Workplace trends
Companies are starting to bring the office to workers
During the pandemic, companies that allowed employees to work remotely saw a number of their team members relocate and move out of big cities. Now, three years later, many employers are certain that in-person collaboration drives productivity, leading them to push workers to return to the office and step up attendance surveillance. Workers, meanwhile, are placing greater value on flexibility, in some cases more than pay raises. In fact, a BCG Henderson Institute study found that office workers who were dissatisfied with their work flexibility were more than twice as likely to consider leaving their organization in the next year. So, the latest strategy some companies have enacted to get workers back to the office, without forcing them to relocate, is bringing the office to them. A growing number of businesses such as Boston Consulting Group are renting out co-working spaces in new cities to make it easier for their employees to commute and increase the likelihood of face-to-face collaboration.
Retailers are finally prepared for holiday inventory planning
After two years of unpleasant supply chain surprises, retailers finally seem to be in-control this holiday season. In 2021, shipping delays caused retailers to be understocked, while last year, scarred by those experiences, store owners made the mistake of overordering, which sent their shelves overflowing with products and forced them to sell goods at margin-eroding discounts. Luckily, it looks like retailers’ 2023 holidays will, in fact, be cheerful, as Goldman’s supply-chain congestion scale shows that bottlenecks have eased back to pre-pandemic levels throughout this year. The National Retail Federation expects holiday retail spending to grow by ~4% from 2022 levels, returning to its pre-pandemic pace. With accurately stocked shelves, it appears that many could be in for greater margins this holiday season.
The AI corner
Microsoft’s CEO was the surprising winner in the craziest week in AI
Despite the fact that Microsoft has spent billions for a 49% stake in OpenAI, it doesn’t have a seat on the board. The result? Microsoft Chief Executive Satya Nadella found out at more or less the same time as everybody else that Sam Altman had been ousted from his CEO position at OpenAI and that Microsoft’s investment – one that catapulted the company to the forefront of the AI revolution – was suddenly at risk. But when the board turned on Altman, Nadella stepped up. He was committed to restoring Altman to his role at OpenAI, but offered him a place on Microsoft’s team to start a new AI division if that didn’t work out. By opening Microsoft’s doors to the OpenAI team, roughly 700 of whom were prepared to join Altman in his new position, Nadella gave Altman the leverage that eventually helped get him reinstated. In his post on X confirming his return to OpenAI, Altman made sure to specifically mention Nadella’s support.
Competition
OpenAI’s competitors are racing to exploit the leadership turmoil
This past week, OpenAI’s rivals raced to capitalize on the commotion engulfing the AI powerhouse, offering its customers incentives to switch over to their platforms. Google launched a campaign to persuade customers to make the move, which included matching OpenAI’s pricing, providing cloud credits to customers who use its AI software, and offering assistance in switching to its platform. Similarly, Amazon emphasized how recent events underscore the value of its generative AI strategy, which allows customers to choose between many AI systems versus going all-in on a single vendor like OpenAI. Many competitor pitches have been focused on convincing businesses that, given OpenAI’s turmoil, it’s important to diversify their AI suppliers. Companies seem to be accepting this argument and exploring their options, evaluating several AI systems to help eliminate the risk of overreliance on a single provider.
Setting the right boundaries with your team members
By monday.com
When you manage a team, it’s important for your employees to feel comfortable coming to you with honest questions and frustrations. However, that openness can easily slip into risky territory when your team members feel too comfortable.
While it’s important to be a leader that your team members like and trust, if you end up only being the “cool boss,” your team members might not respect you enough and could wind up taking advantage of your kindness – leading to reduced productivity and performance, simply because you prioritized being a friend over being a leader.
So, here are few tips for setting healthy boundaries with your employees:
Align expectations
It’s easy for employees to overstep if they don’t know your boundaries. That’s why, as the manager, it’s up to you to set the tone in your relationships with your team members – from when you make yourself available to what you choose to talk about in work settings. If you’re complaining about leadership or admitting that you missed a meeting because you overslept, you’re making space for your employees to do the same. So, if you feel comfortable with that level of openness, great. But if you think your team members will take advantage of your chill approach, try to avoid opening that door on your end.
Similarly, you can always casually acknowledge when you don’t feel comfortable addressing certain topics at work. For example, if your team member brings up a controversial topic like politics, you can respond, “Let’s try to avoid these kinds of topics at work,” and simply move on to a different conversation.
Consider trust
Recognize that a one-size-fits-all approach is not relevant when it comes to boundary-setting, because different employees require different levels of hands-on leadership. Team members who are highly self-sufficient and independent may not require the same formal boundaries because you trust them to get their work done on their own and recognize that your role is more about offering support and guidance. In contrast, when your team members require more hands-on management, it’s usually better to establish clearer boundaries in order to maintain necessary respect and authority.
On a similar note, make sure to take your team members’ preferences into account. Some employees perform best by having strictly professional relationships with their managers because they like having a clear separation between their work lives and personal lives. If that’s the case, regardless of how comfortable you feel being open and honest, do your best to respect their boundaries.
Be consistent
While you can adapt your managerial style and boundaries according to trust and ownership, it’s important to not behave in a way that suggests any bias or preferential treatment. You may have more casual dynamics with some of your team members in one-on-one syncs, but make sure you’re not giving those employees more attention or sharing certain business information with them that you’re not sharing with others. In a study about perceived work favoritism at Ohio State’s Fisher School of Business, nearly half of employees believed their supervisors had favorites, causing them to perceive their workplace as unfair and to subsequently feel less loyal, satisfied, and motivated. So, don’t be exclusive, and be intentional about treating all of your team members with the same levels of care.
Stay transparent
As you get to know your team members better, you may find yourself becoming more open and less strict about certain boundaries. While that’s completely fine, make sure to always be an honest and transparent leader so that even as friendships develop, you still have a dynamic in which you can comfortably share your thoughts and critiques. The best way to do this is by making it a point to work feedback into regular conversations – always acknowledging what’s working and where there’s room to improve – to ensure this kind of dialogue is embedded in your communications.
Trust your gut
When it comes to setting the right boundaries with your team, there’s no clear line that all managers must follow. You may be the kind of leader who feels perfectly comfortable talking about your personal relationships or responding to messages after hours, while others may need to keep things solely professional with clearer work-life boundaries. That’s why the best thing to do when it comes to boundary-setting with your team is to trust your gut. If you start to feel uneasy about a certain dynamic or get the feeling that one of your employees is overstepping, don’t let it fester – make sure to openly address it in a way that doesn’t place blame, taking into account the role you may have played in blurring those lines.
Water cooler chatter
This Thursday is COP28, the most important climate change meeting of the year. The two-week summit is taking place in Dubai, and it will be the first opportunity for nearly 200 countries to take stock of how they’re faring in their emissions goals that were set forth in the 2015 Paris Agreement.
American Airlines (AA) is trying to poach FedEx and United Parcel Service (UPS) pilots. Struggling to fill a gap that has led to planes staying grounded and services getting curtailed in some cities, AA is offering bonuses totaling $250,000 for UPS and FedEx pilots who can come work as captains.
Question of the week
Last week’s answer: ~$960 billion
This week’s question: What’s the average global income?
Just for laughs
