Why Empathy Is One of the Most Overlooked Skills in Business

1

It was a sunny day in April. The air was crisp and the walk ahead of us enjoyable.I stared at the beautiful Embarcadero situated near our office, feeling grateful for working close to such a stunning view.

Then I shifted my gaze over to Tim, my walking mate for the afternoon. We were on one of many walking meetings we’d shared over the past year. But this time was different. Tim, a normally talkative employee, was dragging his heels and appeared disgruntled whenever I asked for status updates. He kept his head down, answering only in curt replies.Something was off.

As his supervisor, I could have easily approached his behavior with a stern stance, by grilling him, or asserting my authority. But 14-plus years of have taught me one thing: A harsh, adversarial response is never the answer.Instead, I slowed my pace and asked him how things were going at home. “Is everything OK?”

Tim confided then that his father had recently had a , and that he was taking turns spending nights at the hospital, leaving him tense and run-down. I nodded. “I’m so sorry, that sounds very hard.”“How can I support you?” I offered.

We spent some time talking over how to alleviate some of his load at work, and even scheduled some days off for him to be with his family.After our conversation, it was as if a weight had been lifted. In our meeting afterward, he began eagerly participating, even offering feedback I hadn’t asked for.

Showing genuine care and concern only took a few seconds of my time, but it was enough to let Tim know that I was on his side.

One of the most overlooked skills in business

Empathy — the capacity to recognize and understand other people’s feelings, to “put oneself in someone else’s shoes” is a critical leadership skill. tells us that it’s a basic human quality most founders would have in their arsenal, but in fact, it’s one that many leaders often get wrong.

In a commencement speech on June 15, 2014, American business magnate and philanthropist, , stood before an audience of Stanford grads and spoke of channeling optimism into a conviction to make things better.

“If we have optimism, but we don’t have empathy,” he said, “then it doesn’t matter how much we master the secrets of science. We’re not really solving problems; we’re just working on puzzles.”

This has been true to my experience as the CEO of my company . We started with one goal: Create a drag-and-drop tool that enabled people to quickly build forms, even if they didn’t know how to code. As a software engineer, I’ll be the first one to say I’m the biggest nerd I know. I enjoy taking a complex issue and making it easy and accessible.

I’ve had the privilege of growing our small startup to a business with over 250 employees and seven million users worldwide. And what I’ve learned from being a founder all these years is that people, not software, matter most. Connecting with our team and our customers is the real vision that keeps us moving forward. I believe the secret to our success lies in empathy.

bitmax2

Beyond sympathy

Our culture admires a certain business stereotype: the die-hard leaders who push the envelope and only care about themselves. But at what price? A shortage of empathy in the workplace accounts for an increasing lack of employee engagement, which impacts productivity. This costs businesses more than $600 billion per year.

How does this happen? Simple: by confusing empathy with sympathy. Sympathizing — feeling sorry for an employee’s situation isn’t the same as understanding their feelings and needs, or building rapport.

Instead of becoming annoyed with their employees or commanding them to pick up the slack, effective leaders know how to express themselves by showing real concern and asking how they can improve the situation.

While valuable, sympathy is only a surface-level response that keeps you at a distance. Empathy, on the other hand, is a perspective shift — it’s genuinely imagining yourself being in the other person’s shoes, and allows you to connect on a deeper level.

Aytekin Tank

By:

Source: https://www.entrepreneur.com

GM-980x120-BIT-ENG-Banner

728x90

You’ll be much more successful with your sales and marketing efforts if you’re genuine. And how do you become more genuine? ✨👉 Empathize. Check out Bob here: https://www.instagram.com/bobbonniol/ https://bonniol.com

Zoom Promises To Do Better After Banning Tiananmen Square Protests — Then Builds Tech To Help China’s Censorship

1

Already under fire for security lapses and facing scrutiny over its links to China, Zoom made the startling decision earlier this month to ban three users organizing memorials to mark the Tiananmen Square massacre at the request of Beijing. It’s now reversed the decision, according to a company post released late Thursday. But it’s still going to help China block accounts of users in the country.

Though the tech giant neglected to use the words “Tiananmen Square” in its post, it acknowledged that the Chinese government had been in touch earlier this year to warn about four Zoom-hosted commemorations of the famous pro-democracy protests in 1989. China wanted the groups and the administrators banned.

Astonishingly, Zoom chose to monitor the metadata for the calls from the U.S. so it could tell if anyone from mainland China was participating. And when it discovered that people from mainland China were joining three of the meetings, it shut down the calls and suspended or terminated the host accounts.

Those hosts – Lee Cheuk-yan, Wang Dan, and Zhou Fengsuo – have now had their accounts reinstated. Fengsuo, a U.S.-based activist and president of Humanitarian China, sounded the alarm on Sunday when he discovered his paid-for Zoom account had been shut down, according to the South China Morning Post. On Wednesday, he had his account back.

Zoom will still aid Chinese censorship

Zoom admitted it made errors in banning the users, saying  it would “not allow requests from the Chinese government to impact anyone outside of mainland China.” That indicates, of course, that it will still assist the Chinese government on cracking down on dissent within the country.

In fact, it’s creating tech to do just that. “Zoom is developing technology over the next several days that will enable us to remove or block at the participant level based on geography,” it wrote. Such technology is already widely used in China as part of its Great Firewall, which blocks citizens from visiting certain sites and online services. In making this tech, Zoom is effectively aiding the Chinese government with that same censorship, even if it thinks it’s doing something positive.

bitmax2

“This will enable us to comply with requests from local authorities when they determine activity on our platform is illegal within their borders; however, we will also be able to protect these conversations for participants outside of those borders where the activity is allowed,” the company added.

U.S. representatives Greg Walden and Cathy McMorris Rodgers have now sent a letter to Zoom chief Eric Yuan, asking for clarity on what data it shares with China, according to Reuters. Republican senator Josh Hawley even asked Yuan “pick a side” between the America and China.

In its blog post, Zoom wrote: “We did not provide any user information or meeting content to the Chinese government. We do not have a backdoor that allows someone to enter a meeting without being visible.”

Zoom had already faced criticism for creating encryption keys in China, where it has a big research and development arm. It said that was a mistake and has issued a patch to prevent it happening again. Later, Zoom came under fire for only providing end-to-end encryption for paying customers.

In its own SEC filings, the communications company warns investors it could face additional scrutiny because of its Chinese links. “We have a high concentration of research and development personnel in China, which could expose us to market scrutiny regarding the integrity of our solution or data security features,” it’s previously written.

Those ties to China are only going to lead to more strife for the business, one that has become a fixture of lockdown life, and a stock market darling. Tech companies have had to walk a fine line in doing business with China and the rest of the world with Apple, LinkedIn and Google all coming under fire for trying to placate China’s communist rulers. For Zoom, and its founder Eric Yuan, ties to China raise the stakes dramatically.

Follow me on Twitter. Check out my website. Send me a secure tip.

I’m associate editor for Forbes, covering security, surveillance and privacy. I’ve been breaking news and writing features on these topics for major publications since 2010. As a freelancer, I worked for The Guardian, Vice Motherboard, Wired and BBC.com, amongst many others. I was named BT Security Journalist of the year in 2012 and 2013 for a range of exclusive articles, and in 2014 was handed Best News Story for a feature on US government harassment of security professionals. I like to hear from hackers who are breaking things for either fun or profit and researchers who’ve uncovered nasty things on the web. Tip me on Signal at 447837496820. I use WhatsApp and Treema too. Or you can email me at TBrewster@forbes.com, or tbthomasbrewster@gmail.com.

Source:https://www.forbes.com

GM-980x120-BIT-ENG-Banner

728x90

For the first time in 30 years, police have banned the Tiananmen Square massacre Vigil in Hong Kong. But that didn’t stop the crowd. Subscribe to VICE News here: http://bit.ly/Subscribe-to-VICE-News

Stock Market Rout: Here’s What Caused The Worst Sell-Off Since March

1

The stock market tanked on Thursday amid fears of a possible second wave of coronavirus infections as states that have started lifting lockdowns begin to see a record number of new cases.

KEY FACTS

The Dow Jones Industrial Average fell 6.9%, nearly 1,900 points, in its worst single-day drop since the coronavirus sell-off in March. The S&P 500, which fell 5.9%, also had its worst day since March.

Stocks plunged on rising concerns about a second wave of coronavirus infections: Many states that loosened lockdown restrictions saw a spike in new cases.

Texas and Florida, for example, were among some of the first states to reopen, and they are now reporting record numbers of hospitalizations. A total of 21 states reported an increase in new cases last week, according to a Reuters analysis.

Thursday’s sell-off follows the Federal Reserve’s grim update on the economy: A day earlier, the Central Bank forecasted a long recovery, with unemployment set to remain high for years and interest rates staying near zero until at least 2022.

“Fed chair Powell yesterday really reminded investors that there’s a huge, huge gap between the economic reality and the market reality,” Tom Essaye, founder of the Sevens Report, told CNBC. “Just that reminder combined with a lot of the second wave headlines prompted an opportunity to take profits… stocks can’t go up forever.”

Expectations for a quick economic recovery are dwindling: Investors are now dumping stocks that would benefit from a reopening—including airlines, retailers and cruise operators—after they led the market rally over the past month.

bitmax2

Wall Street traders are instead rotating back into stay-at-home stocks, such as Netflix and Zoom, as well as big tech companies like Apple, Amazon, Microsoft and Google-parent Alphabet.

The stock market’s fear gauge, the CBOE Volatility Index, skyrocketed over 47% on Thursday, breaking above the 40 threshold for the first time in over a month.

Crucial quote

“The REAL reasons stocks are down doesn’t have much to do with fundamentals – the tape had become GROSSLY overbought (with valuations hitting multi-decade, unsustainable highs),” according to Adam Crisafulli, founder of Vital Knowledge. “A lot of reluctant buyers were sucked in off the sidelines these last few weeks, creating a giant downside air pocket that’s now being filled.”

BIG NUMBER: MORE THAN 44 MILLION.

That’s how many people have filed for unemployment over the last three months, as the coronavirus pandemic forced businesses to shut down on an unprecedented scale. Jobless claims fell for the tenth week in a row on Thursday, with 1.5 million more Americans filing for unemployment during the week ending June 6. While that number continues to decline, millions are still unemployed and the job market’s recovery is expected to take years.

Tangent

“We can’t shut down the economy again,” Treasury Secretary Steven Mnuchin told CNBC on Thursday morning. “I think we’ve learned that if you shut down the economy, you’re going to create more damage,” he warned.

Key background

Both the S&P 500 and Dow are still up more than 40% from their coronavirus low point on March 23. Federal Reserve chairman Jerome Powell reiterated at his press conference on Wednesday that while “there is great uncertainty about the future,” the Central Bank is strongly committed to doing “whatever we can, for as long as it takes” to help support the economy. Before this week, stocks had continued to rally on optimism about reopening the economy and a faster-than-expected recovery from the coronavirus recession: The S&P 500 on Monday turned positive for 2020, fully recouping its losses from the coronavirus selloff earlier this year. But the market is now taking a hit amid rising concerns over a second wave of coronavirus cases. With investors rotating out of stocks that would benefit from an economic reopening, big-tech shares have made a comeback: That helped boost the Nasdaq to a new record high on Wednesday, when it closed above 10,000 for the first time ever.

Full coverage and live updates on the Coronavirus

Follow me on Twitter or LinkedIn. Send me a secure tip.

I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com

Source: https://www.forbes.com/

GM-980x120-BIT-ENG-Banner

728x90

Feb.28 — Fear over the spread of the coronavirus tightened its grip on global markets Friday, with stocks across Europe and Asia plunging a day after the worst rout on Wall Street since 2011. Rupert Harrison, multi-asset strategies portfolio manager at BlackRock, discusses the sell-off on “Bloomberg Surveillance.”

U.K. Economy Plunges 20.4% As Global Stocks Waver Over Fears Of Second Wave

1

Latest statistics from the U.K.’s Office of National Statistics show the true cost of a full month of lockdown measures which led to the closure of all non-essential businesses.

KEY FACTS

“April’s fall in GDP is the biggest the U.K. has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-Covid-19 fall. In April the economy was around 25% smaller than in February,” said Jonathan Athow, Deputy National Statistician for Economic Statistics.

The statistics were worse than expected than economists surveyed by Reuters who predicted a 18.4% drop.

The OECD had warned that the U.K. was the developed economy likely to suffer the worst economic impact from the pandemic with the Paris-based think tank forecasting a 11.5% drop in GDP over 2020.

Italy, which was the first country in Europe to be impacted by the pandemic, was expected to see a 11.3% drop in national income, while the United States would see a 7.3% fall over the year.

bitmax2

The slump in national income during the pandemic outpaced even France, Spain and Italy, which had imposed far stricter lockdown measures. U.K. for the first quarter of 2020 plunged 10.4%, ahead of France’s 5.8% drop and Italy’s 4.7% retraction.

European stocks fell on the news of the bleak economic data from U.K., and the worst day on Wall Street since March with the S&P 500 closing 5.9% lower on Thursday. London’s FTSE 100 was down 1.15%, the Europe-wide STOXX Europe 600 index fell 4.10% while Japan’s Topix index closed down 1.15%.

Key Background

Today’s economic data will make bleak reading for Prime Minister Boris Johnson who is facing mounting criticism for his handling of the pandemic even from inside his own government. The U.K. has now logged 41,128 deaths from the coronavirus, the highest toll in Europe and second in the world behind the U.S., while facing an immense economic hangover from placing its economy on life support. Economic data for June is likely to show growth springing back as stores are allowed to reopen on June 15, but a key question will be how many job losses will be made permanent, and how more money will the British government and the Bank of England need to pump into lifelines to businesses and workers.

Send me a secure tip.

I joined Forbes as the European News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to joining Forbes, I worked for the news agency Storyful as its Asia Editor working from its Hong Kong bureau, and as a Senior Editor in London, where I reported on breaking news stories from around the world, with a special focus on how misinformation and disinformation spreads on social media platforms. I started my career in London as a financial journalist with Citywire and my work has appeared in the BBC, Sunday Times, and many more UK publications. Email me story ideas, or tips, to iain.martin@forbes.com, or Twitter @_iainmartin.

728x90

GM-980x120-BIT-ENG-Banner

U.K. GDP shrank by 2.0% in Q1, largely because of the coronavirus pandemic. George Buckley of Nomura says there is more bad data to come – but the economy could bounce back next year.

BitMax.io Pioneering Innovation with Novel Staking Product

1

BitMax.io (BTMX.com), a Singapore-registered digital asset trading platform, is pioneering innovation in the industry with a novel staking product that addresses the liquidity challenges associated with traditional staking mechanisms.

BitMax.io was founded in 2018 by a group of Wall Street quantitative trading veterans and has been consistently executing on its strategic roadmap to provide its global userbase with a comprehensive set of trading products. The platform has already introduced various innovations to the cryptocurrency industry, including the industry’s first “cross-asset collateral” margin trading product and a volatility-linked derivative product called Volatility Cards. BitMax.io has recently garnered attention within the industry by announcing the launch of its new staking product that allows users to receive attractive staking returns without sacrificing liquidity. In this article, we will introduce three products offered by BitMax.io, and showcase the competitive advantages of the BitMax.io platform from a product innovation perspective.

BitMax.io Staking allows users to receive more attractive staking returns without sacrificing liquidity; therefore, encouraging higher and more resilient stake ratios for blockchain networks.

The impetus for BitMax.io’s staking product is the so-called “Liquidity Dilemma” that a token holder of a proof-of-stake (“PoS”) blockchain encounters:

  • On one hand, a token holder can stake and earn block rewards; however, in doing so, the holder agrees to “lock” their assets for a period of time, therefore sacrificing the ability to trade or manage the tokens at their own discretion.
  • On the other hand, a token holder can refrain from staking and maintain discretion over asset management; however, in doing so, the token holder sacrifices the opportunity to generate returns through block rewards.

The Liquidity Dilemma presents a number of problems for PoS blockchain projects, specifically: a low network stake ratio, extreme network inflation driven by large staking rewards, and network instability.

BitMax.io’s novel approach to staking solves the Liquidity Dilemma by providing token holders the flexibility to trade and transfer at their will and maximized staking rewards. Key features of BitMax.io Staking are as follows:

  1. Immediate Access to Staked Assets: BitMax.io maintains a pool of assets that allow for immediate access to an asset after it’s unstaked. This allows users to managed staked assets at their discretion even when delegating to a network with a lengthy unbonding period.
  2. Margin Trading for Staked Assets: To promote market efficiency, BitMax.io has created a synthetic version of each staked asset to be used as margin collateral, thus allowing users to hedge exposure while continuing to earn staking rewards.

iii. Maximize Staking Earnings: BitMax.io automatically redelegates staking rewards to staking pools, thus allowing users to further enhance the yields from their token holdings.

While other platforms, such as Binance and Kucoin, have adopted a “soft staking” method to solve the liquidity dilemma, their solution has a number of shortcomings compared to BitMax.io’s product. These platforms essentially stake a portion of their users’ funds without active acknowledgment from the token holders and distribute the rewards back to users.

While this “soft staking” approach also allows users to opt-out any time without delay by simply selling the assets, either to take profit following price appreciation or stop losses following price depreciation, users are most likely to lose some of the rewards as they are distributed based on a snapshot of holdings. At BitMax.io, users can enjoy the benefit to hedge their exposure freely as well, without giving up any rewards since users need not unstake nor sell their staked assets to do so.

 2. BitMax.io’s Cross-Asset Collateral Margin Trading

Since its first launch in early 2019, BitMax.io’s margin trading platform allows users to trade with up to 10x leverage supported by its distinctive cross-asset collateral margin system across over 40 markets. Under the cross-asset margin trading mechanism, users can post collateral in a variety of assets to then borrow against in order to increase trading power. This funding flexibility ultimately promotes greater trading efficiency amongst BitMax.io’s userbase and makes margin trading more accessible to the less-experienced traders.

In the crowded digital asset trading industry, distinct features successfully set BitMax.io’s margin trading apart from similar products of competing platforms. For example, BitMax.io offers 0% interest for margin borrow when repaid with 8-hour settlement cycles (0:00 UTC, 8:00 UTC, 16:00 UTC). Another feature of auto leverage promotes seamless usage by granting users maximum trading power based on their “Margin Asset” balance. Lastly, BitMax.io minimizes price deviation due to unexpected marketplace volatility via a composite reference price from multiple trading platforms. This mitigates risk associated with a single point of vulnerability, such as an illiquid market or system performance disruption

3. Volatility Cards – BitMax.io’s Simple Yet Efficient Solution to Trade on Price Movements

Cryptocurrencies are well-known for their volatility. While some see that as a turn-off, traders see opportunities in gaining exposure to it for both trading and risk management. To meet this demand, BitMax.io introduced an innovative product called Volatility Cards.

Volatility Cards are a short-term volatility-linked derivative with quasi-option structure designed by the co-founder and CEO of BitMax.io, Dr. George Cao. By purchasing those cards,  users can trade based on their anticipation of an asset’s price-movement within certain magnitudes.

The cards are named after Aesop’s Fable – the Tortoise and the Hare – and have a simplified layout that suits both retail and institutional investors. Those who correctly predict the range of the asset’s price movement receive a payout equivalent to the notional value of the card.

For example, a user would purchase a “Turtle Card” if they anticipated a small BTC price movement within the next one hour (i.e., < 0.30%), or a “Bunny Card” if they anticipated a large BTC price movement within the next one hour (i.e., > 1.00%).

Source: Bitmax.io

728x90

In this video I review BitMax and give you a first look at their Beta. BitMax is creating an innovative new kind of digital asset exchange and their goal is to build a decentralized community-based autonomous economy. Their plan is to boost the liquidity of the overall market. Website: https://bitmax.io
%d bloggers like this: