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The Transformation Myth: Leading Your Organization into an Uncertain Future

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A new book launched today, “The Transformation Myth: Leading Your Organization into an Uncertain Future,” explores the common misconceptions that hold businesses back from successfully navigating digital transformation during disruptive times. Faced with a tumultuous and crisis-filled 2020, businesses had to respond almost instantaneously to the pandemic’s acute disruption — shifting employees to remote work, repairing broken supply chains, and keeping pace with dramatically fluctuating customer demand. Drawing on five years of research into digital disruption, “The Transformation Myth” helps organizations understand disruption and how to adopt tools for navigating it.

Co-authored by Rich Nanda and Anh Phillips, in collaboration with Gerald C. Kane from Boston College and Jonathan R. Copulsky from Northwestern University, the book uncovers how companies can use disruption as an opportunity for innovation and emerge from it stronger and more competitive. The disruptive impact of the pandemic was particularly acute, impacting profits, exposing gaps in capabilities, and reducing the competitiveness of offerings. Through a series of interviews with leaders at some of the world’s most respected organizations — from Anthem, Beam Suntory, CarMax, Hilton, Humana, Marriott and more — “The Transformation Myth” illustrates how companies that used disruption as an opportunity for innovation emerged from it stronger, while companies that merely attempted to “weather the storm” missed an opportunity to thrive.

“Transformation isn’t a one-and-done event. Rather, it is a continuous process of adapting to a volatile and uncertain environment,” said Rich Nanda, principal, Deloitte Consulting LLP, U.S. Monitor Deloitte practice leader. “Sustaining an environment of continuous change requires a growth mindset and a belief that innovation is a key to growth. In ‘The Transformation Myth’ we provide organizations with a guide for acquiring the capabilities required to thrive through disruptions.”

A key to successful digital transformation amid disruption? A belief that innovation is key to growth and that it is possible to acquire the capabilities required to thrive through disruptions. These growth-mindset leaders thrive during disruption by first understanding the degree of uncertainty and then identifying no-regret actions that serve them well across a range of potential futures. “The Transformation Myth” shows how organizations can learn a growth mindset to guide and propel them forward even in the most disruptive of environments.

In “The Transformation Myth” readers can learn:

  • How companies can use disruption as an opportunity for innovation and emerge from it stronger.
  • Insights into the leadership traits, business principles, technological infrastructure, and organizational building blocks essential for adapting to disruption.
  • How leading organizations navigate through and thrive during times of crisis.
  • Why technology isn’t an end-in-itself and how it enables the capabilities essential for surviving an uncertain future.

Learn more about “The Transformation Myth” and purchase the book on the website.

About the Authors
Gerald C. Kane is a professor of information systems at Boston College. His research interests involve how organizations develop strategy, culture and talent in response to changes in the competitive landscape wrought by digital technology, such as social media, mobile devices, Internet-of-Things, analytics and emerging technologies. Dr. Kane has also consulted with Fortune 500 companies and taught executive education worldwide on managing and competing in an increasingly digital environment.

Rich Nanda is a principal at Deloitte Consulting LLP, where he serves as the leader of Deloitte’s U.S. Monitor practice. He has significant experience in guiding clients through strategy-led transformation to achieve profitable growth. He routinely advises boards, CEOs and executive teams at consumer products companies on topics spanning growth, business model innovation, operating models, capability building, analytics and technology adoption.

Anh Nguyen Phillips is a research director at Deloitte Touche Tohmatsu Limited (DTTL). Anh is a researcher, author, and former management consultant who has dedicated her career to exploring the interplay between technology and humanity. As the research director for DTTL’s Global CEO Program, Anh directs research teams that help executives and other leaders navigate a changing world.

Jonathan R. Copulsky is a senior lecturer in marketing at Northwestern University, where he is also executive director of the Medill Spiegel Research. Jonathan is an innovative marketing leader, growth strategist and thought leader with over 40 years of experience working at the intersection of brand, marketing strategy, content marketing and marketing technology. He retired as a senior principal from Deloitte Consulting LLP in 2017 and also served as the Deloitte Touche Tohmatsu Limited Global Insights Leader.

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Finance

5 Resume Website Mistakes to Avoid

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First impressions are crucial, and a poorly designed personal website can put employers off. Sadly, too many candidates fall prey to pitfalls like information overload or poor grammar. These mistakes have far-reaching implications for your career. Discover the biggest errors to avoid in 2022.

1.      Overwhelming Layout

The common wisdom is that a resume should fit on one A4 page. When you build a resume website, this approach could result in a cluttered look. The format gives more freedom and room to play with. Even a one-page web template is more spacious than a sheet of paper!

Highlight your experience and education on different pages or choose a timeline layout. Separate sections and elements with the right amount of whitespace. Make sure the website does not look overwhelming.

2.      Typos and Grammar Mistakes

Any errors, intentional or unintentional, make you look bad in the eyes of potential employers. Visitors may conclude that you could not be bothered to proofread your own text. To find mistakes, use an online checker, read each page out loud or try reading the content backward. If grammar is not your strength, ask someone else to proofread the content before marketing it.

3.      Poor Image Quality

Any photos or screenshots of your work must be big enough so users understand what each image is about. However, file size also matters — if the items are too big for the web, they will slow down your website. Generally, JPEG is preferable for photos, while PNG is best for screenshots that require transparency (for example, logos or images with special effects).

Include a professional headshot. If you cannot afford it, ask someone to take your picture against a neutral background, or use a selfie timer and a tripod. You could also create a unique personal photo that strengthens your brand — for example, by using specific colors.

4.      Too Much or Too Little Information

Do not omit vital information (e.g., successful projects) for the sake of brevity. A virtual resume lets you showcase all major accomplishments. If you do lack experience but have participated in volunteer projects or internships, these are worth including. Links to published works add credibility.

The need for detail does not justify information about color preferences, favorite coffee, or pets. Personal details must highlight qualities that will help you get ahead in your career. Focus on showcasing the best work and let it speak for itself. Employers are not interested in the evolution of your skills, they want the best results now.

5.      Unresponsive Theme

Finally, remember that potential employers will probably open your website from mobile devices. Make sure they will be able to view all content and navigate the pages smoothly. Nobody wants to spend time zooming in and scrolling in all possible directions to find the necessary information.

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GCC returns to growth amid high oil prices and strong responses to COVID-19

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Gulf Cooperation Council (GCC) economies are expected to return to an aggregate growth rate of 2.6% in 2021, according to the latest issue of the World Bank Gulf Economic Update (GEU), “Seizing the Opportunity for a Sustainable Recovery.” The six-member GCC is composed of the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.

Their robust recovery, which is due to stronger oil prices and the growth of non-oil sectors, will accelerate into 2022 as OPEC+-mandated oil production cuts are phased out and higher oil prices improve business sentiment and attract additional investment. These favorable oil market conditions have shrunk fiscal and external imbalances as export earnings recover. However, the outlook in the medium-term is subject to risks from slower global recovery, renewed coronavirus outbreaks, and oil sector volatility.

The World Bank’s latest GEU report focuses on addressing the wage bill in the GCC—the amount of government spending devoted to the salaries and benefits of state employees. Well-paid, public sector jobs are part of the region’s social contract, as well the free health care, education, social security benefits, and subsidized housing and utilities which citizens are often also offered.

“With high population growth and limited options in the private sector, the wage bill has become unsustainable in some GCC countries, as it is a large part of government spending and of the economy overall,” said Issam Abousleiman, World Bank Regional Director for the GCC. “Given their improved fiscal situation, this is an opportune time for GCC governments to accelerate their reforms agenda and reach the goals they set for themselves.”

According to the report, the average GCC wage bill over the past two decades has exceeded the Organisation for Economic Co-operation and Development (OECD) average, except in Qatar and the UAE. Many GCC countries have public sectors that are well within OECD norms size-wise, in terms of the numbers of employees. However, public servants are paid a wage premium of between 50–100%, which results in a high wage bill relative to the countries’ total spending and GDP.

Despite the oil price crash, spending on the wage bill and the numbers of people employed in the public sector have both risen inexorably upwards. Kuwait’s 2022 budget allocated KWD 12.6bn (about US$42bn) for salaries and benefits, or 55% of its total expenditure. Other countries in the GCC are in a similar position: Oman’s wage bill has doubled in the past decade despite efforts to cap its growth. Saudi Arabia’s allowances for civil servants rose from SAR 44bn in 2016 to SAR 148bn in 2019 and now form more than a third of the government’s total wage bill.

These high wage bills are adding excessive pressure to GCC budgets, especially in countries with fewer resources and limited fiscal buffers. In consequence, most are either introducing or expanding their tax bases, trimming back benefits, and exploring early retirement options for some staff. Rather than providing a prescriptive solution in their report, World Bank economists highlight some of the options adopted by other countries and suggest GCC countries reach consensus among stakeholders before moving forward.

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What can I do with an Economics degree?

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A degree in economics will increase your employability in any industry. High-skilled graduates are in high demand worldwide. The wide range of problem-solving and analytical skills that students with economics degrees have made them a versatile and valuable asset to the economy industry makes it a very interesting field. This filed is really difficult in getting in degree and quite who has ever learned economics have thought “I need help to do my economics assignment” but it is worth spending 4+ years if you are really into it.

Here’s a list of top economics jobs, including details about what you can expect and skills required.

Economist careers

A professional economist will research and analyze economic data, issues, and trends. You will need to complete a postgraduate degree in economics to be qualified to work as an economist. A professional economist will also need to be able produce economic forecasts and reports that can be presented to clients (individuals or financial institutions) and provide business advice.

Local and national government, private and public banks, insurance companies, think tanks, large multinational corporations, financial consultancies and accountancy firms are all possible employers. This role requires a solid understanding of current affairs and economic contexts.

Bank jobs in Economics

Economists are attracted to banking careers. These jobs offer great earning potential and high demand. A background in economics is highly valued for roles in financial management, financial planning and risk analysis. Bank careers focus on advising and providing services to a wide range of customers and clients, with a strong emphasis on meeting the financial needs of their clients.

Accountancy careers in economics

Further professional qualifications are required to become a qualified accountant. However, economics graduates can find many roles in accountancy. You can work in multiple industries and be an accountant. Your job focuses on the financial position of an individual, company, or organization. Accounting careers often involve recording, classifying and interpreting financial data.

Strong analytical skills and computer literacy are required for these careers. Accounting jobs are best suited for graduates in Economics who can easily make sense out of complex data sets.

Careers in economics and financial consultancy

Economists and economists are vital to the financial consulting industry and the business world. There are many opportunities for economics graduates to find employment in large and medium-sized companies that need to conduct economic research. A role as an economic researcher requires a thorough understanding of economic theories, models, analytical and problem solving skills, and mathematical ability. Similar roles would be filled by financial consultants working in the field of economics. However, they might work for multiple clients and produce reports as well as advising on business strategy. This role requires a high level of industry knowledge and understanding of corporate finances.

The public sector offers many opportunities for economic careers

Economists are highly valued in all aspects of public and private spending. The public sector often includes jobs in economics, including transport, commercial, waste and energy services. The recent global recession and tightening of economic regulation worldwide have led to an increase in the demand for economics students.

Careers in economics that involve data analysis and actuarial work

An actuary can be described as a business professional who advises on and evaluates the impact of financial uncertainty and risk. Accurate knowledge of both economics and business is used by actuaries to provide reports and develop strategies for reducing these risks. The majority of the entry-level roles in this field involve insurance and pensions. However, later you may be able move into areas such as banking, investments, or healthcare. Actuaries need to be proficient in mathematics and statistical compiling, as well as able communicate complex data to non-experts.

Careers and jobs in alternative economics

A background in economics can make it seem that almost anything is possible. Other common roles and careers in economics include stockbroker and insurer, business manager (retail merchandizer), retail merchandizer and pricing analyst, statistician and financial consultant, and salesperson.

If none of these interests you, what are you able to do with an economics degree? These are just a few of the options you might want to explore: international development and human resource management, journalism law, management, marketing research, politics, public relation, taxation and taxation. Or you can even start your own business as an entrepreneur!

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