Performance Management

Creating Remote Jobs? Here’s How to Keep your Team Engaged

Tips on effectively managing your team to perform their best at their remote job… According to a report from LinkedIn (the business social media site), by 2030, about 80 million employees in the United States and European Union will be working from home fully; that is about a 300% increase since 20191. Remote jobs skyrocketed in 2020 as a result of the COVID-19 pandemic and since then has been on the rise. It provides companies with access to a diverse global talent pool, and reduces overhead costs. For employees, it increases job satisfaction as they are given the freedom to work when and how they want.  Challenges of Remote Jobs Challenges that companies may experience with staff working from home include: However, remote jobs are here to stay, and companies must adapt to remain competitive and successful.  Tips for Enhancing Productivity and Engagement while Working from Home Here are some tips on what you can implement in your company to increase productivity and engagement while operating remotely: Productivity Engagement Set OKRs (objectives and key results) so all team members know the objectives and the approach needed to achieve them Create virtual clubs based on shared interest of employees e.g. virtual book club Weekly meeting to review completed tasks and check in on OKRs Have group learning, knowledge sharing or toastmaster sessions where people can learn and network Incorporate project management and time tracking tools such as Toggl Track or Timely Celebrate holidays with parties Incorporate communication and collaboration tools such as Slack or Trello  Acknowledge birthdays and celebrate with virtual games Mandate cloud based file storage  Conduct virtual health and fitness programs Review confidentiality and data privacy policy First or last fridays of the month should be celebrated Provide equipment (e.g. laptop, phone, mobile wifi) to ensure work gets done without constraints Conduct quarterly in-person retreats To have a successful remote organization, it takes conscious effort to motivate productivity, engagement, communication and to track performance. References 1 https://smith.ai/blog/virtual-business Also Read: How to Develop a Remote Working Option for Your Team

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How to define a Product-Market Fit

An antenatal app provides low-income pregnant women in hard-to-reach areas with medical information. What is wrong with this product? A product without a market fit is one where the majority of people are not buying (or using) the product and/or among those who buy (or use) they do not get the value out of the product. A product without a market fit is one where the biggest driver of growth, word of mouth, is not spreading and so the product is not growing in terms of usage and revenue.  What exactly is product-market fit? Product-Market Fit is when there is alignment between the value proposition of your product, your personas (users), and the channel through which you are delivering your product. Back to the example at the top, the most obvious problem with the product is the channel of delivery. Low-income women in hard-to-reach areas most likely do not have access to mobile devices that can host apps.  When you have either one of the 3 factors; personas, value proposition, and channel unaligned, you will experience a poor product-market fit. In some instances, you might experience success, which is extremely deceiving as it is short-lived. As so many Venture Capitalists, demand start-ups show evidence of product-market fit before they invest in the startup.  To show there is a product-market fit you will need to conduct consumer, market, and product research; here are the steps you need to take  Determine the personas: your persona is your target audience; the group of people you want to sell your product or service to. Learn more about target audiences in our previous post:  https://msmehub.org/staging/6671/tips-how-to-defi…ur-target-market/ Identify the needs of your target audience: conduct a need assessment to understand your target audience’s needs. Learn more about target audiences in our previous post:  https://msmehub.org/staging/6671/tips-need-assessment/ Define your value proposition: your value proposition is selected from a list of possible value hypotheses which are key assumptions that you believe underlie why a person is willing to pay or use your product. When listing your value hypothesis, think of value as a combination of features your product provides, the benefits to the users, and whether or not these are worth it. It helps to speak to people (through interviews or focus group discussions) when listing out your value hypothesis.  Determine your distribution plan: understand what distribution channels you have available that will be able to get your products to your target audience seamlessly. Develop & Test a minimum viable product: your minimum viable product is a test of the premise of your business idea. It is when you use limited resources to create a prototype of your product and distribute it through your channel to your target audience. When people interact with your minimum viable product it provides data that helps you validate whether there is a need for your product and how to optimize the product and channel of distribution.  Once steps 1-5 have been completed, you can be confident that you have accurately tested your product-market fit.  Contact Versa Research your trusted data, research & consulting partner!    References https://leanstartup.co/a-playbook-for-achieving-product-market-fit/ https://mailchimp.com/resources/product-market-fit/

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