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The 10+ Most Important Job Skills Every Company Will Be Looking For In 2020

As the world evolves to embrace the 4th industrial revolution, our workplaces are changing. Just as other industrial revolutions transformed the skillset and experience required from the workforce, we can expect the same from this revolution. Only five years from now, 35 percent of the skills seen as essential today will change according to the World Economic Forum. While we’re not able to predict the future, yet, here are the ten most important job skills (plus a bonus one) every company will be looking for in 2020.

1.  Data Literacy

Data has become every organization’s most important asset—the “fuel” of the 4th industrial revolution. Companies that don’t use that fuel to drive their success will inevitably fall behind. So, to make data valuable, organizations must employ individuals who have data literacy and the skills to turn the data into business value.

2.  Critical Thinking

There’s no shortage of information and data, but individuals with the ability to discern what information is trustworthy among the abundant mix of misinformation such as fakes news, deep fakes, propaganda, and more will be critical to an organization’s success. Critical thinking doesn’t imply being negative; it’s about being able to objectively evaluate information and how it should be used or even if it should be trusted by an organization. Employees who are open-minded, yet able to judge the quality of information inundating us will be valued.

3.  Tech Savviness

Today In: Innovation

Technical skills will be required by employees doing just about every job since digital tools will be commonplace as the 4th industrial revolution impacts every industry. Artificial intelligence, Internet of Things, virtual and augmented reality, robotics, blockchain, and more will become a part of every worker’s everyday experience, whether the workplace is a factory or law firm. So, not only do people need to be comfortable around these tools, they will need to develop skills to work with them. Awareness of these technologies and relevant technical skills will be required for every job from a hairstylist to an accountant and everything in between.

4.  Adaptability and Flexibility

As quickly as the world is changing, the half-life of skills is constantly reducing. Therefore, people need to commit to learning new skills throughout their careers and know they must be adaptable to change. Important to this is understanding that what worked yesterday isn’t necessarily the best strategy for tomorrow, so openness to unlearning skills is also important. Additionally, people must be cognitively flexible to new ideas and ways of doing things.

5.  Creativity

Regardless of how many machines work beside us, humans are still better at creativity. It’s essential that creative humans are employed by companies to invent, imagine something new and dream up a better tomorrow. Tomorrow’s workplaces will demand new ways of thinking, and human creativity is critical to moving forward.

6.  Emotional Intelligence (EQ)

Another area where humans have the edge on machines is with emotional intelligence—our ability to be aware of, control, and express our emotions and the emotions of others. This ability will be important as long as there are humans in the workforce since it impacts every interaction we have with one another.

7.  Cultural Intelligence and Diversity

Organizations are increasingly diverse, and effective employees must be able to respect differences and work with people of a different race, religion, age, gender, or sexual orientation. Also, businesses are increasingly operating across international boundaries, which means it is important that employees are sensitive to other cultures, languages, political, and religious beliefs. Employees with strong cultural intelligence and who can adapt to others who might perceive the world differently are also key in developing more inclusive products and services for an organization.

8.  Leadership Skills

Leadership skills will be paramount for not only those at the top of a traditional corporate hierarchy but increasingly for those individuals throughout the company who are expected to lead in the 4th industrial revolution. Enabled by the support of machines, there will be more individuals who are in decision-making positions, whether leading project teams or departments. Understanding how to bring out the best in and inspire every individual within a diverse and distributed workforce requires strong leadership skills.

9.  Judgment and Complex Decision Making

Machines might be able to analyze data at a speed, and depth humans are incapable of, but many decisions regarding what to do with the information provided by machines must be still made by humans. Humans with the ability to take input from the data while considering how decisions can impact the broader community, including effects on human sensibilities such as morale, are important members of the team. So, even if the data support one decision, a human needs to step in to think about how a decision could impact other areas of the business, including its people.

10. Collaboration

When companies are looking to hire humans in the 4th industrial revolution, skills that are uniquely human such as collaboration and strong interpersonal skills will be emphasized. They will want employees on their team who can interact well with others and help drive the company forward collectively.

BONUS: In addition to the skills listed above that every company will be looking for in the 4th industrial revolution, there are several self-management skills that will make people more successful in the future, including self-motivation, prioritization/time management, stress management and the ability to embrace and celebrate change. Those people who have a growth mindset, are adept at experimenting and learning from mistakes, as well as have a sense of curiosity will be highly coveted in the 4th industrial revolution.

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Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

Source: The 10+ Most Important Job Skills Every Company Will Be Looking For In 2020

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5 Things Your Resume MUST HAVE To Get More Job Interviews: https://youtu.be/WATpBoVprRk J.T. Free Job Search Resource: https://www.workitdaily.com/why-shut-… Get hired faster by working with our team of experts. Learn more here: https://www.workitdaily.com/pricing/ Showcasing the right skill sets is essential when you’re on the hunt for a job. If you want to stand out in the hiring process, you need to consider other skills that can give you an advantage over the competition. Here are some skill sets that can give you a “leg up” in the hiring process (even if they don’t directly relate to the job to which you’re applying): 1. Experience With Relevant Technologies Do you have experience with any programs, applications, software, or other technologies that relate to your field? Be sure to emphasize them on your resume and LinkedIn profile, especially if they’re listed in the job description. 2. Fluency In A Foreign Languages If you speak another language, make sure you showcase it! Although most jobs don’t require fluency in other languages, it’s not a bad thing to add to your resume or LinkedIn profile. In fact, it can actually give you bonus points because there are so many people who aren’t fluent in other languages. 3. Customer Service Skills It doesn’t matter if you were a server at a restaurant, a customer service representative, or a retail associate, if you dealt with customers in the past, you likely developed some good customer service skills. The ability to work with people is such a valuable skill set. Even if you won’t be working directly with customers in the role to which you’re applying, these people skills you’ve developed can help you work with colleagues and navigate tricky situations in the workplace. These are just a few things you can do that can give you a leg up in the hiring process. However, there could be things you’re doing that are holding you back… To get insight into what these are and how to fix them, be sure to check out my free resource here: Thousands of other professionals have found this helpful, so be sure to check it out. Free Tutorial: https://www.workitdaily.com/why-shut-… And, if you want J.T. and her team to help you become a pro at interviewing, negotiating and more, then you need to check out our career support platform. Want to learn more about our affordable Premium Subscription? Learn more here: https://www.workitdaily.com/pricing/ Follow Work It Daily: https://www.workitdaily.com/ https://twitter.com/workitdaily?lang=en https://www.facebook.com/groups/WorkIhttps://www.facebook.com/WorkItDaily/ #JobSearch #JobSearchTips #Resume

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This Kombucha Entrepreneur Hired a Man Who Spoke No English. He Is Now a Company Executive

Fifteen years ago, a non-English-speaking man applied to work at GT’s Living Foods. In Spanish, he told the hiring manager, “I am willing to do anything.” He got the job.

Originally, his job was to sweep and mop the floors. He moved up to housekeeping, and later was promoted to work on the bottling line.

“Every month, every quarter, every year he grew, and his attitude got better,” says GT Dave, founder and CEO of GT’s Living Foods. “He promised he would do anything, and he did. He had zero ego, zero pride, and the best attitude I’ve ever seen.”

Dave even goes so far as to say that this hire is better at his job than any other employee–even those with more education and industry experience. Unlike many people, who are specifically good at only one or two tasks, this employee has an affinity for quickly learning how to do many different things. And now he’s an executive at GT’s Living Foods. His job is to develop kombucha flavors and to run production lines. He’s also a general problem solver for the company.

In a company like GT’s Living Foods, Dave says, he needs people who are scrappy, flexible, and quick to jump on problems that need solving. “We’re very, very lean. We’re very, very agile. We’re much more artistic than we are corporate,” Dave says. “It’s a hard environment for your typical executive to exist in.”

As such, Ivy League degrees and decades of experience don’t necessarily count for much. Dave says résumés don’t matter to him: He looks for the same can-do attitude in every applicant who walks in the door. And, once he hires someone, that person has to keep proving she’s worthy of the job.

“I want to see what you can do here, and now. That’s my litmus test for talent,” says Dave.

By: Lizabeth Frohwein

 

Source: This Kombucha Entrepreneur Hired a Man Who Spoke No English. He Is Now a Company Executive

Our Founder & CEO, GT Dave, speaks to industry leaders & entrepreneurial pioneers on “Keeping The Attachment” at BevNet Live Winter 2018 in Santa Monica, CA. Watch to the end to see the announcement of our newest offering, DREAM CATCHER: Our CBD-Infused Sparkling Wellness Water. For more information about GT Dave and GT’s Living Foods, visit GTsLivingFoods.com. Follow @GTsKombucha on Social Media! Facebook: https://www.facebook.com/GTsLivingFoods/ Instagram: https://www.instagram.com/gtskombucha/ Twitter: https://twitter.com/gtskombucha Pinterest: https://www.pinterest.com/gtskombucha/ LinkedIn: https://www.linkedin.com/company/gts-… Website: https://gtslivingfoods.com

 

Yields Up To 9.9% That Rich Guys Don’t Want You To Know About

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Not yet as rich as you always wanted to be? Don’t worry, because today we’re going to dial you in for some “rich guy” dividend favorites that’ll pay you up to 9.9% every year.

Private equity is a lucrative and secretive world. It’s often limited to accredited investors, which means these funds require you to have $200,000 or more in annual income to qualify.

If you’re living on dividends alone, this might be challenging. Fortunately, there are some private equity plays that you can buy just like individual stocks. They trade for as cheap as $12 per share and they’ll pay you dividends from 8.8% to 9.9% along the way:

Contrarian Outlook

Contrarian Outlook

Private equity (PE)—funds that can invest in the equity and debt of privately held companies, which we typically can’t get our hands on—is generally touted as outperforming the stock market.

The American Investment Council, which advocates for private investment, points out that research from the 1990s and early 2000s showed that “private equity outperformed public markets by 3 to 4 percent each year,” and a 2019 paper investigating more recent “vintage years” finds that “that private equity continues to generate returns that are 2 to 3 percent above the returns of public markets.”

The downside? Privately held private equity firms aren’t exactly easy to tap, and you typically need to have seven digits to get in.

But here’s a back door that you and I can access. We can buy PE-esque investments just like regular stocks with a single-click! The trick is handful of little-known publicly traded companies called business development companies (BDCs).

Congress created BDCs in the 1980s to spur investment in America’s small and midsize businesses, the same way they created REITs in the ‘60s to help mom ‘n’ pop investors tap the real estate markets. And like REITs, BDCs get a generous tax break—if they dole out 90% or more of their profits as dividends to you and me.

Thus, business development companies not only let us access a big pool of investments you and I otherwise couldn’t otherwise dream of accessing, but also deliver sky-high yields that are among the highest you can find in the stock market. The caveat, of course, is that they do come with heightened risk, and not all BDCs are gems.

Today, I’ll show you three notable BDCs—yielding between 8.8% and 9.9%—that should be on your radar screen.

PennantPark Floating Rate Capital (PFLT)

Dividend Yield: 9.7%

Let’s start out with a yield juggernaut: PennantPark Floating Rate Capital (PFLT), which will get investors awfully close to a double-digit yield at current prices.

PennantPark provides access to middle market direct lending with, as the name implies, a heavy focus on floating-rate loans, though it’ll invest anywhere across the capital structure (senior secured debt, subordinated debt and others).

Its primary target is private equity sponsor-backed companies with $10 million to $50 million in EBITDA. It avoids capex-heavy businesses, as well as fickle industries such as fashion and restaurants, but it still has plenty of sectors to play with. Portfolio companies include the like of primary-clinic operator Cano Health, marketing services provider InfoGroup, and WalkerEdison, whose furniture can be found online via companies such as Amazon.com (AMZN), Target (TGT) and Home Depot (HD).

PennantPark typically leans toward the low-risk but low-reward end of the BDC spectrum, which historically has served it just fine. However, the BDC’s last earnings report raised some credit-quality concerns. The company reported that four of its portfolio companies were on “non-accrual,” which essentially happens when a payment is more than a month overdue, or there’s some other concern about a company’s ability to make a payment.

The BDC was subsequently nailed in May on the news. That has me wary. And the floating-rate nature of its loans, while attractive during periods of rising rates, isn’t a significant advantage right now.

New Mountain Finance

Dividend Yield: 9.9%

New Mountain Finance (NMFC) targets companies middle-market companies, too, investing between $10 million to $50 million across the debt spectrum in businesses that generate annual EBITDA between $10 million and $200 million.

NMFC likes to say that it invests in “defensive growth” industries. It’s a silly, contradictory term, sure. But the qualities it covets in its portfolio companies are, in fact, pretty attractive: high barriers to competitive entry, recurring revenue, strong free cash flow and niche market dominance.

To be fair, New Mountain, like PennantPark, is heavily weighted toward floating-rate loans, which make up 93% of the portfolio. But NMFC is a few steps in the right direction. Its credit quality is stellar – only eight portfolio companies have gone on non-accrual since inception in 2008, and there were no new non-accruals over this past quarter. Better still, the company is a bastion of consistency when it comes to covering its healthy dividend with net interest income (a core measure of profitability for BDCs).

New Mountain, which trades at only a sliver of a premium to its net asset value right now, still should be fine in the current environment. Keep this BDC in mind should the Fed’s hawks ever take over again.

Ares Capital (ARCC)

Dividend Yield: 8.8%

Ares Capital (ARCC) is a slightly more modest yielder compared to the previous two picks, and you likely won’t snag it for a significant discount. But that’s OK—ARCC is worth a small premium.

I’ve beat the drum on ARCC a few times, including in February 2019, but also going back more than two years, in January 2017. I said at the time that the company’s investment spread, as well as a $3.4 billion merger with American Capital, “should benefit ARCC in just about any market environment,” and that “in short, ARCC is going places.”

Ares Capital, Wall Street’s largest BDC, invests primarily in first and second lien loans and mezzanine debt of middle-market companies. A high priority is placed on “market-leading companies with identifiable growth prospects that can generate significant cash flow.” Its portfolio of roughly 345 companies touches numerous sectors, including business services, food and beverage, healthcare, IT and light manufacturing.

Ares’ core earnings and net realized gains have exceeded dividends every year since 2011, by increasingly wide margins. In fact, the company’s operational performance has been so robust that it has hiked its payout twice since this time last year.

Bottom line: ARCC is a standout in what typically is a difficult industry to invest in.

However, I’m not sure I’d commit capital to this stock right now. Given its recent run up, I’d like to see a pullback for a lower risk entry point.

Brett Owens is chief investment strategist for Contrarian Outlook. For more great income ideas, click here for his latest report How To Live Off $500,000 Forever: 9 Diversified Plays For 7%+ Income.

Disclosure: none

I graduated from Cornell University and soon thereafter left Corporate America permanently at age 26 to co-found two successful SaaS (Software as a Service) companies.

Source: Yields Up To 9.9% That Rich Guys Don’t Want You To Know About

What Does It Cost To Live Like The Richest People In The World – Andrea Murphy

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Bad news—of a very mild variety—for anyone with a couple billion tucked away in the underground lair out back: Living a truly posh lifestyle has gotten juuust a bit pricier over the last 12 months. Our basket of 40 luxury goods is up 2% since last year, nearly half a point above the increase from 2017. Since we began tracking it in 1982, the Cost of Living Extremely Well Index (CLEWI) has outpaced inflation by an average 2.3%. This year’s increase, though, was more than half a point below that of the Consumer Price Index over the same period…….

Read more: https://www.forbes.com/sites/andreamurphy/2018/10/17/what-does-it-cost-to-live-like-the-richest-people-in-the-world/

 

 

 

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When It Comes To Success In Business, EQ Eats IQ For Breakfast – Chris Myers

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When I was younger, I bought into the fallacy that the “smartest” person always won. I pushed myself to achieve the highest scores, earn the most recognition, and excel in every field.

I worked as hard as I could, but I almost always fell short of my goals.

Growing up, I often found myself surrounded by people who were smarter and far more talented than I could ever hope to be.

This left me feeling as though I was destined for a life of mediocrity, forever destined to live in the shadows of others.

Despite this, I always seemed to excel in the workplace. Throughout my career, from my first internship to my stint in corporate America, I managed to gain the trust and respect of my managers and peers.

As I climbed the proverbial ladder, many of the peers who were undoubtedly smarter than me jeered. They claimed that the people I worked for were idiots and that I was merely lucky. Still, I continued to move forward much to their chagrin.

I’ve been thinking about this quite a bit lately, as I’m working to find the right school for my son, Jack.

Jack, it turns out, is exceptionally bright. With an IQ of 145, he’s in the top percentile of intelligence in a traditional sense.

You’d think that having such raw intellectual horsepower would make life easy for him, but it’s quite the opposite. He has all of the typical emotional challenges of a normal seven year old, and then some.

While his IQ is high, his EQ or emotional quotient, is lower than average. As a father, it’s my job to try to raise as well rounded of an individual as possible, and that’s why I spend so much time trying to nurture his EQ.

It turns out, success in both life and business is a matter of emotion, relationships, and character, rather than raw intelligence. In fact, throughout my career, I’ve learned three facts that every successful person seems to remember.

EQ trumps IQ   

Maya Angelou once remarked, that “people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

This certainly holds true in the realm of business. People buy emotions, not products. Teams rally around missions, not directives. Entrepreneurs take on incredible challenges because of passion, not logic.

Fortune follows people who demonstrate a high degree of emotional intelligence, or EQ. While IQ might be largely determined by genetics, EQ can be learned, developed, and refined.

Individuals with high EQ can speak to the soul of another person and ultimately influence their behavior. In the workplace, EQ trumps IQ every day of the week.

Humility goes a long way  

Human beings crave status and recognition above just about all else. This is especially apparent in the workplace, where many buy into the belief that self-promotion is the path to success.

I’ve found that the opposite is true. Humility, it turns out, is central to success.

Everybody falls at some point. You stay humble so that the people around you want to help you up, not knock you back down.

As a leader, I’ve found that people who demonstrate humility in thought, word, and deed tend to rise quickly inside of an organization because people are naturally inclined to help them succeed.

Arrogant, entitled, and prideful employees, on the other hand, tend to fail rather spectacularly. They may be smart, but they’re unable to garner any loyalty from the people around them.

It all comes down to grit

Perhaps the most important factor in determining success is grit.

Grit is just another word for strength of character. An individual or team who displays grit is someone who can take a hit and just keep on going, no matter what.

It’s this resilience that enables successful teams to avoid the pitfalls of depression, lethargy, and apathy that people tend to run into when faced with adversity.

As I look back on my career to-date, I can honestly say that I never gave up. I pivoted and evolved, but I never capitulated.

Many highly intelligent individuals are so afraid of failure and hardship that they never take risks. Instead, they sit back, comfortable and safe while others drive the world forward.

These trailblazers stumble, fall, and fail more than their more risk-averse counterparts, but grit keeps them moving forward.

As Winston Churchill once said, “Success is stumbling from failure to failure with no loss of enthusiasm.”

Nothing is simple 

My advice to  my son, as well as the students, friends, and team members I mentor is always the same: nothing in this life is simple.

It doesn’t matter how smart you are. What matters is how you’re able to connect, understand, and inspire other people.

Never think too highly of yourself just because you’re smart. In the end, it’s the people who understand feelings, not facts, who win the day.

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How A Culture Of “Doing The Right Thing” Can Be Good For Business – Megan Hansen

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MOD Pizza was founded with the goal of using business to make a positive social impact. Founders Ally and Scott Svenson realized that through the fast-casual pizza segment they pioneered, MOD could create a positive effect on the lives of their fiercely loyal employees. MOD’s hiring philosophy – that talent is everywhere, but opportunity is not – continues to drive their success and gives their employees purpose.

The Challenge

When MOD learned that 5.5 million young people in the U.S., ages 18-24, are out of school and unemployed, they saw an opportunity to not only impact lives but solve a critical business need.  Like many other companies, MOD was having difficulty recruiting entry-level workers to keep up with the 2,000 MOD jobs created every year through their rapid expansion.  MOD was also challenged with high turnover; although their rate was typical of the restaurant industry, it was higher than they would like.

The Solution

Through FSG’s Innovation Lab program, MOD set out to discover whether a partnership with a community-based organization could help address their high turnover and recruitment challenges through providing them with both a pipeline of career-ready youth and the wrap-around supports these youth needed to be successful.

MOD decided to focus their pilot partnership in the Bay Area where MOD restaurants were facing upwards of 67% turnover at the 90-day mark.  Next, they identified potential partners in the region and ended up forming a partnership with JUMA, a national youth-centered social enterprise that was also interested in piloting a new employer partnership model.

The Result

Less than a year into the partnership, MOD is finding that their collaboration with JUMA is having an impact on their recruitment and turnover. Of young people hired by MOD during the pilot, only 50% turned over by the 90-day mark compared to 67% for the region.

When asked what they value most about the partnership, general managers shared that not only has the partnership eased their recruitment challenges, but it has also provided them with an amazing opportunity to invest in the youth.  MOD plans to scale impact hiring at a national level, building both partnerships and a database of community-based organizations that all MOD general managers can tap into as talent pipelines and for support.

Additionally, through the MOD-JUMA Pilot Study, MOD learned that 70% of their 6,000+ employee base are 18-24 years old and that the retention strategies implemented to support the youth hired through the pilot would also be beneficial for their entire employee base.  This has led to the launch of several new initiatives:

  • New KPIs: MOD has begun to hold General Managers accountable for turnover rates. They have set a company goal of reducing turnover by 20% and in 2018 are already seeing a measurable reduction in turnover and cost due to this change.
  • Education Benefits: Through their new Human Resource Information System, the team learned more about employees and their education levels.  With many of MOD’s youth lacking a college and sometimes high school degree, the company is hoping to add an education assistance program to their benefits package to help staff develop their skills for careers at MOD and beyond.
  • Transparent Career Pathways: MOD has developed resources that easily outline the steps and requirements to become a general manager. Their employees come from various backgrounds and bring their own MODness to the team. They recognize that they shouldn’t operate on the assumption that every employee intrinsically understands the pathway to promotion but should instead support employees in helping them get there. They also recognize that MOD might not be a long-term career for everyone, but they can equip employees with meaningful professional development for job opportunities outside of MOD and create pathways for wage progression.

What’s Next

MOD continues to build on their work with FSG and the Innovation Lab to lead in the Opportunity Employment space. Using their business as a platform, MOD is exploring new ways to impact lives at the store level and beyond. By sharing their story, MOD hopes to demonstrate the business value of collaborating for talent instead of fighting for it, and how investing in the lives of employees can produce a positive ROI. The company calls this “Spreading MODness” – the ripple effect of doing the right thing. That is MOD’s purpose and for them, it’s good business.

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