Connect with us

Politics

Tech Tricks: How to Manage a Remote and Hybrid Workforce Effectively

Published

on

Shannon Flynn


There’s no doubt that the COVID-19 pandemic has created monumental shifts in the global workforce. Businesses had to quickly adapt and allow employees to work remotely, whether it was transitioning to a home-based or hybrid model. 

It’s obvious that remote and hybrid workforces are much different than in-person teams, but how can business leaders manage them effectively?

There’s a lot to learn about the remote and hybrid workforce management landscape, and it’s vital to understand the related challenges. So here are some tech-related tips for managing a more digital workforce in the post-pandemic era. This information can help make operations more streamlined and effective, resulting in a boost in productivity.

The Remote and Hybrid Workforce Management Landscape

More companies allow employees to work from home if their role is considered “remote-capable.” It comes with a certain level of flexibility, and people can enjoy working from the comfort of their own residences. Remote and hybrid workers experience benefits and drawbacks that traditional employees in an office environment may not.

However, managing a team of home-based employees is no walk-in the park. Companies do not feel prepared to transition to a remote work model. This may be because they lack access to technology, have limited resources or funding, or simply feel overwhelmed with this significant change.

According to Insightful, a workforce analytics and productivity software company, 63.91% of company leaders surveyed do not believe they have the right tools to manage remote employees and monitor their productivity. The report also suggests a 383% increase in adopting remote or hybrid work among enterprise companies.

It shouldn’t come as a surprise that many companies are struggling to meet the ever-changing needs of their modern employees. The current landscape is being led by workers, who are now shifting their priorities regarding work. 

For example, research from Gartner suggests that employees have developed a new sense of awareness and self-worth, meaning they need to perceive they are valued at a company and feel like their role gives them purpose. People who believe the opposite may join the millions of workers who’ve quit their jobs in “the Great Resignation.” 

Now is a crucial time for employers to take an active role in managing their remote and hybrid teams. If they fail to do so, they may experience high turnover rates and put their business at risk.

Challenges With Remote and Hybrid Team Management

Remote or hybrid work is far from perfect. Managers must be ready to support and guide their home-based employees. Here are some of the challenges associated with this kind of team management.

Finding a Work-Life Balance

Achieving a work-life balance was an obstacle even before the pandemic. Remote workers lack a commute, and their office may be only a few steps away from their bedroom or kitchen. This lack of structure can make it difficult for them to “unplug” because their workspace is inside their homes.

A survey from TINYpulse (dotcom) indicates that about 86% of remote workers say they’ve experienced burnout compared to 69% of employees going into an office. Managing people who feel burned out can challenge team leaders in these working environments.

Lack of Visibility Into Productivity and Performance

Research shows that around eight in 10 employees say having a remote work option can help increase productivity, especially on tasks that do not require much or any supervision. 

However, team leaders may feel uncomfortable with the lack of visibility into employee productivity or performance. Understandably, they would want peace of mind and know that people reach an adequate level or perform well.

Communication Barriers

Two essential components of any business are good communication and employee collaboration. Companies cannot function properly without them. Unfortunately, remote and hybrid workers may feel like their employer’s communications are scattered, can be misinterpreted, or are completely nonexistent. 

Managers may feel conflicted trying to communicate with their employees in the office or working remotely. Company communications can be challenging, but adding in remote work makes it even more difficult. 

Lack of Company Culture

Fostering an inclusive, supportive, and engaging company culture is a requirement for businesses, especially with the competitiveness of today’s talent pool. Conversely, places with a toxic or negative culture are more likely to find employees looking to work elsewhere.

Technology such as videoconferencing has made communication easier for businesses, but it does not have the same human element as working in a traditional office. For example, there are no water cooler chats or employee lunches to enjoy, meaning managers may work with people who feel disengaged or unmotivated. 

Using Technology to Manage Remote or Hybrid Employees

How can team leaders use technology to help manage their remote or hybrid workforce? Here are a couple of ways managers can leverage technology to become more effective.

Opt for Centralized Platforms

There are now many digital platforms that businesses and their managers can use to keep all team members on the same page.

For example, Asana, Trello, ClickUp, and Jira are centralized project management software that simplifies project management, allows team members to collaborate, and makes workflows more transparent. As a result, managers would be able to see bottlenecks or processes that could be improved by using these tools. 

Offer Personalized Employee Data

HR and IT teams can now provide remote or hybrid employees with unified employee data to help them understand their performance, identify areas for improvement, and feel more engaged with their company.

Managers can benefit from reviewing this information to monitor workers’ performance, curate effective employee training programs, and make data-driven decisions about promotions or salary increases. 

Leverage Communication Solutions

Employees need to communicate with one another and their superiors frequently. Popular communication solutions for businesses include Slack, Microsoft Teams, Twist, Flock, and Google Chat. Sending quick messages through one of these platforms is more effective and efficient than typing out long, detailed emails and waiting for a response. 

Additionally, businesses must meet the unique needs of an employee who has a disability. Research suggests that 30% of the college-educated workforce fits the federal definition of having a disability. Ensuring that all workers have equal access to communication tools is essential in fostering good communication and an inclusive workplace.

Use Time-Tracking Tools

One tool many companies with a remote or hybrid policy will leverage is a time-tracking tool to monitor employee productivity and progress on tasks. For example, tools like Hubstaff, ActivTrak, Tyme, Harvest, and Bamboo HR can help keep track of people working remotely or on-site. In addition, these products have helpful features like automatic time tracking, timesheet management, and billing and invoicing. 

Hybrid and remote teams can be challenging to manage. Employees coming in and out of the office at different days or times, ensuring people are productive, and fostering a positive company culture are all essential parts of workforce management. 

The Future of Remote and Hybrid Workforce Management

It’s no secret that the significant shift to remote or hybrid work has been a challenge for companies across almost every industry. Some businesses cannot have remote employees, while others can be 100% home-based. 

Managing a complex team with employees working from various locations is no easy feat. Hopefully, business managers, team leaders, and executives can leverage some of the technologies outlined above to make remote or hybrid management simpler and more effective.

Image Credit: Parabol; Unsplash; Thank you!

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.