Today, we can definitively state that we are in a services economy. The services sector, including professional services, marketing, IT, and consulting, to name a few, has experienced an epic rise in demand in the last decade.
In a recent study, Forrester Research predicted a “greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.” The benefits of artificial intelligence on productivity are incredible and we are in a moment in time where the possibilities are becoming quite endless.
The makeup of the global workforce has—and continues to—respond to the increased demand in short-term, specialized workers. In fact, the Intuit 2020 Report recently predicted that 40 percent of American workers that will be contractors, service providers, and freelancers by 2020.
High employee attrition costs way more than you think. A study by the Center for American Progress recently found that the cost of employee turnover for a single worker can add up to more than 16 percent of their annual salary, and for un-salaried employees it can come to a whopping 213 percent of their wage especially when it comes to individuals with specialized training.
The services industry has an innately unique business model that does not offer tangible or manufactured products for profit. Instead, service organizations leverage their talented network of consultants and employees to provide time, skill, and expertise to an outside party.
According to a study by Gallup, “The number one reason most Americans leave their job is that they don’t feel appreciated. In fact, 65% of people surveyed said they got no recognition for good work this year.” It seems simple enough—if you show your employees you appreciate them, they will in turn be more engaged and less inclined to leave your organization. However, finding unique and inexpensive ways to appreciate employees has gotten increasingly difficult as recognition programs have...
The holiday season is a scheduling headache for all businesses, but leaders in the services industry face unique challenges. It’s nearly impossible to complete projects efficiently, on-time, and on budget, if you do not have a handle on resource scheduling and capacity. During busy holiday periods, you have to schedule around company holidays and vacations, and overall availability drops. As a result, it's likely that your revenue will decrease, and your ability to deliver client work will...
I see more opportunity for businesses in the services sector than at any other time in my 30 years of experience in related industries. Economic forces are driving a tremendous amount of demand for a myriad of services.
Organizations have always held company culture in high regard as one of the basic necessities for employee satisfaction and overall success. Leaders have spent years cracking the code for the best way to promote a positive culture at your organization—to meld company vision, values, norms, systems, beliefs, and habits—in an effective and inspiring way.