Authored by: Dr Renate Scherrer, MD at JvR Consulting Psychologists
Black Friday has become synonymous with frantic shopping and South Africa local retailers have definitely seized the opportunity to make it the biggest shopping day of the year. According to BankservAfrica 4.7 million card transaction were processed on Black Friday 2017. However, there are also increased concerns about violence, aggression and even looting. Black Friday has the potential of creating chaos, drama and the exploitation of customers and their financial and emotional weaknesses. Ramping up excitement South African retailers have been ramping up excitement for this year’s Black Friday, enticing shoppers with “bargains of the year” and “the deal of a lifetime”. From a human behaviour perspective however, we need to ask why it is that we are so easily swayed to purchase things that we do not need, with money we do not have? In effect, it comes down to three things that, when combined, ideally position us for excessive shopping: low willpower, heightened anticipation, and social influence. Low willpower Everyone has a “resource centre” of willpower. We can call it self-control, or an ability to resist temptation, but it is really about how we are able to resist or delay an impulse to act. If we are low on this resource, we are more likely to act on an impulse even if we know - in the moment - that we will regret it in the long run. It is like having a piece of chocolate cake in the fridge. If you are low on willpower you are more likely to eat it, even if you know you will regret it when you get onto the scale tomorrow morning. The reality is that at the end of November, most South Africans will tell you that their emotional resources are depleted and that they feel tired and overwhelmed, even depressed, and definitely in need of some reward and excitement. Heightened excitement and anticipation If we couple low willpower with the increased excitement and anticipation created by the Black Friday campaigns, we are very likely to have potential shoppers with an excess of dopamine production in the brain. Why is this relevant? Dopamine is the powerful neurotransmitter that forms the core of addiction. Its levels are boosted when pleasure is experienced. In fact, neuroscientist Robert Sapolsky found in his research with monkeys, that dopamine levels in the brain increased with the heightened anticipation of receiving a treat when a bar is pushed several times after a signal is given. Furthermore, he found that the levels increased even more in the face of unpredictability – that is the uncertainty that the treat is guaranteed when the bar is pushed. Applying this research to the concept of Black Friday: There is the “anticipation overload” due to the bombardment of advertisements about the “specials”, coupled with uncertainty whether you will find the items you want, if there is going to be enough stock or if it is going to be on sale at all. For humans this also translates into higher dopamine levels that will create a buzz of excitement and deplete the levels of self-control to resist the temptation of the bargain bin even more. Social influence People with low willpower and a heightened anticipation of being rewarded with the bargain of the year who find themselves in stores on Black Friday are easily caught up in the rush of excitement of people grabbing, pushing and shoving. The scarcity concept and competitive mindset activation with phrases such as ‘limited stock available’ and ‘promotion will end at …’ should not be underestimated. Shoppers do not want to be left out or lose out and may easily purchase goods just because everyone else is doing so. Stop being swayed The best advice – especially when you have low levels of willpower - is to avoid the shops on Black Friday. If that is not possible, set clear goals on what it is you want. Make a list of items, budget what you are going to spend and stick to it. Leave your credit card and cell phone at home. In this case BFF does not mean Black Friday is your Best Friend Forever. ENDS MEDIA CONTACT: Rosa-Mari Le Roux , 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za ABOUT JvR Africa Group: JvR Africa Group of companies consists of JvR Psychometrics, JvR Consulting Psychologists, JvR Academy, and JvR Safety. With its head office situated in Johannesburg, the group conducts business nationally and across Sub-Saharan Africa. They work with test developers, consultants and academic institutions all over the world, and support a range of development opportunities and host events around People Development in Africa, a cause they feel is extremely important to the future of our continent. For more information on JvR Africa Group please visit: Website: https://jvrafricagroup.co.za/ LinkedIn: JvR Africa Group Facebook: The JvR Africa Group - People Development in Africa Twitter: JvR Africa Group YouTube: The JvR Africa Group
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Authored by: Dr Renate Scherrer‚ MD of JvR Consulting Psychologists
Despite many labeling it a marketing buzzword, Industry 4.0, a.k.a. the fourth industrial revolution, represents significant transformation that cannot be ignored, as businesses are increasingly able to optimise operations with the support of connected smart machines that keep getting smarter as they access more data. In the 2018 Deloitte Millennial Survey, only 36% of millennials were confident that they have the skills required for Industry 4.0. Soft skills were regarded as increasingly necessary with the top essential skills being reported as interpersonal skills (36%), confidence and motivation (35%), and ethics and integrity (33%). Young employees are however not looking towards universities and business schools as a training ground to cope with the evolving complexity of the future. They expect business to craft a fit-for-purpose development plan and offer focused support on their continuous development journey. When positioned and contracted appropriately, this process can indeed become a meaningful and purpose-driven roadmap, yielding not only positive individual returns, but also creating real and measurable value for the organisation itself. The rules of development Where modern-day and future-oriented people development are concerned, organisations do benefit from implementing an end-to-end process that is holistic, technologically enabled where beneficial, and informed by science and research. Yet, this is exactly where the challenge lies. Too often, behavior development initiatives are positioned and experienced as once-off or random energy injections with the expectation that it will lead to sustainable change. This is as illogical as expecting that eating vegetables for a whole day and exercising 10 hours straight once a month will lead to weight loss. A holistic development process can be unpacked along the following core and recurring steps: Map, Measure, and Mobilise. This allows for scalable but appropriate solutions that facilitate positive progress and action learning through continuous review and recalibration. Map is for clarity Understanding the context and strategic goals of the organisation are key elements to determine the future requirements of leader behavior to successfully deliver on the strategic intent of the organisation. There will be generalisable elements across most companies, but there are also unique aspects linked to the organisational lifecycle, the underlying culture, the stakeholder expectations, and the company-specific challenges that will have to be taken into consideration. This leadership blueprint then becomes the aspirational benchmark that employees can identify with and integrate into their development journey. It goes without saying that this blueprint stays a work in progress and needs to be reviewed and calibrated continuously to ensure ongoing relevance. Measure is for Insight Once there is a clear understanding of the requirements, it becomes possible to measure the fit of an individual to the demands of the context. Determining individual bench strength with scientific rigor includes a combination of the elements that makes up a person’s potential (underlying ability, preferences and values), competence (demonstrated ability to perform) and reputation (the perception of others). It is during this exploration phase that a skilled expert, together with a committed line manager have to challenge the individual to appreciate the following: natural strengths; how strengths can support areas of development; stress reactions to be managed; the potential impact of derailing behaviours on self and others; motivational requirements; resilience and emotional hygiene factors; and also aligning these with career aspirations and the organisational reality. Mobilise is for change The hard work starts once a dynamic development plan has been crafted that aligns to the overall strategic organisational goals. The best intentions for change will fall flat if it is not monitored and measured as part of the key deliverables the individual needs to realise. A personalised plan that is dynamic and consists of the right mix of eLearning, skills development, coaching, mentoring, business projects, rotation, and enough opportunity for continued robust feedback will cater to the requirements of the organization as well as discerning future leaders. Ultimately, success will come to those who see development as a lifelong learning experience. They will have to future-proof themselves through being open to continuous learning. Organisations who are up to the challenge of investing in and driving people development will reap the rewards in having leaders who can take ownership, proactively solve business problems, and support the workforce to deal effectively with the future. ENDS MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za ABOUT JvR Africa Group: JvR Africa Group of companies consists of JvR Psychometrics, JvR Consulting Psychologists, JvR Academy, and JvR Safety. With its head office situated in Johannesburg, the group conducts business nationally and across Sub-Saharan Africa. They work with test developers, consultants and academic institutions all over the world, and support a range of development opportunities and host events around People Development in Africa, a cause they feel is extremely important to the future of our continent. For more information on JvR Africa Group please visit: Website: https://jvrafricagroup.co.za/ LinkedIn: JvR Africa Group Facebook: The JvR Africa Group - People Development in Africa Twitter: JvR Africa Group YouTube: The JvR Africa Group Technological innovation has triggered a new trend internationally – the need for large companies to become more “entrepreneurial”.
Dr Gorkan Ahmetoglu, co-founder of Meta Profiling and lecturer in business psychology at the University College of London, says although many companies talk about “incorporating new technologies”, they are in fact doing nothing at all. The reason is that people are not sure what to do or they are too comfortable. However, there will be an incremental move towards innovation and creating entrepreneurial ecosystems. “Companies no longer have an option. It is now the stick rather than the carrot,” he said at a breakfast hosted by JvR Africa Group in Johannesburg. Many companies are “almost panicking” about all the new technology needed to remain relevant and competitive. He refers to data which indicate that 50 years ago the average lifespan of a company in the S&P 500 Index was 60 years. Today it is 12 years. “In 10 years’ time most of the companies listed on the Index will be companies we have never heard of,” says Ahmetoglu. Disruptive technology Innovation has changed the way we do things. It has changed business models. The world now talks about the gig economy, the on-demand economy and the sharing economy. In the gig economy organizations often contract with independent workers on shorter term contracts. The on demand economy is enabled by the rating economy – everyone is rated like products – Uber drivers rate you and you rate them. We will have on-demand managers, lawyers and even doctors and they will be chosen because of their ratings – mainly by total strangers. In the US there is the concept of rating your professors on overall quality, helpfulness, clarity and “hotness”. The internet has made it easier for people who have usable assets such as cars (Uber) and property (Airbnb) and those who want to use it, to find each other. This economy is also referred to as collaborative consumption and collaborative economy. Entrepreneurial talent Ahmetoglu says for a company to become entrepreneurial it needs to identify the entrepreneurial talent within the organisation. Meta Profiling has done more than 100 empirical studies to identify the key characteristics of entrepreneurial talent. It includes:
Ahmetoglu says bureaucratic cultures in an organisation lead to the disengagement or loss of entrepreneurial individuals. Entrepreneurial ecosystem He warns against the “over romanticising” of entrepreneurship. He says when there is growth in the number of “start-ups” in a country, it is a sure sign there is something wrong with the economy. The key is to optimise entrepreneurship and innovation within companies. Leadership needs to promote an innovative culture, there has to be mechanisms to test ideas, decision-making cannot take forever, managers must be able to implement innovative ideas, and all good ideas must be rewarded, not only the ones that made the money, but also the ones that did not. Optimise entrepreneurship Ahmetoglu says the “rule of thumb” is to have people who will come up with good ideas. Their ability to use information to connect the dots will assist with predicting consumer demands. No matter how innovative people are, they still need the tools and encouragement to implement the ideas. “Innovation is also relative and contextual to a particular company – it is not general and absolute. The main factor is to analyse your competitors and recognise what it is, that you have to be a little better at.” Invaluable benefits Dr Jopie de Beer, CEO of the JvR Africa Group, says many large corporates employ entrepreneurial talent. The trick is to identify and nurture them. Having a mix of entrepreneurial talent in the organisation can provide invaluable benefits with regards to staying abreast with technological and other innovations. ENDS MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za ABOUT JvR Africa Group: JvR Africa Group of companies consist of JvR Psychometrics, JvR Consulting Psychologists, JvR Academy, and JvR Safety. With it’s head office situated in Johannesburg; the group conducts business nationally and across Sub-Saharan Africa. They work with test developers, consultants and academic institutions all over the world and supports a range of development opportunities and hosts events around People Development in Africa, a cause they feel is extremely important to the future of our continent. For more information on JvR Africa Group please visit: Website: https://jvrafricagroup.co.za/ LinkedIn: JvR Africa Group Facebook: The JvR Africa Group - People Development in Africa Twitter: JvR Africa Group YouTube: The JvR Africa Group South Africa’s massive unemployment rate under its youth is currently estimated at around 52% and the percentage of youth absorbed into the formal economy is a mere 12.2%, justifying South Africans’ concerns about the matter. Although job creation is a global challenge, the low skills and education levels of the unemployed in South Africa undoubtedly exacerbates this predicament.
Job creation initiatives During the recent Job Summit, initiatives and agreements reached between government and large organisations promise the creation of an additional 275,000 jobs per annum over the coming years. “Youth employment interventions worldwide have shown to have a positive impact on labour market outcomes,” says Dr Karina de Bruin, Managing Director at JvR Academy and counselling psychologist. She says skills development, the promotion of entrepreneurship, subsidised employment programmes, and youth employment services greatly assist in achieving this positive impact. “These may however not lead to immediate positive effects on labour market outcomes. Investments in human capital take time to bear fruit.” Job destroyers The quality of education instilled in the individual is often questionable. De Bruin says instead of taking responsibility for their own upskilling and finding a job, individuals often look around them and lose hope when they see so many other unemployed and in the same dire situation they find themselves in. “At their immediate environment or social level, there is often a lack of successful role models and negative influences by family members and peers.” She adds that at the broader societal and political level, factors such as socio-economic status, state capture and corruption lead to lower levels of trust and scepticism from investors in the SA economy. The result is an economy that is being deprived of meaningful investment in its human capital – education and skills development. Author of “South Africa Can Work” and labour lawyer Frans Rautenbach writes in an article that regulation and labour legislation increase the cost of labour. “So employers buy less of it”. The role of legislation De Bruin says labour market legislations are necessary to address inequalities, protect temporary workers and improve working conditions. However, they sometimes create barriers for entry into the job market. “Worldwide, research has indicated that when government intervenes in the workplace, it does not necessarily decrease inequalities and it often leads to an increase in unemployment.” She adds that employers generally do not respond very positively when governments are too prescriptive in terms of how they should do business. “Employers often choose to downscale on temporary employees rather than offering them permanent employment. Or they choose to outsource some of their activities rather than employing people full time.” The need for job security, minimum wage laws and other conditions of employment often prevent people on the lower levels of the spectrum, from finding employment. Especially the non-skilled worker is missing out on opportunities to earn a wage (even if they are willing to offer their services at a much lower wage than prescribed), says De Bruin. They are deprived of the opportunity to show how they can make a valuable contribution to the workplace. When appointed on a temporary basis, employers have the chance to observe their potential, which may lead to longer term and better employment prospects. At the least, they would have proven their willingness to work, reflecting on a positive attitude – a quality equally important than technical skills and experience. “Even opportunities to be involved in temporary or low paying jobs, provide a chance to gain work experience – exactly what employers are looking for in prospective employees.” The differentiators The success of employment intervention programmes largely depends on how they are designed and implemented. De Bruin says it is critical to ensure alignment between individual strengths and the type of work environment where an individual applies these strengths. It is also imperative that efficient mentoring and monitoring occur. “The intensity and scale of the skills development programmes contribute to the success of these programmes.” De Bruin notes that too often these programmes merely provide the youth with a once-off development opportunity with limited impact. “These programmes are a waste of time and money, but the numbers often satisfy the sponsors.” Her advice: “Rather focus on longer term skills programmes, including technical skills and workplace soft skills, where participants are mentored, monitored and the learning gets cemented by means of continuous learning touch points.” Work readiness programmes, particularly, could be integrated in the school curriculum and should rather be a continuous exposure to the development of skills needed to enter and remain in the workplace. It is also important to instil a greater appreciation and recognition for trades qualifications. Certainly, in our current economic climate, Matric or a higher education qualification is not the only ticket into the job market. END MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za ABOUT JvR Africa Group: JvR Africa Group of companies consists of JvR Psychometrics, JvR Consulting Psychologists, JvR Academy, and JvR Safety. With its head office situated in Johannesburg, the group conducts business nationally and across Sub-Saharan Africa. They collaborate with test developers, consultants and academic institutions all over the world and support a range of development opportunities. The JvR Africa Group proudly hosts events around People Development in Africa, a cause they feel is extremely important to the future of our continent. For more information on JvR Africa Group please visit: Website: https://jvrafricagroup.co.za/ LinkedIn: JvR Africa Group Facebook: The JvR Africa Group - People Development in Africa Twitter: JvR Africa Grou |
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