Question of the week 19: Frugal

Hi and welcome to this week’s question of the week! First of all, we wish you a happy Easter! Now for this week, the word ‘frugal’ will be covered in the following question:

How can companies apply frugality as a strategy for cost reduction?

The word frugal stands for not being wasteful, lavish, or extravagant, and being economical and sparing. For instance, when a person decides to change from a post-paid mobile phone plan to pre-paid, with the reason to control the number of minutes used and texts sent, he or she is said to be frugal. Another example of being frugal is when a person decides to buy an electric car rather than a conventional car, with the idea of minimizing fuel costs and tax.

Companies can also apply frugality by implementing the ideology in company culture. When all employees are given the responsibility and moral obligation to minimize costs, it is then possible for a company to reduce unnecessary expenses. Examples of these include taking economy class flights rather than taking business, first, or even chartered flights. Also taking public transportation rather than fleet cars.

For companies to implement frugality, it is possible to do periodic checks of employee expenses, benchmarking costs for specific positions, have employees conduct due diligence for specific high cost purchases, or have incentives for the employees that saved the most. These are just some ideas.

In short: Frugal stands for being economical, not spending lavishly, buying things that are only necessary, and minimizing costs. Companies can be frugal if the ideology gets passed on to all employees, meaning that the employees themselves actively think of minimizing expenditure. Putting a moral obligation on employees to not overspend can help implement frugality, and having periodic checks, incentives, or have employees perform due diligence, can help maintain it.

If you have any questions or doubts, then please don’t hesitate to leave a comment!

Question of the week 18: Synergy

Hi and welcome to this week’s ‘question of the week’! For this week, the word ‘synergy’ will be covered in the following question:

How can synergies be created in group projects?

The term synergy stands for the effort that is given by two individuals working together, producing results greater than that of two individuals working alone. Apart from individuals, synergies could also involve companies, medicines, diseases, and pests, just to name a few. For instance, when company A provides technologies whilst company B provides distribution expertise, both companies can then produce products that take advantage of each other’s know-how, thereby creating profits for both which would not have been possible if they worked individually. But how do these synergies appear in group projects?

Group projects combine the knowledge of a number of people. The problem however lies in the amount of information that can be shared, and the relations that are built. When a team encounters individuals who push their ideas through, and are not open to everybody’s contribution, it becomes more difficult for synergies to appear. This is because ideas will get rejected or ignored, and those controlling the group will end up controlling the type of knowledge shared. Another issue lies in the amount of information, where everybody voices their ideas but none are combined. This then leads to ideas being piled up but not properly being used to create synergies.

For synergies to appear in group projects, it would require individuals to be open to each other, share as much relevant knowledge as possible, and ensure that all group members feel that they are a part of the project. This helps motivate everybody to work harder as their contributions are recognized, and encourage knowledge sharing.

In short: Synergy stands for the combined effort of two things, be it individuals, companies, or medicines, that produce an effect greater than adding both individual efforts. For synergies to appear in group projects, it becomes important to maximize knowledge sharing through actively listening to every member, and to motivate them by ensuring that everybody’s contribution will be seen in the project’s results.

If you have any questions or differing opinions, then please do not hesitate to leave a comment!

Question of the week 17: Succinct

Hi and welcome to this week’s ‘Question of the week’! In this week’s entry, the word “succinct” will be covered in the following question:

Should your Curriculum Vitae (CV) be succinct?

The term succinct stands for something that is brief, to the point, concise, and precise. Examples include a succinct speech, succinct letter, succinct description, succinct example, all of which mean that what is communicated is short but to the point. Whilst writing in a succinct style allows for a quick understanding, it comes at an expense of less attention to detail. As a CV is the first type of information an employer obtains about you, should your CV then be succinct?

When looking at the purpose of a CV, it is meant to give a brief background of a person that is relevant to the job. For instance, it is beneficial to show some experience in dealing with companies for a consultancy job, or competence in math for an engineering job. However, it is impossible to put a person’s life experience on paper, and there are many skills and qualities that do not end up in a CV yet contribute to the job position. This is why a person should write a succinct CV, as only the most important background details is enough for an employer to spark an interest. It should also be seen that a CV is only meant to filter people based on personal backgrounds, which is only done to cope with the number of people that apply for a job. Thus, a CV of 10 pages will not help at all despite giving a more detailed image of a person’s background.

In short: Succinct stands for something that is brief, to the point, concise, and precise. When looking at a CV, there are a lot of experiences, skills, and qualities that a person can put on. However, considering the volume of CVs an employer receives plus the need to spark interest with just a couple of relevant background points, it is important to write it succinctly.

If you have any doubts or differing opinions about what was said, then please don’t hesitate to leave a comment!

Question of the week 16: Nepotism

Hi and welcome to this week’s ‘Question of the Week”! For this week, the word ‘nepotism’ will be covered in the following question:

Is nepotism bad?

The term nepotism stands for favoritism shown towards relatives or friends over other individuals. An example of this includes when a high positioned manager recruits a friend or family member in a role without taking into account other individuals who may seem more suitable for the task. Another instance is when advice is being asked from a stranger and a family friend. A person would be more inclined to listen to a family friend even though the stranger may be more informed. These examples may seem to give a negative impression on nepotism, but is it really bad?

There are some reasons why nepotism is bad. Choosing a relative or close friend for personal gain and power is such an instance. This means that the person was placed only to fill a position, not necessarily to do a task. Another instance is when a person owes another a favor and so is then pressured to give a position. This means that the other person has his or her own incentive for being in the company. Both cases show that nepotism leads to the wrong person being employed.

Nepotism on the other hand can also lead to positive results when used in an appropriate way. For instance, when a boss chooses employees based on creating a company culture that is close, having close friends or family join can actually lead to a faster way of unity and acceptance of the new employee. This means that the company culture can be easier to achieve and maintain. Another instance is when trust is required for highly sensitive information. A relative or friend will be less inclined on stealing and selling company secrets than a newcomer due to the relationship built. Thus, when used appropriately, nepotism can also lead to positive results.

In short: Nepotism stands for favoritism towards family and friends over others that are deemed strangers. Depending on the person’s intentions, nepotism can actually lead to positive results. These include a quickened acceptance of company culture, and a more stable form of trust.

If you have any questions, or differ in opinions, then please do not hesitate to leave a comment!