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Why Companies Often Get Lunar New Year Wrong In The Workplace

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10 months ago

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Many Asian employees claim that their bosses lose sight of the nuances of Lunar New Year celebrations if they even acknowledge the occasion at all.

Aivee’s office was decked with Chinese lanterns to celebrate the Lunar New Year. The Sydney office of the global IT consulting firm where she worked as a lawyer also held a traditional lion dance and convened a panel discussion about Lunar New Year traditions that needed more diverse participation, except for one Chinese coworker.

However, Aivee, 32, a Malaysian, expressed dissatisfaction. The overall endeavour felt underwhelming, if not generic. She claims that little about the event planning felt inclusive or authentic. “I came in with the expectations of hearing more about Lunar New Year traditions of different Asian countries across the office.”

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Why Companies Often Get Lunar New Year Wrong In The Workplace

As workforces become increasingly varied, many organisations have included various multicultural celebrations, including heritage months and culturally specific holidays. According to McKinsey & Company research, organisations prioritising diversity are 35% more likely to outperform their peers financially. Deloitte data reveals that employees with a strong sense of belonging are more productive, quit companies less frequently, and take fewer sick days.

“It leads to higher employee engagement,” says Pin-ya Tseng, a senior consultant at Paradigm, a San Francisco-based diversity and inclusion firm. She claims that workplace multiculturalism, rather than disregarding or reducing group differences, causes employees to perceive their colleagues as less biased.

However, it can be difficult to approach cultural festivities delicately – getting the details right and hitting the proper touchpoints while remaining sensitive. Experts point to the Lunar New Year as an example of how businesses can make mistakes that leave employees like Aivee feeling as if their firms have only given them lip service – or have ignored them entirely.

“Organisations need to recognise that many of their employees observe Lunar New Year,” Tseng said. “It is estimated that around two billion people worldwide celebrate the holiday.”

Many people want to celebrate Lunar New Year at work, but it’s more than a party. Instead, it presents a chance to promote cultural understanding among leaders and colleagues. When businesses need to adequately stress the significance of the Spring Festival for the various cultures that celebrate it, some employees may feel misunderstood.

Happy Lunar New Year! All You Need to Know About The Year of the Tiger - V Magazine

Why Companies Often Get Lunar New Year Wrong In The Workplace

Kelly, 22, originally from Hong Kong, says she was left “feeling different” at work because she had to convey the significance of the Lunar New Year in her London job. “The best time of the year” is how she describes it. Her colleagues, who primarily celebrated Western holidays, needed to understand the significance or rituals after the office’s tepid, drop-by celebration.

“It’s much more difficult for them to understand when I say I’m going home for the Lunar New Year. “I’m taking two weeks off, and it’s affecting my work,” she explains. It’s a departure from the typical practice of taking end-of-year vacations, and many of her coworkers couldn’t comprehend why she was taking the break in February. Employees may be responsible for explaining their cultural practices, which is both unpaid and emotionally taxing.

Even when business executives introduce programming, employees claim they frequently get it wrong.

“We’ve seen organisations make the mistake of neglecting to acknowledge the range of countries and communities that celebrate the Lunar New Year,” Tseng said. Some businesses refer to “Lunar New Year” as “Chinese New Year,” or, conversely, presume that some Asian cultures celebrate it when they do not. 

Khoi, a 23-year-old Vietnamese graduate of a big financial firm in London, is celebrating Tết. His workplace did recognise Lunar New Year but referred to it as “Lunar Chinese New Year”.

“Well, at least it’s better than just ‘Chinese New Year’,” Khoi remarks, reflecting on his prior employer’s complete lack of respect for the season. However, this “good enough” mindset can lead to workers like him accepting that firms will never get it right, lowering the bar for what they should expect from their employers. Experts argue that firms can accomplish it. Senior leaders’ active promotion of these projects is critical to their success. “If leaders aren’t visibly prioritising these events or programmes, others within the organisation won’t see them as important either,” Tseng said. “This means it will be hard to get engagement from those who may be helping create and run activities as well as those who would be participating.”

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Why Companies Often Get Lunar New Year Wrong In The Workplace

However, one of the underlying challenges with executive support is a widespread lack of Asian representation in senior roles, known as the “bamboo ceiling”. In 2023, research from the MIT Sloan School of Management in Massachusetts, US, revealed that East Asian workers – Chinese, Japanese, and Koreans – were perceived as less innovative, presenting a barrier to top positions. Organically growing Lunar New Year celebrations from the top is difficult when few Asians hold key positions.

Senior managers from various backgrounds can, however, use their roles to advance diversity efforts and make beneficial changes step by step, working closely with Asian colleagues at all levels of a business. Leaders from Asian backgrounds also believe that promoting Lunar New Year diversity pays off.

“As I’ve grown professionally, I’ve seen first-hand how important it can be for myself and other Asian colleagues to have a strong support network, from a community to celebrate our culture with many people without strong family connections in-country, to advice and career support as people progress and build their careers,” says Cassandra Yong, a Chinese-Malaysian partner at Boston Consulting Group in London, who founded and led its Asian Diversity Network at the firm.

“Our Asian community has grown significantly over the years, and it was important for me to ensure everyone is able to access a network like this.”

SOURCE – (BBC)

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Forced Sale Google Chrome Could Fetch $20 Billion

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7 hours ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

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Bitcoin Has Set a New Record And Is Approaching $100,000.

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16 hours ago

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2024-11-21

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(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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Target Struggles in the Third Quarter: Offers Tempered Holiday Outlook and Price Cuts

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1 day ago

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2024-11-20

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Target

(VOR News) – Target experienced a modest rise in sales during the third quarter; nevertheless, profitability declined due to reduced customer spending attributed to inflation and adverse effects from the ongoing costs associated with the October dockworker strike.

Despite ongoing consumer expenditure in the United States, but with more prudence, the Minneapolis retailer did not meet Wall Street’s forecasts for the quarter and similarly disappointed industry analysts with its projections for the final quarter of the year.

Target’s reduction in prices for Christmas products, including a Thanksgiving promotion that lowered the cost of the holiday feast relative to last year’s total, raises concerns about disappointing quarterly results.

Target’s latest quarter sharply contrasts with competitor Walmart, which reported another quarter of exceptional revenues on Tuesday and provided positive forecasts for the forthcoming holiday season. Amazon disclosed last month that its quarterly profits had risen. Amazon surpassed projections with an 11% rise in quarterly revenue.

Target fell over 21% on Wednesday morning.

Chairman and CEO Brian Cornell stated, “We encountered distinct challenges and financial constraints that impacted our overall performance.”

FactSet reports that Target’s net income for the quarter ended November 2 was $854 million, or $1.85 per share, markedly below the anticipated $2.30 and a decline from $971 million, or $2.10 per share, in the same quarter of the previous year.

Despite an increase in sales to $25.67 billion from $25.4 billion the previous year, they fell short of Wall Street’s projections.

Target announced that for the fiscal fourth quarter, it anticipates earnings per share to fall between $1.85 to $2.45. This amount is below the $2.65 per share forecast by analysts surveyed by FactSet.

The retailer announced that in the third quarter, its comparable sales, derived from stores and digital platforms operational for a minimum of one year, increased by 0.3%.

This is inferior to the second quarter’s 2% growth. Several months of decreases, comprising a 3.7% reduction in the first quarter and a 4.4% reduction in the company’s final quarter of 2023, were counterbalanced by the rise in the April–June period.

Cosmetics sales rose by almost 6%, whilst food, beverages, and necessities such as shampoo experienced gains in the low single digits relative to the previous year.

The positive attributes were negligible. Target’s quarterly customer traffic rose by 2.4%. Target officials report that this represents an increase of 10 million sales transactions compared to the previous year. Digital comparable sales rose by 10.8% due to a 20% enhancement in same-day delivery facilitated by the Target Circle loyalty program and double-digit growth in its drive-up service.

Target encountered several challenges.

Target’s food and beverage sales constitute under 25% of overall sales, indicating a greater dependence on luxury items such as apparel and accessories.

Target management acknowledged that the company, similar to other retailers, had to redirect specific items due to the strike of 45,000 dockworkers, the first occurrence since 1977.

The accumulation of commodities in warehouses escalated operational expenses and diminished corporate earnings.

The commitment by President-elect Donald Trump to impose elevated import tariffs is resulting in difficulties for Target and other enterprises. Trump advocates for a 60% tariff on Chinese imports and a 20% levy on all other products. Cornell stated that, despite monitoring trends meticulously, the corporation has prioritized diversifying its supplier network.

“Currently, there exists considerable uncertainty regarding future developments, and we will exercise our flexibility to adapt as necessary,” he stated on the call.

Buyers remain apprehensive due to ongoing uncertainty, as prices, albeit decreasing, remain elevated compared to a few years prior.

“They are exhibiting significant patience, pursuing promotions and outstanding value on essential pantry items,” Cornell stated during a conference call with reporters. “Over the year, they have consistently focused on discretionary categories and are practicing prudent shopping behaviors.”

Target officials indicated a decline in television purchases, although they expressed interest in incorporating candles, frames, and flowers into their home décor.

Target has been reducing prices to boost sales. Last spring, it reduced costs for numerous essentials, including milk and diapers. Almost fifty percent of the numerous goods offered this Christmas are priced below $20. Target is offering a Thanksgiving dinner bundle for four people at $20, which is $5 less than its 2023 Thanksgiving meal package.

SOURCE: USN

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