(Victor J. Blue/Bloomberg via Getty Images / Getty Images)
JPMorgan Chase’s 2023 annual Business Leaders Outlook survey released Thursday found 65% of midsize firms and 61% of small businesses anticipate a 2023 recession, and a majority of leaders of smaller firms said they expect higher prices to stick around.
More than 90% of midsize company leaders said their businesses were experiencing challenges due to inflation, and 45% of small business owners cited rising prices as their top concern, a 20% increase from last year’s survey.
“Inflation has been a challenging headwind impacting businesses of all sizes, across all industries,” said Ginger Chambless, head of research for JPMorgan Chase Commercial Banking. “While we have seen some encouraging signs that inflation has started to moderate and should cool over 2023, businesses may still want to consider adjustments to strategies, pricing or product mixes to help weather the storm in the near term.”
Some 83% of midsize firms told JPMorgan they have passed at least some of their increased costs on to consumers, and 82% said they would continue to do so. Out of the small companies surveyed, 68% said they had raised prices on some or all of their products or services, and 94% said inflation has impacted their expenses.
The data indicated small businesses are more optimistic than their midsize counterparts in their outlook on the national and global economies.The percentage of midsize company leaders who expressed optimism for the global economy plummeted to 8% from 34% a year ago, and their optimism for the U.S. economy dropped to 22% from 50%.
“In today’s interconnected world, midsize businesses are increasingly vulnerable to global economic challenges, including ongoing supply chain issues, increased costs of raw materials, geopolitical events and other uncontrollable factors,” Chambless told FOX Business. “These challenges and their associated impacts are all contributors to a more pessimistic global economic outlook.”
Among small business owners, on the other hand, 49% expressed optimism for the national economy and 45% for the global economy, which were both in line with last year’s numbers.
Hybrid work isn’t a one-size-fits-all proposition. Here’s how managers can better understand and support different preferences and attitudes across their hybrid teams.
The conversation between business leaders and employees about long-term hybrid work plans is a complex one. We’re trying to answer some really big questions: How is our in-person time best used? What tools do people need to succeed, wherever they are? How do we build a sustainable hybrid system?
As we strive to address these big-picture challenges, managers overseeing day-to-day operations are struggling through a messy middle ground. Every day, they’re tasked with guiding different types of employees in an entirely new (and often shifting) work environment that affects individuals differently. Managing hybrid work today can feel like trying to cross a bridge that’s still under construction.
To understand how hybrid work is affecting people, we commissioned a global survey with Economist Impact. One of its central findings was that 77% of hybrid workers agree that their managers need more specific training on managing hybrid teams. To help address this training gap, we took a deep dive into the Economist Impact research and coupled our findings with proven best practices at Google. With the right tools and guidance, hybrid teams can be successful and drive impact together, no matter where teammates work.
Discovering the four types of hybrid workers in your organization
Economist Impact recently categorized employees into four segments based on their relationship to hybrid work: evangelists, pragmatists, fair-minded, and undecided. Interestingly, employees did not fall into categories based on neatly predictable criteria like role, seniority, or industry. Instead, the primary driver was more personal: how hybrid work affects their everyday lives. The study found that feelings about hybrid work are often determined by factors like need for child care, length of commute, and personal work styles.
Here’s a look at the four types of hybrid workers identified by Economist Impact, coupled with tips for managing each one.
The evangelist: Happy with hybrid. They want to sustain the current model.
As you might guess from their name, the evangelists (24%) are the most optimistic about hybrid work and typically very satisfied with the policies, technology, and social dynamics already in place. Many work fully off-site. At Google, we have long had distributed teams who are central to our organization, so we recognize many hybrid work evangelists in our midst by their enthusiasm, productivity, and loyalty. The system is working for them.
The questions we are always looking to answer are: how do we make sure that our most satisfied employees stay that way, and how can we tap into their enthusiasm to help their colleagues see the benefits of a hybrid structure? Here are a few ideas:
Empower them to keep working in a way that supports their natural productivity, using centralized tools like Google Drive for easy collaboration and shared calendars so coworkers can clearly see their schedules and availability.
Invite them to share their best practices company-wide by creating and moderating Google Spaces dedicated to hybrid work tips, work-from-home hacks, and more.
Keep them engaged through short Google Meet check-ins on a quarterly basis, with the agenda focused on how hybrid work practices are functioning and whether improvements can be made.
Offer continuing support by making sure they have the right technology, especially if they work fully off-site. Ask: “Is technology helping them stay in the mix across all the ways and places that hybrid work happens?”
The pragmatists: Optimistic, but facing challenges. They need to be heard.
The largest segment identified by Economist Impact were pragmatists (39%), a group who is optimistic about hybrid work, but experiencing significant challenges with it. Their sentiment can be summed up as, “Yes, but …”. Meaning that they want hybrid to work, and they want to be a part of making it work, but they don’t think it’s working well… yet. Pragmatists feel that their organization’s new policies don’t incorporate enough employee input and are more likely to feel these policies are unfair.
Pragmatists are also concerned with blurred work-life boundaries. This demographic includes workers who have less location and/or time flexibility, so they may not be experiencing significant benefits of a “flexible” workplace. Here are some ways to support pragmatists:
Gather input by creating an anonymous survey using Google Forms. Ask what’s working or not about hybrid schedules, team processes, technology tools and training, work-life balance, etc. Repeat these surveys at regular intervals to ensure that pragmatists’ voices continue to be heard.
To improve flexibility while ensuring collective team work, agree on “core work hours” in which teams determine daily hours when they will typically be online and meetings will take place. Offer flexibility around the “non-core” hours for focused individual work or personal needs such as medical appointments or taking children to school.
Enhance transparency and shared understanding across the team about each others’ preferences and schedules using Calendar features like working location and focus time.
Enable teams to communicate and collaborate across locations and time zones through shared comments in Docs, Sheets, and Slides.
The fair-minded: Feeling good, hoping for continued cultural change. They want to improve the dialogue.
Most concerned about employee wellbeing, fairness, and inclusion, the fair-minded (23%) report an overall positive impact of hybrid work on their lives. Whereas the pragmatists express a “Yes, but…” sentiment, the fair-minded express “Yes, and…”. They like where this is going, and they want more. Over the long term, they are hoping for greater flexibility in their location and work schedule. They believe that better communication and collaboration will strengthen the culture of trust in the workplace and benefit everyone. Here are strategies for managing the fair-minded:
Foster social connection by adopting platforms specifically built for inclusivity and get creative in using them – it’s OK to have fun! Choose thematic backgrounds or break into small groups for a quick icebreaker before a meeting.
Build an inclusive environment by providing opportunities to bond at in-person events devoted to mentoring, discussion, and socializing.
Keep people informed via a “hybrid-work hub” on Google Spaces where management can share the latest policies and employees can ask questions.
Strengthen the culture of trust by shifting toward impact-oriented performance evaluations.
The undecided: Craving connection, direction, and better technology. They need to hear from you.
At 13%, the undecided may represent the smallest number of respondents, but they’re a group that need significant support. Why are they undecided? Overall, it’s because they’ve yet to experience significant benefits from flexible work. They’re more likely to be at organizations that have not issued formal hybrid policies, so they’re working in uncertain environments.
This group also reports higher rates of technology challenges, suggesting that they haven’t been equipped with the right tools to connect, collaborate, and communicate remotely. And finally, many are frontline workers who have suffered from limited social interactions or extra strain during the pandemic that has affected their mental health.
With so many challenges, it’s not surprising this cohort is the least confident about the future. Strategies for meeting the needs of the undecided include:
Clarify your hybrid policies through active communication. Consider hosting regular “re-onboarding” video calls with small groups to make sure everyone understands hybrid policies and gets training on new processes or tools.
Strengthen their sense of belonging with clear, inclusive updates on company wide projects and achievements via Google Meet video conferencing. Use the Q&A function so employees can ask questions and everyone can see answers, or conduct live polling to survey a specific topic. Follow up your meeting with an email recap for those who could not attend.
Help teams communicate and collaborate better with instant communication tools like Spaces in Google Chat, which keeps conversations about scheduling, shared tasks, and files together.
Let’s make it work
As leaders, it’s important to understand and acknowledge your team members’ different experiences of hybrid work. Do you know which of the four types your employees fall into? Taking the time to engage with them and learn their preferences allows you to shape policies while also making decisions that help the organization get work done. A thoughtfully planned hybrid work structure can adapt to individual needs, connect distributed workforces, and, ultimately, strengthen your organization. While our global shift to hybrid work was born out of necessity, we can use it to provide opportunity for every type of worker.
The stock market moved higher on Friday—extending this week’s rally—despite consumer prices surging 6.8% last month, the highest inflation reading in nearly 40 years, according to data released by the Labor Department.
Key Facts
The Dow Jones Industrial Average rose 0.6%, over 200 points, while the S&P 500 gained nearly 1% and the Nasdaq Composite 0.7%.
While markets took a hit after the first case of omicron was reported in the United States last week, stocks have recently bounced back as investors grow less fearful about the Covid omicron variant—with the S&P 500 hitting a new record high on Friday.
Even a bad inflation reading on Friday morning wasn’t enough to spook investors: Consumer prices rose 6.8% in the 12 months ending in November, according to Labor Department data, which shows inflation at a nearly 40-year high.
Some investors who expected an even higher inflation reading were relieved by the news and sent stocks up, while others remain optimistic about the ongoing economic recovery boosted by a strong labor market recovery.
Shares of tech giant Oracle jumped over 15%, a day after beating quarterly earnings estimates, while shares of at-home fitness company Peloton added to the previous day’s losses, falling over 5% on Friday.
Vaccine maker Moderna’s stock, meanwhile, fell nearly 6% as investors await more data and updates on the efficacy of the company’s Covid treatments against the omicron variant.
Big Number: $15.1 Billion
That’s how much Oracle cofounder Larry Ellison’s net worth jumped on Friday, to $135.7 billion, according to Forbes’ estimates. He is now the fifth richest person in the world.
Key Background:
After the emergence of the omicron variant led to a sell-off last week, stocks are now on pace for a solid weekly rebound. All three major indexes have risen by nearly 4% this week as investor concerns about the new variant abate amid news that vaccines are effective against it.
Crucial Quote:
“The inflation print from this morning will reinforce the Fed’s resolve to accelerate tapering,” predicts Anu Gaggar, global investment strategist for Commonwealth Financial Network. “With the strength in the economic recovery, it is time to take the crutches away,” he says, adding, “supply and labor shortages will keep aggregate prices elevated for longer, keeping inflation higher than the Fed target for a while.”
What To Watch For:
While December has historically been a great month for the stock market, the new omicron variant is causing “major volatility” and complicating the inflation outlook, says Ryan Detrick, chief market strategist for LPL Financial. Despite the myriad of challenges facing markets in 2022, he remains “optimistic” that stocks will finish the year on a solid note.
Despite the disappointing results from Big Tech, the stock market has been raking in records amid solid earnings even with global supply chain concerns. About half of the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year over year.
“So far, I think it is fair to say that companies have managed to navigate these headwinds effectively, of course having the benefit of strong demand,” said Angelo Kourkafas, an investment strategist at Edward Jones. “But they are not immune to it. These input cost pressures will show up as reduced revenue or potentially lower profit margins.”
“But I think so far, with about half to the S&P 500 companies having reported, the initial assessment is that profitability has remained fairly resilient because of strong demand and pricing power,” he added.
Shares of Exxon Mobil and Chevron rose on Friday after the energy giants topped earnings expectations. Starbucks, however, was under pressure after revenue from China missed expectations.
All three major averages posted their fourth positive week in a row and finished solidly higher for the month. The Nasdaq gained 7.2% for October, while the S&P 500 gained 6.9%. The Dow rose 5.8% for its best month since March. The month marked a rebound from September, where the major indexes declined.
Market sentiment was also helped by developments in Washington. On Thursday, President Joe Biden announced a framework for a $1.75 trillion social spending deal. The agreement, which is expected to make it easier to pass the separate infrastructure spending bill currently stalled on Capitol Hill, came in lighter on spending and taxes than earlier proposals.
Yung-Yu Ma, chief investment strategist at BMO Wealth Management, said the deal appeared to be in a “sweet spot” and should create more optimism among investors.
“The tax portion of it is looking like it’s going to come in probably below all of the original expectations. So the burden for specifically corporate taxes is going to be lower than the concerns and the expectations in the marketplace were,” Ma said.
Treasury Secretary Janet Yellen spoke to CNBC on Friday morning, saying she was hopeful that the administration’s infrastructure package would be approved soon while saying she does not believe it will add to the inflation problems the U.S. has been experiencing.
“It will boost the economy’s potential to grow, the economy’s supply potential, which tends to push inflation down, not up,” Yellen said during a live “Worldwide Exchange” interview.
It’s easy to feel down when it’s dark and cold outside but there are lots of ways you can bring colour into your life. Here, an expert explains how to use colour psychology to help boost your mood.
Colours can also help us express and understand emotions, making them a powerful communication tool. This is a discovery people have made on TikTok recently. Creators have been taking to the platform to explain the meaning of each colour and how it can help them understand themselves and the people around them better, with the tag #colourpsychology reaching over 4 million views.
As we head into the autumn and winter months and the nights get darker, many people will find this negatively impacts their mood. But although the skies might not be blue, there are plenty of ways you can bring more colour into your life and use it to help improve your mindset.
In fact, you can even use colour as a self-help method. Karen Haller, a behavioural colour psychologist, has spent years researching this and has found an array of methods to help you do so. Although it’s not necessarily as simple as TikTok would have you think.
“Colour psychology is a study of how we can use colour to positively influence how we think, feel and behave,” Karen says. “It’s one of the most underestimated resources we have to change how we act.”
“When you decide whether or not you like a colour, that’s an emotional experience,” Karen says. “It makes you feel something, even if you’re not consciously aware of it.”
Building a personal relationship with colour psychology is an ongoing process but there are a few things you can do to start to use colour to positively influence your life, and maybe even help you deal with issues like self-doubt and social anxiety.
What is the meaning behind each colour?
Karen explains that each colour has a traditional psychological meaning. However this can vary depending on the shade of the colour, so it’s not necessarily important to learn them all. It can be useful to understand what the primary colours represent, though.
“Each colour has positive and adverse effects,” Karen says, explaining that both of these things need to be taken into account when you’re thinking about how to use these colours to your benefit.
Red
“Red is a very physical colour. Red physically stimulates us – it encourages motivation and energy,” Karen explains. “Because of this, however, red can also cause overwhelm, as it represents speed, and it can sometimes make you feel like you are moving too quickly.”
Yellow
“Yellow has a direct effect on the nervous system. Yellow is an optimistic colour that encourages positivity,” Karen says. “However, the adverse effects are that yellow can be quite irritating and anxiety-inducing.”
Blue
“Blue is the colour that aligns with the mind. Dark blue is mentally stimulating and it can help with focus; soft blue is a colour that allows your mind to dream,” Karen explains. “Often, blue can keep the mind overly-stimulated, which is something to look out for as an adverse effect.”
How to figure out which colours work for you
Although there are traditional meanings that can be assigned to each colour, as people do on TikTok, Karen explains that colours are actually very personal, and the colours that help you feel better will be different to the colours that help a friend or family member feel good.
Karen recommends going through your wardrobe and pulling out clothes in an array of colours and then holding each of them up to your face, in order to figure out what your relationship is with each colour. “Without any make-up on, stand in front of a mirror and hold the different colours up to your face,” Karen says. “Take note of what happens to your face – does it light up or does it create shadows?”
If you know one colour suits your complexion, you can use this to compare to the other colours. This method isn’t only about your appearance, however. Consider how your facial expressions and other reactions differ with each colour, as this will help you to understand how you connect with different colours.
How to establish an emotional connection with colour
You’re constantly coming into contact with different colours in your day-to-day life and it’s not possible to consciously understand your reaction to every single one of them. But in order to become more in touch with your relationship with colours, Karen recommends keeping a diary for a period of a week to take note of how you respond to any colours that stand out to you or that you have to make decisions about.
“Write down what you are wearing each day and how the colours in your outfit make you feel,” she explains. “You should also take note of other decisions about colour you make, like choosing a red glass instead of a yellow glass.”
You don’t have to acknowledge your decisions in this way for very long but by doing so for a short period of time, you’ll come to better understand your relationships with specific colours, which will help you make better colour decisions in the future.
How to incorporate colour psychology into your life moving forward
Once you have established your relationship with particular colours, you can start to incorporate them into your life more, whether that’s through decorating your home with them or buying clothes in that colour. You can then also follow the same process Karen explains above to figure out which colour combinations work for you.
“The most important thing is that you think consciously about the decisions you make about colour,” Karen says, adding that by making intentional decisions, you will become more conscious of which colours you like and dislike, which will help keep you in touch with your emotions.
When I first began researching anxiety in my lab as a neuroscientist, I never thought of myself as an anxious person. That is, until I started noticing the words used by my subjects, colleagues, friends and even myself to describe how we were feeling — “worried,” “on edge,” stressed out,” “distracted,” “nervous,” “ready to give up.”
But what I’ve found over the years is that the most powerful way to combat anxiety is to consistently work on building your resilience and mental strength. Along the way, you’ll learn to appreciate or even welcome certain kinds of mistakes for all the new information they bring you.
Here are six daily exercises I use to build my resilience and mental strength:
1. Visualize positive outcomes
At the beginning or at the end of each day, think through all those uncertain situations currently in your life — both big and small. Will I get a good performance review? Will my kid settle well in his new school? Will I hear back after my job interview?
Now take each of those and visualize the most optimistic and amazing outcome to the situation. Not just the “okay” outcome, but the best possible one you could imagine.
This isn’t to set you up for an even bigger disappointment if you don’t end up getting the job offer. Instead, it should build the muscle of expecting the positive outcome and might even open up ideas for what more you might do to create that outcome of your dreams.
2. Turn anxiety into progress
Our brain’s plasticity is what enables us to be resilient during challenging times — to learn how to calm down, reassess situations, reframe our thoughts and make smarter decisions.
And it’s easier to take advantage of this when we remind ourselves that anxiety doesn’t always have to be bad. Consider the below:
Anger could block your attention and ability to perform, OR it could fuel and motivate you; sharpen your attention; and serve as a reminder of what’s important.
Fear could trigger memories of past failures; rob your attention and focus; and undermine your performance, OR it could make you more careful about your decisions; deepen your reflection; and create opportunities for changing direction.
Sadness could flatten out your mood and demotivate you, OR it could help you reprioritize and motivate you to change your environment, circumstances and behavior.
Worry could make you procrastinate and get in the way of accomplishing goals, OR it could help you fine-tune your plans; adjust your expectations; and become more realistic and goal-oriented.
Frustration could stymie your progress and steal your motivation, OR it could innervate and challenge you to do more or better.
These comparisons may seem simplistic, but they point to powerful choices that produce tangible outcomes.
3. Try something new
These days, it’s easier than ever to take a new online class, join a local sports club or participate in a virtual event.
Not too long ago, I joined Wimbledon champ Venus Williams in an Instagram Live workout, where she was using Prosecco bottles as her weights. I’d never done something like that before. It turned out to be a fantastic and memorable experience.
My point is that for free (or only a small fee) you can push your brain and body to try something you never would have considered before. It doesn’t have to be a workout, and it doesn’t have to be hard — it can be something right above your level or just slightly outside of your comfort zone.
4. Reach out
Being able to ask for help, staying connected to friends and family, and actively nurturing supportive, encouraging relationships not only enables you to keep anxiety at bay, but also shores up the sense that you’re not alone.
It isn’t easy to cultivate, but the belief and feeling that you are surrounded by people who care about you is crucial during times of enormous stress — when you need to fall back on your own resilience in order to persevere and maintain your well-being.
When we are suffering from loss or other forms of distress, it’s natural to withdraw. We even see this kind of behavior in animals who are mourning. Yet you also have the power to push yourself into the loving embrace of those who can help take care of you.
5. Practice positive self-tweeting
Lin-Manual Miranda published a book about the tweets he sends out at the beginning and end of each day. In it, he shares what are essentially upbeat little messages that are funny, singsongy and generally delightful.
If you watch him in his interviews, you’ll see an inherently mentally strong and optimistic person. How do you get to be that resilient, productive and creative?
Clearly, part of the answer is coming up with positive reminders. You don’t necessarily need to share them with the public. The idea is to boost yourself up at the beginning and at the end of the day.
This can be difficult for those of us who automatically beat ourselves up at the drop of a hat. Instead, think about what your biggest supporter in life — a partner, sibling, friend, mentor or parent — would tell you, and then tweet or say it to yourself.
6. Immerse yourself in nature
Science has shown again and again that spending time in nature has positive effects on our mental health. A 2015 study, for example, found that it can significantly increased your emotional well-being and resilience.
You don’t need live next to a forest to immerse yourself in nature. A nearby park or any quiet environment with greenery where there aren’t that many people around will work just fine.
Breathe, relax and become aware of the sounds, smells and sights. Use all your senses to create a heightened awareness of the natural world. This exercise boosts your overall resilience as it acts as a kind of restoration of energy and reset to your equilibrium.
(Victor J. Blue/Bloomberg via Getty Images / Getty Images)
