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Millennials in Debt: 13 Tips for Making Money
According to a survey by PricewaterhouseCoopers, Millennials are largely financially illiterate. This truth is further evidenced by their inability to save, make sound long-term financial decisions, but most damning, the level of debt many carry.
Coupled with the shortage of ‘traditional’ money making opportunities; as a Millennial, it is easy to lose hope and throw in the towel. However, that need not be the case as with the right guidance, there are many contemporary money making opportunities you can capitalize on. Here are 13 tips for making money.
Learn how to budget
If you are not a shrewd money steward, it does not matter how much you make – eventually, you will end up broke, or in debt. As a foundation for sustained prosperity, start with the basics and learn how to budget. Do not spend on things you can do without and save the extra income. As your savings bulge, you may find yourself with enough to invest or venture out.
Start a side hustle
It is highly likely that your job does not bring in enough income. And even if it does, chances are that you could still use the extra earnings. To this effect, brainstorm on a side hustle you can begin. It should be something with potential and reasonable margins that can easily fit into your schedule.
The time factor
Preferably, do not go for a side hustle in which your earnings will equate to the time investment. For example, if you are doctor, do not start a private practice based on your extra hours. This is so because you only have so much time which means that your earnings will have a glass ceiling.
Look for something to sell with a high probability of going viral, or a gig that can run independently past a certain point.
To earn more than you will ever need and leave behind enough for your children’s children, embrace entrepreneurship. There are more than enough role models to guide you through books, advice, videos, seminars and other channels. It is not an easy journey, but once successful, the fruits are more than worth it.
Take a leap of faith
Any money making venture you will ever get into will call for a leap of faith. The belief that things will work to your benefit, sometimes, despite glaring challenges and the chance that you may fail spectacularly. Given, this does not mean that you should divorce shrewdness and prudence.
Shift jobs or careers
Some jobs/careers just do not pay enough. If you are in such a job, and becoming a business owner or getting into entrepreneurship is off-putting; then, look for greener pastures. The IT industry is particularly booming both money-wise and opportunity-wise.
Get a raise
If you are sure you actualize more value at your workplace than your pay slip reflects, gather confidence and request a raise. Be careful and very tactful on how you go about it to avoid a strategic slip up that may serve a shoot-yourself-in-the-foot scenario.
Build custom goods
If you are the artistic type and you like creating things during your spare time, then, you already have the products and all you have to do is sell them to make money. Take advantage of social media, and commerce websites such as Etsy, OLX, Cargoh, eBid, etc. You can also sell other people’s items at commission.
If you love writing, start blogging on a topic you love. The blog may take some time to catch on, but once it does, it will earn you handsome sums and enhance your online presence. In the meantime, work on content mills where you can sell your content.
If you can convey information well and you have honed your expertise in a certain area, share your knowledge by becoming an instructor on credible websites such as Udemy.
Companies are always looking to test their products through surveys. If you have spare time, make a point of filling a few surveys daily. It is straightforward, hassle free, and you will earn a few extra dollars. No-risk matched betting is also another popular way of making quick money.
There are many paid reviewing opportunities online. The actual material to review ranges from music, photos, content, websites, designs, brands you have interacted with, etc. However, you will have to research to find credible sites with the kind of opportunity you are interested in.
Become a life coach
If you have substantial experience under your belt in a particular niche plus a reputation to back up your prowess, you can make extra by coaching others. Build a website, and advertise your services highlighting the value you offer. If you create a great proposition, you will certainly get clients.
Where there is a will, there is always a way. If you genuinely want to make more money, court that passion and do not give up even if you encounter failures. Eventually, you will get a lucky break as every other wealthy person has at some point.
How are Millennials Different from Other Generations: 13 Reasons
In many ways, Millennials are different from the preceding generations X and Baby Boomers. According to experts, their distinct attributes are majorly down to a stable childhood, and the rapid technological growth they have witnessed, played a part in, and wholesomely adopted. Here are 13 reasons depicting how Millennials are different from other generations.
Millennials are the children of Baby Boomers and partly, generation X. These two generations grew up believing in the power of education as a master key to affluence and a complete lifestyle and hence, they passed on these ideals to their children. As a result, Millennials are the most educated generation on earth.
The parent-child bond
Baby Boomers and generation X faced the ill-fate of witnessing war, family in-fighting, and many divorces. Many of them vowed that their children would not go through such and they worked hard at their unions. Millennials emerged the beneficiaries; hence, most of them have a deep bond with their parents.
Millennials are the kings of tech. They have witnessed the growth process of many currently prevalent tech concepts, and they are now at the helm pushing tech boundaries in different professional spheres in conjunction with generation X. To Millennials, adeptness with tech almost comes naturally. The average millennial has at least two smart gadgets among a tablet, Laptop computer, a smartphone and a smartwatch.
Despite the high levels of academic education, Millennials are mostly deficient in financial education. They spend a lot on fancy things, find it hard to save and budget, and have little understanding of core financial aspects. The good news is that becoming financially literate is only a matter of interest and applying oneself.
They have high expectations
Millennials demand more of life than other generations. They not only want to work hard and earn enough, but they also want to discover the joy of work by working in sectors where they feel their talents are best utilized. They want the whole package, and they are not afraid of pulling all the stops to get it.
They have different priorities
Happiness is core for Millennials. Many have changed careers at the drop of a hat in search of opportunities that are more satisfying overall. Moreover, they value experiences over and above material things, and they would, therefore, rather spend their money going to exotic places than saving to buy a home.
They are a united generation
If they wish to be, Millennials can unite and create a formidable force. Social media is the chief empowering infrastructure as it enables Millennials from all over the world to interact and remain in sync. Millennials have brought to the fore the power of online campaigns and drives for or against various causes.
They do not hold retirement in high regard
Retirement means a lot for the two previous generations. As a result, they go about their work with the consciousness of approaching retirement striving to prepare for it as best as they can. Millennials, conversely, are not equally enthused concerning retirement or planning for it. They are more focused on living life as it unfolds.
They have an unorthodox life approach
Millennials want remote jobs that will give them the freedom to mix work and play. Those with office jobs want to wear sneakers, hoodies, and jeans to work. In many other ways, the Millennial approach to everyday life is unique coming off as peculiar to other generations.
More expressive and aggressive
Having grown in environments that encouraged speaking up one’s mind, Millennials are very expressive. They have no qualms with sharing personal details that other generations consider private online. They speak up when displeased with something, and they generally do not take poor treatment lying down.
The convenience of the internet has cultivated an on-demand attitude in Millennials. They are used to getting desired items immediately, and their patience is thus, greatly diminished. They fret and their countenance changes to one of disappointment, or even anger, when they have to join a queue, for instance.
Today’s distraction-fueled society has made many Millennials develop an attention deficit in comparison to other generations. Social media notifications, texts, video chats, chat apps and surfing the web all compete for a Millennial’s limited hours leading to extensively fragmented time use. Those who can concentrate for long periods have had to work at it.
Get depressed easier
Sadly, Millennials are more susceptible to depression compared to other generations. Current suicide rates are topped by Millennials and psychiatrists are increasingly reporting Millennial patients. Experts propose that helicopter-parenting, where most of them were not hardened enough to deal with common life disappointments, is to blame.
As the most advanced generation on earth thus far, Millennials are the default flag bearers for humanity for the foreseeable future. Their uniqueness aside, the signs clearly foretell that they will advance humanity many giant steps forward.
13 ways to make millennials want to work for you
When you want millennials to work for you, there are various aspects of your management and workplace orientation that you have to capture to increase the chances. Millennials are known to be vocal about what they need and what they take into consideration before they take up a job offer and these are the elements that you should be focused on. Here are 13ways to make millennials want to work for you.
Millennials consider a good employer to be the one who is transparent about what they are doing, how they do it, and what the overall goal is including how employees are treated and what is expected of them. When this transparency is captured, millennials will come flocking since they believe they are given some consideration at the workplace with the openness being displayed.
Structure career advancements
Millennials are known to only want to work at a place where they will have the opportunity to have career advancements. When you structure career advancement opportunities, you position your company as the best choice millennials can take advantage of.
Millennials are an ambitious bunch and rewarding their ambition is a way to make them want to work for you. Structuring reward systems that recognize their ambition is what ensures they become interested and committed to the idea of working for you.
Provide objective leadership
Objective leadership is a deal-breaker for millennials since they believe that it is only through effective leadership that they will gain a lead in life. The key is to ensure you lead with the positive. In this, the idea is to provide feedback on what they are handling well before constructive criticism so as to ensure they grow in their role and responsibilities.
Promote a good cause
Promoting and supporting a good cause ranks as an avenue to get millennials to work for you. Millennials love to be associated with the organizations that support a cause whether it is the conservation of the environment, voice against animal cruelty or speaking up against homelessness. A good cause gets millennials excited about their work and commitment to ensuring success so that others benefit.
Structure work-life balance
If you want millennials to work for you, structuring a work-life balance is the key. Providing flexible work hours for the millennials is one way to make sure they are better suited to their roles. This makes millennials excited about working for you since it gives them a heightened sense of productive outlook.
Set the workplace as a family
Millennials desire to have connections at the workplace if they are to be happy and productive. The leadership at the workplace should be presented as the guidance tool and the coworkers set as “work relatives” if the millennials are to be thrilled about the idea of working at the organization.
Use merit as the yardstick
Millennials often feel shortchanged at the workplace since they believe recruiters and resource managers from older generations consider their own instead of using merit as the yardstick for role consideration and promotions. By placing merit as the yardstick, you position your company as the unique option for millennials.
Have mentorship programs
Millennials love to learn and they believe they thrive in the job spaces where they get the appropriate mentorship. Placing a mentorship program in play is what you should consider since it is bound to be the input that places your organization as the best choice millennials have in career development.
Structure recreation options at the workplace
Whether it is the team building exercises, happy-hour outings or game platforms at game rooms at the workplace; recreation options also serve as a deal-breaker for millennials since it makes them be vibrant at the workplace.
Structure systemic upward mobility
The beauty with the chance to exploit upward mobility is that it proves loyalty to millennials. The opportunity for upward mobility incentivizes the commitment of millennials to want to work for you since it assures them that they will be promoted to higher ranks with every contribution they make.
Structure in-house incubation
If you wish to attract millennials to work for you, the key is to structure in-house incubation. This encourages employees to develop and bring forth ideas for new products. Millennials love a chance to contribute with an ingenious idea that is originally theirs and one that can revolutionize how people operate and relate.
Offer work benefits
Millennials love work benefits since they believe they are getting rewarded for the efforts and commitment they have at the workplace. Work benefits include living wage and recognition of contributions. Millennials always realize when they are being valued and when they are being taken for granted. Making them a part of the team ensures they feel that they are an essential element at the workplace that contributes to the greater vision of the company.
Best advice for millennials to find a great job. 13 tips
Millennials are always looking to land the job of their dreams but the real question always lingers on how they can arrive at it. As a millennial, the greatest test you can have is to try and position yourself as a professional who has the capacity to handle the duties and responsibilities that come with the select job positions. Here are 13 tips that will ensure you are able to position yourself for a great job.
Be willing to work your way up
Many a times, a great job is a factor of how well you are willing to be patient and work your way up the ladder. It is crucial that you are able to prove your worth over time and this is what it means to be committed to working your way up.
Highlight your value proposition
In a bid to find a great job, it is imperative that you highlight your value proposition. This is the only way you can be able to prove to the recruiters that you have the potential to deliver on the target role that you have been dreaming about.
Interview personalities you admire
A peculiar strategy to land a great job involves interviewing personalities you admire. Most millennials have no idea that this is actually a workable plan as it gives you connections in the select companies and ensures you are able to create a persona that the recruiters will resonate with seamlessly.
It is of critical importance that you reach out to the companies that offer competency in your field of service. This is a great way to find a great job since it positions you in the radar of the professionals with expert outlook within your industry. The key is to avoid mass resumes and instead take on relevant applications that are customized for specific roles that are in line with your technical background.
The problem with millennials is that rarely are they willing to make the sacrifice. In order to land a great job, you sometimes have to volunteer and offer your service so that the potential recruiter takes notice. Offer to volunteer especially if you believe in the mission statement and vision program of the organization as this will place you in the best possible position to land the job.
Highlight your work ethic
Employers are always looking for the individuals that embody the work ethic that resonates with that of the organization. When you highlight your work ethic, you announce your greatest asset when it comes to the obligations and responsibilities.
A tenacious millennial is a great asset to any organization. Employers are even known to even create a position just so that they can harness your potential if you are tenacious enough and this is what you should be targeting as this is what opens the door to your dream job.
Have a unique selling proposition
It is very important that you have a unique selling proposition since it is what makes you stand out from the rest of the possible candidates for the job. In this, the idea is to have a standout characteristic that will differentiate and stand you in good stead for consideration.
Have intimate knowledge of industry
When you have a great command of the industry, it becomes possible to have a greater impact in the field and this is what recruiters target in the employees they take up. Employers will ultimately take notice and adopt you within their ranks if they identify you have a deep understanding and command of the industry.
Strive for experience
It is harder to secure your dream job without the necessary experience. With this in mind, you should ensure you treat your current job as a platform that offers valuable experience that will catapult you to your next role.
Target the professional, not the company
Professional growth is crucial when you need to land a great job. It is crucial you target the person who holds your dream job or has experience in operating in that capacity since you get to learn more from the right professional as opposed to the right organization. As a millennial, you can take the risk and learn lessons related to your dream job since you are young and have a whole career ahead.
Pick a career, not a job
When you are focusing on your career, it is easier to land your dream job than when you are concentrating on the job or role you desire. Job choices will more often than not disappoint but your career path will always lead you to the desired stage since it develops you rank and carves your path over time.
Work for free, initially
Offering your services and expertise for free albeit in the initial stages shows your curiosity, confidence, dedication and commitment. It is a combination of these elements that lands you a great job.
13 Tips for Working a Remote Job from Home
Boss related stresses, commute time and office inflexibility make working from home seem like the best thing that could ever happen. However, if you are lucky enough to make the transition into a good remote job, you quickly realize that working from home presents another set of challenges.
Primarily, without the oversight, you may easily become complacent leading to diminished performance and a stunted career. To help you avoid such, here are 13 tips to get the most out of working from home.
Set up an office
It may seem counterproductive if the atmosphere of an office is what you are running away from, but nevertheless, it is one of the best ways to ensure your home productivity does not dip. If the typical office atmosphere is completely unappealing, look for an ideal work area without office-reminiscent attributes and designate it as your work location. The idea is to have a sacred work space that immediately shifts you into work-mode. Also, make it comfortable.
Set goals to define what you should accomplish each day. Otherwise, you may wrongly think your performance is optimal while it is yet mediocre. The goals should be ambitious, yet reasonable such that you continually push your boundaries.
Create a schedule
Concretize your goals by creating a schedule. Here, take advantage of the work-from-home factor by capitalizing on your strengths. If you are a morning person, build your work program around this fact. Do the same if you are a night person.
Work in blocks
Never lie to yourself that you will work three or four hours continuously. The body is not built like that. To get the most out of your time, work in blocks crafted as per your concentration span. Ideally, one block should last anywhere from 30 minutes, to an hour. After a block, take five-ten minutes off. Get some sunshine, stretch, take some water, etc., before getting back to work.
It is easy to get carried away by distractions as you work from home. During working blocks, do not text, check your social media, or reply to emails unless it is part of your scheduled task. Keep distractions to a minimum unless an emergency arises. Advisably, turn off your phone’s notifications.
Working from home poses the extra challenge of external distractions especially if you have kids. To be safe, set boundaries. Ensure that everyone at home understands that work hours are sacrosanct. This goes for friends too, who might tend to stop over during work hours thereby disorienting and turning your schedule on its head.
No house chores
Work should take first priority. Do not get into the habit of doing dishes, or other minor cleaning chores during work hours just because it is not in you to leave dirty dishes in the sink, for example. Obviously, this does not mean that you should not clean after yourself; it, however, means that you should not let things of a lesser priority usurp energy and time that should go towards your work.
Use the rescued time well
Working from home will rescue an average of an hour of commute time, plus time spent doing typical after work activities such as banter. Use this time wisely. Read a book, work on yourself, devote more time to exercise, spend it with your kids, etc.
The hustle and bustle of an office has the beneficial effect of pressure and competition that keeps the workforce sharp. At home, you lose this and you can easily find that you feel sleepy in the afternoon, after taking your lunch, for instance. To keep yourself sharp and healthy, exercise often. Go for walks, jog, go to the gym, play with family, etc.
A work-from-home life can quickly alienate you from beneficial relationships. So that you do not lose socially, take advantage of online networking through platforms such as LinkedIn, Facebook, Twitter, and the rest. Furthermore, get involved in social activities with co-workers and other professionals such as going out for lunch, coffee, networking functions, and team building.
Eat square meals
Working from home can also make you snack more than is necessary, which will ultimately reflect on the bathroom scale. Therefore, ascertain that you eat three square meals but more than that, work on your feeding discipline. If push comes to shove, rid the house of favorite snacks, and stock up on fruits and healthy foods.
Have a tech go-to person
In today’s IT driven professional world, you can encounter a tech hiccup that can incapacitate your performance. Being far away from work, help can be take longer than you would wish. For this reason, particularly so if your job is IT heavy, have a go-to person who can sort out minor technical difficulties.
Check in with your boss and co-workers at least once daily. This way, office developments will not escape your attention and you will remain in sync with office occurrences.
A remote job is a big blessing, but it can become a curse if you do not take the requisite steps to make it work. These tips offer a great starting point, but keep experimenting to find a custom mix of hacks that works for you.
13 Tips for Finding Online Work When Traveling
The travel-as-you-work arrangement is a dream aspiration for many – especially millennials who use experiences and seeing the world as yardsticks for determining the overall richness of life. Getting such gigs, however, is a challenge, and tact has to employed to land on-the-go jobs with reasonable pay. Here are 13 tips and strategies to find work as you travel.
Choose an online-oriented line of work
Some jobs can be accomplished online; while others – not so much. To increase your odds, the apparent thing to do is to select a career path that enjoys online demand. Great examples include public relations, online marketing, SEO, article writing, web design, translating, customer service management and app development.
Enhance your skill set
The demands of an online job are similar to those of an office job results-wise. The same performance parameters are stipulated especially if it is a permanent remote job. Thus, your skill set must be up to par to perform satisfactorily and avoid conflicts with superiors. Focus on polishing your skill set, and your chances of prospering online will increase significantly.
Build a professional presence
Recruiters nowadays, whether online or otherwise, consider a candidate’s online signature before hiring. Social media pages provide a superb avenue for collaborating claims of expertise, and this is why you should ensure that your digital presence is impactful professionally. Join the main social sites, update frequently, and build a brand that entices employers.
Just like in real life, effective networking online can deliver job opportunities to your doorstep. Strive to build a vibrant network both digitally and in real life. Leverage LinkedIn, in particular, to access and interact with other professionals and do not fail to make it clear that you are on the lookout for new opportunities.
Find a remote job, and then travel
Looking for a job is a job in itself, and traveling usually comes with impromptu demands. A flight may delay, car problems may derail your schedule, among a host of other things that may necessitate readjustment. This brings to light the shrewdness of first getting a remote job and then commencing travel.
Leverage job boards
Boards are the best way to land a gig while traveling. With some luck, you can find a long-term gig but usually, expect short-term jobs. Shop around for credible job boards and sign up. Workpolis.com, SnagAJob.com, Indeed.com, Jobs.com, Monster.com are some of the famous job sites. To find more websites, search ‘jobs’ in your search engine of choice.
Sign up on content mills
Content mills often always offer short-term jobs. Some pay better than others and the rules vary across the board meaning that it is your prerogative to find one that matches your standards. Popular requests on content mills include transcriptions, article writing, journalism, editing and web design.
Depending on the type of job you are hunting for, think ahead and adopt a pre-emptive approach. Consider whether where you are traveling to has good internet connection, stable power, security, access to printers or fax machines. Otherwise, infrastructure challenges may lead to your getting fired.
Ensure you have the papers
If you intend to travel long distance, different work dynamics may pose a problem. You may require additional papers and taxes may come into play. There may also be other factors to consider and you, therefore, have to conduct destination specific searches to be prepared.
Polish your interview game
An excellent remote job opportunity will call for an interview. In view of this, work on your interview strategy. Research on popular questions in your niche, follow relevant persons who can help you up your game, and always approach online interviews as you would a face to face interview.
The foundation frames of online work are the various systems that enable unhindered communication. Thus, it becomes evident that you have to remain connected to work efficiently. It is only in this manner that you will keep up with employer demands, learn of work related developments and access other relevant parties.
Beware of scammers
Scammers prowl the internet looking for easy prey to take advantage of. In the professional world, their primary source of information are job boards. Hence, keep your antennae up to notice tell-tale signs. Some of the pointers include deals that are too good to be true, jobs that demand you take mandatory expensive tests, recruiters contacting you out of the blue, unprofessional messages with grammar mistakes, etc.
Keep track of your applications
Keep track of your applications to know their status and probability of success. That being the case, you will also reduce the chances of reapplying for the same gig which will paint you as inattentive to detail.
In conclusion, provide points of reference to make it easy for recruiters to substantiate your expertise. Also, sometimes, it may take a while for a good gig to materialize. If this happens, as you continue searching, do something useful such as running a blog.
13 reasons why millennials are so stressed
It has been documented that millennials are top of the list when it comes to the generation that has been hit by a high percentage of stress and depression cases. The real challenge that brings about the stress has been a factor open to debate but understanding the same remains a phenomenon that needs deliberate meditation. Here are 13 reasons why millennials are so stressed.
12% of millennials have been diagnosed with an anxiety disorder and this is what causes stress in their lives. 30% of the millennials who are already in the workforce have been characterized as having anxiety and in excess of 61% of college students have also been reported to have the condition. This is what builds the stress levels beyond normal.
Tough job market
One of the major headaches millennials have that lead to a buildup of stress is the tough job market they are facing with each passing day. With this in mind, millennials are left with an uphill task in terms of figuring out their lives which is what causes stress.
Most millennials are facing huge student debts and increased financial obligations they have to meet. With a tough job market to contend with, servicing the student debts becomes difficult which is what leads to accumulation of stress.
Millennials are being forced to endure so much at an early stage and this is what leads to emotional imbalance. Millennials contend with so much from divorce of parents to coping with growing up too fast and in an era when information and access to it is easily magnified. With all these factors in play, millennials become increasingly stressed.
Millennials are charged as the generation that has been exposed to varied options when it comes to career development. This opens the doors to career crises since most find it hard to make the correct career decision that will justify their effort within the select industries.
Millennials are a peculiar generation since they have been characterized as being addicted to the ambition they hold inside. By being hooked on ambition, many individuals are always facing a difficult task in balancing their personal lives and the potential they carry in terms of delivering on their ambition.
Bad sleeping habits
If there is a factor millennials are guilty of is having bad sleeping habits which massively affects their state of mind over time. A lack of sleep is a detrimental recipe as it overworks the sections of the brain charged with worrying and emotional balance. The irregular sleep patterns millennials are charged as having are mainly caused by the digital gadgets that offer endless opportunities.
The aspect of financial instability is a worrying prospect for many millennials since it means they cannot be independent and hence can’t satisfy their life quests. Lack of financial security means millennials are forced to move back home to stay with parents and depend on the meager earnings they make from time to time and this is what leads to a buildup of stress.
Bad habits and hobbies
With bad habits and hobbies, it is not hard to see why millennials are facing so much stress. The culture of partying all the time and the need to remain high for a sustained period of time are both aspects that lead to a buildup of stress. It has been documented that millennials with bad habits and hobbies are increasingly stressed since they lack balance in their lives.
Pressure of expectation
One factor that simply places undue pressure on millennials is the expectations placed on them. Older generations have placed massive expectations on the millennials and their digital generation which in turn transfers the pressure to deliver onto their potential. As much as millennials are a talented lot, the huge expectations placed on them are a major driver of stress as they increase anxiety as well as limit their capacity to deliver comfortably.
Lack of a work-life balance
Millennials are known to thrive in a setting where they have a work-life balance. Without the balance, millennials are known to face a difficult process of determining how to allocate time and still be productive. Be it academic or labor work, millennials need work-life balance since without it; they are bound to be faced with stress episodes.
Of all the generations, millennials are arguably the most affected when it comes to peer pressure. With social media and digital networking at an all-time high, millennials are getting to see how other individuals are living their lives in the limelight. It is this perception of others that causes stress for millennials since they fear that they are not successful or they are not meeting their potential.
Culture of perfectionism
Millennials have a culture of perfectionism and it is this element that causes stress since productivity that does not hit the 100% mark is considered a fail. This factor places undue pressure on them to always deliver.
Stress has been a major deterrent when it comes to the potential that millennials have. Stressed millennials are not fun to be around and furthermore, they are never productive when in that status. This means there have to be ways to beat stress if you are to get millennials to that place where they will be able to be productive and happy at the same time. Here are 13 keys to beating stress for millennials to ensure you get the best out of them.
Target volunteering gigs
There is something about giving back to the community that brings ultimate satisfaction as well as relax the mind. Interacting and being helpful within the community for a good cause is what eases the mind and provides a relaxation element that relieves stress for millennials.
It is very important to stay in the moment since it the only way people get to derive satisfaction. When millennials capture mindfulness, they get to enjoy the moment and also avoid judging the next step which are aspects that beat stress seamlessly.
Target meaningful connections
A major way to beat stress for millennials is to target meaningful connections. When you connect, it is easier to beat stress since it alleviates the pressure that has been building inside. With meaningful connections, millennials get to have a welcome distraction that simply avoids the pity party that leads to accumulation of stress.
Problem with millennials is they insist on multitasking even in conditions that are not conducive for the same. Millennials believe they can handle everything singlehandedly and this is what causes undue pressure and stress to deliver. The key is to prioritize and ensure every factor is handled systematically and this is where you have to plan your time and efforts so that everything falls into place.
Structure an artistic outlet
Artistic outlets ensure that the pressure that has accumulated over time is relieved quite seamlessly. Whether it is ways to express what you feel and believe or if it is a hobby that will get your mind away from the daily hassles, an artistic outlet should be a major consideration for all millennials in dealing with stress.
Spend time outdoors
The outside environment has a way of easing the pressures of life. The outdoor world offers a form of therapy that simply eliminates all stress factors that have been affecting the mind.
The beauty with exercises is that they have been identified as major stress-busters. Exercise routines are the best when it comes to beating stress. From Yoga to other sensual exercises including meditation; you can easily relieve your mind off the main struggles that you may be experiencing.
Spirituality is a great way to beat stress since it takes care of the emotional balance that you crave. With an element of spirituality, the mind and body are both taken care of in terms of getting them to have that systemic balance.
Avoid perfectionist culture
Accept good enough performances and efforts. Millennials should avoid placing undue pressure to perform and deliver at the very top of the productivity curve. Even the top-rated machinery and technology fail to maintain high performances indefinitely and this should go to indicate that your performances may drop at times. It is crucial that sometimes your best effort is recognized as good enough.
Live within means
Most millennials are stressed because they live beyond their means which means they have pressure to source for the finances that will sustain the higher lifestyle that they wish to lead. By living within means, millennials are able to beat stress easily.
The right nutrition is key to eliminating stress. Junk foods contribute to the stress the body experiences in trying to balance the health status. The key is to target the foods that will complement the body system and ensure metabolic processes are effectively balanced to avoid body system stress.
Regulate social media use
On social media, people lead fake lives and this is what piles the pressure on millennials since they believe they are being left behind. Regulating the use of social media including what you consume from the social platforms is what can ensure you beat stress since you will be able to discern the right content to take up.
Living one day at a time
Stop worrying about the might-have-been situations as they are what cause the buildup of stress. The anxiety that develops when one worries about their marriage life, financial status, health, work, societal expectations and life in general is what causes stress. In order to beat stress, living one day at a time is crucial since it means you get to tackle each single issue as it manifests and this means one gets to lead a comfortable life.
Why we blow all our money on junk? 13 reasons
When people have money, they have a natural inclination to spend it and this is where the challenge comes in. if the spending process has not been planned or given major consideration, it is very easy for people to blow all their money and the main issue is that the money is usually spent on junk. So why do we blow all our money on junk? Here are 13 reasons that explain the reasoning behind it.
The main reason on why we spend all our money on junk is poor budgeting. Any amount of money received should be budgeted for to give it a purpose and to eliminate the aspect of spending without a reason. It is this spending that inspires the acquisition of junk since it is our perception that the money is too much.
In the event that any individual has a lumpsum, they are bound to spend it on junk. This explains why benefit pensions are paid over a lifetime and not in one lumpsum since people are characterized as wanting to spend the amount thinking it won’t run out. When we hold lumpsums, our mind works on overdrive in terms of what we can capture with the money not realizing the money can run out fast.
We spend our money on junk due to the aspect of self-gratification. People want to have self-gratification in order to feel part of the society and to boost their standing. From designer clothes to candy and custom coffee; these rank as the junk we spend money on for self-gratification.
Shopping on deal sites
One thing that leads to us spending all our money on junk is shopping on deal sites. Deal sites are the enemy of money management since they make us believe that we are getting a good deal on virtually everything that exists in the shop which makes us spend on unnecessary junk.
If there is a factor that makes us spend on junk is the bad habits that we carry. Bad habits range from hobbies to the guilty pleasures that we have. Be it the sodas, candy or fast foods; we are characterized as spending in excess of $2.8 billion on them which means we blow money satisfying our bad habits.
Having bad advisers amounts to financial suicide since it is guaranteed that we will end up spending all our money on junk. Bad advisers coupled with a lack of knowledge combine to make us have a bad spending habit which means we take on junk and unnecessary stuff. This directs the fact that we tend to have bad decision-making tendencies and this is not helped by the intoxication due to alcohol and other stimulants we take on in the name of fun.
The Fear Of Missing Out (FOMO) has come in a strong factor when it comes to why we blow all our money on junk. FOMO causes many people to spend their money on junk in the hope that they will be able to experience what others have which is a wrong mentality to have.
People in the society are spending more on junk than on the basic elements that actually make a difference in their lives. Societal lifestyles being peddled stand as one of the main reasons as to why we blow all our money on junk.
Illusion that ultra-processed junk is cheap
There is an illusion that is peddled intimating that ultra-processed junk is cheap which is a wrong mentality to have since it actually becomes expensive over time. Spending on junk never ends since one product leads to the other and people lose track which means it becomes a habit that cannot be stopped easily.
Society has intimated it’s the way to buy love
People who need to buy love and affection from friends and relatives have learnt from society that buying the junk endears them to the select target individuals. With society intimating that it is the way to buy love, we end up blowing all our money to make people close to us happy.
People feel compelled to have a sense of self-worth through showing off and they do this by buying clothes, houses, and cars, spending money to impress people. Spending to show off therefore becomes a factor that makes us blow money easily.
Impulse buying is the greatest reason for blowing money on junk. Influencing the target audience to perform impulse buys has been identified by marketers as a successful tactic which ensures people get to spend with reckless abandon.
Concept of upper limits
If people have money they think they don’t deserve, it becomes easier to spend it and drain that well dry. The illusion of having so much money makes it okay to blow it which leads to people blowing all their money on junk.
Why Twitter Shut Down Republican Candidate’s Inflammatory Ad – Marsha Blackburn’s Ad Over “Sale of Baby Body Parts”
Marsha Blackburn took to Twitter to publicize her intention to run for the Tennessee senatorship with the incumbent Republican senator, Bob Corker, declaring that he would retire last month. In an unlikely twist, Marsha’s statement rubbed Twitter the wrong way and the social media site did not hesitate to bring down her video.
The report given to Marsha in her official Twitter account cites inflammatory and negative statements as the reasons for pulling down the ad. Interestingly, the ad is not pulled down per se as it is still available on the platform. What Twitter did was to prevent Marsha and her team from promoting the video further.
Twitter also said that if Marsha made amends to the video by deleting the inflammatory parts, it would have no qualms with her team promoting the video as per their wishes. Marsha, however, has not yet hinted to such a course of action.
In fact, she has done the opposite and taken the matter beyond Twitter’s scope by requesting her followers to post and promote the video on other social platforms. As to whether the other platforms will adopt a similar approach in dealing with the video is yet to be seen.
Specifics of the Inflammatory ad content
In the video, Marsha Blackburn starts by sharply critiquing the current state of the senate intimating that the senate has lost its bite. She particularly expresses grief on the current crop of Republican senators who she accuses of being “like Democrats or worse.”
Having been a congresswoman for over 8 years, Marsha goes on to claim that during her extensive tenure, in which she also served as the House Select Investigative Panel on Infant Live’s chair, she fervently fought against the sale of fetal body parts.
Planned Parenthood, an organization that focusses on reproductive rights, is the alleged wrong doer that purportedly sold baby body tissues at a profit to facilitate medical research. This is the video’s part that upset Twitter. Other investigations have isolated Marsha’s claim after the organization was cleared from the said allegations.
Stand up against Silicon Valley
In a quick rejoinder after Twitter’s shutting down of her video, Marsha called out the social platform as well as the Silicon Valley community in general saying that they wanted to shut her down for simply telling the truth. She passionately appealed to the public to help her stand against such evils as well as Silicon Valley which she said was attempting to lord its values over the people.
Social media support
Luckily, the aspiring Tennessee senator managed to garner some support with even Sean Spencer, the former white house press secretary, showing his support. The lingering question in many people’s minds is what drove Twitter to flag the video given that a lot of other more abrasive material goes without punishment on the platform. Here are probable reasons why Twitter came across as overly proactive in this instance.
She is an aspiring senator
Aspiring politicians attract a lot of scrutiny. Unceasing investigations are conducted into previous conduct and there is always the high chance that others might be implicated. In Marsha Blackburn’s case, Twitter could have received negative publicity for letting the content pass if the predicted “strong negative reaction” would have come to pass.
Numbers and pressure
With negative publicity, it is likely that Twitter numbers would have suffered somewhat. Pressure against the platform to step up content monitoring would also have piled up. Both effects would then be self-inflicted wounds that could have been avoided via a simple flagging, and it, therefore, makes sense that Twitter shut down the ad.
To remain impartial
Twitter and other social sites never want to take sides especially in matters politics. By letting the ad run without flagging the abortion related portion that Twitter felt was likely to cause an adverse reaction, the platform would have seemingly passively taken a pro-Marsha stance.
Terms and conditions
In its terms and conditions, Twitter reserves the exclusive right to determine what kind of material is aired on its platform. In this case, Twitter exercised this right to deal with what it viewed as inappropriate. Laudably, the social behemoth remained professional offering an olive brand to Marsha if she were to edit out the flagged portions.
Make Twitter safer
In many of its content flaggings, Twitter reiterates its commitment to ensuring delivery of safe content to its user base. In line with this, a while back, the social media site tested a feature that would automatically detect and flag inappropriate content.
Users with a habit of posting sensitive content would have their profiles labelled appropriately to give viewers a heads up. In extreme cases, an account could ultimately be pulled down. In Marsha’s instance, only the video was flagged, with all other aspects of her account remaining untouched.
The damage the shutdown has dealt Marsha Blackburn’s push for the senatorship is not easily quantifiable but what is for sure is that is has painted her as a fighter who is neither afraid nor deterred to deal with parties she believes are on the wrong; and by extension, their supporters. In PR terms, it could end up as a positive rather than a negative.
Why millions of jobs are disappearing in the US – 13 reasons
Millions of workers are slowly finding themselves out of work and this is owed to the changing economic times and the ever-evolving job demands. In the US, millions have already been laid off and the trend seems to be only in the initial stages since more industries and companies are projecting more job losses. Here are 13 reasons that explain why millions of jobs are disappearing in the US.
Technology has taken over the job industry and it is leaving a tragic wreck in its wake. From programmed machinery to straight-on technology, the job market is slowly being eroded since workers can no longer integrate themselves with the new technology being produced.
A major reason why millions of jobs are disappearing in the US is that most companies are outsourcing to get cheaper labor with similar productivity. Outsourcing has been made easier with the digital world and this more companies are willing to take the step to lower costs by getting labor from other countries.
The aspect of wage erosion is a major worry for the US economy since companies are increasingly reducing their wage budgets with every passing financial year. The decreasing wage budgets mean most people lose their jobs as a result since companies scale down significantly.
Companies have not fully recovered from the recessions that hit the world economies in the 2000s and hence are failing to meet the basic income demands of the workforce. Companies are trying to have a lean workforce with only the valuable assets on board and this means they are striking out the rest of the workforce.
Companies are moving production
One major consideration that comes to mind when jobs keep disappearing in the US is the fact that companies are moving out of the US and setting up production plants in other parts of the world. Places like China are appearing as attractive destinations for production plants where it is cheaper to handle production.
Setting of specialty roles
Companies are setting specialty roles for their workers which means the middle-wage workers who handled general duties are being laid off. Specialty roles are what companies are going for where specialized and skilled tasks are set and this effectively eliminates the low skill workforce.
Cautious resource management by companies
Due to the lessons learnt in the recession periods, companies are sitting on money. Companies are mostly afraid of an economic downturn and hence, they are cautiously approaching their investment cycle. The resources they have are being invested in infrastructure as opposed to wages and personnel which means many workers are losing jobs with companies not willing to continue spending on them as opposed to placing a premium on longevity.
Advent of AI
With computers able to program and direct operations in plants and production platforms not to mention the handling of complex and simple tasks in equal measure; workers are losing their jobs at an alarming rate. Robots are high on demand as well as the idea of self-driving cars which are bound to eliminate truck and bus drivers.
Lack of job retraining
Most workers lack the capacity and opportunity to retrain for jobs especially with the adoption of technological advancements that are revolutionizing how industries operate. If a worker doesn’t retrain to fit the job demands that are prescribed by the adopted technology, the only action companies are left with is to lay them off which explains why many are losing their jobs.
From troubleshooting to problem solving, advanced software play a role in providing a solution that workers were charged with delivering upon. With that aspect covered, companies are lacking use for the workers since their tasks are handled more efficiently and faster and this makes companies have no choice but to let them go.
83% of jobs where workers make below $20 an hour are bound to be replaced. This is mainly because companies are searching for more value for money which means spending little amounts on little productivity doesn’t serve the long-term purpose of the business. Companies are searching for more value which means they are open to spending more for greater returns and this means laying off middle-scale workers to give way to greater work setting.
Silicon Valley is bringing a new wave of creative developments which is an admirable setting but what many don’t fathom is the negative impact which includes reducing the number of jobs. For instance, customer service personnel, fast food workers and lately cashiers are all facing a loss of jobs since there are innovations that are meant to take over their roles.
Labor participation rates are declining as part of the economic evolution and this can be placed in deeper perspective whereby every 1% decline relates to in excess of 2.5 million jobs being lost. This economic evolution is a major reason why millions of jobs are disappearing.
Why millennials don’t have the same household skills as older generations – 13 reasons
Millennials have been bashed all through and one of the things they have been massively criticized for is lacking the basic household skills. Millennials have been characterized as lacking the household skills and abilities that older generations have proudly held which stands as a worrying trend. Millennials can barely handle simple household tasks not to mention their inclination to take things for granted. Here are 13 reasons why millennials lack the household skills.
Part of a digital generation
Millennials are part of a digital generation and this means that they believe most things and factors are done online. The digital platform has provided the illusion that almost all answers can be found in soft copy format which directs the eventual reality that they lack the basic household skills. The role model for skill acquisition is the internet and not the real-life individuals and this makes them lack the skills that older generations have.
Digital assistants and robots have taken over the basic duties that millennials would have carried out in order for them to learn the household skills. Coupled with dishwashing, laundry and cooking machinery, millennials literally lack the setting where they can learn the skills in handling the processes.
Rarely take responsibilities
Millennials rarely take responsibility of their own lives in terms of taking the initiative to learn and acquire new skills and techniques. This is to say their disinterest costs them in that they fail to capture the gist of what household skills are all about.
They have a microwave mentality
One of the main downfalls of the millennials has been their focus on having a microwave mentality. They believe everything has a simple answer as opposed to actually taking the step to learn and accept the input of others which provides them with the alternative answer to what they think the online platform provides.
They don’t invest the time to learn
A major problem with millennials is that they don’t invest the time to learn and take note of any techniques they need to grasp. By not investing the time and effort, millennials miss the chance to acquire new skills and techniques including varied ideas on how to handle the household duties.
They are not good at taking advice and direction
Millennials are a stubborn generation and this means they are not good at taking advice and direction. It is this stubbornness that has become a major impediment to them being able to learn the household skills that can help them in their daily lives.
They dislike manual applications
It is common knowledge that millennials dislike manual applications and this means they keep away from any process that will require manual effort. This tendency often leaves them exposed in terms of learning new concepts and ideas on how to handle household needs.
Spend most of their time on gadgets
A significant fault that makes millennials lack the household skills that older generations have is the habit of spending most of their time on gadgets. Millennials spend their time shopping online or chatting with fellow millennials which takes up the time they would have otherwise used to gain a new skill.
They still live with their parents
Most millennials still live with their parents and this eliminates their critical thinking ability since they find everything done. This makes them lack the ability to take initiative to learn and gain new household techniques since they find everything done for them.
More concerned with theoretical background
Millennials are the best when it comes to theoretical knowledge but the worst when it gets to practical input. Most millennials are concerned with the theoretical background and leave the actual application to other individuals.
They rarely interact
Interactions in the real world are what build skills and experience. Millennials rarely interact and the only time they interact is when they are playing Pokémon or indulging their fantasies on the online platform. With this lack of interaction, it becomes virtually impossible to learn new household skills.
Millennials are easily discouraged
Acquisition of household skills is a process that requires staunch determination since people never get it right the first time. With millennials easily discouraged if things don’t go right the way they want, it becomes hard for them to gain the skill and learn the techniques to use to get everything right.
Oblivious of real world challenges
Millennials believe they are better served by setting their path in pursuing their own interests as opposed to learning the core of world problems and challenges. They are mainly oblivious of real world challenges and believe that it is another person’s job or responsibility. With this self-centered approach, millennials end up missing on the opportunity to adopt and acquire the household skills that older generations are famed for.
How rules kill motivation at work – 13 reasons
Motivation at work is crucial to the success and productivity that will be enjoyed at the workplace. The biggest threat to motivation at the workplace has been identified as the rules that hinder the expression of the employees. As much as rules enable the streamlined operation of a business or company, they should be designed as policies which should take an advisory role as opposed to regulations that must be adhered to. When looking at rules at the workplace, it is important to evaluate them in form of the impact they pose to the motivation of the employees and the overall workplace environment. 13 reasons rules kill motivation at work include:
Rules limit innovation since people lack the capacity to express their creative input. The lack of creativity means employees are limited in terms of their capacity to contribute to the experience at the workplace. It is simple logic that rules dismiss creativity which is a major deterrent of progress at the workplace.
Rules hinder the way employees network at the workplace. By hindering networking, rules are instrumental in limiting the aspect of effective communication which is what normally contributes to effective teamwork and coordination.
Rules are the very definition of an enemy of development. Rules curtail development in the sense that they establish a systemic operating module that eliminates any meaningful input from the employees. Rules don’t allow employees to give their effective input which curtails development.
Inhibit full expression
The problem with rules is that they inhibit full expression when it comes to capturing productivity at work. Employees cannot be motivated to deliver at work if they have rules that serve to inhibit their full expression including the processing of information and ideas.
Rules inspire a plateau
What rules are able to achieve over time is the generation of a plateau that stagnates motivation. Rules are simply the set guidelines that employees cannot deviate from and this means a business or company will always be at a plateau when it comes to operation and development.
Employees become fragile
A major issue that has been identified with rules is that they make employees become fragile when it comes to dealing with issues. Rules limit vibrancy at the workplace and this effectively means motivation is affected to a greater extent. This translates to a fragile workforce that cannot handle disappointment or challenges that need creative input.
The issue with rules is that they eliminate happiness in that the employees lack the harmonious working relationship that makes them comfortable while delivering their duties. By eliminating the happiness, the rules guarantee that motivation will not be a factor that workmates share since they lack incentive to go the extra mile.
Rules highlight mistakes
One curious aspect that people must understand with rules is the fact that they highlight the mistakes people make in the work environment. With rules, any deviation is highlighted as a fault and by highlighting the mistakes, motivation is killed since people tend to believe they are being targeted in some way.
Remove vibrancy at workplace
If rules are kept at a minimum and reasonable setting, it has been documented that the workplace tends to vibrant with people willing to invest their time and effort in making their productivity have a heightened setting. With rules, employees appear inhibited in the sense that they fail to harness their individual capacity to perform.
Capture short-sighted goals
Rules kill motivation at the workplace by ensuring employees are only short-sighted in terms of keeping focus on the big picture. Long-term viability is missed by employees when rules are adopted since people at work only serve the initial and instant gratification that rules demand.
Promote apathetic relationships
People are not challenged when they are apathetic or have a certain view of the institution they are in. rules promote apathetic relationships at work and it is often very hard for individuals charged with delivering on their duties to find that inspiration to meet the targets set.
Rules withhold praise
A major consideration that has to be made when setting rules at work is how they will impact workability and overall productivity. Rules withhold praise and this is one of the factors that limits motivation to deliver. Even when people deliver excellently, it is viewed at their sole duty as an employee and with this, people will not be motivated to deliver above and beyond.
Lead to overworking
When people work within a conducive environment with no restrictions, they are able to deliver more and be productive. With rules, they tend to overwork as they try to abide by set rules. Overworking in turn lowers the level of productivity which is a massive limitation on the labor force that a company or business has.
13 Reasons Why Sears Canada is Closing All Stores, Laying Off All Employees
Sears dates back to 1952 when it was birthed as Simpson-Sears, but it’s over 65 years of existence are coming to an end after the company gave a press release publicizing its winding down and intended liquidation of assets.
Court approvals underpinning the move are in place, and the liquidation process is slated to start on 19th October, with creditors, employees and other stakeholders breathing down the company’s neck. Below are 13 reasons why the household brand has been forced to finally close its doors.
In 2001, Sears reported sales of $6.7 billion while in 2016, the total sales amounted to just $2.6 billion. The acute reduction in income has been making it increasingly difficult for the company to stay afloat and it was already getting into trouble with various stakeholders; particularly, creditors. Eventually, Sears was forced to file for bankruptcy.
Signs of a bleak future
From the above numbers, it is evident that Sears had suffered a reducing income trend for over 15 years. With no signs of the pattern letting up, saying that the future was unpromising and bleak for Sears would be an understatement. They would have gotten to this point at one point or another.
State of the retail market
Sears Canada executive vice president, in her press statement, blamed the retail giant’s woes on the “state of the retail market.” The gist of the report was that Sears was unable to maintain its position in the market due to increased market challenges. However, many are of the opinion that the market notwithstanding, the company played the biggest role in digging itself into a ditch.
In one of the stores in Ontario, the given reason for the firm’s closing was to effect a major re-invention. Experts propose that this is unlikely considering the extensive damage the brand’s image has suffered in recent times. The more probable outcome would be a shift in core-business.
Shifting consumer preferences
Another reason floated in the press release was a shift in consumer preferences. This is entirely true as other retailers have been forced to rethink their strategies due to shifting market dynamics driven by the rise of e-commerce.
Untenable running costs
Sears has a lot of real estate in various locations. The digital shift of the market meant that while competitors were enjoying higher sales, and less running costs since e-commerce does not call for much real estate, Sears was increasingly being left with unprofitable spaces that it could not dispose off fast enough. The cost-revenue balance tilted unfavourably, the culmination being that the company had to close shop.
While other companies were flexible enough to market demands; probably due to some level of brand arrogance thanks to its history, Sears Canada remained mildly flexible. Most of the company’s salvation moves came when it was a little too late.
Sear’s reputation has over time degraded to unsalvageable levels. Almost all the parties with a pivotal role in the company’s business structure reported dissatisfaction with the treatment. Some employees, for instance, say that they were treated like “chess board pieces.”
Poor customer service
For a retail business, customer relations is the one area where performance should never decline, but Sears dropped the ball in this regard too. The results were catastrophic with many loyal customers swearing they would never spend another dollar in the store again.
It is a common expectation that to enforce position in a market, a business must have a differentiating factor in its value proposition. In the retail sector, some have great products, offers, discounts, exemplary customer service, etc., but Sears had none. Therefore, it lost its customers to business savvy competitors.
With the power of social media at hand, the public did not hesitate to run a #boycottSears campaign on Twitter. This was in light of the news that Sears would give bonuses to top executives to impel the liquidation process with low ranking employees getting nothing. The effect has been an increase the firm’s reputation grave-depth.
Running an outdated business structure
Sears believed in an obsolete business structure and stuck with it too long only to realize that they the world had moved on. This lead the company down a dark path where at one point, they were losing over a million dollars daily.
Under poor management, inability to predict market trends, strategy naivety and thinly veiled disregard of various stakeholders are the biggest contributors to Sear’s demise. The company’s inadvertent revolving-door policy for high-ranking executives due to inability to hold onto talent has also not helped.
It is sad that a company etched into many Canadian’s early shopping memories is closing its doors. Over 12000 jobs have been lost, and landlords, especially in small towns, may find it hard to locate new tenants. The entire situation offers one more example on why lack of evolution means certain death.
13 Reasons Why Nokia Plans to Cut Up to 310 Jobs, Halt VR Camera Development
Nokia is in many respects the godfather of mobile telephony with the firm at one point having a chokehold on the world’s cellphone market. At its height, the Finnish company accounted for 4% of Finland’s GDP and a staggering 70% of the country’s stock exchange. It also played a significant part in LTE, 3G and GSM development.
Unluckily, the smartphone revolution beckoned and Nokia miscued by wrongly adjudging the speed with which smartphones would catch on. By the time it made a move, competitors had already captured much of its market share and Nokia has been playing catch up ever since.
The current scene in the company’s over 100-year story is the planned 310 workforce cut and the halting of VR camera development. Here are 13 reasons why Nokia has decided to make these moves.
Reduce running costs
Since competitors prized its telephony market share, Nokia has had to continually adapt structurally to thrive. Lucky for the company is the fact that it has always had other interests. Its latest planned actions are necessary to remain profitable.
Shift in core business
Nokia has slowly been gravitating away from the consumer gadget market in favor of digital health, licensing and networking equipment markets. As with all shifts, upheavals were to be expected hence the intended job cuts and halting of VR camera development.
Slow development of the VR market
Nokia miscalculated the growth of the VR market which led the company to direct more resources than necessary towards the venture. With the reality sinking in, the firm has been forced to rethink its position and re-adjust quickly to avoid getting into murky financial waters.
Besides reducing costs, the goal of job cuts is to improve the running efficiency of a company in relation to the existing economic conditions. This is exactly what Nokia intends to do since the VR market, for example, has failed to live up to expectations.
VR development is expensive
Hardware development is generally expensive. More so, the resources that go into it mean that anything else ongoing cannot run at maximum efficacy. Therefore, by halting its VR venture, Nokia will be able to focus fully on the other more promising ventures.
Nokia is a for-profit company meaning that it will always gravitate to where the money is. The workforce reduction and halting of the VR project are moves geared towards increasing the company’s market presence in more profitable undertakings.
Nokia learned the hard way the importance of being futuristic to be well placed to capitalize on future opportunities. In its latest planned strategic moves, the company’s flexibility has come to the limelight in line with ensuring that the company’s future is not only secure, but successful.
Protect other stakeholders
Nokia is still a giant in its own right. If the company were to go down, over 100,000 people would lose their jobs which pales in comparison to the only 310 that are currently going to lose their jobs. More than that, the Finnish stock market would take a big hit as Nokia is still a major player.
Other companies have also put efforts into VR development meaning that Nokia would not have been the default market leader. This further dwindled expectations contributing to the halting decision that the company made. By extension, it was inevitable that some workers would lose their jobs.
To get ample wiggle room
With a shift in core business comes the need for a soft pad incase the landing is not as expected. Thanks to its moves, Nokia has created a contingency to cover any unexpected problems that may arise as they increasingly focus on areas they consider more economically viable.
Focus on areas they understand better
In its long lifetime, Nokia has benefited from many ventures from paper milling and electricity infrastructure to rubber and cable production. Currently, Nokia feels that it understands and is better suited to the licensing, telecommunications infrastructure and digital health industries compared to the emerging virtual reality sector.
To rise to the top
In reducing its workforce and redirecting resources, Nokia seeks not only to make do, but to the rise to the top again and reclaim its former glory. The feat is easier said than done but it is not in doubt that Nokia is committed to making it happen.
Challenges and risk
Formulating perfect hardware in an emerging market is tough. Such ventures also usually require steep capital in short timeframes due to the rapid tech development in new hardware markets that quickly renders products obsolete. Nokia has chosen a path of lesser resistance for the time being with regards to challenges and risk.
Nokia is a class act at reinventing itself, a fact that is substantiated by the company’s history. Some of its transitions are better timed than others, but what is for sure is that Nokia always ends up fine. Now, the company’s latest chapter beckons in licensing, telecommunications infrastructure and digital health.