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Cyclone Mocha Precautions, SM Mamata Banerjee says



Mama Banerjee. (Photo: PTI)

West Bengal Chief Minister Mamata Banerjee assured people on Monday that the necessary precautions had been taken and there was no need to panic as Cyclone Mocha might not hit the eastern state.

“There is no reason to panic about Cyclone Mocha… it may not hit West Bengal. But coastal areas of the state are asked to remain vigilant. On 10 and 11 May, warnings were issued in Sunderbans and Dyga. as a precaution,” she said.

The Alipore Meteorological Department said the depression formed over the Bay of Bengal would not have much of an impact on the state.

“On May 11, Cyclone Mocha will move towards the coast of Bangladesh and Myanmar. However, keeping in mind the safety of the residents of the state, we have installed control rooms in the secretariat, as well as in several districts,” she said.

Banerjee said a meeting was also held to discuss preparations for the cyclone. The fishermen were also asked not to go out to sea.

“Also, there is a sufficient amount of auxiliary materials in the warehouse,” she said.

(Only the title and image of this report may have been remastered by Business Standard staff; the rest of the content is automatically generated from the syndicated feed.)

First published: May 08, 2023 | 23:16 IS

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How mid-sized companies can use uncertainty to their advantage



The recent spate of layoffs may confuse the importance of retaining talent, inadvertently signaling that people’s fear of losing their jobs in organizations is somehow a retention strategy. Unemployment is still at one of the the lowest points in recent history and employee expectations work is also not softened. In times of economic uncertainty, talent retention should not become a luxury of organizational priorities. This is the time to make sure employees feel confident about the future of your organization and are able to weather the uncertainty. Otherwise, when things change, you can be sure that your best talent will go and go, and your mediocre talent will go and stay.

This is especially dangerous in mid-sized companies. In a recent study Among midsize companies, 26% of employees said they were actively looking for work outside their organization, compared to 14% of their counterparts at large companies. But while the risk of retention is higher in midsize companies, their size and more close-knit family culture may offer hidden benefits not shared by larger companies. For example, in the same study, 83% of employees in medium-sized companies say they are proud of the company they work for, compared to 78% of their counterparts in large companies. The study also found that two of the top four priorities for midsize company employees are potential for advancement and advancement (46%) and job performance (45%).

Larger companies are expected to have more resources and sophisticated talent development processes to meet these needs. But the often chaotic nature of midsize companies, and the way they typically operate, can offer counterintuitive benefits for creating opportunities for accelerated growth and advancement, as well as greater satisfaction and meaning from the contributions people make. This would bode well for the majority of midsize executives who, at one time, study identified retaining and upgrading talent as the second biggest challenge to prepare for the future.

If you’re helping a midsize company navigate upheaval and change and are worried that your key talent or your culture might be at risk, here are a few ways you can use your size – and uncertainty – to navigate both.

Use the knowledge that comes from wider roles.

Midsize companies are usually in a faster growth mode than large companies and have not yet had the opportunity to specialize their roles or teams. As a result, the work of many employees spans multiple activities and deliverables. An all-hands-on-deck mentality that can help increase revenue and customer product loyalty also gives employees a broader range of knowledge about the organization.

In larger organizations, roles such as “account coordinator” or “sales support specialist” are usually limited to a few individual tasks, and often these roles are filled by multiple people distributed across regions or product categories. But in mid-sized companies, these roles are far fewer and cover a wider range of activities. Such breadth can be used in difficult times. When hiring or promotions have slowed and the ability to bear increased costs has diminished, you can risk high-potential talent by creating opportunities for them to try new roles or projects.

For example, empowering a team to address issues that are fueled by uncertainty, such as customer retention or cost management, encourages employees in these broader roles to emerge as company generalists—people who know more about the company than just their job, rather than being highly specialized. functional experts, which can usually be found in large organizations. This will enable innovative problem solving – bringing together perspectives from across the organization allows you to see a problem in a new way – and will also give your team the opportunity to explore and shine in new areas. They can “try on a new role” without having to look for a new opportunity in another company.

This helps break the myth that big opportunities only come from big companies. While this can sometimes be true, most middle-sized company employees know that this also comes with a “little fish in a big pond” price: you can get a big role, but you’re also less visible because you’re swimming now. in a large pond with a lot of fish. By deliberately creating opportunities for employees to demonstrate real impact by gaining new experiences, you strengthen their loyalty to your organization by solving critical problems and allowing both senior and emerging leaders to see and get to know each other better. This flexibility creates a development cycle that can be maintained as you return to less turbulent times.

Close the rows between top and bottom.

Times of uncertainty naturally destroy organizations. People hide and hide in their own bunkers, clinging to any sense of control they can get their hands on. In large companies, this can be especially devastating as leaders attempt to rally the organization around a single path, overcoming whatever challenges they face, only to work against the centrifugal force of the organization’s frightening and self-protective impulses.

At a recent client meeting, we were riding in an elevator with two employees who had just walked past a cardboard mock-up of their CEO (a reward for their charitable work this month). Employees asked each other who this person was: was it someone famous? Someone they need to recognize? Unfortunately, they had no idea it was their CEO. In this Fortune 200-sized organization, it would take them more than just a “peer-to-peer meeting” to gain direct access to the company’s senior management and hear their vision for the future.

The advantage of mid-sized companies is that they create closer bonds between senior managers and front-line employees. Their smaller size allows managers to be close to all employees, regardless of hierarchy, and ensure that the messages they want to convey are clear, consistent and understandable. Large organizations are forced to rely on clumsy processes of cascading information, message softening, and losing the intended impact of building organizational focus and confidence. In contrast, midsize companies can create direct access to employees through messages directly from executives, which can speed up execution and increase commitment. Take advantage of this by increasing senior management’s interaction with the organization as a whole. The cohesion you build will help alleviate any anxiety and build confidence in the face of uncertainty.

Strengthen leadership by paying attention to emerging opportunities and threats.

Quite often in large corporate environments, even high-potential aspiring leaders can wait years to get a chance at a promotion. And in turbulent times, those opportunities dry up as large corporations tend to turn to their “usual suspects”: proven leaders they know are getting things done. The flexible nature of the midsize company—in terms of reach, size, and market understanding of threats and opportunities—gives the chance to create leaders who can succeed and fail quickly. This clear line of sight allows you to collect critical feedback on leaders, provide them with the necessary development support, and make adjustments accordingly.

In difficult times, the challenges and opportunities are endless. Unfortunately, so are the perceived risks and disadvantages associated with the risk of new leadership emerging. If you can overcome these fears, the evolving nature of your midsize company will offer many opportunities for young leaders to develop. Look for disgruntled customers, products or services that were never fully developed, or processes that were unwieldy even in good times. Giving less experienced leaders, especially those who have not yet been tested, cross-cutting responsibility for achieving a result or preventing a major problem can prepare them for broader leadership roles.

Think about the growth priorities you may have had to give up in order to weather the current market volatility. Highlight aspects of it to refresh, revise, or develop plans to accelerate and engage future leaders. This creates a cadre of leaders ready to step into new leadership experiences when things change and you’re ready to double your growth again. So three years from now, if the bets on growth pay off and you have to grow the size of the organization, you will have leaders who have already invested in sustaining success.

Show your values ​​when you make difficult compromises.

When times get tough, the company’s perceived values ​​are usually the first to be shown as good on paper only. In large companies, where subcultures are more easily formed, the vague relationship between values ​​and actions is likely to be cosmetic. But in midsize companies, a clear direct link between decisions made at the top and actions taken in the middle and on the front lines emerges more quickly. And decisions and actions that reinforce — or violate — your stated values ​​can strengthen or weaken your culture when the company and your leaders are tested by uncertainty. Count on it and show your employees how committed you are to the company’s values ​​when you have to make difficult choices. If you need to close lines or de-emphasize certain markets, be clear about how your values ​​affect those choices. Be open about how even though adjusting or cutting costs can be difficult, your belief system allows you to lead.

One mid-sized company we worked with had to make the painful decision to abandon customers they had served for years because it simply wasn’t profitable to keep them longer. Their industry was undergoing a massive digital transformation that was turning certain offerings into commodities. The value of exceptional customer service to the company was a principle they held firmly to in order to justify retaining those customers. Market headwinds forced them to honestly face the fact that they needed to break up because they were not able to serve them well. But instead of abandoning them, leaving them without service, they found regional partners to whom they could help customers move to within six months. The honesty of the leaders, open communication with employees, and a fresh look at the value of their customer service made this decision more acceptable to employees who had served these customers for years. This was not an afterthought rationalization. They openly struggled with difficult alternatives that eventually brought them into true alignment with their values.

To be sure, volatile times can hit midsize companies in a way that larger companies may be more willing to counter. But there are ways small companies can use their size to capitalize on tough times. Those who do are much more likely to find themselves on the other side of uncertainty, not only stronger, but also ready to rise when the headwind becomes tailwind.

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Jobs report live updates: Market expected to show further cooling in April



The Labor Department will release its April jobs report on Friday, which is expected to show a continued slowdown in hiring as pandemic-era growth sectors return to normal levels of activity and higher interest rates hold back business expansion.

Forecasters estimate that the economy added 180,000 jobs last month, a notable step up from the monthly average of 345,000 jobs in the first quarter of 2023, but not yet the contraction many predict later in the fall.

“We expect a more negative and deeper effect of interest rates on the labor market in the second half of the year,” said Frank Steamers, senior economist at the Conference Board. “At the beginning of the year, employment growth was much stronger than I expected.”

Job creation has repeatedly exceeded forecasts over the past year, even despite the efforts of the Federal Reserve to lower prices by making borrowing more expensive. But the job postings were receding rapidlyand the rate of dismissal of workers is almost back to the level of 2019. At the same time, more Americans are returning to work and immigration has rebounded, making it a little easier for employers to hire.

In March, interest rate-sensitive industries such as construction and manufacturing began cutting jobs as they filled orders piled up during the pandemic. Jobs firm Challenger, Gray & Christmas said on Thursday that Employers have announced job cuts totaling about 337,000 positions. this year’s focus is on the retail and technology industries.

If a wider economic downturn sets in, job cuts are likely to look different than during previous recessions.

Mr. Steamers recently built by index assessment of the risk of job loss in various industries. Demand for labor in areas such as leisure and hospitality — where staffing has not yet returned to pre-pandemic levels — has been so strong that even cuts in consumer spending would not have led to mass layoffs.

But industries like the information sector, which has been hiring rapidly in 2021 and 2022 to serve a population that has become more dependent on technology during lockdowns and shifts to remote work, could cut even further.

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