The Importance of Employee Resource Groups

BusinessCareers
LinkedIn
teamwork, office, business, global, city, businessman, management, handshake, human resources, diversity, group, team, people, cooperation, silhouette, lobby, meeting, conference, crowd

Written by: Patty Juarez, head of Wells Fargo Diverse Segments, Commercial Banking with introductory remarks from Ramiro A. Cavazos, President and CEO, United States Hispanic Chamber of Commerce.

For the past ten years, the United States Hispanic Chamber of Commerce (USHCC) has conducted the only Hispanic Employee Resource Group (ERG) Summit & Corporate Challenge in the nation. The USHCC was proud to award Wells Fargo and its ERG “Latin Connection” First Place in the competition during our 2020 National Conference.

More than 100 corporations have competed since our inaugural event, proving that ERGs are more ready than ever to provide value and impact their company’s growth. Since 2010, winners including Wells Fargo’s Latin Connection – have been recognized as the best ERG in the country during our National Conference. The USHCC continues to recognize the growing importance of corporate ERGs who increasingly demonstrate they have tangible impacts on employee growth and leadership development, community service, and create a strong network within each corporation where employees – especially employees of color— can meet, connect, and learn from each other.

Congratulations to Patty Juarez, Josephina Reyes, and the entire Wells Fargo Team at Latin Connection for their unwavering commitment to diversity, inclusion, and employee growth.

“Any time you have an opportunity to make a difference in this world and you don’t, then you are wasting your time on Earth.” – Roberto Clemente

Supporting employees, communities, and business.
Employee resource groups (also known as ERGs, affinity groups, or business network groups) are networks of employees who join together in their workplace based on shared characteristics, life experiences, or ally aspirations. These groups are voluntary and employee-led, with a goal of fostering a diverse, inclusive workplace aligned with the organizations they serve. These groups are a key component for a business’s diversity, equity, and inclusion strategy. As president of Wells Fargo’s Latin Connection, I have seen first-hand the positive impact these networks can have on our Latino employees.

According to John LaVeck, program head of the Employee Resource Network program in the Enterprise Diversity and Inclusion Office at Wells Fargo, “Employee Resource Networks are formed around market and historically under-represented segments in leadership, and provide employees with personal and professional development, mentoring, leadership engagement, networking, and community outreach opportunities.”

From a career standpoint, an ERG provides mentorship opportunities to its members. Senior leaders are invited to share insights on their personal career journeys, allowing members to connect and seek their counsel. Sometimes, these connections mature into mentorships and sponsorships. Group members also have access to unique professional development opportunities, webinars, speaker series, and other educational opportunities. Many organizations host workshops aimed at enhancing and developing the skillsets of its members.

ERGs provide a number of benefits to a business and its employees.
 Internally, they provide networking platforms that encourage a sense of belonging. As businesses strive to create a sense of community among diverse employees, ERGs can often times be a bridge that closes gaps. They also open communications channels for leaders to foster and build involvement and engagement among employees and leadership. Allies are also key to impactful ERGs. Incorporating allies in the work allows for further education and expanded reach of an ERG. Senior leadership involvement is key to reinforcing a company’s commitment to supporting ERGs and all employees across diversity dimensions.

 Externally, ERGs have tremendous positive impact in diverse communities. At Wells Fargo, our Latin Connection members log more than five-thousand volunteer hours annually. It is amazing to see these teams making a difference in the communities where we live and work.

 Culture is another key to a strong ERG. It is often the shared stories and experiences that bring people together. We celebrate shared values, traditions, food, music, and backgrounds. In Latin Connection members celebrate shared holidays and the history of contributions of Latinos in our country and community. These celebrations allow members the opportunity to connect and celebrate who they are and what they represent. These celebrations also welcome and invite others to learn and share in the Latino culture.

ERG members are not one dimensional; many identify with multiple dimensions. It is important for ERGs to explore intersections. For instance, within Latin Connection, the group co-hosted an event with the Veterans Network, which celebrated the contribution of Latinos in armed forces. Group members represent a number of generations, including a growing number of millennials, and many are bi-cultural and have other diversity dimensions. It is important to meet members where they are in those areas of intersection, while addressing individual needs so they feel comfortable bringing their whole selves to work.

 The Latino market often represents a significant opportunity for businesses. ERGs represent the voice of a community or group – lending authenticity, value, and life experiences to shape the narrative for new strategies, testing products, and informing marketing campaigns, while ensuring our business is providing what the community wants and needs. This allows ERGs to also have a significant financial impact to a business’ the bottom line. Employee resource groups are key to the engagement and motivation of members and to business success. These groups will continue playing an important part of corporate culture and success.

In times like today, when COVID-19 is impacting the ability to be together in person, these groups serve as a critical bridge to maintaining and making new connections within our companies and our communities.

Want to Promote — or Hire — the Best Candidate? Follow the Rule of Skill Over Talent
Careers
LinkedIn
Job interview, Young executive man asking questions to applicant

By Jeff Haden

Years ago, I facilitated a promotion committee made up of shop-floor employees who used performance evaluation data to rank all the eligible employees for a machine operator opening.

Even though Mike (not his real name) was the top candidate, many in the room still had doubts.

“He looks good on paper,” one person said, “but I don’t think he has what it takes.”

Others agreed. Early on, Mike had struggled in his current position. He wasn’t quick to learn. He sometimes needed to be shown multiple times. He wasn’t a “natural.”

I pushed back. It wasn’t fair to bypass him based on feelings rather than objective reasoning.

For a while, it looked like I was wrong. Once promoted, he was slow to pick up basic skills. Worryingly, he made a few of the same mistakes several times.

But once he did know how to do something? He really knew how to do it. Within a few years he was an outstanding machine operator whose skills surpassed those of his doubters. He even went on to earn several different machinist licenses, and later opened his own machine shop.

Mike wasn’t a natural. Nor was he talented.

But that didn’t matter.

Because Mike was exceptionally skilled.

The Difference Between Talent and Skill

Talent and skill are often used interchangeably since the outcome — performing a particular task, hopefully at a high level — is the same. The difference lies in how you acquired that ability, and how quickly.

Think of talent as natural aptitude. My best friend growing up was a natural athlete; he could, to an irritating degree to less talented me, pick up any new sport in no time. (Within the first ten minutes of playing tennis he was already hitting topspin forehands.)

In simple terms, talents are things you have.

Skills, on the other hand, are things you learn. I had to be taught to put topspin on a ball. I had to practice. I had to acquire that skill. It didn’t come quickly.

Again, that’s where the line between talent and skill can blur. We both ended up at roughly the same place in terms of skill, but talent allowed my friend to get there much quicker.

The rate of acquisition is one way to distinguish talent from skill. Mike took longer to learn; he wasn’t as talented as most.

But that didn’t keep him from acquiring exceptional skills.

And Why It Matters

Even so, for years most people couldn’t see past Mike’s initial lack of talent. Since he had started slowly, they underestimated him. First impressions lingered. He was rarely asked to help repair other operator’s equipment. He wasn’t chosen to train new employees, even though he would have been an excellent trainer. (The last person you want to teach you to do something is a person for whom that skill came easily.)

In the eyes of most, he was forever tarred by a “lack of talent” brush.

The opposite also happens. People who pick things up quickly are often assumed to be rated highly for that skill even if others eventually eclipse their skill. “Naturals” were usually chosen to train new employees, with predictably poor results. They couldn’t understand why trainees were slow to learn. They couldn’t explain the steps they performed instinctively.

And they were usually the ones people assumed “have what it takes” to deserve promotions.

Even though the rate at which you acquire a skill is, in the end, irrelevant. What matters is how well you can perform.

Not how long it took you to become a high performer.

Especially for Promotions

Granted, talent often results in a higher ceiling for aptitude. No matter how hard I tried, had he put in the work my friend could have been better than me at tennis, or really any sport.

Even so, assuming people who pick up things quickly have greater long-term growth potential is often misguided. Plenty of talented people top out fairly quickly, if only because innate talent tends to foster a fixed rather than growth mindset.

Plus, your other employees are less concerned with potential than actual. That’s one reason employees are more likely to be happy if their boss was promoted from within, rather than hired from the outside. A Joblist study showed that nearly 70 percent of respondents prefer to be managed by an internal hire — a seasoned company veteran who climbed the ranks — than an external hire.

They know the skills she has. They know the work she put in to acquire those skills.

Again, because what matters is what someone can do, not how long it took them to learn to do it.

The same is also true for you. Don’t have a “talent” for sales? Sales skills can be learned. Don’t have a “talent” for leading people? Most leadership skills — like giving feedback, building teams, setting expectations, showing consideration for others, seeking input, focusing on meaningful priorities, etc. — can be learned.

Granted, talent and skill are necessary to perform at a high level in some pursuits, like music, or sports or acting … but most pursuits — like starting a small business — only require skills.

And with the willingness to put in the work to acquire those skills.

Mark Cuban: 4 Powerful — Yet Surprisingly Simple — Strategies Anyone Can Use to Be More Successful
BusinessCareers
LinkedIn
mark cuban smiling wearing suit

By Jeff Haden

Of the 12 billionaires I’ve met (yes, I keep count), Mark Cuban seems the most relatable. Partly that’s because he’s entirely self-made.

But also because, like most, he believes success comes down to effort and ability. And because, like most, he hates meetings. And because, as most of us like to think we are, he’s a genuinely good person.

As a result, Cuban’s advice often seems more applicable to the average person hoping to achieve success in their chosen pursuit. He’s done what we hope to do — and as a result, he knows what really matters.

Like:

  1. Sales Skills Matter

What would Cuban do if he had to start over again?

“I would get a job as a bartender at night and a sales job during the day,” he says, “and I would start working. Could I become a multimillionaire again? I have no doubt.”

The reason is simple: Everyone needs to be able to explain the logic and benefits of a decision. To convince other people an idea makes sense. To show investors how a business will generate a return. To help employees understand the benefits of a new process.

To motivate and inspire and lead.

Because sales skills are, in essence, communication skills — and communication skills are critical to any business or career.

Which means spending time in a sales role, whether formally or informally, is an investment that will pay off forever.

  1. Constant Learning Matters

What does Cuban feel will drive the next wave of business change? Artificial intelligence.

As Cuban says:

“If you don’t know AI, you’re the equivalent of somebody in 1999 saying, “I’m sure this Internet thing will be OK, but I don’t give a shit.” If you want to be relevant in business, you have to, or you will be a dinosaur very quickly. If you don’t know how to use it and you don’t understand it and you can’t at least have a basic understanding of the different approaches and how the algorithms work, you can be blindsided in ways you couldn’t even possibly imagine.”

That’s not just posturing; Cuban put his mind and money where his mouth is. He frequently recommends books about artificial intelligence, like Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World. And he’s committed millions to expand his AI Bootcamps Program, an organization that teaches artificial-intelligence skills at no cost to high school students in low-income communities across the country.

“The world’s first trillionaires,” Cuban says, “are going to come from somebody who masters AI and all its derivatives and applies it in ways we never thought of.”

While most of us don’t dream of becoming a trillionaire, no matter what your industry, no matter what your pursuit, things always change. Things always evolve. They key is to know how to change with them. Which you can only do if you’re constantly, actively learning.

  1. Being Nice Matters

Think about the best boss you ever had. Odds are they were demanding. They had high expectations. They may have provided occasional doses of tough love.

But I’m guessing they were also nice. Not soft, not lenient. But even so, nice.

That’s a lesson Cuban had to learn. As he says:

“I went through my own metamorphosis. Early on in my career, I was like bam, bam, bam, bam, bam — I might curse. I might get mad. I got to the point… I wouldn’t have wanted to do business with me when I was in my 20s. I had to change. And I did. And it really paid off. One of the most underrated skills in business right now is being nice. Nice sells.”

He’s right. When you’re nice, other people are more forgiving of your mistakes. Other people are more tolerant of your lack of experience or skill. Other people are more willing to work with you, help you, encourage you and, if you’re a leader, follow you.

  1. Finding Your Passion Doesn’tMatter

Ask 10 people if they love what they do — ask 10 people if they’ve found their passion — and at least eight will likely say no.

Sound depressing?

Not to Cuban, who feels “follow your passions” is “one of the great lies of life,” and is the “worst advice you could ever give or get.”

According to Cuban, passion doesn’t come first. For Cuban, passion comes later:

“A lot of people talk about passion, but that’s really not what you need to focus on. When you look at where you put in your time, where you put in your effort, that tends to be the things that you are good at. And if you put in enough time, you tend to get really good at it. If you put in enough time, and you get really good, I will give you a little secret: Nobody quits anything they are good at, because it is fun to be good. It is fun to be one of the best. But in order to be one of the best, you have to put in effort.”

So don’t follow your passions. Follow your effort.

That’s why Cuban completed Amazon’s machine learning tutorials. That’s why he spent time building his own neural networks. That’s why, at one point, he kept the book Machine Learning for Dummies in his bathroom.

“The more I understand AI, the more I get excited about it,” Cuban said.

In short, Cuban didn’t discover a passion for artificial intelligence. He developed it.

Oddly enough, according to a 2014 study published in the Academy of Management Journal, that’s how the process often works for entrepreneurs.

While it’s easy to assume that entrepreneurial passion drives entrepreneurial effort, research shows the reverse is also true: Entrepreneurial passion increases with effort. The more work entrepreneurs put into their startups, the more enthusiastic they get about their businesses.

As they gain momentum, gain skill and enjoy small successes — even if those “successes” only involve ticking off items on their seemingly endless to-do lists — their passion grows.

Can passion spark effort? Absolutely.

But effort can also spark passion, which in turn sparks greater effort, and greater passion, until one day you wake up and realize you are doing what you love.

Even if it didn’t start out that way.

Jeff Haden is a keynote speaker, ghostwriter, LinkedIn Influencer, contributing editor to Inc., and the author of The Motivation Myth: How High Achievers Really Set Themselves Up to Win.

Photo Credit: STEVEN FERDMAN/GETTY IMAGES

WBENC Profile — Success Comes Organically for Soraya Benitez
Business
LinkedIn
Soraya Benitez with MommaBear Organics products on table

The daughter of two Colombian immigrants, Soraya Benitez was exposed to many natural/homeopathic remedies as a child that were native to her father’s home of Cali, Colombia. Her parents always kept her and her siblings healthy with simple, natural products. Today, she is the Founder and CEO of MommaBear Organics, a Company that makes artisanal, organic lollipops and suckers that aid with common ailments. Hispanic Network Magazine (HNM) spoke with Soraya to find out more about her WBENC-certified organic lollipop company and how certification has helped her journey to success.

HNM: What is MommaBear USA and how did you get started?

Soraya Benitez (SB): MommaBear Organics is a women-led, BIPOC-owned company dedicated to providing functional candies for common ailments. Our herbal lollipops are organic and free from GMOs, gluten, dairy, high fructose corn syrup and artificial sweeteners. Our lollipops are artisanal and made in small batches with carefully sourced herbal and organic ingredients proudly hand-crafted in the USA.

Several years ago, when my then toddler was sick with a bad cold, he fought me tirelessly about taking his cough medicine. I was sitting on the couch with my husband and said to him, ‘If only he wanted his medicine as much as he loves his candy!’ I asked my husband if there was anything like that on the market. He proceeded to show me a cough product lollipop for kids. When I looked at the ingredient list, I turned to him and said, ‘NO WAY! It had several ingredients I could not pronounce including FD&C Blue a common food dye linked to asthma and other ailments.

As a caregiver and a mom, I feel strongly that moms want to know what ingredients are in the products they use. Clean living and eating aren’t a fad that’s going away. I believe it’s a way of life for families of this generation. Thus, began the journey of MommaBear Organics.

HNM: How did you learn about small business certifications for women and minorities? Why did you decide to pursue certification and which ones have you received?

SB: When I attended the Fancy Food Show in New York City, I came across a few booths that featured the WBENC logo. After learning from several small businesses about the positive impact it had on their business, we decide to embark on the process.

HNM: What were your trials and tribulations on the road to certification? How has certification helped your business?

SB: It was an incredibly detailed and lengthy process. I had to plead with my bank for a few necessary forms! In the end, I am grateful we applied for certification. We have attended some wonderful networking events and met some amazing women who are true leaders in their respective industries.

HNM: What perks have you embraced from being certified, for example, have you connected with any of the mentors, peer-to-peer resources, financial advice, attended conferences or conventions, etc.?

SB: We attended a recent WBENC cocktail reception in New York City where we met with and heard from some inspiring executives. We were able to connect with someone from Amazon and discussed some of the issues we were facing with this channel. It was incredible to be able to connect with someone live, given we had spent months trying to reach someone to no avail! We will continue to lean on WBENC’s vast array of resources.

HNM: If you could offer one piece of advice for women business owners thinking about certification, what would you say?

SB: Absolutely apply for it! Being a small new business is hard enough and comes with enough trials and tribulations! Being part of a community of smart, like-minded women, along with WBENC’s strong and deep network, will be invaluable to our small and growing business over time.

Photo Credit: Courtesy of Soraya Benitez & MommaBear Organics

The Mentor Match – Would You Be Swiped Left?
Careers
LinkedIn
Close up of woman using mobile phone

By Allison Struber

Recently, a friend shared with me she was meeting a lot of great people by swiping right. I was a bit taken aback because she is, what appears to be, happily married. My response caused her to grin and clarify she was not looking for romance. She was using a new app to find mom-friends. It has similar features to the infamous Tinder dating app, but the purpose is to narrow down the vast number of moms in an area to those who share similar interests.

As she further explained how the app worked and her success, my opinion of this swipe left/swipe right function began to change. With correct intentions, the technology could be helpful.

HOW TO SWIPE FOR NETWORKING SUCCESS

Consider all of the factors that go into choosing a mentor or mentee. It would be great to quickly swipe through professional profiles to find a good match. I would look for things like: integrity, honesty, enthusiasm, skills and experience. I would want someone who was passionate about growing new leaders and committed to investing the time it takes to do so. But just like the popular dating app, a swipe right on a mentor’s professional profile would not mean a match. My profile would also need to reflect good mentee status.

If you were seeking a mentor, here are a few things you would need to get swiped right.

Availability

Good mentors and good mentees use their time intentionally. It can be difficult to find coordinating availability, so be accommodating. Make this opportunity a priority and accept the meeting time offered.

Prepared questions

Good mentors have a wealth of knowledge, and a good mentee is going to pull out that great information. Think about what you admire in this mentor and ask questions to discover how he/she developed that skill or ability.

Teachable

Nothing is worse than a person who ‘knows it all’ except a person wanting to be mentored who ‘knows it all.’ If the conversation turns to a topic you feel confident about, pivot the discussion to something else with a new question or ask for feedback about a time you have utilized that specific knowledge.

Listener

It is ok and important to open up and share about yourself, but give your mentor the chance to lead the conversation. If you are doing most of the talking at every meeting, the balance is off.

Willing to take advice

No mentor is perfect, but there is an assumption their role has been given because he/she has been successful in an area. There is no expectation that a mentee must mirror the mentor’s experience, however, if instruction/advice/guidance is continually being disregarded, you will be right on track to find yourself without a mentor.

Willing to be a mentor

A good mentor has a goal to inspire and teach others. It is a reward to see the investment of their time multiplied by their mentee becoming a mentor. Honor your mentor and give yourself the joy of pouring into someone else. Swipe right on your own mentee.

Source: ClearanceJobs

The Roadmap to Social Entrepreneurship
AdvocatesBusiness
LinkedIn
Chelsea C. Williams Headshot

By Kimberly Gladden-Eversley

Social movements have shaped society into what we see today, from labor to civil rights and women’s movements. Thanks to social media, we can collaborate from the comfort of our homes to drive social change, to expose injustice and to advocate for policies that protect vulnerable communities. As generational values, preferences and ideals shift, and GenZ, the most diverse generation in history, prepares to take the lead, all eyes are on how today’s businesses respond through innovation.

Introducing Chelsea C. Williams, the Founder and CEO of Reimagine Talent, who shared her expertise leading workplace & talent development and DEI (diversity, equity and inclusion) as a speaker at the annual SHRM Inclusion Conference. Williams shed light on the rise of social enterprises that appeal to a generation who desire to blend profit with purpose. “This makes me really excited because I believe a movement is taking place,” said Williams. “The social entrepreneur is not just focused on bringing a product or service to market…they’re not just moved by revenue, a social entrepreneur wants to make an impact…they want to drive social progress, deliver socially conscious goods, and bridge sectors towards progress.”

William’s journey to entrepreneurship was not easy, considering her quest to entrepreneurship consisted of many obstacles without a roadmap. From navigating childhood as the daughter of immigrant parents, to funding her way through Historically Black College & University, Spelman College, to launching her early career on Wall Street as an “only,” Williams has overcome significant odds. During her time on Wall Street, she represented 1% of Black employees. With that reality came its own set of challenges personally and professionally.

“I believe [in] diversity, equity, inclusion and belonging [and] I can intentionally lead that work now because I lived exclusion,” said Williams. “During my early career, I clearly saw the beauty of belonging and toxicity of exclusion — both of which playing significant impacts on the global workforce & workplace.”

Leadership with Impact

Despite representation barriers experienced in her career, Williams still found the confidence to reimagine the future and write up a business plan that would address real issues she encountered in her roles managing & leading human resources. In 2018, she stepped made the decision to leave corporate America, first completing a social impact fellowship at Teach for America and then launching her firm.

“I early learned that leadership doesn’t have an age, it doesn’t have a look, it doesn’t have a race, it has to do with impact,” stated Williams. “You can have a business that is focused on revenue, but also have a part of your mission statement or part of your strategy that is addressing a social issue. Within the case, entrepreneurs are addressing societal barriers such as the intersection between gainful employment and racism, as two examples, but also tapping into the opportunities that come with entrepreneurship such as financial prosperity and ownership.”

To awaken your inner activist as part of your business strategy takes skill that supersedes the continuous hard versus soft skill debate circulating the workplace. Instead of pinning hard and soft skills in a battle of importance, consider both skills a necessity. “Language is important. Instead of referencing hard skills, let’s say technical, let’s say job function specific skills. Instead of soft skills, let’s say interpersonal skills, leadership skills,” said Williams. “If you’re leading an organization to function or promotion, you better believe that those skills actually become more important than what got you there from the beginning.”

Creating solutions in organizations to fight social issues takes more than diversity; it takes understanding, building and nurturing relationships. “Being open to learning and supporting people, especially those who are different than us, is our ability to lead effectively in 2022 and beyond,” said Williams. “Our mission at Reimagine Talent is to educate the next-gen workforce and empower conscious organizations to build workplaces of belonging.”

Turning a Vision into Action

Despite many years of progression and historical wins, writing the business vision and making it compelling and relevant takes courage. In this case, Williams challenges aspiring social entrepreneurs to turn their vision into a business plan and to consider the economic impact of today’s most pressing challenges. Considering 45.2% of social enterprises only last between one to three years, and 45% earn less than a $250,000 profit, it’s crucial to focus on impact without forgetting the importance of running a scalable business.

“Even with vision for impact, do not lose sight of the fact that you’re still an entrepreneur, and if you’re for profit, you still have to make a profit to grow your team, products and processes; if you’re not moved by profit, you should start a non-profit,” said Williams. “Broadening out to what your vision is for your business, who do you want to serve, answering those questions upfront and really thinking about [the] short and long term is important. In the early days, you want to test out your product or service and make sure you’ve got customers/clients.”

Williams shows the beauty that comes with fully owning our stories and leveraging the roadblocks as a springboard to purpose. Her access and experiences now grant opportunity to future generations. As we reflect on her mission, let’s consider our own and ignite the confidence to become something we may have never seen before.

For more information on Williams and Reimagine Talent, visit reimaginetalentco.com.

Start Up the Right Way: Do Your Market Research
Business
LinkedIn
womans hand on cell phone with survey on the screen

In order to reach, connect with and sell to your target market, you need to have a firm grasp on who they are. Conducting market research will help you develop a fuller picture of your target customers.

There are two kinds of market research. In primary research, you conduct your own research on customers who match your target demographic. In secondary research, you get information on your target customers from outside sources, such as government statistics or industry surveys.

No matter which type of research you’re conducting, your goal is to gather the following information:

  • Market size: How many individuals, households or businesses make up your target market? Is the market getting bigger (good news for your startup) or shrinking (not-so-good news)?
  • Market demographics: If you are targeting consumers, demographics include factors such as whether they are married, their average age, marital status, gender, educational attainment, employment and whether they have children. Businesses have demographics too: Theirs include average number of employees, industry, annual revenues, age of the business, public or private company, product or service sold and what industry they operate in.
  • Location: Where are most of your customers located? If the region where you plan to open for business lacks enough of your target customers, for instance, you’ll either need to locate elsewhere or adjust your business model.
  • Income: You’ll want to know the average household income of consumers and the average revenues of businesses.
  • Purchasing habits: Beyond income, dig into your target market’s spending habits. How much do they typically spend on the types of products or services you plan to sell? How and where do they buy? How frequently do they buy?

Last, but not least, find out what businesses that are competing for the same target market. Learning as much as you can about your competition will give you an idea of their strengths and weaknesses, and how much market share you can potentially capture.

Secondary Research

Where do you get all this information? Generally, it’s best to start with secondary research to give you a big-picture look at your target market. Here are some secondary sources:

  • Industry trade associations generally conduct and maintain current market research.
  • The U.S. Census Bureau’s American FactFinder has statistics on consumers; the Census Bureau also compiles statistics on U.S. businesses.
  • If you’re planning to do business globally, visit Export.gov for country-specific market research.
  • Are you targeting businesses as customers? Visit Hoover’s and ThomasNet.
  • The Small Business Association (SBA) website links to a wide range of resources for market research on both individuals and businesses.

Primary Research

Once secondary research has given you a general overview of your target market, dig deeper by conducting your own primary research. You’ll need to find a representative sample of your target market, which you can do by mining your own connections, renting email lists or contacting organizations to see if their members are willing to take part. Here are four primary research methods to try:

  1. Surveys: You can conduct phone surveys, surveys by mail or online surveys. SurveyMonkey, Zoho Surveys and QuestionPro are free survey apps that let you create, conduct and analyze the results of your own surveys online.
  2. Interviews: Interviews can be done by phone or in person. They’re often an effective way to capture target customers who don’t spend a lot of time online, but they are more time consuming than online surveys.
  3. Focus Groups: In a focus group, individuals participate in a group discussion about some aspect of your business in exchange for remuneration. You’ll need someone to lead the focus group discussion and someone to record the results. While focus groups can yield good insights, be wary of extrapolating from a small group to your entire customer base.
  4. Test Marketing: Doing a “test run” of your product or service by selling to a limited group of target customers is a good way to work out the kinks in your business model. However, you may need to follow up and ask your test customers questions to determine what influenced the test marketing’s success or failure.

Take the time to do your market research, because understanding your market is key to your startup’s success.

Source: Score

Your first career move, powered by Netflix
CareersSTEMTechnology
LinkedIn
group of diverse career co-workers gathered around conference table with laptops

Netflix is partnering with Formation to build a world where people from every walk of life have a seat at the table in tech.

Our program will be completely free of charge for students accepted. It is designed to unlock your engineering potential with personalized training and world-class mentorship from the best engineers across the tech industry.

The below information will be required, and adding why you want to land a New Grad Engineering role at Netflix.

The application requires:

Info about your experience, education, and background

Info regarding your eligibility for the program

A one minute video telling us about yourself

Apply today at https://formation.dev/partners/netflix

Application deadline is March 5, 2023.

3 Steps to a Great Elevator Pitch
Careers
LinkedIn
Latina business woman professional in a suit standing looking confident with arms crossed

By T. Johnson

Imagine you step into an elevator, and someone you professionally admire is standing inside. You exchange pleasantries, and she casually says, “So tell me about yourself.” It’s a broad question we’ve all heard, and a great answer can create new opportunities in both your professional and personal life. But you only have 30 seconds to impress your abilities upon this influential person. Are you able to articulate your strengths and accomplishments in that time? And can you naturally integrate an “ask” into the conversation?

Perfecting a response to such a general inquiry can be quite challenging, and it requires some thoughtful preparation. Having a solid answer to this question can help in many settings — in interviews, networking events, etc. — not just elevators.

To help you draft and complete an exceptional elevator pitch, here are three key steps you need to consider:

Step One: Brainstorm Your Skills

Let’s brainstorm your best qualities, skills and past performance highlights that you should mention in your elevator pitch. What comes to mind first? This is not exclusively for professional experience — maybe you are highly organized and efficient in your personal life. Perhaps you volunteer regularly in your community. List everything that you’re proud of or passionate about.

  1. What do you enjoy doing? What are you great at?
  2. What positive feedback have you received from an employer and/or teacher?
  3. What are your greatest accomplishments?

Step Two: Personalize Your Answer

A personalized elevator pitch will make you memorable and relatable. Think about how you can stand out and look special amongst a large candidate pool. What makes you special and worth investing in over another applicant? We can refer to this as your “unique value proposition (UVP).”

Your UVP can be a professional qualification or certification, but it can also be a personal characteristic, such as intellect. Just make sure you quantify your claim with detailed, factual information. For example, if your UVP is that you are highly intelligent, make sure you follow that claim with quantifiable and relevant proof.

To develop your UVP, answer the following questions:

  1. What does a hiring manager desire? Whether applying to an actual position or imagining your dream position, what is that professional position’s objective and/or purpose? Think about why the position exists and how it functions. What is the goal of someone in that position? You can follow an actual job description or imagine what a hiring manager would desire from such a candidate.
  2. What do qualified candidates offer? What type of skills or abilities does a person need in this position? This can be anything from education to professional and life experiences. Think about what the perfect candidate would embody. You can follow the requirements listed in an actual job description or imagine what an ideal candidate would provide.
  3. What unique abilities do you offer? What do you want to mention that is not detailed through your general qualifications and skills but makes you unique? While only listing skills, talents and/or hobbies relevant to the desired position, make sure to include extra details about yourself beyond the requirements contained in the job description.

When answering these questions, your overlapping answers are the best qualities to focus on for your UVP. 

Step Three: Define Your Goal or “Ask”

What is the professional goal that you are currently working towards? This is a pivotal part of your elevator pitch. If the person to whom you are speaking is a hiring manager, your boss or someone who can help you attain your professional goals, what would you like to ask of them?

While your goal can be hugely aspirational, your “ask” requires someone else’s assistance, so remember to keep it reasonable. Ask for an informational interview to explore potential opportunities, rather than directly asking for a job, which could be seen as requesting preferential treatment. An elevator pitch is not an opportunity to set an expectation of another person; it’s an opportunity to prove yourself!

  1. What is your short-term professional goal? What is your long-term professional goal? If you need more help defining goals, check out the YALI Network Online Course lesson “Setting and Achieving Goals.”
  2. What is the career objective or your dream job?
  3. What will help you achieve your objective or attain your dream job (e.g., internship, job, advice, reference, mentor)?

Put It All Together

Once complete, go back through these three exercises and highlight or circle the top points you want to emphasize in your elevator pitch. Pick one top point from each step, then place each part together in a smooth and natural dialogue. While having a written script helps draft what you wish to say, you won’t always have a precise script in front of you, so try to keep things conversational and light. Be sure to practice giving your elevator pitch in front of a mirror and with friends, family or colleagues.

Here are a couple of examples of strong elevator pitches. Make sure you tailor yours to speak about your own experiences, strengths, skills and goals!

Example 1: Hi, my name is [insert name]. I’m currently studying education, and I’m interested in securing a job that will allow me to continue teaching and developing lessons. One of my greatest strengths is my ability to make my courses very practical for my students, helping them apply these lessons in their communities. Because my former volunteer work with nonprofit programs was key to my success, it’s important for me to help others develop to their highest potential. Do you know of any education nonprofits where they are looking for someone like me to help others reach their potential?

Example 2: Hi, I’m [insert name]. I’m a Human Resources Manager at [insert company] looking for more experience in the field. I’m looking for advice on further expanding my expertise in this field because my ultimate goal is to help organizations develop more tolerant workplace cultures. My supervisors frequently compliment me for being able to see different sides of the same story and negotiate with different personalities.

So, you gave your elevator pitch? Great work! Don’t forget to exchange contact information with your new professional acquaintance, and always follow up with a thank-you note (if the acquaintance did you a favor).

Source: Young Africans Leaders Initiative

The Dos and Don’ts of Using Social Media in Hiring
Careers
LinkedIn
hand on smartphone looking at social media image

Does your candidate screening process include checking out applicants’ social media? It’s a practice that has become common, but it introduces important ethical and legal considerations that employers should be aware of, along with potential impact on diversity and inclusion efforts.

Conducting general employment background checks is a well-established practice; they typically cover an applicant’s work history, credit history and possibly justice system involvement. But the practice of reviewing candidates’ social media accounts on platforms such as LinkedIn, Twitter, Instagram, YouTube and Facebook is much newer. Recent surveys indicate a majority of employers now use social media background checks to screen candidates, and that their findings range from alarming to impressive.

One use of social media information that seems particularly justifiable could be to eliminate candidates who demonstrate poor or even dangerous judgment and behavior in their personal life that might impact coworkers and the workplace if they were hired.

However, this — and any other — purpose for reviewing applicants’ social media raises the risk of legal liability because federal employment laws (including the Civil Rights Act and Americans with Disabilities Act) prohibit hiring based on race, color, religion, sex, national origin, age, disability and more. Any of these characteristics would likely be visible on an individual’s social media, so searching candidates’ social media may increase the risk of discrimination, or appearing to discriminate, based on these qualities.

Companies may hire an independent service to conduct social media-based background checks, rather than perform them themselves. This is intended to shield the employer from seeing information about candidates’ protected status and preserve the legality of the hiring process. However, the employer is responsible for ensuring the integrity of the independent service and may also be required to disclose this practice to applicants in advance.

Some states bar employers from asking applicants for access to their social media usernames and passwords. However, employers may still conduct searches of information that is publicly available on social media. Besides legal risks, one of the primary arguments against social media background screening is implicit bias. To avoid recruiting based on stereotypes, it’s recommended that hiring processes follow the notion of “blind recruiting,” removing personal information as much as possible. Also called “anonymous
recruiting,” the concept keeps the focus on skills, work experience, education and training and other essential factors that affect how a candidate would perform on the job.

“Blind recruiting” excludes consideration of other features of job candidates that would not impact their ability to perform a job, such as appearance or political affiliation. These characteristics would also likely be apparent in social media and knowing this information about a candidate could compromise the ethics of a hiring process and impact an organization’s efforts toward expanding diversity and inclusion in hiring.

Source: CareerOneStop

The Fastest Growing Jobs of 2023
Careers
LinkedIn
Closeup portrait, young healthcare professional in white lab coat standing beside microscope, smiling

The job market is as different as ever, especially given the events of the last several years. Whether you’re looking to enter the workforce for the first time or want to make a career switch, it can be easy to become discouraged in the search for a job that is financially and market secure. As we enter 2023, take a look at some of the highest paying and most in-demand careers of the year and what you need to get started.

Nurse Practitioner

Nurse practitioners are primary or specialty care providers, delivering advanced nursing services to patients and their families. They assess patients, determine how to improve or manage a patient’s health and discuss ways to integrate health promotion strategies into a patient’s life. Nurse practitioners typically care for a certain population of people. For instance, NPs may work in adult and geriatric health, pediatric health or psychiatric and mental health. While nurse practitioners are predicted to be one of the most in demand jobs of the next year, the healthcare field in its entirety is growing rapidly.

  • Education and Experience: Nurse practitioners usually need a master’s degree in an advanced practice nursing field. They must have a registered nursing license before pursuing education in one of the advanced practical roles. Working in administrative and managerial settings can also be a great way to gain experience and move up in the field.
  • Desired Skillset: Science education background, communication, detail-oriented, interpersonal skills
  • Average Salary: $127, 780
  • Job Growth Rate: 40% (higher than average 8%)
  • Estimated Jobs Added from 2021-2031: 118,600

Data Scientist

Data scientists are responsible for using analytical tools, scientific methods and algorithms to collect and analyze useful information for companies and organizations. Data scientists additionally develop algorithms (sets of instructions that tell computers what to do) and models to support programs for machine learning. They use machine learning to classify or categorize data or to make predictions related to the models. Scientists also must test the algorithms and models for accuracy, including for updates with newly collected data.

  • Education and Experience: Data scientists typically need at least a bachelor’s degree in mathematics, statistics, computer science or a related field to enter the occupation. Some employers require industry-related experience or education. For example, data scientists seeking work in an asset management company may need to have experience in the finance industry or to have completed coursework that demonstrates an understanding of investments, banking or related subjects.
  • Desired Skillset: Analytics, mathematics, computer skills, problem-solving, industry specific knowledge
  • Average Salary: $100, 910
  • Job Growth Rate: 36% (higher than average 8%)
  • Estimated Jobs Added from 2021-2031: 40,500

Information Security Analysts

Cybercrime is at an unfortunate all-time high. Since the beginning of the COVID-19 pandemic, cybercrime has skyrocketed by 600 percent, creating a greater need for workers in cybersecurity. Information security analysts are responsible for planning and carrying out security measures to protect an organization’s computer networks and systems. They work to maintain software, monitor networks, work closely with IT staff to execute the best protective measures and are heavily involved in creating their organization’s disaster recovery plan, a method of recovering lost data in a cybersecurity emergency.

  • Education and Experience: Information security analysts typically need a bachelor’s degree in a computer science field, along with related work experience. Many analysts have experience in IT. Employers additionally prefer hiring candidates that have their information security certification.
  • Desired Skillset: Established and evolving knowledge in IT, analytics, problem-solving, attention to detail
  • Average Salary: $102, 600
  • Job Growth Rate: 35% (higher than average 8%)
  • Estimated Jobs Added from 2021-2031: 56,500

Financial Management

If math comes easy to you, the field of financial management won’t be slowing down any time soon. Financial managers are responsible for the financial health of an organization or individual. They create financial reports, analyze market trends, direct investment activities and develop plans for the long-term financial goals. They often work with teams, acting as advisors to managers and executives on the financial decisions of a company. Financial Managers may also have more specific titles for more specific roles such as controllers, treasurers, finance officers, credit managers and risk managers.

  • Education and Experience: Financial managers typically need at least a bachelor’s degree in business, economics or a related field. These disciplines help students learn analytical skills and methods. Although not required, earning professional certification is recommended for financial managers looking to provide tangible proof of their competence. Having job experience as a loan officer, accountant or related job may also be helpful in becoming a financial manager.
  • Desired Skillset: Mathematics, organization, communication skills, attention to detail
  • Average Salary: $131, 710
  • Job Growth Rate: 17% (higher than average 8%)
  • Estimated Jobs Added from 2021-2031: 123,100

Computer and Information Research Scientists

Technology is advancing and its need exists in just about every industry. Computer and information research scientists design innovative uses for new and existing technology. They study and solve complex problems in computing for business, science, medicine and other fields. They design and conduct experiments to test the operation of software systems, frequently using techniques from data science and machine learning, often having expertise in programming and/or robotics.

  • Education and Experience: Computer and information research scientists typically need at least a master’s degree in computer science or a related field. In the federal government, a bachelor’s degree may be sufficient for some jobs.
  • Desired Skillset: Mathematics, logical thinking, IT and AI experience, analytics
  • Average Salary: $131,490
  • Job Growth Rate: 21% (higher than average 8%)
  • Estimated Jobs Added from 2021-2031: 7,100

Sources: US Bureau of Labor Statistics, Emeritus Blog, Wikipedia

Leidos

United States Postal Services-Diversity

United States Postal Services-Diversity

American Family

American Family Insurance

Alight

alight solutions logo

Robert Half