Workplace trends

Developing countries are fighting China’s factory overflow

Amidst Trump’s threats of increasing tariffs on Chinese goods, China is turning to developing nations as new markets for its excess factory production. However, many, including Pakistan, Indonesia, and Brazil are concerned about the potential job losses and diminished domestic manufacturing that could occur if China offloads its surplus goods. For instance, Indonesia’s recent ban of Temu, a Chinese app that delivers inexpensive products directly from factories to consumers, took effect in October as a protective measure for local businesses, and in Brazil, business leaders are attributing much of the country’s shrinking industrial sector to China’s influence. These developments illustrate the growing determination among developing nations to safeguard their economies amid rising tensions tied to U.S.-China trade relations.

Who pays when scammers strike?

Scammers are exploiting real-time payment and technological advancements to commit fraud at unprecedented levels, with the Federal Trade Commission estimating that 2023 losses from scams soared to $158 billion, up from $137 billion in 2022. So far in 2024, scammers have siphoned away over $1.03 trillion globally. As the problem continues to escalate, so does the debate over who should bear the financial burden. While liability laws vary globally, with UK banks responsible for up to $85,000 per account in losses and Australia often holding tech companies accountable as they are where most scams originate, the situation in the US remains highly ambiguous and politically charged. Senior Democrats advocate for increased bank responsibility, Republicans emphasize personal responsibility, and banks place blame onto tech giants like Meta and TikTok, as they are the primary platforms where these scams begin. Amid this corporate battle, victims are left increasingly hopeless, unsure of where to turn for support.

The AI corner

The latest AI models need humans as much as we need them

Companies leveraging cutting-edge generative AI are discovering a critical truth: to maximize AI’s potential, they must meticulously collect and organize the data they feed it. The challenge lies in the fact that 90% of the “unstructured” data these AI models need is scattered across files, interactions, and email exchanges, making it significantly harder to automatically scrape. This revelation has sparked the creation of new roles for human workers focused on writing, editing, and organizing information specifically for AI consumption. Far from being a one-off task, this data collection demands constant human oversight to maintain relevance, which significantly increases employee workloads. Industry experts view this trend as indicative of a larger economic shift, echoing past technological revolutions where tech eliminated certain jobs while rapidly generating new opportunities.

AI may land candidates the interview, but at a high cost

Job interviews are becoming increasingly complex and demanding, with experts attributing this to the need for employers to weed out applicants who inflate their skills on their resumes –  particularly with the assistance of AI. Global job applications are growing four times faster than job openings as candidates use AI to tailor their resumes with potentially inflated skills, according to HR software maker Workday. In response, employers are implementing rigorous screening processes to identify and rule out AI-enriched candidates. These demands range from requiring candidates to complete live coding challenges that test actual technical skills in real time to conducting thorough background checks, which often extends hiring timelines. This evolving landscape underscores the growing challenge for both employers and job seekers in navigating the modern recruitment process.

Finding the leadership sweet spot

As a leader, you need to drive the big-picture vision, which requires balance. You can’t be so far removed from the work that you don’t understand it, but at the same time, you can’t be so in the weeds that you lose sight of the strategy and risk micromanaging your team.

68% of employees said that working for a micromanager lowered their morale, and 55% claimed it hurt their productivity, per a recent Accountemps study. But at the same time, if you’re not up-to-date about what your team members are working on and dealing with, you can’t help them, which explains why eight out of nine complaints about leaders centered on absent behavior, according to a Harris Survey.

So, how do you find the happy medium? In a recent episode of our podcast, The Standup, we sat down with Jackie Yeaney, former CMO of Ellucian and Tableau, to get her take on reaching that golden mean of management. In the discussion, she shared some valuable leadership insights, which inspired the tips below:

Choose your priorities wisely

Determine three to five top initiatives for your team and consider using the “Big Rocks” metaphor to prioritization, which Dr. Stephen Covey popularized in his book “7 Habits of Highly Effective People.” He explains that if you try to fill a jar with sand and then add some big rocks, there won’t be any room. But if you start by putting in the rocks, you can still pour in the sand after, which will fit around the rocks. In other words, your goal as a leader is to prioritize what really matters (the rocks), like your department goals and KPIs, and fill in the rest of your time with smaller priorities (the sand.) Start by reviewing your company’s main goals and pinpoint which of your department’s activities will support those objectives. Make those your top priorities – or your “big rocks.”

Hire for your skill gaps

While it’s common to ask job candidates, “What’s your greatest weakness?”, all too often, as leaders, we forget to look inward. This is a huge missed opportunity because understanding your own weaknesses is the surest way to spot the skills and gaps that your team members need to fill. Knowing where you fall short can help you hire smart people to strengthen your team’s talent and complement your personal expertise.

A key strategy here is getting a well-rounded vision of who the people are on your team (not just who they are as executors). Think about what they bring to the table, beyond what’s involved in their day-to-day roles, that you can really tap into. Also, try to keep a mental note of people’s skills that you may not need right now but will require in the future. This will help you act quickly on a project opportunity by knowing who to turn to as a resource.

Lead with trust

Once you’ve hired the right people, trust them to do their jobs. This doesn’t mean removing yourself entirely, but it does mean giving them the space to actually take initiative and doing your best not to micromanage every detail. In our conversation with Jackie, she shared her strategy for this, which includes picking two to four key initiatives to really involve herself. Having this focused but impactful participation ensures she stays up-to-date on industry trends and best practices and continues to learn and hone her skill set while still guiding her team members in a way that feels present and engaged.

Delegate effectively

Make an active effort to define the desired outcomes for your top priorities and create measurable goals. Then, do your best to break down responsibilities and distribute them to your team members based on their individual strengths. Consider using project management software so that you can stay in the loop on projects without constantly checking in with your team. This will help free up your time while giving your employees a sense of ownership and autonomy.

Remember to ask your team members to share regular updates to ensure you’re still in the loop and can provide constructive feedback when relevant.  Doing this also enables you to give meaningful recognition and reinforce the value of their contributions.

Water cooler chatter

Taylor Swift’s Eras tour netted a total of $2 billion. The star’s groundbreaking tour shattered music industry records by generating $2,077,618,725 in ticket sales, more than doubling the revenue of any previous concert tour. Swift’s touring company reports that 10,168,008 fans attended the concerts, translating to an average ticket price of approximately $204.

The ruby slippers worn in The Wizard of Oz were sold for $32.5 million at an auction. These iconic shoes, donned by Judy Garland in the film and stolen from a museum nearly 20 years ago, were initially expected to fetch around $3 million. However, the bidding quickly escalated, surpassing that estimate within moments and tripling it in just minutes.

Question of the week

Last week’s answer: Between 68°F and 77°F (20°C to 25°C)

This week’s question: What percent of US employees report poor treatment in the workplace due to their political views?

Just for laughs