. Through internet consumers are able to provide faster feedback to companies with respect to products and services.

As businesses are moving online, the focus shifts to developing of web sites to provide reliable and correct experience to consumers. Web site design, maintenance and security are of paramount importance for creating a favorable impression on consumer. Online marketing and advertisement have got prominence in this internet age.

The new economy had brought forward challenges and opportunities not only for companies but also for consumer.

5 Branding Styles for Your Business

You’ve come up with a great product or a unique service and now want to package it before presenting it to your target market. Branding will help you create a distinctive image and voice that will help set apart your products from those of the competition in the eyes of potential customers. There are a variety of ways through which you can achieve branding that will enhance your appeal to prospective buyers. 

1. Minimalistic

You may have heard the catchphrase “less is more.” You may have seen its application in the logos and websites of some of the world’s renowned businesses. Think of Nike’s simple swoosh or the overlapping red and orange circles synonymous with Mastercard. These simple symbols stick readily in one’s mind with fewer elements to focus on, especially when paired with equally simple slogans like “just do it.”

The minimalist design ethos can make your website more appealing to visitors. A site that welcomes visitors with a plain black or gray background and a few letters in large font in a contrasting color is more appealing than one that attacks your senses with multicolored media. Note that being minimalist doesn’t translate to being dull; you can keep it simple while still exciting the eye. The beauty of placing information against a plain background with clear lines and a simple color scheme is the reader can focus more on it and find what they need faster.

2. Artistic  

If you want your branding to appeal to the free-thinking, creative types, you’re better off using artistic imagery. An artsy logo will also serve you well if you’re in the creative field yourself. A hand-drawn logo will broaden a graphic designer’s appeal to potential customers than the dry capitalized letters favored by law firms and auditors. 

You can play around with creative branding elements to achieve the effect that will appeal most to your market niche. Incorporating 18th-century calligraphy and Roman numbers offer classic appeal to branding. Slapped on a bottle of whisky, it may prove attractive to successful executives in their 50s or 60s. Playful anime album cover art may enhance a musician’s appeal to teenagers or those in their early 20s.

3. Professional

Many elements go into creating a brand that will resonate with your business’s target market. If you have no marketing background, you may have to engage in extensive trial and error before you hit on a branding formula that works, even if you consider yourself a graphic design guru. There is much more to branding than designing a cute logo or an expensive website. 

Bringing on board professionals in this field will help you cut down the time it takes to develop a branding concept that will captivate the masses. Instead of reinventing the wheel, you will have people experienced in branding applying concepts they’ve seen working for others in the same line of business.

Besides helping you develop a brand that looks good, they will help you apply it consistently across the various platforms where your target audience will interact with it. Branding agencies in New York can help you conceive a professional-looking brand to appeal to your audience. The best part is that it will probably cost you less than just using trial and error.

4. Bold

If you want to set yourself apart from the competition, you may consider going for bold branding. Go for striking brand colors, a captivating logo, or a snappy, out-of-the-box tagline. However, even as you stretch the boundaries of your imagination, remember your aim is not simply to wow, but to connect with your target audience. 

Before you go all-out on that deep red symbol or those super-size fonts, it’s wise first to find out how your audience is likely to react to them. This is why it’s advised to conduct market research to get an idea of the likes and dislikes of the people consuming your branding. With freely available online tools such as Google Forms, gathering information from your target market should be easy and inexpensive. 

5. Nostalgic

One clever way to work your brand into the hearts and minds of the older generation is by using it to evoke cherished memories. From time to time, we want to relive the precious moments when we danced to our favorite songs, received a longed-for pair of sneakers, or enjoyed a family outing. With nostalgia marketing, you try to brand yourself in a way that allows your target market to rekindle those fond memories. This tactic has proven particularly effective when tapping into the millennial demographic.   

Make Your Customer the Hub

The fact that a particular marketing style works for one enterprise doesn’t mean it will automatically work for you. What will determine the form of branding that will be most effective for you will be your customers. Do your homework and discover their likes and dislikes before rolling out your branding. 

Four year celebration of gst

 

India recently celebrated 4 years of completion of GST since its implementation. 1 july has been selected as GST Day by ministry of Finance as GST was enacted on this day 2017. GST (Goods and services tax) is a single indirect tax regime eliminating compounding effects of various taxes at various levels. It was labelled as a game changer by many experts. But the question is how far it has accomplished its goals. 

Photo by Karolina Grabowska on Pexels.com

 The Good

The GST has brought the number of taxpayers to almost double the taxpayers before the implementation of GST 

https://www.livemint.com/news/india/gst-reduced-tax-rates-doubled-taxpayer-base-to-1-24-crore-finance-ministry-11598278072466.html

There is a substantially positive change in tax to gross domestic product ratio which signifies a positive impact on Indian economy other than this the process to file taxes and register for GST have been digitised making it convenient for taxpayers. Taxpayers can easily track all their dues and process for GST

The Bad 

Even though the GST has made startup culture easy for some it still has some drawbacks to be tackled. Registering in every state to trade has been tedious and puts a financial burden on the taxpayers. The businesses have to face technical issues in IT platforms of the GST portal that brought some delays in the business. Not separating the micro enterprises from the tax regime has put a burden on small business owners. 

Still India has impressed the world by enacting a history making tax regime in the nation. Steps taken by the government have been appreciated by many nations. The overall success of the GST lies in the schemes made keeping the welfare and interest of the stakeholders in mind. 

Education Financing Options For Masters in Ireland

Photo by Andrea Piacquadio on Pexels.com

Including the US, UK, Australia, and Canada, Ireland too has been achieving praise and acclaim as the top-notch study destination for STEM Masters for international students. Data also give credence to this statement as the number of international students in Ireland is expected to reach 176,500 in 2020, according to a report released on Saturday, July 04.

Number of Indian students seem to rise:

The number of students from India opting for Ireland for a master’s degree in the coming years shall soar sky high as the two-year stay back graduate visa rules seem to attract the interest of many, 

The cost of MS in Ireland:

Irish colleges have gained maximum popularity in recent times for MS courses. It is now time to take a quick peek at the cost of education in the country. The education for full-time, one-year Masters in Science for the top five colleges in Ireland are mentioned here below:

  • € 23,252 – Trinity College Dublin
  • € 24800 – University College Dublin
  • €17,750 – National University of Ireland, Galway
  • €18,000 – University College of Cork
  • €17,000 – Dublin City University

Approximately €7,000-17,000 annually depending on the type of area you choose. The cost of living must be calculated along with the tuition fees.

Education Loan Options for MS in Ireland:

Funding an aspirant’s education in Ireland seems much easier when equated to other destinations globally. The sum to which the standard course fee and cost of accommodation however adds to a concrete amount. Education loans and Irish scholarships work wonders and are highly recommended to aid the cost and course in Ireland.

A feather in your hat would be to fund education that covers your program fee and other miscellaneous expenses. The options for educational loans for Ireland offer two beneficial alternatives:

  1.  Loan Without a Collateral
  2.  Loan with a Collateral

Opting for an education loan without collateral proves beneficial for the student who does not have a financial asset to pledge as collateral against the loan. Please remember while public and private banks only offer unsecured loans for up to INR 7.5 lakhs. NBFCs have a much higher amount to offer which makes them more appropriate for a without collateral loan for Ireland.

Education Loan Without Collateral:

  • Repayment Period: In the case of NBFC’s, the repayment duration is 10 years. Moreover, the student has the flexibility of customizing their loan that best suits their needs.
  • Processing Time: The time for loan processing through NBFC’s is hardly 4-5 days. Most NBFC help accelerate the process by permitting you to upload documents online.
  • Costs covered: 100% of the total expenditures for education loans are covered by NBFC for masters in Ireland.
  • Income proof of Co-applicant: The co-applicant’s monthly income must be 30k or more. This also depends on the loan amount. With NBFC’s around 50% of the co-applicant’s earnings should be sufficient to withstand the interest on a monthly basis.
  • CIBIL Score: If the co-applicant has a poor CIBIL rating low income the NBFC might not consider the education loan. In such a scenario consulting a professional counselor who can conduct a comprehensive assessment of your profile is advised. The counselor then takes suitable measures and coordinates with the lender first and is most likely to sanction the loan. 
  • List of Documents: Academic records, admission proof from the university in Ireland. Documents of valid income and KYC documents of the student and the co-applicant.

Make sure to get a standard list of documents from the lender beforehand. This helps gear up and expedites the procedure resulting in almost negligible chances of loan rejection.

Options for Education Loan with Collateral in Ireland:

This option certainly offers a higher loan amount. The simplest reason being the security the student provides the bank against non-repayment. Collateral can be a possession or a financial asset. These are also known as secured education loans, and the interest rates are much lower.

Education Loan for MS – With Collateral:                           

  • Repayment Period: In the case of NBFC’s, the repayment duration is 15-20 years. Public banks also offer repayment tenure up to 15 years.
  • Processing Time: Public banks might take around 13-15 working days whereas private banks would take a couple of days less. NBFC’s take the lead with a quick processing time of 7-8 working days.
  • Costs covered: 90-100% of the total expenses are covered by the public banks, depending on the bank. Private banks would offer around 80-85% of the total cost and NBFC would vouch for 100% education loans for MS in Ireland.
  • CIBIL Score: Incomplete documents or a low CIBIL score can be the ruling factors of the loan decline by any lender be it a public or private bank or an NBFC.
  • List of Documents: Relevant academic records, admission proof from the university in Ireland. KYC documents of the aspirant and the co-applicant. Documents supporting ownership of property etc.

Preferred Education loan for Ireland:

On average the most opted for a loan is a secured loan and is the best option for an education loan for MS in Ireland since the interest rate is considerably low. 

But for those who are unable to pledge security for a secured loan then NBFC’s offer lower processing fees than banks and can be approached.

Start early! As soon as the letter of admission is received, the loan application procedure must commence.

‌‌Best Education Loan for Ireland:

Consider the following while opting for a loan

  • Rate of interest
  • Processing Time and charges
  • Overheads
  • Moratorium 
  • Tax Assistance
  • Loan tenure 
  • Expenditures Covered
  • Payment terms and conditions

For better consultation, you can get in touch with education loan counselors. They go through your financial profile with a fine-tooth comb and evaluate which lender fits you the best!

8 Online Business Ideas That Generate Sustainable Revenue

With more people trying to make money online, thousands of articles give advice on how you can generate some cash in the digital world. No wonder there are so many online business ideas out there!

1. Self-publish Books  

No one cares whether your book is self-published or published by a traditional publisher. The quality of your book is what matters. One of the most successful books in recent years is Can’t Hurt Me by David Goggins. He received some offers from publishers but decided to publish the book by himself. That way he owns all the rights.

And today, everyone can do that too. You can do the whole process yourself, or you can hire people to do it for you like David Goggins. You can even hire a ghost-writer.

2. Create An App  

Until just a few years ago, it would’ve been unimaginable to sleep in other people’s homes on a regular basis for cheaper accommodation. Yet, as Airbnb has shown in the travel and hospitality market, this concept has now become the norm. All these transactions are done with the app. 

But that doesn’t mean you need to create the next big-time app like Airbnb or Uber. Even without knowing how to code, anyone can build an app. There’s a list of no-code app-makers you can use online to do this.

The most important part of an app is your business model. Too often, we see apps that are great but don’t have a business plan.

3. Sell Other People’s Products  

Don’t want to build your own products? Then sell existing products, also known as affiliate marketing. It sometimes gets a bad rep but it’s a solid business model.

The best platform for this strategy is a website (or multiple sites). 

Once you have a website, you can start creating content that attracts people who are interested in the products you’re offering.

4. Create An Online Course  

I’m a big fan of Peter Drucker’s advice of focusing on your strengths so you can provide more value. This is about leveraging your knowledge, experience, and expertise for the benefit of other people. Maybe you’ve been training for a long time and you’re ready to become a fitness coach. Or you’ve been teaching history, and now can teach people how to adapt well to changes based on historical lessons.

We always want to learn. The popularity of online courses shows that there is great demand. And it’s easier than ever to sell a course. With the right tools, you are able to save time, maximize your efforts, and create courses that students can easily consume.

5. Start A Paid Newsletter  

One of the leading examples of a paid newsletter is Ben Thompson’s “Stratechery.” He popularized this digital product and he’s now generating millions of dollars. 

But you and I don’t need to become the next Ben Thompson. If you can generate a small but loyal following that’s willing to pay, you can make a good living with a newsletter.

In terms of technology, there are many solutions you can use. I’ve seen people using Substack.

6. Build An Online Community  

Most digital entrepreneurs work from home, so they barely interact with new people (often, just clients) on a daily basis. It can be a lonely pursuit.

The Sounding Board—a facilitated community where like-minded people can join, share their goals, insights, and even test their business ideas before implementing them. It’s a safe space for anyone in need of motivation and honest insights. But you can create a community around any topic.

7. Start A Coaching Program  

With the recent global crisis, more people are switching their offline activities (like being coached by a trainer in a gym) into digital programs. Now, you can have your trainer right there with you at home through your smartphone or laptop. 

This isn’t limited to fitness coaches. You can do nearly every type of 1-on-1 coaching over Zoom or Skype. Again, it’s all about what you’re good at. People want to pay for expertise. With enough experience, you can gradually expand to group coaching and booking multiple sessions. 

8. Build A Freelance Practice  

Yes, it’s easy to get on those freelancing sites, but you’re not building anything for yourself. Plus, you’ll be pitching to prospects all the time. You might as well use that time to build your own site, with your own rules.

The problem with freelance sites is that they lock you into a cycle of looking for clients and pitching to them. Many of the jobs offered are also one-time projects that pay lesser. These tactics may get you a handful of small clients at first, but you won’t build a loyal customer-base doing that. 

Building your own site, publishing your own content, and attracting high quality, well-paying clients take much more time. But the pay-off is so much more rewarding and sustainable. 

Skill India : The need for demographic dividend advantage.

“The future belongs to those who learn more skills and combine them in creative ways.”

— Robert Greene

Success of any venture in the modern world is dependent on capital and infrastructure, rules and regulations, and most significantly on technological know-how or Skills. India has been a developing nation for a long time now because it has always faced issues in imparting skills to its labour force. 

India is the second most populous country in the world after China but why does it still lag behind some of the major nations in terms of economy? The work force in India is humongous and it even has the advantage of Demographic dividend to their main competitor China. India’s median age  is 28 in 2020 against the 37 in China and the US, 45 in Europe and 49 in Japan. India has 62.5% of its population between the ages 19 to 55. Still according to the UNDP Human development report – 2020 only 21.1 % of the workforce is skilled in the period of 2010-2019. 

So where is the impediment to growth of the nation’s economy? We can safely say that the approach to impart professional skills has some hindrances that need to be mend. India has taken many steps in the skill sector in the last few years. But the result is still dismal due to lack of wholesome approach towards the skill india. 

Obstacles 

This year’s budget has allocated 3000 crore to the national apprenticeship training scheme but has restricted it to only engineering and not to other streams which needs to be addressed. 

The authorities are overburdened with the responsibility to impart skills to the public beyond their capacities.

The policies have been discontinued and irregular thus making it far from possible to skill India at the required rate. 

According to a 2019 study by NSDC almost 70 million people in the working age 15-59 years are estimated to enter the labour force by the end of 2022. The current policies are not sufficient to skill these sheer numbers. 

Way Ahead

People in India have always focused on academic results and always been dependent on theoretical knowledge instead of practical skills. But a change in this approach has come in the form of the new education policy 2020 that has emphasised on skills and practical knowledge with theoretical knowledge. Matching the skills requirement in the industry that are dynamic in modern world with the training programs are also needed so that the skills acquired by the youth are not obsolete in near future. Spending on education and training needs to be hiked. 

It has been estblished that the skilling the youth has given fruitful results for a nation. Japan was such first nation to recognize it and made the most of it. Today Japan is a colossal name in terms of economy in the world. India can also make the most of it. The dream of Atmanirbhar Bharat can be secured by taking the advantage of the demographic dividend which in turn can be truly utilised by skilling India. 

~ By: Deepak Rajora

journal for studies in Management and planning

Journal for Studies in Management and Planning (JSMaP) peer-reviewed and published monthly, is committed to publishing scholarly empirical and theoretical research articles that have a high impact on the management field as a whole. JSMaP covers domains such as business strategy and policy, entrepreneurship, human resource management, organizational behaviour, organizational theory, and research methods. This journal is a member of the Committee on Publication Ethics (COPE).

The Journal of MJournal for Studies in Management and Planning (JSMaP) is committed to publishing scholarly empirical and theoretical research articles, that have a high impact on the management field as a whole. The journal encourages new ideas or new perspectives on existing research. The journal covers such areas as: 

  • Business strategy & policy
  • Organizational behavior
  • Human resource management 
  • Organizational theory
  • Entrepreneurship
  • Research Methods

Review Issues are published on monthly basis. These issues include widely read and widely cited collections of articles in the field of management and have become a major resource for management scholars. The Review Issues cover a broad range of topics from a wide range of academic disciplines, methodologies, and theoretical paradigms.

The mission of JSMaP is to publish empirical research that tests, extends, or builds management theory and contributes to management practice. All empirical methods including, but not limited to, qualitative, quantitative, field, laboratory, meta-analytic, and mixed methods are welcome. To be published in JSMaP, the research must make strong empirical and theoretical contributions and the manuscript should highlight the relevance of those contributions to management practice. Authors should strive to produce original, insightful, interesting, important, and theoretically bold research that demonstrates a significant “value-added” contribution to the field’s understanding of an issue or topic. 

The European ManJournal for Studies in Management and Planning (JSMaP) ) is a flagship scholarly journal, publishing internationally leading research across all areas of management. JSMaP articles challenge the status quo through critically informed empirical and theoretical investigations, and present the latest thinking and innovative research on major management topics, while still being accessible and interesting to non-specialists.

JSMaP articles are characterized by their intellectual curiosity and diverse methodological approaches, which lead to contributions that impact profoundly on management theory and practice. We welcome interdisciplinary research that synthesizes distinct research traditions to shed new light on contemporary challenges in the broad domain of European business and management. Cross-cultural investigations addressing the challenges for European management scholarship and practice in dealing with global issues and contexts are strongly encouraged.

Send papers for publication to editor@ijrmpad.org

Link to Journal is https://ijrmpad.org/index.php/jsmap

5 Productive Brainstorming Techniques for Collaboration

The unrivaled process for exploring ideas and developing new strategies is only made possible through brainstorming. Knowing how to reach your creative energy’s potential is a lot more extensive than the conventional idea of sitting in front of a whiteboard with an expo marker in hand while scratching off ideas. There are tons of revitalized and new brainstorming methods to meet your needs for whatever project or idea you have in mind. Listed below are some of the most effective strategies when it comes to finding new ideas. Through these, it can help change your perspective and help you or a group come to a solid conclusion. It is important to note that these ideas are not linear and can be adapted to fit every individual. 

            Brainwriting

            This is a nonverbal method of brainstorming where everyone sits down and writes their first three ideas that come to mind. This process will take around seven minutes or so, because it is suggested that everyone really digs deep. After the group has finished, they will then pass their list to the person on their right. Each person will then build off the ideas on their group mates’ card, adding bullet points or new strategies. Once about three or so minutes, the group passing along their cards once again. This process will continue until everyone’s list has made it around the table. Afterwards the members in the group discuss and decide which ideas were the most solid. The brainwriting method technique prevents some of the biggest pitfalls in the brainstorming process. Brainwriting ensures that all members of the group have been heard and understood, eliminating any bias towards the beginning ideas. 

            Brain Netting 

            For this group technique, all you will be required to do is write down your ideas with your peers. This open discussion usually has a Google doc where everyone can put ideas in as it comes whenever the creativity hits. By doing this, it gives all parties involved the freedom to come and go depending on their schedules. Once everyone has contributed, it is highly important to follow up so that a particular idea can be decided upon. After jotting down some thoughts, you can host a real-time meeting with everyone involved. If your team happens to be spread apart, you can unite everyone over a video chatting service. This idea puts everyone in the same ball field by participating as they please. The online brainstorming and outlining tool Braincat provides an excellent method to use the brain netting, by offering a wide variety of thought provoking questions. 

            Rapid Ideation

            In this technique, everyone takes a few minutes to write down as many ideas as possible before the time is up. This is incredibly helpful for the groups that tend to shoot each other’s ideas down before they have time to develop, evolve, and transform into something fruitful. Everyone will have the space to truly capture the essence of their ideas before they are critiqued. Rapid ideation avoids premature deconstruction of potentially great ideas. If a time constraint is imposed it prevents individuals from talking themselves down before ever sharing their idea, which is a common brainstorming mistake. 

            Figure Storming

            With figure storming, the group will select a prominent figure who is not currently in the working space. It could be the company CEO, a superhero, or a well-known person among your peers. After selecting the figure, the group will try and put themselves in their shoes by discussing the problem or idea form their point of view. By seeing things from this person’s perspective, it can offer a new way to approach the problem or project at hand. This method can be embarrassing for some teammates because they would be attaching their idea to someone other than themselves.  Make sure to be open and honest during this discussion so everyone is unaffected from the shame of dissociation their idea. This method also dissolves barriers that limit the creative thinking process like time or budget. 

            Star Charting 

            This is a brainstorming technique that comes in the later stages of the process. Once the group has already decided on the idea, they will elaborate and then potentially decide on how it is executed. After the decision is made, the team will put the idea at the center of a whiteboard (chalkboard, posterboard etc.) and then make a six-point star around it. Each point on the star represents the key questions: who, what, when, where, why, and how. Other questions which may be of fruitful discussion; What is our target audience? When will it be a good time or timeframefor this project? What is motivating us? Proposing an ideain this way allows the person who created it to be freed from defending their point of view or trying to figure it out on their own. 

            Once you have finally decided on the technique, it is time to get to work. Some say the most important part of brainstorming is quantity over quality. The best way to guide your team to new approaches is by being as encouraging as possible, which can often lead to powerful insights.