Learn SMAC to earn smart.
At 30 percent CAG, the value of SMAC driven market will be $1
trillion (Approx.) by the end of the current decade.
When a synergy develops by the amalgamation of various
technologies it always benefits the businesses, but when it synchronizes with
their needs, they earn optimum profits. Thanks to the technological inventions
that gave birth to the Digital Marketing and a big applause to the pioneers in
SMAC. Yes, Smart Marketers Adopt Change, they embrace SMAC (Social, Mobile,
Analytics, and Cloud) to get maximum returns on marketing investments. The
integration of social media, mobile technology, data analytics and cloud
computing makes the fusion stronger, scalable, striking and more successful
than their implementation in segregation. Around the globe, marketers are
availing this phenomenal fusion and SMAC's worldwide revenue is expected to
reach as high as $200 billion by the end of 2020. Moreover, at 30 percent CAG,
the value of SMAC driven market will be $1 trillion (Approx.) by the end of the
current decade.
2.
Learning linked to reward system of
brain
So if you are an HR or business leader
looking to design or redesign your reward and recognition program, you now know
the complexity of the task at hand. Not only do you have to understand the
expected reward 3 different generations at work have from the same type of
work, you also have to keep surprising them time and again to keep them
motivated.
The
brain prize honours European brain research and international collaboration and
is given by the Lundbeck foundation, which is an active industrial foundation
established in 1954. It collaborates with 3 large Danish universities and
Danish society for neuroscience for this programme.
This
year the Brain prize is in its 7th year, and the prize was awarded to 3 UK
based researchers for explaining how learning is associated with reward system
of the brain. The prize winners have found a key to understanding the
mechanisms in the brain that lead to compulsive behaviours in animals in
humans.
Through
animal testing, mathematical modelling, and human trials, the three prize
winners have proven that the release of dopamine is not a response to the
actual reward but to the difference between the reward we expect and the reward
we actually receive. The greater the surprise, the more dopamine is
released.
The
human brain has one million brain cells that carry the neurotransmitter
dopamine. These dopamine neurons are located in the centre of the brain but
have pathways to many other parts of the brain. If a laboratory animal receives
the exact reward it is expecting, activity in the dopamine neurons will
increase slightly. But if the reward is greater than expected, activity levels
increase much more dramatically. Similarly, activity levels fall to below the
baseline if the reward is less than expected. The researchers have also proven
that the response steadily declines if the animals receive the same reward
again and again.
3.
One step back, two step forward – L&D in SMEs
While businesses know that investment in
capability building, training and development will add productivity, innovation
and take the organization ahead, to get the right returns on investment, one
needs to set the foundation right, especially in SMEs.
The World Bank stipulates
that in the coming 15 years, the total number of jobs needed would be around
600 million that would be needed to absorb an expanding global workforce. Small
and medium enterprises create 4 out of 5 new employment opportunities, along
with most formal jobs in emerging markets existing with SMEs. Despite this,
more than 50% of SMEs lack access to finance, which hinders their growth. And
this growth is directly related to the learning and development of employees.
With many SMEs attempting to scale-up, challenges related to training new
employees and updating exiting product knowledge of employees forms a crucial
challenge. Unlike large firms, SMEs with limited financial resources and insufficient
managerial infrastructure tend to have less formal foundation for L&D and
leadership development programs. Increasing competition and the need to build
competitive edge has made capability building as a key business agenda.
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