Why Are Millennials So Challenging to Manage?

Fully understanding how the minds of Millennials work is a near-impossible task! However, it is crucial to address a few generation-defining characteristics to help enhance your understanding.

#1: MILLENNIALS VIEW THEMSELVES AND OTHERS AS EQUALS

Regardless of their co-workers’ relative seniority, level of education, or other remarkable accomplishments, Millennials view themselves and other generations as equals. You can either interpret this as a sign of entitlement or a sign of secured self-image. The perception of equivalence is partially rooted from the fact that they bring a unique skillset to the workplace, and they know it.

Millennials are fluent in technology compared to previous generations. Their recommendations often provide increased organizational efficiency, and they expect to be taken seriously for that.

#2: MILLENNIALS ARE MORE “SENSITIVE”

Previous generations considered Millennials as more sensitive. A part of it is true and it’s not all bad. Millennials have low tolerance for injustice, disrespect, and hostility.

They are willing to speak up about the quality of their experiences (i.e., the good and bad) and are willing to apply compassion in what they do. Thus, they are aware of the harm inflicted by toxic management. They are wary of its risks including burnout and diminished performance arising from unsupportive working environments.

#3: MILLENNIALS DESIRE PROFESSIONAL GROWTH

According to data from Gallup, 60% of Millennials are open to new job opportunities, making them the generation that is most likely to change jobs when they get the chance. Millennials are eager to climb the metaphorical ladder. They keep a constant eye out for professional growth.

The desire for professional growth may be influenced by social comparison and social media. From peers publishing their latest accomplishments on LinkedIn to the implicit follower counts on other platforms, Millennials often measure their accomplishments against their peers.

#4: MILLENNIALS NEED FREQUENT FEEDBACK

Millennials have seemingly insatiable craving for feedback and instant gratification. In response to technology, the Internet has become a background noise for constant positive and negative feedback. Beyond the noise, this generation has come to rely on crowd-sourced data to guide their every move.

Image Credits: pixabay.com

Regardless of whether you are giving constructive feedback or compliments, it is important to understand their expectations about frequency when determining how to communicate with them in the workplace.

HOW TO MANAGE THEM

If you are concerned about how to manage them in the workplace, you need to learn how to communicate in a way that encourages them to stay open. For instance, you may start by saying: “I am going to be frank with you about your performance because I see your potential and I trust that you can handle this feedback.”

Using this strategy frames the feedback no matter how difficult it is to deliver. Moreover, it puts your employee in a position where being receptive to feedback affirms their reputation as a respectable peer. Additionally, you can provide opportunities for personal and professional growth.

Millennials can be your greatest allies and your hardest working group of employees if you manage them correctly. Consider the generation-defining characteristics mentioned above to guide your leadership style!

Sources: 1 & 2

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How Can Women Focus on Their Retirement?

Women face greater financial long-term risks than men due to several factors. These factors include having a longer lifespan, needing to pay for medical expenses, loss of spouse, and gender pay gap.

Senior Wealth Advisor Sandy Higgins highlighted: “There are varied reasons for this gap, but what holds true are the statistics and cumulative impact of this on retirement savings.”

While the difference between the wages of men and women do not seem large to many, the results can be substantial over time. Thus, it is important for women to focus on their retirement plan. Consider the following tips.

#1: INCREASE YOUR KNOWLEDGE

Despite having a tendency of being more responsible with money, women were not allowed to open a bank account in their name before the 60s. Today, men are still regarded as the primary financial providers for their families.

Dance with the times by being educated on your finances. Brush up your knowledge on personal finance to get more confident as time passes.

#2: KNOW YOUR SPENDING HABITS

To grow your golden nest in the future, you must become aware of your shopping habits. Tracking your spending allows you to identify where your unnecessary and unplanned purchases happen. This way, you can modify it to achieve your retirement saving goals.

#3: PRACTICE BUDGETING

Always budget the expenses before signing a lease or making a major financial decision. It is important to recognize the full cost of your choices, including your rent or mortgage payment.

Experts say that the most common rule of thumb in housing is that your total housing costs should be no more than 30% of your gross monthly income. Stay as close to this amount as possible.

#4: GET READY TO RETIRE

A woman’s marital situation can affect her retirement plan. For instance, a woman may outlive her husband by several years depending on their age difference. Second marriages and stepchildren can also affect retirement planning.

Image Credits: unsplash.com

Structure a realistic and attainable retirement plan. Do not forget about your husband’s assets! Know which assets will be divided among you and your children once your spouse dies.

Sources: 1 & 2

 

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Britain Enters a New Era Marked by Mourning & Economic Uncertainty

The death of Queen Elizabeth II marks the start of a new era for the United Kingdom, but it is fraught with economic uncertainty and the loss of one of its pillars of stability.

Queen Elizabeth II, the UK’s longest-serving monarch, has died at the age of 96. She died peacefully last Thursday at Balmoral Castle, Scotland. She is succeeded by her eldest son, who was proclaimed King Charles III hours after her death.

Queen Elizabeth II was one of the pillars of stability and continuity as her reign spanned from the aftermath of WWII to the 2016 Brexit vote and the 2020 global pandemic. She symbolized consistency in a world of constant change. With the news of her passing, thousands of Brits gathered outside Buckingham Palace in the pouring rain to pay their respects.

Her passing will be followed by a period of solemn ceremony, during which no government announcements will be made until after her funeral. This will then be marked with a public holiday in approximately 10 days. Moreover, the Bank of England has postponed its monetary policy meeting by a week.

SUSPENSION OF NORMAL POLITICS

The Queen’s final act of public service was the appointment of UK’s new prime minister Liz Truss. Merely days after her appointment, the suspension of normal politics went in place.

Truss enters at a time when the country is experiencing its worst economic outlook in years, a deepening energy crisis, and an increased inequality.

Hours before the Queen’s passing, Truss outlined her plans to combat the UK’s cost-of-living issues, unveiling a broad stimulus package, which is designed to help households and businesses struggling to cope with the soaring prices of energy bills. The package could cost as much as £150 billion (about S$243 billion), according to analysts at Berenberg. Finance minister Kwasi Kwarteng is set to confirm the package’s price tag later this month.

INCREASING RECESSIONARY RISKS

Goldman Sachs warned that the UK could fall into recession in the fourth quarter of this year, which echoed the earlier forecasts from the Bank of England. The British pound has already been on a downward spiral over the past several months, hitting a 37-year low of $1.1469 last Wednesday.

Historian and Professor of King’s College London Andrew Roberts said: “We are facing a massive cost-of-living crisis in the UK, obviously, and what people want to see is the Royal Family reflecting that.”

CHANGES IN BANKNOTES

The UK banknotes which feature the portrait of the Queen will continue to be legal tender, according to the Bank of England. Additionally, it would announce its plans to print new banknotes with a portrait of King Charles III after the period of mourning.

Sources: 1 & 2

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Can You DIY Your Wedding to Save Money?

When it comes to wedding planning, it is all about knowing your priorities and allocating your money wisely. Making a list of your priorities and setting a budget should be the number one step of wedding planning. Apart from this, here are other ways you can save money.

#1: LEAD YOUR GUESTS TO A WEDDING WEBSITE

When it comes to your wedding invitation, you can save money by directing your guests to your wedding website instead of printing out multiple invitations. You can create free websites through platforms such as Wix and WordPress.

Do not forget essential information such as the welcome party or rehearsal dinner details as well as the transportation and map to your ceremony.

#2: SELECT THE “OFF-PEAK” MONTH

The wedding off-peak season typically runs from November to March. If you want to get the most bang for your buck, you can host your wedding during this period. Considering having a celebration in November or March can help you save money in your venue rental fee. Just ensure that you have a Plan B for inclement weather!

#3: CUT DOWN YOUR GUEST LIST

It goes without saying that a smaller guest list is easier on your budget and sanity. Reducing your guest list from 300 to 150 can be overwhelming, but manageable.

Image Credits: pixabay.com

Intimate ceremonies require less money and less effort. Moreover, you will be able to have quality interactions with the people who mean most to you.

#4: CONDUCT THE ENTIRE WEDDING IN ONE PLACE

Avoid worrying about the coordination/logistics and the extra expense of transportation by having your entire wedding at one venue. Everyone will be on time for your ceremony and reception.

#5: EMBRACE THE ALL-IN-ONE PACKAGE

If you are maximizing your wedding budget, you must keep an eye for the words: “all inclusive”. There are venues that provide all-in-one packages that cover amenities, catering, staff, cake, guest accommodation, host, and more. Bundling all these services in one roof can help you save money and reduce your stress!

#6: ORDER YOUR WEDDING GOWN IN ADVANCE

Ordering your wedding gown at least eight or nine months before the ceremony can help avoid the rushed delivery fees. Last-minute alterations that are costly can also be prevented.

Image Credits: pixabay.com

Sources: 1 & 2

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4 Things to Consider Before Living Near Your Child’s School

Singaporean parents want to provide their children the leverage in life through providing quality education. Some parents are willing to spend their savings to move to a property within proximity of their chosen primary school.

The question remains, is it really worth it to move near your child’s school to increase his or her chances of getting in?

#1: AMENITIES IN SCHOOL ZONES ARE PRICIER

Living near your chosen primary school is convenient for commuting. However, being near the school zone comes with other inconveniences such as noise and traffic in the morning.

Elite primary schools tend to be situated in prime districts. Properties in the prime districts are expensive. For instance, ACS Junior in Newton is surrounded by private properties amounting to S$3-7 million. Apart from shelling out millions, it is not uncommon for supermarkets or MRT stations to be further away from residential areas. In contrast, neighborhood schools are often surrounded by HDB Developments.

#2: PRIORITY ADMISSION IS NOT GUARANTEED

Staying near your chosen school does not immediately guarantee that you will be given the slot, which is why many parents are hoping to improve their chances by participating in volunteer work. If you cannot get into your preferred school and have no alternative options nearby, that means that you could be facing a lock-in period of at least three to five years as part of the home loan agreement.

On the other hand, if you can successfully secure a place for your child due to proximity, you will need to stay at the address for at least thirty months from the start of the registration exercise as required by the Ministry of Education.

#3: SOCIAL SUPPORT CAN BE A FACTOR

Apart from prioritizing quality education, childcare should also be a factor in planting your roots. Do you opt to live near the homes of your parents and in-laws? If so, you will be able to ask for their support after school hours. For instance, your child can go over to his or her grandparents’ home after school.

#4: ASSESSING PROPERTY MARKET PRICE CAN MAXIMIZE PROFIT

If you found a home within a kilometer away from your chosen primary school, you will reap its rentability and value benefits. Many parents would want to rent a flat near their children’s school.

A study done by NUS found that 1.4% and 6.9% price declines of private and HDB homes, respectively, within 1km of a school that relocates. Apart from your proximity to the school, it is essential to assess a property’s size, age, and nearby amenities to ensure a tidy profit once you decide to rent it out or to sell it in the future.

For owners of private properties, you can seek the help of licensed appraisers who are members of the Singapore Institute of Surveyors and Valuers to determine your property’s valuation. While HDB homeowners should not worry about researching the valuation cost as they can get a valuation report on their unit from the HDB office.

Image Credits: unsplash.com

BOTTOMLINE

Choosing where to live is a personal decision. Consider all the factors that will affect your move. Some people are content with being near any primary school, while others feel that getting a good start in life is tied to an elite primary school. The choice is up to you.

Sources: 1 & 2

 

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