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'description' => 'In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table, the American Chamber of Commerce in Korea (AMCHAM Korea) has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.',
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'content' => '<p>In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table,<strong> the American Chamber of Commerce in Korea (AMCHAM Korea)</strong> has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-4-SOKOR-AMCHAM-James_Kim.jpg" alt="" />
<figcaption class="image-caption">AMCHAM Korea Chairman and CEO James Kim</figcaption>
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<p>“We are working with businesses and communities in building a more inclusive economy by promoting women’s economic empowerment in Korea. Although the country has come a long way in terms of addressing gender inequality, Korea is still ranked very low amongst the OECD countries when it comes to the wage gap between women and men,” said <strong>AMCHAM Korea Chairman and CEO James Kim.</strong></p>
<p>Kim said AMCHAM Korea understands that empowering women and providing them with equal opportunities is not just a matter of social justice, but also benefits a company's performance. Through its advocacy efforts, networking events and mentorship programs, AMCHAM Korea encourages more women to take on leadership roles within SMEs and large corporations alike.</p>
<p>“I'm very proud to say that AMCHAM Korea has nine women on its board of governors. Six years ago, we only had one. So this year, we broke our record and we're going to continue to do that. At AMCHAM, we're showing leadership with real execution as opposed to just talking about it,” Kim said.</p>
<p>By ensuring diversity within its executive leadership team, AMCHAM Korea is leading by example and showing firsthand that a diverse leadership team helps shape an organization's culture and drive it toward greater success.</p>
<p>Kim also highlighted that at the heart of AMCHAM’s initiatives lies the American Business Center (ABC), a pioneering market development program that organizes workshops, seminars, and mentorship programs, and facilitates knowledge-sharing between South Korean SMEs and American companies.</p>
<p>“The American Business Center is fully operational. We have signed very exciting agreements with various organizations in the U.S. From leaders in the private sector to mayors, they all want to do business with Korea via AMCHAM Korea’s American Business Center. We also have a bunch of our big member companies, who are already here in Korea, committing to help these leaders enter the Korean market. AMCHAM Korea acts as the glue that makes this happen,” said Kim.</p>
<p>The AMCHAM Korea chief executive said the ABC aims to foster more collaborations between Korean and American businesses and promote diversity by encouraging SMEs to recruit and retain a diverse talent pool.</p>',
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'description' => 'The LGBTQ+ community is the fastest-growing minority segment in the United States, with close to $1.4 trillion in spending power, according to a 2021 government census. The National Gay & Lesbian Chamber of Commerce also estimates that all LGBT-owned businesses in the country contribute more than $1.7 trillion to the U.S. economy.
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<p>While it is impossible to know the exact number of American businesses owned by LGBTQ+ today, the National Gay & Lesbian Chamber of Commerce (NGLCC), through its 2022 America’s LGBT Economy Report, estimates that all LGBT-owned businesses in the country contribute more than $1.7 trillion to the U.S. economy.</p>
<p>NGLCC’s 2022 report also showed that the states of California, New York, Texas, Florida, and Georgia have the most concentration of LGBT business enterprises (LGBTBEs) and represent more than a third of the entire nation’s total number of certified LGBTBEs.</p>
<p>According to NGLCC Co-Founder and President Justin Nelson and NGLCC Co-Founder and CEO Chance Mitchell, more than a third of the Fortune 500 companies, many top federal agencies, major urban municipalities, the Commonwealth of Massachusetts, and the Public Utilities Commission of California actively seek out and welcome our innovative and certified LGBT business leaders.</p>
<p>Nelson and Mitchell stressed that business will continue to be a catalyst for positive change for America’s minorities, including the LGBT community, to pursue the vital work for economic equality, one small business at a time.</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-4-PACNOR-Diversity-LGBTQ.jpg" alt="" /></strong></p>
<p><strong>What do LGBTQ+ entrepreneurs need the most to continue thriving in 2023? Funding.</strong></p>
<p>A 2022 report published by JP Morgan said access to capital remains a greater challenge for LGBTQ+ founders than the general population of company founders.</p>
<p>JP Morgan reports only 0.5% of all funding for startups goes to LGBTQ entrepreneurs, despite more than 7% of Americans self-identifying as lesbian, gay, bisexual, transgender, or non-heterosexual.</p>
<p>In the same report, StartOut Growth Lab Director of Programs Tarik Perkins said, “Despite receiving half a percent of all startup dollars over the past 20 years, LGBTQ+ founders have excelled when given opportunities.” He added, “LGBTQ+-founded companies today create 36% more jobs compared to the average entrepreneur.”</p>
<p>Perkins also pointed out that LGBTQ+ founders have created 114% more patents than the average entrepreneur. And are 44% more likely to exit, despite having 16% less funding.</p>
<p>Visit <a href="https://nglcc.org/press-media/reports/" target="_blank" rel="noopener">https://nglcc.org</a> to view the full 2022 America’s LGBT Economy Report.</p>',
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'id' => '545508',
'title' => 'Full Spectrum Leadership: How Lockheed Martin defines culture and leadership',
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'description' => 'First introduced to Lockheed Martin in January 2006 by then CEO Robert J. Stevens, Full Spectrum Leadership is the company's belief that corporate culture change happens in two ways: it grows from the bottom up, and it flows from the top down. ',
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'content' => '<p>A company’s organizational culture can be a chief experience officer’s (CXO) most powerful ally if nurtured properly. According to PwC's Workforce Hopes and Fears 2022 global survey of over 52,000 workers and chief executives in 44 countries, 69% of senior leaders said their strong company culture resulted in better results and was the main driver of success during the pandemic.</p>
<p>How then can leaders create the best possible organizational culture for their companies? GMI POST looks into leading global security and aerospace company Lockheed Martin and its unique approach to leadership called “Full Spectrum Leadership” for answers.</p>
<p>What is Full Spectrum Leadership?</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-PACNOR-Full-Spectrum-Leadership.jpg" alt="" /></p>
<p>First introduced to Lockheed Martin in January 2006 by then CEO Robert J. Stevens, Full Spectrum Leadership is the company’s belief that corporate culture change happens in two ways: it grows from the bottom up, and it flows from the top down.</p>
<p>By taking into account the power and role of both the worker and decision-maker when it comes to shaping an organization’s culture, Stevens said Lockheed Martin created an environment of inclusion and trust for all.</p>
<p>According to Lockheed Martin’s official website, its Full Spectrum Leadership philosophy empowers all of its employees to possess five characteristics: (1) The ability to deliver results, (2) The determination and vision to shape the future, (3) Building effective relationships, (4) Energizing the team and (5) Embodying personal excellence, integrity, and accountability.</p>
<p>“As a team, we are committed to driving responsible growth for shareholders, customers, employees, and suppliers. We are unified by our core values: doing what’s right, respecting others, and performing with excellence. These values shape our culture, drive our approach to business, encourage our outreach in the community, and inspire our commitment to sustainability and environmental stewardship,” said Lockheed Martin Chairman, President and CEO James D. Taiclet in the company’s 2022 Sustainability Performance Report.</p>
<p>Lockheed Martin’s Full Spectrum Leadership philosophy reminds all leaders that collective strength, not individual talent, is the defining feature of successful organizational leadership.</p>',
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'id' => '545509',
'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
'description_old' => null,
'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'url' => 'reigniting-the-spark-how-managers-can-reenergize-their-teams-with-low-morale',
'tags' => 'South Korea, Workplace Culture, Employee Morale ',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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'id' => '545510',
'title' => 'Are young Filipino employees working too hard? How to deal with burnout ',
'description_old' => null,
'description' => 'The majority of young working Filipinos are experiencing burnout. According to a recent report by Deloitte Philippines, 70% of Filipino Generation Z (born between 1997 and 2012) and 63% of Filipino millennials (born between 1981 and 1996) said they were experiencing occupational burnout and cited "heavy workload demands" as the main reason.',
'credit_id' => '48',
'image' => null,
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'url' => 'are-young-filipino-employees-working-too-hard-how-to-deal-with-burnout',
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'content' => '<p>The majority of young working Filipinos are experiencing burnout. According to a recent report by Deloitte Philippines, 70% of Filipino Generation Z (born between 1997 and 2012) and 63% of Filipino millennials (born between 1981 and 1996) said they were experiencing occupational burnout and cited “heavy workload demands” as the main reason.</p>
<p>Deloitte Philippines says the global average for burnout per country is 45%, an increase from 39% in 2019.</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-PH-Work-Stress-and-Burnout.jpg" alt="" /></p>
<p>Meanwhile, a separate study conducted by research analytics firm Milieu Insight and Intellect, the largest and fastest-growing mental health tech company in Asia Pacific, revealed that 52% of employees in the Philippines reported feeling burned out from work at least a few times a month, compared to 49% in Singapore and Indonesia. The study said the “hustle culture” or “rise and grind mentality” as the main reason burnout was more prevalent in the Philippines than in other countries in the region.</p>
<p><strong>Why do Filipinos work hard?</strong></p>
<p>According to the Milieu and Intellect study, the top reasons employees in the Philippines work hard are to improve their lives and those of their loved ones (58%), to have a sense of accomplishment (53%), and to increase their income (50%).</p>
<p><strong>What are the signs of burnout?</strong></p>
<p>Burnout isn’t something that happens suddenly. It gradually sneaks up on people after prolonged high levels of stress. But there are signs and if one is wary enough, you can spot them.</p>
<p>According to Healthline, these signs include (1) forgetfulness and difficulty concentrating, (2) diminished pride in your work, (3) losing sight of yourself and your goals, (4) difficulty maintaining relationships and being present with loved ones, (5) increased frustration and irritability with co-workers, (6) unexplained muscle tension, pain, fatigue, and (7) insomnia.</p>
<p><strong>How do you deal with burnout?</strong></p>
<p>While businesses are encouraged to provide their employees with mental health support which includes giving workers access to professional help, below are some practical strategies to help you manage feelings of burnout, according to Jeanne Segal, Ph.D. of helpguide.org:</p>
<ul style="list-style-type: disc;">
<li>Reach out to those closest to you, such as family and friends.</li>
<li>Be more sociable with your co-workers to help buffer you from burnout.</li>
<li>Limit your contact with negative people.</li>
<li>Connect with a cause or a community group that is meaningful to you.</li>
<li>Expand your network and build new relationships.</li>
</ul>
<p>Occupational burnout must be taken seriously. If unrecognized and left untreated, an overworked brain and body can lead to anxiety, emotional distress, and other dire consequences.</p>',
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'id' => '545511',
'title' => 'Greater Portland Inc: Your money will go further in Greater Portland',
'description_old' => null,
'description' => 'Despite the countless challenges brought about by the COVID-19 pandemic, Greater Portland Inc. managed to create new jobs and drive tangible growth for the Greater Portland region. GMI POST sat down with GPI President and CEO Monique Claiborne as she shared the factors that paved the way for new investments and economic opportunities in Greater Portland. ',
'credit_id' => '48',
'image' => null,
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'url' => 'greater-portland-inc-your-money-will-go-further-in-greater-portland',
'tags' => 'US, Oregon, Greater Portland, Economic Development',
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'content' => '<p>Despite the countless challenges brought about by the COVID-19 pandemic, Greater Portland Inc. managed to create new jobs and drive tangible growth for the Greater Portland region. GMI POST sat down with GPI President and CEO Monique Claiborne as she shared the factors that paved the way for new investments and economic opportunities in Greater Portland.</p>
<p>“Even during the two-year global shutdown, we attracted over 1,200 jobs, which have resulted in $65 million in direct income and about $250 million in sales and output for the region,” said Claiborne.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/Greater%20Portland-Monique_Claiborne.jpg" alt="" />
<figcaption class="image-caption">Greater Portland Inc. President and CEO Monique Claiborne</figcaption>
</figure>
<p>According to the GPI chief executive, the Greater Portland region’s thriving business environment is driven by innovation, collaboration, and other unique advantages of doing business in the area. These factors include Greater Portland’s prime West Coast location, its top-ranked infrastructure that can easily connect companies to the global market, world-class industrial properties, and the region’s highly-educated workforce.</p>
<p>Claiborne said as of 2022, 55% of the region’s population had a bachelor's degree, which was well above the national average of 34.98%.</p>
<p>“We have a strategic plan that will make Greater Portland the destination of choice for leading global brands. From offering confidential, no-cost services for companies that are considering the region to connecting businesses that are already here in the region, we are committed to ensuring the success of companies, across sectors, in Greater Portland,” said Claiborne.</p>
<p>The GPI President and CEO highlighted two sectors that were driving the most growth in the region: its computer, electronics, and semiconductor sector; and its apparel and outdoor retail and gear industry. Some of the global computer and semiconductor brands with headquarters in Greater Portland include Intel, Lam Research, HP, Tektronix, HP, and Siemens. Meanwhile, global apparel & outdoor brands such as Adidas North America, Nike, and Columbia Sportswear Company are also in the region.</p>
<p>Asked for a message to companies interested in doing business in Greater Portland, Claiborne said, “Your money will go further in Greater Portland. GPI is here to assist you with anything you might need, from making introductions to other businesses to providing workforce data and securing tax abatements, grants, and incentives. We are here to help move your business forward.”</p>',
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'id' => '545505',
'title' => 'The future of work: Three reasons Filipinos prefer remote work and hybrid setups',
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'description' => 'As the Philippines continues to recover from the pandemic, a survey conducted by Sprout Solutions in 2022 shows that more companies have shifted from remote to on-site work arrangements. Are Filipino employees happy with this?
',
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'url' => 'the-future-of-work-three-reasons-filipinos-prefer-remote-work-and-hybrid-setups',
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'content' => '<p>As the Philippines continues to recover from the pandemic, a survey conducted by Sprout Solutions in 2022 shows that more companies have shifted from remote to on-site work arrangements. Of the more than 2,200 respondents in various industries and companies in the Philippines, about 51% have started physically reporting back to work compared to only 35% in 2021.</p>
<p>Are Filipino employees happy with this?</p>
<p>A study conducted by SEEK Asia in 2023 showed that the majority of Filipino workers still prefer either a hybrid or fully remote work setup over on-site work arrangements. The study, which surveyed 97,324 respondents across six Southeast Asian countries including the Philippines, found that 46% of Filipinos are more interested in having a hybrid setup, 28% preferred fully remote, and only 26% are happy with physically reporting back to their respective offices.</p>
<p>Here are three reasons why a majority of Filipino employees prefer a work-from-home or hybrid work setup.</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-PH-Work-from-Home.jpg" alt="" /></strong></p>
<p><strong>Less travel time</strong></p>
<p>Manila is part of the top 10 cities with the worst traffic in the world, according to the 2022 TomTom Trafï¬c Index. On average, it took 27 minutes for Filipinos to travel 10 kilometers in Metro Manila last year.</p>
<p>Working from home eases Filipinos from this burden since they only need a computer and internet connection to work.</p>
<p><strong>Remote work increases productivity</strong></p>
<p>According to a global survey by ConnectSolution, 77% of those who work remotely show increased productivity, with 30% doing more work in less time and 24% doing more work in the same period. This could be due to reduced commute times, fewer in-person distractions, or the freedom to design a work environment that best suits their needs.</p>
<p><strong>Working from home improves work-life balance</strong></p>
<p>A study conducted by Jobstreet in 2023 shows at least 73% of Filipino jobseekers surveyed want a stable job with a work-life balance. This was higher than the global average of 69%. The study also found that 56% of remote work employees report improved mental health due to improved work-life balance and flexibility.</p>
<p>While it’s true that the global pandemic came with many challenges, it has also opened multiple opportunities for businesses to make more accessible and inclusive workspaces.</p>
<p>Companies should take this opportunity to ask for input from their teams on their preferred work arrangements so that their employees feel they are listened to, supported, and provided the right conditions to thrive both personally and professionally.</p>',
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'title' => 'How to increase productivity: Samsung's 'One Friday Off' policy',
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'description' => 'Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years. To prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy. ',
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'content' => '<p>Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years, according to a global study by independent think tank Future Forum.</p>
<p>And while the same study shows that 70% of professionals feel that employers aren’t doing enough to prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy.</p>
<p>Implemented last June 24, Samsung’s policy allows its non-factory, full-time employees in South Korea to take one Friday off every month. Some Samsung employees have started calling the management-mandated holiday "Family Day," while others are calling it "Development Day”.</p>
<p>Beyond encouraging a healthy work-life balance among its employees, Samsung also hopes the new policy will boost its employer brand and recruitment. In an interview with local media, Samsung Electronics Chairman Lee Jae-yong said, "Through this policy, we hope to bring in good talent and create a flexible work culture for the company so that we can easily adapt to changes."</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-SOKOR-Samsung-One-Friday-Off-policy.jpg" alt="" /></p>
<p><strong>A step in the right direction: longer working hours do not necessarily equate to higher productivity</strong></p>
<p>A study from Stanford University found that productivity per hour declines sharply when a person works more than 50 hours a week. After 55 hours, productivity drops so much that putting in more hours would be pointless.</p>
<p>By giving its employees an additional day off each month, Samsung demonstrates a deep understanding of the importance of rest to promote productivity, boost innovation, and cultivate a happier and more fulfilled workforce.</p>
<p>With its 'One Friday Off' policy, Samsung is the latest advocate to introduce a four-day work in South Korea. Fellow chip maker SK Hynix also started offering employees a Friday off once a month provided they average 40 hours a week. Meanwhile, CJ ENM, one of South Korea’s largest content companies, gives its workers every other Friday off.</p>
<p>Other companies would do well to learn from these South Korean companies’ progressive actions regarding the value of downtime.</p>',
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'section_summary' => 'Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years. To prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy. ',
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'id' => '545507',
'title' => '3 tips on implementing an effective time-tracking system for remote teams',
'description_old' => null,
'description' => 'In Washington D.C., 47% of surveyed employees in the country's capital said they have jobs with responsibilities that can be done from home. Also, the same poll showed that two-thirds of those surveyed said they were remote-capable workers who would rather work from home 'most' or 'all' of the time.',
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'url' => '3-tips-on-implementing-an-effective-time-tracking-system-for-remote-teams',
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'content' => '<p>It’s been four months since U.S. President Joe Biden signed the bill that ended the Covid-19 national emergency, yet many businesses have still not enforced a full return to onsite work.</p>
<p>In Washington D.C., 47% of surveyed employees in the country’s capital said they have jobs with responsibilities that can be done from home. Also, the same poll showed that two-thirds of those surveyed said they were remote-capable workers who would rather work from home 'most' or 'all' of the time.</p>
<p>California-based Buildremote reports that 77% of the Fortune 100 companies operate on a hybrid work setup today, while a survey from MIT also shows that 34% of the entire U.S. workforce has shifted from on-site to either a full remote or hybrid work arrangement.</p>
<p>While most Americans are happy to continue working from home, the shift has also presented employers and team leaders with challenges on how to monitor their team’s progress and ensure productivity. In response, 60% of companies have started using at least one type of employee monitoring software to ensure productivity and accountability amongst employees, a Pew Research study shows.</p>
<p>But employee monitoring can be controversial as it raises data privacy concerns.</p>
<p>A 2022 PubMed study shows that 61% of employees perceive time-tracking as a lack of trust. PRNewswire also reports that two out of three people hesitate to join organizations that use robust monitoring measures, like facial recognition technology and camera surveillance.</p>
<p>However, that doesn’t mean time-tracking is completely bad.</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-PACNOR-Remote-Work.jpg" alt="" /></p>
<p>Here are three tips for business owners and managers who are considering implementing a time-tracking policy for remote teams:</p>
<p><strong>Be transparent: Inform your team of the importance and the benefits of time-tracking</strong></p>
<p>Have an honest conversation with your team about the use of a time-tracking platform, especially on its several productivity benefits, the specific data that you will be collecting, and how you plan on using it. Solicit feedback from team members as well and make them feel welcome to the conversation on whether a time-tracking system is required within the organization.</p>
<p><strong>Make the system simple: time-tracking is supposed to help with productivity</strong></p>
<p>Use time-tracking platforms that don’t require additional work from your team. Look into automated tools that don’t require them to manually log minutes or press the “start” and “stop” buttons. Also, look for ways on how your team can seamlessly integrate your time-tracking platform into the other tools that they use.</p>
<p><strong>Incentivize team players: Don’t reward good work with more work</strong></p>
<p>Time-tracking can be fun and engaging. Look into “gamifying” your time-tracking policies so employees feel motivated to follow the system. Some companies offer cash incentives to highly productive team members. Instead of giving more work to those who finish their tasks quickly, why not reward them with well-deserved rest? </p>
<p>Implementing a time-tracking policy and creating a transparent, flexible, and inclusive remote workspace are not mutually exclusive. Employers or team leaders just need to be open about how time-tracking systems are a win-win situation for everyone.</p>',
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'id' => '545502',
'title' => '3 things business decision-makers need to know before investing in South Korea',
'description_old' => null,
'description' => 'Why invest in South Korea? The East Asian nation is one of the world's fastest-growing economies. If you're considering investing in South Korea, here are three things you should know before diving in. ',
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'url' => '3-things-business-decision-makers-need-to-know-before-investing-in-south-korea',
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'content' => '<p>Why invest in South Korea? The East Asian nation is one of the world’s fastest-growing economies. Since 1961, the country’s gross domestic product (GDP) has grown an average of 7.1% every year. As of March 2023, foreign direct investments (FDI) increased by $2.6 billion.</p>
<p>If you’re considering investing in South Korea, here are three things you should know before diving in. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-SOKOR-Investing%20in%20South%20Korea.jpg" alt="" /></p>
<p> </p>
<p><strong>South Korea is a leading global destination for industrial sectors</strong></p>
<p>As the world’s 10th-largest economy, the South Korean market is robust and dynamic, mostly driven by the technology, automotive, and manufacturing industries. As of 2021, South Korea’s manufacturing sector accounted for 28% of the country’s GDP. The average contribution of manufacturing in 157 countries is 12.32%.</p>
<p>Aside from being the world's largest producer of semiconductors, South Korea’s main industries include textile, steel, car manufacturing, shipbuilding and electronics.</p>
<p><strong>Korean business culture is steeped in Confucianism</strong></p>
<p>Developing strong relationships and understanding the local business culture is critical when investing in South Korea. Korean business culture emphasizes hierarchy, respect for authority, and personal connections.</p>
<p>Being punctual and engaging in “small talk” before getting to business is generally expected. And while most business decision-makers prefer to shake hands when meeting for the first time, others still bow. If this happens, you are expected to do the same, starting with the most senior executive in the room and bowing as deeply as he does.</p>
<p>Establishing trust and long-term relationships with local partners or potential clients can greatly enhance your chances of success. Moreover, having a reliable local contact who understands the Korean market can help overcome language barriers and cultural differences, which will facilitate smoother transactions.</p>
<p><strong>South Korea has friendly regulations and legal solutions for foreign investors</strong></p>
<p><strong> </strong>In the 2023 Index of Economic Freedom released by World Heritage, South Korea ranked 15th out of 176 countries. The index grades a country’s respect for property rights, financial soundness, and judicial efficiency. To attract more business from overseas, the country passed in 1998 the Foreign Investment Promotion Act (FIPA), which was followed up by other laws that further protected foreign investments.</p>
<p>Additionally, various state-mandated incentives and support including professional and legal advice are available for qualified potential investors.</p>
<p>Investing in South Korea offers lucrative opportunities for international investors. However, success in the Korean market requires careful consideration of the economic landscape, a clear understanding of the business culture, and a firm grasp of the regulatory environment.</p>
<p>Visit <a href="https://www.investkorea.org/" target="_blank" rel="noopener">https://www.investkorea.org/</a> for more information.</p>',
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'id' => '545503',
'title' => 'Trade missions: Washington's key to attracting foreign investments',
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'description' => 'The Washington State Department of Commerce recognizes that publicizing the vast business opportunities in the state of Washington is only half the battle of attracting foreign investment. The other half is its successful strategy is building personal relationships.',
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'content' => '<p>For more than a century, Washington State has attracted leading global businesses. Today, it continues to nurture significant partnerships with foreign investors by highlighting the benefits of doing business in the state, which include its huge population of workers (3.5 million), easy access to international markets through 75 ports and 139 airports, business-friendly policies, and tax incentives.</p>
<p>However, the Washington State Department of Commerce recognizes that publicizing the vast business opportunities in the state of Washington is only half the battle. The other half of its successful strategy is building personal relationships, the department says.</p>
<p>On its website, the Department of Commerce adds that even though relationship-building can take years or even decades before seeing any return, its FDI team has made solid inroads over the last few years through international trade missions.</p>
<p>“Trade shows and missions are critical tools for marketing the state. As much as technology has changed the way business is conducted, many cultures still require that face-to-face interaction that comes through marathon business meetings,” the department stressed.</p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-PACNOR-Trade-missions-and-FDI.jpg" alt="" /></p>
<p> </p>
<p>Since 2013, the Office of the Governor has led 12 trade missions to several countries, including Japan, France, Korea and Mexico. Meanwhile, Washington has received more than 200 trade, education and government delegations from more than 30 countries over the last 10 years.</p>
<p>The Department of Commerce shared that it works closely with multiple stakeholders, including the Governor’s office, state representatives and economic development organizations, to organize these international delegations to optimize results.</p>
<p>“Even in an age of instantaneous digital communications, nothing beats face-to-face interaction with key decision makers,” said Washington State Department of Commerce Director Mike Fong in a press release.</p>
<p>Washington Gov. Jay Inslee agrees: “People-to-people connections allow new ideas to find their way to the marketplace and revolutionize industries quickly.”</p>
<p>According to the Washington Office of Economic Development and Competitiveness, more than 800 multinational businesses are headquartered in the state today and employ more than 160,000 workers.</p>',
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'id' => '545504',
'title' => 'FDI inflows to the Philippines: Trends and sectors to look out for',
'description_old' => null,
'description' => 'The Philippines' foreign direct investment (FDI) attraction strategy is right on track, according to experts. In February 2023, the Banko Sentral ng Pilipinas (BSP), the Philippines' central bank, reported $1 billion in net inflows from FDIs, the highest since December 2021. ',
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'url' => 'fdi-inflows-to-the-philippines-trends-and-sectors-to-look-out-for',
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'content' => '<p>The Philippines’ foreign direct investment (FDI) attraction strategy is right on track, according to experts.</p>
<p>In February 2023, the Banko Sentral ng Pilipinas (BSP), the Philippines’ central bank, reported $1 billion in net inflows from FDIs, the highest since December 2021.</p>
<p>Michael Ricafort, Chief Economist for Rizal Commercial Banking Corporation (RCBC), one of the largest commercial banks in the Philippines, said in a press release to local media that the latest net FDI level is among the highest since the pandemic started.</p>
<p>“For the coming months, net FDI could pick up further amid measures to further reopen the economy with no more restrictions as a policy priority, the Philippine economy’s growth is expected to be among the fastest in the Southeast Asia region,” said Ricafort. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-PH-FDI-Outlook.jpg" alt="" /></p>
<p> </p>
<p>Ricafort added reforms and amendments on foreign ownership limits, such as those under the Public Services Act, Foreign Investments Act, and Retail Trade Liberalization Act, “would all further encourage and attract more FDIs into the country.”</p>
<p>Data from the Philippine Statistics Authority (PSA) shows that the top three countries with the highest share of approved foreign investments in the Philippines for the first quarter of 2023 were Germany (PHP 156.96 billion), Japan (PHP 3.82 billion), and the Netherlands (PHP 2.65 billion).</p>
<p>Meanwhile, the top 3 industries in the Philippines to receive the highest share of approved foreign investments are electricity, gas, steam, and air conditioning supply (PHP 440.08 billion), manufacturing (PHP 24.06 billion), and real estate activities (PHP 7.93 billion).</p>
<p>Amid the continued economic growth, the Philippines remains attractive to foreign investors because of its business-friendly policies, high-quality labor force, healthy employment rate (95.25), and the size of its consumer market (It is the second-largest in Southeast Asia).</p>',
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'title' => 'Renowned U.S. chip designer wants to end Nvidia's global dominance',
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'description' => 'Tenstorrent CEO Jim Keller, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant's global market dominance.',
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'content' => '<p><strong>Tenstorrent CEO Jim Keller</strong>, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant’s global market dominance.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-Tenstorrent.jpg" alt="" />
<figcaption class="image-caption">Tenstorrent CEO Jim Keller (Photo source: Tenstorrent)</figcaption>
</figure>
<p>Headquartered in Toronto, Tenstorrent has offices in Austin, Texas and Santa Clara, California, as well as in Belgrade, Tokyo, Bangalore, and Seoul. The company claims to be developing AI processors that perform as efficiently as Nvidia's AI GPUs but at a lower cost.</p>
<p>At present, Nvidia is the global market leader when it comes to AI chips. Its AI accelerators command between 70% and 95% of the global market share, according to CNBC.</p>
<p>Keller also said in the interview that Tenstorrent hopes to sell its second-generation multipurpose AI chip by the end of this year.</p>
<p>According to Keller, Tenstorrent can achieve its objective because it does not use high-bandwidth memory (HBM), a popular type of advanced memory chip capable of transferring large amounts of data quickly. HBM is a vital component for generative AI chips and has played a significant role in the success of Nvidia's offerings.</p>
<p>But Keller pointed out that HBM was also one of the culprits behind the massive energy consumption and high prices of AI chips.</p>
<p>"Even the people that use HBM struggle with the cost of it, [and] the design time to build it,” he said.</p>
<p>By doing away with HBM, Tenstorrent will design a chip that can replace both GPUs and HBMs in some areas of AI development, adding that its new product will be "as cost-effective as possible".</p>',
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'content' => '<p>Tokyo-based trading giant <strong>ITOCHU</strong> secured a contract to develop and test AI systems that will help run the transportation network and energy infrastructure of a future smart city project in southern Taiwan, according to a company press release.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-ITOCHU-Taiwan.jpg" alt="" />
<figcaption class="image-caption">ITOCHU plans to roll out AI-powered buses for Taiwan's new smart city project in Tainan. (Photo source: Nikkei Asia)</figcaption>
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<p>ITOCHU outbid other parties interested in the Integrated Development Project for Shalun Smart Green Energy Science City located in Tainan. The early-stage contract, according to Nikkei Asia, is worth around $332,000 (10.8 million New Taiwan dollars).</p>
<p>According to ITOCHU, the goal is to test its AI systems on a trial basis by the end of October. This is the first time the trading house has officially participated in an overseas smart city project.</p>
<p>The Taiwanese government also announced plans to earmark an additional $306.9 million (or 10 billion NTD) to develop the country’s artificial intelligence (AI) industry. In line with this goal, ITOCHU will collaborate with various Taiwanese partners, including IT company Accton Technology and National Cheng Kung University.</p>
<p>Home to the world's largest semiconductor maker, Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan has a global market share of 61.7%. CNN estimates that TSMC produces 90% of the world's super-advanced semiconductor chips, which are used to power everything from smartphones to artificial intelligence applications.</p>',
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'description' => 'Belgium-based supplier of semiconductor solutions Melexis has opened its largest wafer testing site worldwide in Kuching in the Malaysian state of Sarawak to strengthen its presence in Asia-Pacific and meet the rising demand for semiconductors around the world, according to a company announcement.',
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'content' => '<p>Belgium-based supplier of semiconductor solutions <strong>Melexis</strong> has opened its largest wafer testing site worldwide in Kuching in the Malaysian state of Sarawak to strengthen its presence in Asia-Pacific and meet the rising demand for semiconductors around the world, according to a company announcement.</p>
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<figcaption class="image-caption">Melexis' new 70 million-euro facility in Kuching is a nod to the local architectural design. (Photo source: Melexis)</figcaption>
</figure>
<p>Wafer testing is part of the manufacturing process wherein all individual integrated circuits are checked for functional defects through special test patterns.</p>
<p>According to Melexis, its expansion in Malaysia is a strategic move to streamline logistics and reduce its ecological footprint. Additionally, it selected Kuching because of its diverse, multilingual, entrepreneurial and highly skilled workforce.</p>
<p><strong>Melexis CEO Marc Biron </strong>said, “With an investment of 70 million euros, this opening underscores the ambition of Melexis and will ensure future growth. With Melexis, we are at the forefront of innovation, and this opening will support us in the markets that we serve.”</p>
<p>The new four-storey building, a collaboration of award-winning Belgian architect Sebastian Mortelmans and local architectural firm DNA, covers a ground surface of 4,500 sq. m., making it the company’s largest wafer testing site worldwide. The modern design evokes local longhouse architecture, incorporates advanced energy-saving systems, like a solar installation that can generate 30.000 kWh per month, and minimizes its environmental impact.</p>
<p>“Melexis has made the right choice to invest in Sarawak. With political stability, Sarawak is business-friendly and welcomes investments that can create mutual benefits. The Sarawak government has always been very supportive of investors both foreign and domestic. It is among the most preferred destinations for investment in Malaysia,” <strong>Sarawak’s Ministry of International Trade, Industry and Investment </strong>said in a statement<strong>.</strong></p>
<p>“Sarawak possesses many comparative advantages for businesses to grow and prosper such as strategic location, availability of green energy, talented workforce, and suitable land for industrial activities,” the statement also said.</p>',
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'content' => '<p>Japanese trading giant <strong>ITOCHU</strong> announced this month it had invested in <strong>ZeroAvia</strong>, a British-American maker of hydrogen-electric engines for aircraft, according to a company statement.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-13-Itochu-ZeroAvia.jpg" alt="" />
<figcaption class="image-caption">An aircraft powered by ZeroAvia's hydrogen-electric engines (Photo source: ZeroAvia)</figcaption>
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<p>Founded in 2018, ZeroAvia describes itself as “a team of passionate innovators dedicated to bringing safe, zero-emission flight to aviation.” The company claims its hydrogen-electric propulsion systems are “the most environmentally friendly and economically attractive solution to aviation’s growing climate change impact.”</p>
<p>According to ZeroAvia, its hydrogen-electric engines cut more than 90% of harmful emissions, lower operating costs by more than 40%, improve air quality and reduce noise pollution in airport communities.</p>
<p>Under the deal, ITOCHU will serve as ZeroAvia's distributor in Asia, marking its first investment in a developer of hydrogen engines for aircraft and a further expansion into the aviation industry. ITOCHU is part of Japan Aerospace, which is involved in aircraft sales, and of JAMCO, which manufactures materials for aircraft interiors.</p>
<p>According to ITOCHU, this recent investment is part of the company’s long-term goal of helping save the planet by decarbonizing the aviation industry.</p>',
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'description' => 'For the third time in the last five years, Virginia was ranked America's Top State for Business in 2024 by CNBC, which cited the state for having the best public schools in the country. It grabbed the top spot in 2007, 2009, 2011, 2019, and 2021.',
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'content' => '<p>For the third time in the last five years,<strong> Virginia</strong> was ranked America’s Top State for Business in 2024 by CNBC, which cited the state for having the best public schools in the country. It grabbed the top spot in 2007, 2009, 2011, 2019, and 2021.</p>
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<figcaption class="image-caption">Fairfax County Economic Development Authority President and CEO Victor Hoskins (Photo source: Fairfax County Economic Development Authority)</figcaption>
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<p>“Congratulations to Virginia on being named America’s Top State for Business in 2024 by CNBC, a record six times achieving that designation. I know that Virginia succeeds because of our shared belief that collaboration and innovation yield great results for our businesses and their employees,” said <strong>Fairfax County Economic Development Authority President and CEO Victor Hoskins</strong>.</p>
<p>Virginia ranks in the top half or better in each of the study’s 10 categories this year, “a rare feat,” noted CNBC. The state landed in the top 10 in four additional categories: infrastructure (3rd), business friendliness (5th), access to capital (8th) and workforce (9th).</p>
<p>For the first time, CNBC counted infrastructure (including the availability of shovel-ready sites) as the most important component for businesses when deciding on investment and cited the Virginia Business Ready Sites Program, as well as its world-class port, rail, roadway, and air transportation ecosystem as major contributors to the recognition.</p>
<p>CNBC’s annual ranking measures all 50 states on 128 different metrics in 10 key categories of competitiveness. North Carolina ranked second on the list, followed by Texas, Georgia and Florida.</p>
<p>Regarding Virginia’s economic relations with Japan, over $32.5 billion in capital investment has been made by Japanese companies in the last 5 years, according to the Virginia Economic Development Partnership, which also reports that Japanese companies employ more than 15,2000 people in the state.</p>',
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'description' => 'The U.S. subsidiary of Japanese group FANUC, one of the world's largest makers of industrial robots, has opened a $110 million facility in Michigan to store, sell and maintain made-in-Japan industrial robots for North American customers, according to a statement from FANUC America.',
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<figcaption class="image-caption">Michigan Gov. Gretchen Whitmer (center) with senior officers of FANUC America at its West Campus. (Photo source: FANUC America)</figcaption>
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<p>The new 650,000-square-foot facility was inaugurated on July 10 and is located in FANUC America’s West Campus in Auburn Hills, Michigan. The expansion increases the company’s footprint in Michigan to over 2 million square feet and is part of FANUC America’s plan to advance industrial automation in North America. The West Campus represents a $110 million investment built on 67 acres of land.</p>
<p>The facility, built on 270,000 square meters, has warehouse space to hold more than 6,000 robots and features automated systems for moving the robots in and out of the building, according to FANUC America.</p>
<p>"Our ongoing upward trajectory allows us to better support our customers with cutting-edge robotic and automation solutions, helping to drive more efficiency across all industries,” <strong>FANUC America CEO Michael Cicco </strong>said at the unveiling ceremony.</p>
<p>The Japanese company said it would have invested $250 million in North America since 2019 once this and other projects in its pipeline are completed. Currently, FANUC America has created over 400 jobs in Michigan.</p>',
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'content' => '<p><strong>K Health</strong>, a leading AI-driven primary care company that provides 24/7 virtual primary care solutions through its mobile app, announced this month that it had raised $50 million in funding led by Claure Group with participation from investors, including Pablo Legorreta (founder and CEO of Royalty Pharma) and Mangrove Capital Partners, Valor Equity Partners, and Atreides Management.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-NYNJ-K-Health-Alan-Bloch.jpg" alt="" />
<figcaption class="image-caption">K Health founder and CEO Allon Bloch (Photo source: K Health)</figcaption>
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<p>K Health said in the same statement that it had been developing its own AI technology for more than seven years. Today, it can provide 24/7 virtual primary care solutions to millions of people in the United States.</p>
<p>The K Health platform includes clinical-grade medical chat and AI predictive models based on large datasets to help physicians optimize diagnosis and treatment and focus on patient care.</p>
<p>Instead of doctors taking patients through lengthy procedures and manually piecing together their medical history from electronic medical records, K Health allows healthcare providers to engage more quickly and closely with patients by giving them a complete medical chart with patient insights straight from the app.</p>
<p>According to K Health, this new model of care delivery achieves dramatically higher quality of care at lower costs compared to traditional primary care.</p>
<p>“K Health solves the need to make primary care visits highly personalized by giving doctors AI superpowers that enable them to practice at the top of their license. Our primary care platform offers a concierge medical experience with an assigned provider and 24/7 access to care,” explained<strong> K Health founder and CEO Allon Bloch.</strong></p>
<p>“When partnered with leading health systems, this model creates significant benefits to access, clinical outcomes, and patient experience. All you need to get care is your health insurance, a stark contrast to concierge medicine services that typically cost thousands of dollars,” Bloch added.</p>
<p>Meanwhile, <strong>Claure Group</strong> <strong>Founder and CEO Marcelo Claure </strong>said: As I invest in the AI landscape, I have found it incredibly difficult to discover companies making tangible, real-world progress with AI. K Health is the first company I've seen successfully using AI to impact millions of lives. They are addressing some of healthcare's greatest challenges by providing accessibility to faster, higher-quality, lower-cost care on a large scale."</p>',
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'content' => '<p>Ontario-based multinational <strong>Lee Li Holdings (LLH)</strong> <strong>CEO Lee Q. Shim</strong> told <strong>Cambodian Prime Minister Hun Manet </strong>in a meeting at the capital Phnom Penh this month that his company was looking at investment opportunities in the country, including its automotive healthcare, gas and oil, food processing and logistics, automobiles, and exports accreditation sectors.</p>
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<figcaption class="image-caption">Cambodia Prime Minister Hun Manet (right) met with Lee Li Holdings President and CEO Lee Q. Shim (Ieft) in Phnom Penh this month. (Photo source: Office of the Prime Minister)</figcaption>
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<p>During the meeting, Manet pointed out that the <strong>Cambodia Chamber of Commerce</strong> had two representative offices in Canada (Toronto and Montreal) that promote bilateral trade and assist exporters and importers in their two countries.</p>
<p>“Shim’s visit will further contribute to the promotion of trade relations between Cambodia and Canada,” Manet said.<br /><br />The prime minister also encouraged Shim to pursue discussions with relevant ministries and agencies, such as the Ministry of Health, the Ministry of Mines and Energy, and Ministry of Commerce, adding that his government has supported the private sector by encouraging international investment in the country.</p>
<p>Canada is one of the largest investors in Cambodia and has brought in around $1.1 billion in foreign direct investment as of 2021, Cambodian socio-economic analyst Chey Tech told The Phnom Penh Post in an interview.</p>',
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'content' => '<p><strong>National University Hospital (NUH)</strong>, the main teaching hospital of the country’s top-ranking National University of Singapore, announced this month the opening of a center focused on providing trauma care to vulnerable groups, particularly children, older adults, and migrant workers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-SG-NU-Hospital.jpg" alt="" />
<figcaption class="image-caption">Key representatives of NUH during the launch of the National University Centre for Trauma (Photo source: Singapore's National University Hospital)</figcaption>
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<p>According to the NUH, the center will use a code system to reduce the time between admission to the emergency department and the transfer to an operating theatre. Code Trauma involves the mobilization of all essential staff, including emergency physicians, nurses, surgeons, and anesthesiologists, to accelerate decision-making and response for patients with polytrauma or multiple injuries.</p>
<p>“The National University Centre for Trauma represents decades of efforts in refining our trauma care expertise for our injured patients to return to their lives and achieve their dreams. It also aims to prevent trauma from occurring in the first place with data-driven injury prevention efforts,” said <strong>National University Centre for Trauma Director Raj Menon.</strong></p>
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<p>Today, NUH has over 1,200 beds and serves more than 1 million patients a year with over 50 medical, surgical, and dental specialties. NUH is the only public and not-for-profit hospital in Singapore that provides care for adults, women and children under one roof, including the country’s only pediatric kidney and liver transplant program.</p>',
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'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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Here are six strategies to reignite your team's motivation.',
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'title' => 'AMCHAM Korea's efforts to promote diversity and inclusion',
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'description' => 'In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table, the American Chamber of Commerce in Korea (AMCHAM Korea) has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.',
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'content' => '<p>In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table,<strong> the American Chamber of Commerce in Korea (AMCHAM Korea)</strong> has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-4-SOKOR-AMCHAM-James_Kim.jpg" alt="" />
<figcaption class="image-caption">AMCHAM Korea Chairman and CEO James Kim</figcaption>
</figure>
<p>“We are working with businesses and communities in building a more inclusive economy by promoting women’s economic empowerment in Korea. Although the country has come a long way in terms of addressing gender inequality, Korea is still ranked very low amongst the OECD countries when it comes to the wage gap between women and men,” said <strong>AMCHAM Korea Chairman and CEO James Kim.</strong></p>
<p>Kim said AMCHAM Korea understands that empowering women and providing them with equal opportunities is not just a matter of social justice, but also benefits a company's performance. Through its advocacy efforts, networking events and mentorship programs, AMCHAM Korea encourages more women to take on leadership roles within SMEs and large corporations alike.</p>
<p>“I'm very proud to say that AMCHAM Korea has nine women on its board of governors. Six years ago, we only had one. So this year, we broke our record and we're going to continue to do that. At AMCHAM, we're showing leadership with real execution as opposed to just talking about it,” Kim said.</p>
<p>By ensuring diversity within its executive leadership team, AMCHAM Korea is leading by example and showing firsthand that a diverse leadership team helps shape an organization's culture and drive it toward greater success.</p>
<p>Kim also highlighted that at the heart of AMCHAM’s initiatives lies the American Business Center (ABC), a pioneering market development program that organizes workshops, seminars, and mentorship programs, and facilitates knowledge-sharing between South Korean SMEs and American companies.</p>
<p>“The American Business Center is fully operational. We have signed very exciting agreements with various organizations in the U.S. From leaders in the private sector to mayors, they all want to do business with Korea via AMCHAM Korea’s American Business Center. We also have a bunch of our big member companies, who are already here in Korea, committing to help these leaders enter the Korean market. AMCHAM Korea acts as the glue that makes this happen,” said Kim.</p>
<p>The AMCHAM Korea chief executive said the ABC aims to foster more collaborations between Korean and American businesses and promote diversity by encouraging SMEs to recruit and retain a diverse talent pool.</p>',
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'title' => 'How big is America's LGBTQ+ economy?',
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'description' => 'The LGBTQ+ community is the fastest-growing minority segment in the United States, with close to $1.4 trillion in spending power, according to a 2021 government census. The National Gay & Lesbian Chamber of Commerce also estimates that all LGBT-owned businesses in the country contribute more than $1.7 trillion to the U.S. economy.
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'content' => '<p>The LGBTQ+ community is the fastest-growing minority segment in the United States, with close to $1.4 trillion in spending power, according to a 2021 government census.</p>
<p>While it is impossible to know the exact number of American businesses owned by LGBTQ+ today, the National Gay & Lesbian Chamber of Commerce (NGLCC), through its 2022 America’s LGBT Economy Report, estimates that all LGBT-owned businesses in the country contribute more than $1.7 trillion to the U.S. economy.</p>
<p>NGLCC’s 2022 report also showed that the states of California, New York, Texas, Florida, and Georgia have the most concentration of LGBT business enterprises (LGBTBEs) and represent more than a third of the entire nation’s total number of certified LGBTBEs.</p>
<p>According to NGLCC Co-Founder and President Justin Nelson and NGLCC Co-Founder and CEO Chance Mitchell, more than a third of the Fortune 500 companies, many top federal agencies, major urban municipalities, the Commonwealth of Massachusetts, and the Public Utilities Commission of California actively seek out and welcome our innovative and certified LGBT business leaders.</p>
<p>Nelson and Mitchell stressed that business will continue to be a catalyst for positive change for America’s minorities, including the LGBT community, to pursue the vital work for economic equality, one small business at a time.</p>
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<p><strong>What do LGBTQ+ entrepreneurs need the most to continue thriving in 2023? Funding.</strong></p>
<p>A 2022 report published by JP Morgan said access to capital remains a greater challenge for LGBTQ+ founders than the general population of company founders.</p>
<p>JP Morgan reports only 0.5% of all funding for startups goes to LGBTQ entrepreneurs, despite more than 7% of Americans self-identifying as lesbian, gay, bisexual, transgender, or non-heterosexual.</p>
<p>In the same report, StartOut Growth Lab Director of Programs Tarik Perkins said, “Despite receiving half a percent of all startup dollars over the past 20 years, LGBTQ+ founders have excelled when given opportunities.” He added, “LGBTQ+-founded companies today create 36% more jobs compared to the average entrepreneur.”</p>
<p>Perkins also pointed out that LGBTQ+ founders have created 114% more patents than the average entrepreneur. And are 44% more likely to exit, despite having 16% less funding.</p>
<p>Visit <a href="https://nglcc.org/press-media/reports/" target="_blank" rel="noopener">https://nglcc.org</a> to view the full 2022 America’s LGBT Economy Report.</p>',
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'title' => 'Full Spectrum Leadership: How Lockheed Martin defines culture and leadership',
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'description' => 'First introduced to Lockheed Martin in January 2006 by then CEO Robert J. Stevens, Full Spectrum Leadership is the company's belief that corporate culture change happens in two ways: it grows from the bottom up, and it flows from the top down. ',
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'content' => '<p>A company’s organizational culture can be a chief experience officer’s (CXO) most powerful ally if nurtured properly. According to PwC's Workforce Hopes and Fears 2022 global survey of over 52,000 workers and chief executives in 44 countries, 69% of senior leaders said their strong company culture resulted in better results and was the main driver of success during the pandemic.</p>
<p>How then can leaders create the best possible organizational culture for their companies? GMI POST looks into leading global security and aerospace company Lockheed Martin and its unique approach to leadership called “Full Spectrum Leadership” for answers.</p>
<p>What is Full Spectrum Leadership?</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-PACNOR-Full-Spectrum-Leadership.jpg" alt="" /></p>
<p>First introduced to Lockheed Martin in January 2006 by then CEO Robert J. Stevens, Full Spectrum Leadership is the company’s belief that corporate culture change happens in two ways: it grows from the bottom up, and it flows from the top down.</p>
<p>By taking into account the power and role of both the worker and decision-maker when it comes to shaping an organization’s culture, Stevens said Lockheed Martin created an environment of inclusion and trust for all.</p>
<p>According to Lockheed Martin’s official website, its Full Spectrum Leadership philosophy empowers all of its employees to possess five characteristics: (1) The ability to deliver results, (2) The determination and vision to shape the future, (3) Building effective relationships, (4) Energizing the team and (5) Embodying personal excellence, integrity, and accountability.</p>
<p>“As a team, we are committed to driving responsible growth for shareholders, customers, employees, and suppliers. We are unified by our core values: doing what’s right, respecting others, and performing with excellence. These values shape our culture, drive our approach to business, encourage our outreach in the community, and inspire our commitment to sustainability and environmental stewardship,” said Lockheed Martin Chairman, President and CEO James D. Taiclet in the company’s 2022 Sustainability Performance Report.</p>
<p>Lockheed Martin’s Full Spectrum Leadership philosophy reminds all leaders that collective strength, not individual talent, is the defining feature of successful organizational leadership.</p>',
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'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
'credit_id' => '48',
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'url' => 'reigniting-the-spark-how-managers-can-reenergize-their-teams-with-low-morale',
'tags' => 'South Korea, Workplace Culture, Employee Morale ',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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'description' => 'The majority of young working Filipinos are experiencing burnout. According to a recent report by Deloitte Philippines, 70% of Filipino Generation Z (born between 1997 and 2012) and 63% of Filipino millennials (born between 1981 and 1996) said they were experiencing occupational burnout and cited "heavy workload demands" as the main reason.',
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'tags' => 'Philippines, Work, Mental Health',
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'content' => '<p>The majority of young working Filipinos are experiencing burnout. According to a recent report by Deloitte Philippines, 70% of Filipino Generation Z (born between 1997 and 2012) and 63% of Filipino millennials (born between 1981 and 1996) said they were experiencing occupational burnout and cited “heavy workload demands” as the main reason.</p>
<p>Deloitte Philippines says the global average for burnout per country is 45%, an increase from 39% in 2019.</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-PH-Work-Stress-and-Burnout.jpg" alt="" /></p>
<p>Meanwhile, a separate study conducted by research analytics firm Milieu Insight and Intellect, the largest and fastest-growing mental health tech company in Asia Pacific, revealed that 52% of employees in the Philippines reported feeling burned out from work at least a few times a month, compared to 49% in Singapore and Indonesia. The study said the “hustle culture” or “rise and grind mentality” as the main reason burnout was more prevalent in the Philippines than in other countries in the region.</p>
<p><strong>Why do Filipinos work hard?</strong></p>
<p>According to the Milieu and Intellect study, the top reasons employees in the Philippines work hard are to improve their lives and those of their loved ones (58%), to have a sense of accomplishment (53%), and to increase their income (50%).</p>
<p><strong>What are the signs of burnout?</strong></p>
<p>Burnout isn’t something that happens suddenly. It gradually sneaks up on people after prolonged high levels of stress. But there are signs and if one is wary enough, you can spot them.</p>
<p>According to Healthline, these signs include (1) forgetfulness and difficulty concentrating, (2) diminished pride in your work, (3) losing sight of yourself and your goals, (4) difficulty maintaining relationships and being present with loved ones, (5) increased frustration and irritability with co-workers, (6) unexplained muscle tension, pain, fatigue, and (7) insomnia.</p>
<p><strong>How do you deal with burnout?</strong></p>
<p>While businesses are encouraged to provide their employees with mental health support which includes giving workers access to professional help, below are some practical strategies to help you manage feelings of burnout, according to Jeanne Segal, Ph.D. of helpguide.org:</p>
<ul style="list-style-type: disc;">
<li>Reach out to those closest to you, such as family and friends.</li>
<li>Be more sociable with your co-workers to help buffer you from burnout.</li>
<li>Limit your contact with negative people.</li>
<li>Connect with a cause or a community group that is meaningful to you.</li>
<li>Expand your network and build new relationships.</li>
</ul>
<p>Occupational burnout must be taken seriously. If unrecognized and left untreated, an overworked brain and body can lead to anxiety, emotional distress, and other dire consequences.</p>',
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'id' => '545511',
'title' => 'Greater Portland Inc: Your money will go further in Greater Portland',
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'description' => 'Despite the countless challenges brought about by the COVID-19 pandemic, Greater Portland Inc. managed to create new jobs and drive tangible growth for the Greater Portland region. GMI POST sat down with GPI President and CEO Monique Claiborne as she shared the factors that paved the way for new investments and economic opportunities in Greater Portland. ',
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'url' => 'greater-portland-inc-your-money-will-go-further-in-greater-portland',
'tags' => 'US, Oregon, Greater Portland, Economic Development',
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'content' => '<p>Despite the countless challenges brought about by the COVID-19 pandemic, Greater Portland Inc. managed to create new jobs and drive tangible growth for the Greater Portland region. GMI POST sat down with GPI President and CEO Monique Claiborne as she shared the factors that paved the way for new investments and economic opportunities in Greater Portland.</p>
<p>“Even during the two-year global shutdown, we attracted over 1,200 jobs, which have resulted in $65 million in direct income and about $250 million in sales and output for the region,” said Claiborne.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/Greater%20Portland-Monique_Claiborne.jpg" alt="" />
<figcaption class="image-caption">Greater Portland Inc. President and CEO Monique Claiborne</figcaption>
</figure>
<p>According to the GPI chief executive, the Greater Portland region’s thriving business environment is driven by innovation, collaboration, and other unique advantages of doing business in the area. These factors include Greater Portland’s prime West Coast location, its top-ranked infrastructure that can easily connect companies to the global market, world-class industrial properties, and the region’s highly-educated workforce.</p>
<p>Claiborne said as of 2022, 55% of the region’s population had a bachelor's degree, which was well above the national average of 34.98%.</p>
<p>“We have a strategic plan that will make Greater Portland the destination of choice for leading global brands. From offering confidential, no-cost services for companies that are considering the region to connecting businesses that are already here in the region, we are committed to ensuring the success of companies, across sectors, in Greater Portland,” said Claiborne.</p>
<p>The GPI President and CEO highlighted two sectors that were driving the most growth in the region: its computer, electronics, and semiconductor sector; and its apparel and outdoor retail and gear industry. Some of the global computer and semiconductor brands with headquarters in Greater Portland include Intel, Lam Research, HP, Tektronix, HP, and Siemens. Meanwhile, global apparel & outdoor brands such as Adidas North America, Nike, and Columbia Sportswear Company are also in the region.</p>
<p>Asked for a message to companies interested in doing business in Greater Portland, Claiborne said, “Your money will go further in Greater Portland. GPI is here to assist you with anything you might need, from making introductions to other businesses to providing workforce data and securing tax abatements, grants, and incentives. We are here to help move your business forward.”</p>',
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'title' => 'The future of work: Three reasons Filipinos prefer remote work and hybrid setups',
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'description' => 'As the Philippines continues to recover from the pandemic, a survey conducted by Sprout Solutions in 2022 shows that more companies have shifted from remote to on-site work arrangements. Are Filipino employees happy with this?
',
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'url' => 'the-future-of-work-three-reasons-filipinos-prefer-remote-work-and-hybrid-setups',
'tags' => 'Philippines, Remote Work, Productivity',
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'content' => '<p>As the Philippines continues to recover from the pandemic, a survey conducted by Sprout Solutions in 2022 shows that more companies have shifted from remote to on-site work arrangements. Of the more than 2,200 respondents in various industries and companies in the Philippines, about 51% have started physically reporting back to work compared to only 35% in 2021.</p>
<p>Are Filipino employees happy with this?</p>
<p>A study conducted by SEEK Asia in 2023 showed that the majority of Filipino workers still prefer either a hybrid or fully remote work setup over on-site work arrangements. The study, which surveyed 97,324 respondents across six Southeast Asian countries including the Philippines, found that 46% of Filipinos are more interested in having a hybrid setup, 28% preferred fully remote, and only 26% are happy with physically reporting back to their respective offices.</p>
<p>Here are three reasons why a majority of Filipino employees prefer a work-from-home or hybrid work setup.</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-PH-Work-from-Home.jpg" alt="" /></strong></p>
<p><strong>Less travel time</strong></p>
<p>Manila is part of the top 10 cities with the worst traffic in the world, according to the 2022 TomTom Trafï¬c Index. On average, it took 27 minutes for Filipinos to travel 10 kilometers in Metro Manila last year.</p>
<p>Working from home eases Filipinos from this burden since they only need a computer and internet connection to work.</p>
<p><strong>Remote work increases productivity</strong></p>
<p>According to a global survey by ConnectSolution, 77% of those who work remotely show increased productivity, with 30% doing more work in less time and 24% doing more work in the same period. This could be due to reduced commute times, fewer in-person distractions, or the freedom to design a work environment that best suits their needs.</p>
<p><strong>Working from home improves work-life balance</strong></p>
<p>A study conducted by Jobstreet in 2023 shows at least 73% of Filipino jobseekers surveyed want a stable job with a work-life balance. This was higher than the global average of 69%. The study also found that 56% of remote work employees report improved mental health due to improved work-life balance and flexibility.</p>
<p>While it’s true that the global pandemic came with many challenges, it has also opened multiple opportunities for businesses to make more accessible and inclusive workspaces.</p>
<p>Companies should take this opportunity to ask for input from their teams on their preferred work arrangements so that their employees feel they are listened to, supported, and provided the right conditions to thrive both personally and professionally.</p>',
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'id' => '545506',
'title' => 'How to increase productivity: Samsung's 'One Friday Off' policy',
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'description' => 'Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years. To prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy. ',
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'url' => 'how-to-increase-productivity-samsungs-one-friday-off-policy',
'tags' => 'South Korea, Samsung, Productivity, Four-Day Week',
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'content' => '<p>Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years, according to a global study by independent think tank Future Forum.</p>
<p>And while the same study shows that 70% of professionals feel that employers aren’t doing enough to prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy.</p>
<p>Implemented last June 24, Samsung’s policy allows its non-factory, full-time employees in South Korea to take one Friday off every month. Some Samsung employees have started calling the management-mandated holiday "Family Day," while others are calling it "Development Day”.</p>
<p>Beyond encouraging a healthy work-life balance among its employees, Samsung also hopes the new policy will boost its employer brand and recruitment. In an interview with local media, Samsung Electronics Chairman Lee Jae-yong said, "Through this policy, we hope to bring in good talent and create a flexible work culture for the company so that we can easily adapt to changes."</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-SOKOR-Samsung-One-Friday-Off-policy.jpg" alt="" /></p>
<p><strong>A step in the right direction: longer working hours do not necessarily equate to higher productivity</strong></p>
<p>A study from Stanford University found that productivity per hour declines sharply when a person works more than 50 hours a week. After 55 hours, productivity drops so much that putting in more hours would be pointless.</p>
<p>By giving its employees an additional day off each month, Samsung demonstrates a deep understanding of the importance of rest to promote productivity, boost innovation, and cultivate a happier and more fulfilled workforce.</p>
<p>With its 'One Friday Off' policy, Samsung is the latest advocate to introduce a four-day work in South Korea. Fellow chip maker SK Hynix also started offering employees a Friday off once a month provided they average 40 hours a week. Meanwhile, CJ ENM, one of South Korea’s largest content companies, gives its workers every other Friday off.</p>
<p>Other companies would do well to learn from these South Korean companies’ progressive actions regarding the value of downtime.</p>',
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'id' => '545507',
'title' => '3 tips on implementing an effective time-tracking system for remote teams',
'description_old' => null,
'description' => 'In Washington D.C., 47% of surveyed employees in the country's capital said they have jobs with responsibilities that can be done from home. Also, the same poll showed that two-thirds of those surveyed said they were remote-capable workers who would rather work from home 'most' or 'all' of the time.',
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'image' => null,
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'url' => '3-tips-on-implementing-an-effective-time-tracking-system-for-remote-teams',
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'content' => '<p>It’s been four months since U.S. President Joe Biden signed the bill that ended the Covid-19 national emergency, yet many businesses have still not enforced a full return to onsite work.</p>
<p>In Washington D.C., 47% of surveyed employees in the country’s capital said they have jobs with responsibilities that can be done from home. Also, the same poll showed that two-thirds of those surveyed said they were remote-capable workers who would rather work from home 'most' or 'all' of the time.</p>
<p>California-based Buildremote reports that 77% of the Fortune 100 companies operate on a hybrid work setup today, while a survey from MIT also shows that 34% of the entire U.S. workforce has shifted from on-site to either a full remote or hybrid work arrangement.</p>
<p>While most Americans are happy to continue working from home, the shift has also presented employers and team leaders with challenges on how to monitor their team’s progress and ensure productivity. In response, 60% of companies have started using at least one type of employee monitoring software to ensure productivity and accountability amongst employees, a Pew Research study shows.</p>
<p>But employee monitoring can be controversial as it raises data privacy concerns.</p>
<p>A 2022 PubMed study shows that 61% of employees perceive time-tracking as a lack of trust. PRNewswire also reports that two out of three people hesitate to join organizations that use robust monitoring measures, like facial recognition technology and camera surveillance.</p>
<p>However, that doesn’t mean time-tracking is completely bad.</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-PACNOR-Remote-Work.jpg" alt="" /></p>
<p>Here are three tips for business owners and managers who are considering implementing a time-tracking policy for remote teams:</p>
<p><strong>Be transparent: Inform your team of the importance and the benefits of time-tracking</strong></p>
<p>Have an honest conversation with your team about the use of a time-tracking platform, especially on its several productivity benefits, the specific data that you will be collecting, and how you plan on using it. Solicit feedback from team members as well and make them feel welcome to the conversation on whether a time-tracking system is required within the organization.</p>
<p><strong>Make the system simple: time-tracking is supposed to help with productivity</strong></p>
<p>Use time-tracking platforms that don’t require additional work from your team. Look into automated tools that don’t require them to manually log minutes or press the “start” and “stop” buttons. Also, look for ways on how your team can seamlessly integrate your time-tracking platform into the other tools that they use.</p>
<p><strong>Incentivize team players: Don’t reward good work with more work</strong></p>
<p>Time-tracking can be fun and engaging. Look into “gamifying” your time-tracking policies so employees feel motivated to follow the system. Some companies offer cash incentives to highly productive team members. Instead of giving more work to those who finish their tasks quickly, why not reward them with well-deserved rest? </p>
<p>Implementing a time-tracking policy and creating a transparent, flexible, and inclusive remote workspace are not mutually exclusive. Employers or team leaders just need to be open about how time-tracking systems are a win-win situation for everyone.</p>',
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'title' => '3 things business decision-makers need to know before investing in South Korea',
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'description' => 'Why invest in South Korea? The East Asian nation is one of the world's fastest-growing economies. If you're considering investing in South Korea, here are three things you should know before diving in. ',
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'url' => '3-things-business-decision-makers-need-to-know-before-investing-in-south-korea',
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'content' => '<p>Why invest in South Korea? The East Asian nation is one of the world’s fastest-growing economies. Since 1961, the country’s gross domestic product (GDP) has grown an average of 7.1% every year. As of March 2023, foreign direct investments (FDI) increased by $2.6 billion.</p>
<p>If you’re considering investing in South Korea, here are three things you should know before diving in. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-SOKOR-Investing%20in%20South%20Korea.jpg" alt="" /></p>
<p> </p>
<p><strong>South Korea is a leading global destination for industrial sectors</strong></p>
<p>As the world’s 10th-largest economy, the South Korean market is robust and dynamic, mostly driven by the technology, automotive, and manufacturing industries. As of 2021, South Korea’s manufacturing sector accounted for 28% of the country’s GDP. The average contribution of manufacturing in 157 countries is 12.32%.</p>
<p>Aside from being the world's largest producer of semiconductors, South Korea’s main industries include textile, steel, car manufacturing, shipbuilding and electronics.</p>
<p><strong>Korean business culture is steeped in Confucianism</strong></p>
<p>Developing strong relationships and understanding the local business culture is critical when investing in South Korea. Korean business culture emphasizes hierarchy, respect for authority, and personal connections.</p>
<p>Being punctual and engaging in “small talk” before getting to business is generally expected. And while most business decision-makers prefer to shake hands when meeting for the first time, others still bow. If this happens, you are expected to do the same, starting with the most senior executive in the room and bowing as deeply as he does.</p>
<p>Establishing trust and long-term relationships with local partners or potential clients can greatly enhance your chances of success. Moreover, having a reliable local contact who understands the Korean market can help overcome language barriers and cultural differences, which will facilitate smoother transactions.</p>
<p><strong>South Korea has friendly regulations and legal solutions for foreign investors</strong></p>
<p><strong> </strong>In the 2023 Index of Economic Freedom released by World Heritage, South Korea ranked 15th out of 176 countries. The index grades a country’s respect for property rights, financial soundness, and judicial efficiency. To attract more business from overseas, the country passed in 1998 the Foreign Investment Promotion Act (FIPA), which was followed up by other laws that further protected foreign investments.</p>
<p>Additionally, various state-mandated incentives and support including professional and legal advice are available for qualified potential investors.</p>
<p>Investing in South Korea offers lucrative opportunities for international investors. However, success in the Korean market requires careful consideration of the economic landscape, a clear understanding of the business culture, and a firm grasp of the regulatory environment.</p>
<p>Visit <a href="https://www.investkorea.org/" target="_blank" rel="noopener">https://www.investkorea.org/</a> for more information.</p>',
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'id' => '545503',
'title' => 'Trade missions: Washington's key to attracting foreign investments',
'description_old' => null,
'description' => 'The Washington State Department of Commerce recognizes that publicizing the vast business opportunities in the state of Washington is only half the battle of attracting foreign investment. The other half is its successful strategy is building personal relationships.',
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'content' => '<p>For more than a century, Washington State has attracted leading global businesses. Today, it continues to nurture significant partnerships with foreign investors by highlighting the benefits of doing business in the state, which include its huge population of workers (3.5 million), easy access to international markets through 75 ports and 139 airports, business-friendly policies, and tax incentives.</p>
<p>However, the Washington State Department of Commerce recognizes that publicizing the vast business opportunities in the state of Washington is only half the battle. The other half of its successful strategy is building personal relationships, the department says.</p>
<p>On its website, the Department of Commerce adds that even though relationship-building can take years or even decades before seeing any return, its FDI team has made solid inroads over the last few years through international trade missions.</p>
<p>“Trade shows and missions are critical tools for marketing the state. As much as technology has changed the way business is conducted, many cultures still require that face-to-face interaction that comes through marathon business meetings,” the department stressed.</p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-PACNOR-Trade-missions-and-FDI.jpg" alt="" /></p>
<p> </p>
<p>Since 2013, the Office of the Governor has led 12 trade missions to several countries, including Japan, France, Korea and Mexico. Meanwhile, Washington has received more than 200 trade, education and government delegations from more than 30 countries over the last 10 years.</p>
<p>The Department of Commerce shared that it works closely with multiple stakeholders, including the Governor’s office, state representatives and economic development organizations, to organize these international delegations to optimize results.</p>
<p>“Even in an age of instantaneous digital communications, nothing beats face-to-face interaction with key decision makers,” said Washington State Department of Commerce Director Mike Fong in a press release.</p>
<p>Washington Gov. Jay Inslee agrees: “People-to-people connections allow new ideas to find their way to the marketplace and revolutionize industries quickly.”</p>
<p>According to the Washington Office of Economic Development and Competitiveness, more than 800 multinational businesses are headquartered in the state today and employ more than 160,000 workers.</p>',
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'description' => 'The Philippines' foreign direct investment (FDI) attraction strategy is right on track, according to experts. In February 2023, the Banko Sentral ng Pilipinas (BSP), the Philippines' central bank, reported $1 billion in net inflows from FDIs, the highest since December 2021. ',
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'content' => '<p>The Philippines’ foreign direct investment (FDI) attraction strategy is right on track, according to experts.</p>
<p>In February 2023, the Banko Sentral ng Pilipinas (BSP), the Philippines’ central bank, reported $1 billion in net inflows from FDIs, the highest since December 2021.</p>
<p>Michael Ricafort, Chief Economist for Rizal Commercial Banking Corporation (RCBC), one of the largest commercial banks in the Philippines, said in a press release to local media that the latest net FDI level is among the highest since the pandemic started.</p>
<p>“For the coming months, net FDI could pick up further amid measures to further reopen the economy with no more restrictions as a policy priority, the Philippine economy’s growth is expected to be among the fastest in the Southeast Asia region,” said Ricafort. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-PH-FDI-Outlook.jpg" alt="" /></p>
<p> </p>
<p>Ricafort added reforms and amendments on foreign ownership limits, such as those under the Public Services Act, Foreign Investments Act, and Retail Trade Liberalization Act, “would all further encourage and attract more FDIs into the country.”</p>
<p>Data from the Philippine Statistics Authority (PSA) shows that the top three countries with the highest share of approved foreign investments in the Philippines for the first quarter of 2023 were Germany (PHP 156.96 billion), Japan (PHP 3.82 billion), and the Netherlands (PHP 2.65 billion).</p>
<p>Meanwhile, the top 3 industries in the Philippines to receive the highest share of approved foreign investments are electricity, gas, steam, and air conditioning supply (PHP 440.08 billion), manufacturing (PHP 24.06 billion), and real estate activities (PHP 7.93 billion).</p>
<p>Amid the continued economic growth, the Philippines remains attractive to foreign investors because of its business-friendly policies, high-quality labor force, healthy employment rate (95.25), and the size of its consumer market (It is the second-largest in Southeast Asia).</p>',
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'description' => 'Tenstorrent CEO Jim Keller, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant's global market dominance.',
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'content' => '<p><strong>Tenstorrent CEO Jim Keller</strong>, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant’s global market dominance.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-Tenstorrent.jpg" alt="" />
<figcaption class="image-caption">Tenstorrent CEO Jim Keller (Photo source: Tenstorrent)</figcaption>
</figure>
<p>Headquartered in Toronto, Tenstorrent has offices in Austin, Texas and Santa Clara, California, as well as in Belgrade, Tokyo, Bangalore, and Seoul. The company claims to be developing AI processors that perform as efficiently as Nvidia's AI GPUs but at a lower cost.</p>
<p>At present, Nvidia is the global market leader when it comes to AI chips. Its AI accelerators command between 70% and 95% of the global market share, according to CNBC.</p>
<p>Keller also said in the interview that Tenstorrent hopes to sell its second-generation multipurpose AI chip by the end of this year.</p>
<p>According to Keller, Tenstorrent can achieve its objective because it does not use high-bandwidth memory (HBM), a popular type of advanced memory chip capable of transferring large amounts of data quickly. HBM is a vital component for generative AI chips and has played a significant role in the success of Nvidia's offerings.</p>
<p>But Keller pointed out that HBM was also one of the culprits behind the massive energy consumption and high prices of AI chips.</p>
<p>"Even the people that use HBM struggle with the cost of it, [and] the design time to build it,” he said.</p>
<p>By doing away with HBM, Tenstorrent will design a chip that can replace both GPUs and HBMs in some areas of AI development, adding that its new product will be "as cost-effective as possible".</p>',
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'title' => 'ITOCHU to take part in Taiwan's smart city project ',
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'content' => '<p>Tokyo-based trading giant <strong>ITOCHU</strong> secured a contract to develop and test AI systems that will help run the transportation network and energy infrastructure of a future smart city project in southern Taiwan, according to a company press release.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-ITOCHU-Taiwan.jpg" alt="" />
<figcaption class="image-caption">ITOCHU plans to roll out AI-powered buses for Taiwan's new smart city project in Tainan. (Photo source: Nikkei Asia)</figcaption>
</figure>
<p>ITOCHU outbid other parties interested in the Integrated Development Project for Shalun Smart Green Energy Science City located in Tainan. The early-stage contract, according to Nikkei Asia, is worth around $332,000 (10.8 million New Taiwan dollars).</p>
<p>According to ITOCHU, the goal is to test its AI systems on a trial basis by the end of October. This is the first time the trading house has officially participated in an overseas smart city project.</p>
<p>The Taiwanese government also announced plans to earmark an additional $306.9 million (or 10 billion NTD) to develop the country’s artificial intelligence (AI) industry. In line with this goal, ITOCHU will collaborate with various Taiwanese partners, including IT company Accton Technology and National Cheng Kung University.</p>
<p>Home to the world's largest semiconductor maker, Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan has a global market share of 61.7%. CNN estimates that TSMC produces 90% of the world's super-advanced semiconductor chips, which are used to power everything from smartphones to artificial intelligence applications.</p>',
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'description' => 'Belgium-based supplier of semiconductor solutions Melexis has opened its largest wafer testing site worldwide in Kuching in the Malaysian state of Sarawak to strengthen its presence in Asia-Pacific and meet the rising demand for semiconductors around the world, according to a company announcement.',
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'content' => '<p>Belgium-based supplier of semiconductor solutions <strong>Melexis</strong> has opened its largest wafer testing site worldwide in Kuching in the Malaysian state of Sarawak to strengthen its presence in Asia-Pacific and meet the rising demand for semiconductors around the world, according to a company announcement.</p>
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<figcaption class="image-caption">Melexis' new 70 million-euro facility in Kuching is a nod to the local architectural design. (Photo source: Melexis)</figcaption>
</figure>
<p>Wafer testing is part of the manufacturing process wherein all individual integrated circuits are checked for functional defects through special test patterns.</p>
<p>According to Melexis, its expansion in Malaysia is a strategic move to streamline logistics and reduce its ecological footprint. Additionally, it selected Kuching because of its diverse, multilingual, entrepreneurial and highly skilled workforce.</p>
<p><strong>Melexis CEO Marc Biron </strong>said, “With an investment of 70 million euros, this opening underscores the ambition of Melexis and will ensure future growth. With Melexis, we are at the forefront of innovation, and this opening will support us in the markets that we serve.”</p>
<p>The new four-storey building, a collaboration of award-winning Belgian architect Sebastian Mortelmans and local architectural firm DNA, covers a ground surface of 4,500 sq. m., making it the company’s largest wafer testing site worldwide. The modern design evokes local longhouse architecture, incorporates advanced energy-saving systems, like a solar installation that can generate 30.000 kWh per month, and minimizes its environmental impact.</p>
<p>“Melexis has made the right choice to invest in Sarawak. With political stability, Sarawak is business-friendly and welcomes investments that can create mutual benefits. The Sarawak government has always been very supportive of investors both foreign and domestic. It is among the most preferred destinations for investment in Malaysia,” <strong>Sarawak’s Ministry of International Trade, Industry and Investment </strong>said in a statement<strong>.</strong></p>
<p>“Sarawak possesses many comparative advantages for businesses to grow and prosper such as strategic location, availability of green energy, talented workforce, and suitable land for industrial activities,” the statement also said.</p>',
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'title' => 'ITOCHU invests in U.S. hydrogen aircraft engine maker ZeroAvia',
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'description' => 'Japanese trading giant ITOCHU announced this month it had invested in ZeroAvia, a British-American maker of hydrogen-electric engines for aircraft, according to a company statement.',
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'content' => '<p>Japanese trading giant <strong>ITOCHU</strong> announced this month it had invested in <strong>ZeroAvia</strong>, a British-American maker of hydrogen-electric engines for aircraft, according to a company statement.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-13-Itochu-ZeroAvia.jpg" alt="" />
<figcaption class="image-caption">An aircraft powered by ZeroAvia's hydrogen-electric engines (Photo source: ZeroAvia)</figcaption>
</figure>
<p>Founded in 2018, ZeroAvia describes itself as “a team of passionate innovators dedicated to bringing safe, zero-emission flight to aviation.” The company claims its hydrogen-electric propulsion systems are “the most environmentally friendly and economically attractive solution to aviation’s growing climate change impact.”</p>
<p>According to ZeroAvia, its hydrogen-electric engines cut more than 90% of harmful emissions, lower operating costs by more than 40%, improve air quality and reduce noise pollution in airport communities.</p>
<p>Under the deal, ITOCHU will serve as ZeroAvia's distributor in Asia, marking its first investment in a developer of hydrogen engines for aircraft and a further expansion into the aviation industry. ITOCHU is part of Japan Aerospace, which is involved in aircraft sales, and of JAMCO, which manufactures materials for aircraft interiors.</p>
<p>According to ITOCHU, this recent investment is part of the company’s long-term goal of helping save the planet by decarbonizing the aviation industry.</p>',
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<figcaption class="image-caption">Fairfax County Economic Development Authority President and CEO Victor Hoskins (Photo source: Fairfax County Economic Development Authority)</figcaption>
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<p>“Congratulations to Virginia on being named America’s Top State for Business in 2024 by CNBC, a record six times achieving that designation. I know that Virginia succeeds because of our shared belief that collaboration and innovation yield great results for our businesses and their employees,” said <strong>Fairfax County Economic Development Authority President and CEO Victor Hoskins</strong>.</p>
<p>Virginia ranks in the top half or better in each of the study’s 10 categories this year, “a rare feat,” noted CNBC. The state landed in the top 10 in four additional categories: infrastructure (3rd), business friendliness (5th), access to capital (8th) and workforce (9th).</p>
<p>For the first time, CNBC counted infrastructure (including the availability of shovel-ready sites) as the most important component for businesses when deciding on investment and cited the Virginia Business Ready Sites Program, as well as its world-class port, rail, roadway, and air transportation ecosystem as major contributors to the recognition.</p>
<p>CNBC’s annual ranking measures all 50 states on 128 different metrics in 10 key categories of competitiveness. North Carolina ranked second on the list, followed by Texas, Georgia and Florida.</p>
<p>Regarding Virginia’s economic relations with Japan, over $32.5 billion in capital investment has been made by Japanese companies in the last 5 years, according to the Virginia Economic Development Partnership, which also reports that Japanese companies employ more than 15,2000 people in the state.</p>',
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<figcaption class="image-caption">Michigan Gov. Gretchen Whitmer (center) with senior officers of FANUC America at its West Campus. (Photo source: FANUC America)</figcaption>
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<p>The new 650,000-square-foot facility was inaugurated on July 10 and is located in FANUC America’s West Campus in Auburn Hills, Michigan. The expansion increases the company’s footprint in Michigan to over 2 million square feet and is part of FANUC America’s plan to advance industrial automation in North America. The West Campus represents a $110 million investment built on 67 acres of land.</p>
<p>The facility, built on 270,000 square meters, has warehouse space to hold more than 6,000 robots and features automated systems for moving the robots in and out of the building, according to FANUC America.</p>
<p>"Our ongoing upward trajectory allows us to better support our customers with cutting-edge robotic and automation solutions, helping to drive more efficiency across all industries,” <strong>FANUC America CEO Michael Cicco </strong>said at the unveiling ceremony.</p>
<p>The Japanese company said it would have invested $250 million in North America since 2019 once this and other projects in its pipeline are completed. Currently, FANUC America has created over 400 jobs in Michigan.</p>',
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<figcaption class="image-caption">K Health founder and CEO Allon Bloch (Photo source: K Health)</figcaption>
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<p>K Health said in the same statement that it had been developing its own AI technology for more than seven years. Today, it can provide 24/7 virtual primary care solutions to millions of people in the United States.</p>
<p>The K Health platform includes clinical-grade medical chat and AI predictive models based on large datasets to help physicians optimize diagnosis and treatment and focus on patient care.</p>
<p>Instead of doctors taking patients through lengthy procedures and manually piecing together their medical history from electronic medical records, K Health allows healthcare providers to engage more quickly and closely with patients by giving them a complete medical chart with patient insights straight from the app.</p>
<p>According to K Health, this new model of care delivery achieves dramatically higher quality of care at lower costs compared to traditional primary care.</p>
<p>“K Health solves the need to make primary care visits highly personalized by giving doctors AI superpowers that enable them to practice at the top of their license. Our primary care platform offers a concierge medical experience with an assigned provider and 24/7 access to care,” explained<strong> K Health founder and CEO Allon Bloch.</strong></p>
<p>“When partnered with leading health systems, this model creates significant benefits to access, clinical outcomes, and patient experience. All you need to get care is your health insurance, a stark contrast to concierge medicine services that typically cost thousands of dollars,” Bloch added.</p>
<p>Meanwhile, <strong>Claure Group</strong> <strong>Founder and CEO Marcelo Claure </strong>said: As I invest in the AI landscape, I have found it incredibly difficult to discover companies making tangible, real-world progress with AI. K Health is the first company I've seen successfully using AI to impact millions of lives. They are addressing some of healthcare's greatest challenges by providing accessibility to faster, higher-quality, lower-cost care on a large scale."</p>',
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<figcaption class="image-caption">Cambodia Prime Minister Hun Manet (right) met with Lee Li Holdings President and CEO Lee Q. Shim (Ieft) in Phnom Penh this month. (Photo source: Office of the Prime Minister)</figcaption>
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<p>During the meeting, Manet pointed out that the <strong>Cambodia Chamber of Commerce</strong> had two representative offices in Canada (Toronto and Montreal) that promote bilateral trade and assist exporters and importers in their two countries.</p>
<p>“Shim’s visit will further contribute to the promotion of trade relations between Cambodia and Canada,” Manet said.<br /><br />The prime minister also encouraged Shim to pursue discussions with relevant ministries and agencies, such as the Ministry of Health, the Ministry of Mines and Energy, and Ministry of Commerce, adding that his government has supported the private sector by encouraging international investment in the country.</p>
<p>Canada is one of the largest investors in Cambodia and has brought in around $1.1 billion in foreign direct investment as of 2021, Cambodian socio-economic analyst Chey Tech told The Phnom Penh Post in an interview.</p>',
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'content' => '<p><strong>National University Hospital (NUH)</strong>, the main teaching hospital of the country’s top-ranking National University of Singapore, announced this month the opening of a center focused on providing trauma care to vulnerable groups, particularly children, older adults, and migrant workers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-SG-NU-Hospital.jpg" alt="" />
<figcaption class="image-caption">Key representatives of NUH during the launch of the National University Centre for Trauma (Photo source: Singapore's National University Hospital)</figcaption>
</figure>
<p>According to the NUH, the center will use a code system to reduce the time between admission to the emergency department and the transfer to an operating theatre. Code Trauma involves the mobilization of all essential staff, including emergency physicians, nurses, surgeons, and anesthesiologists, to accelerate decision-making and response for patients with polytrauma or multiple injuries.</p>
<p>“The National University Centre for Trauma represents decades of efforts in refining our trauma care expertise for our injured patients to return to their lives and achieve their dreams. It also aims to prevent trauma from occurring in the first place with data-driven injury prevention efforts,” said <strong>National University Centre for Trauma Director Raj Menon.</strong></p>
<p>In line with this, the hospital has rolled out a multi-disciplinary clinic that provides services for recovering trauma patients and conducts meetings to enhance care, rehabilitation, and psychosocial recovery pathways.</p>
<p>Today, NUH has over 1,200 beds and serves more than 1 million patients a year with over 50 medical, surgical, and dental specialties. NUH is the only public and not-for-profit hospital in Singapore that provides care for adults, women and children under one roof, including the country’s only pediatric kidney and liver transplant program.</p>',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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Reigniting the spark: How managers can reenergize their teams with low morale
According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled abse...
