A worker shortage might be excellent news for the economy! Maybe, just maybe, firms will awake and see workers’ substantial contribution to their success. Some CEOs take unconscionable sums and destroy their firm’s value, unlike many frontline workers who create value. During the pandemic, CEOs took vast sums as they laid-off workers. Some firms sought bankruptcy protection, but hat didn’t stop their greedy CEOs from snatching hefty bonuses.We have a worker shortage and firms are scrambling to hire whomever is willing. Some firms, like McDonalds have paid signing bonuses. Canada’s Loblaw and its competitors paid a bonus to frontline workers when the pandemic began. They stopped it after three months in unison with their competitors. When government confronted them about this collusion, they claimed it happened independently. Go figure! It’s like you caught your three-year-old with her hand in the cookie jar and she said, Mom, “Cookie Monster did it!”Worker Shortage Inevitable With Shoddy TreatmentLoblaw’s behavior disturbs me. During the bonus period, profits soared. Per se, that’s no problem. I favor firms making profits. To be sure, I am against government taxing profits. But paying workers the bonus during the pandemic shouldn’t hinge on profits. It was just right. Meanwhile, my wife and I shopped at a Loblaw store and workers continued their excellent service despite Loblaw’s slight.Leaders must realize frontline workers are the firm’s foundation and treat them well, not as cogs turning out CEOs bonuses! When employers treat workers like machines, they disengage. Gallup said, over several decades, they and other researchers found a strong link between employees’ workplace engagement and the company’s overall performance. Yet employers refuse to accept this. But there is good news: surveys show some firms break the mold and treat workers with respect: Cisco, Apple, Accenture, IBM, FedEx are a few.Next Quarter’s Earnings Drives BusinessesCompanies see next quarter as the prize, so they exploit workers and fudge next quarter’s numbers. I repeat: I am against government taxing business. However, I favor the Biden Build Back Better provision to tax share buybacks that the House passed, and it is before the Senate, even if it might have only a modest effect on share buybacks. Companies shouldn’t be spending billions buying back shares while exploiting workers.Firms should present to shareholder meetings options to use buyback funds. Choices might include effects of paying bonuses to frontline workers with buyback funds. Shareholders should hear about potential strategic investments, too. Another option is stopping buy-backs for five years after layoffs. Executives, too, shouldn’t get bonuses within five years of layoffs. We must get rid of worker exploitation that enhances CEO bonuses.The Business Roundtable Stakeholder Capitalism DisappearedThe Business Round Table (BRT) had a revelation in 2019 and decided maximizing shareholder value is not a corporation’s sole purpose. That metrics from the 1980s is wrong, it said. I wrote then that the BRT “… came up with lovely platitudes about looking after stakeholders and quickly ditched it and returned to their greedy practices… ” They continued to move away from those bromides during the pandemic.Let the worker shortage continue! It might be the force to rid firms of myopic, greedy incompetent CEOs. To be sure, the scarcity will cause disruptions in supply chains and elsewhere, but workers’ creativity, if allowed, will solve these challenges. Here is the million dollar question: Will enough firms decide to scrap the quarterly rat race and concentrate on building robust businesses for the long-term?
Retail Store Marketing Tactics That You Should Include In Your 2020 Business Plan
Which one will you consider? Ordering from e-stores or going to a brick-and-mortar retail store? Research has revealed that around 85% of shoppers would instead go to ott market the physical store location as opposed to online. By taking the above information into consideration, what do you think should be your ott market retailer marketing plan. Marketing for retail stores should be innovative so that prospective customers can access it before the competition. Do you have ott market a retail brand strategy? Do you have fresh retail market tactics that you are planning to include in your business plan Remember, businesses need to have mobile geofencing customers if they want to stay in business. As you are forming your retail store marketing tactic, ensure that you take that into account. Let’s have a look at the ideal tactics to bring new clients to your business.
You can create a loyalty program or a referral program. Gaining points for purchases, a birthday discount or a gift card for recommending a friend can entice people to your store and ensure that they come back. Customers value a brand which offers tv ott things to new clients and also rewards the ones that remain loyal to the business. Clients will return to your business if they expect to get a reward after spending a specific amount of money.
Take advantage of prominent individuals in social media. Right now, geofencing mobile influential people are on a rampage. The people who have many followers can help to transform your brand. Influencers have a faithful following that trust them, adore them and want to lead a similar life as theirs. If an influencer uses or wears an item that you are selling, it will entice new customers into your store.
How about you try geofencing approach? You see the advertisements that always appear on any number of apps you use? You must be wondering how you can get to that point. Something called geofencing is what other businesses are employing. An unreal fence is drawn around a particular area. An individual, upon entering the drawn area they are included as the audience who will be getting geofencing mobile ads on their social media feeds and other apps.
Offer customers justifications for returning to your store. Hold distinctive mobile geofencing events. Have products which are exclusive to your store and only available in store. Have vouchers for clients which they can only use while at the store.
Have a relationship with the community. Collaborate with tv ott local groups by giving a percentage of sales on a particular day to their group. Consider featuring items made by the local people. Sponsor a community sports team. From that, the local people will promote your business.