Modi set to take oath for the third time on June 8 as allies pledge support. Indian Prime Minister Narendra Modi's National Democratic Alliance (NDA) formally named him on Wednesday to lead a new coalition government for a third straight term, a day after it regained power with a surprisingly slim majority. (Reuters)
European Central Bank set to cut rates for the first time since 2019. It will mark the official end to the record fast-hiking cycle that begun after the Covid-19 pandemic as inflation soared. (CNBC)
US weekly jobless claims edge higher, Q1 labor costs revised lower. The number of Americans filing new claims for unemployment benefits increased last week and unit labor costs rose by less than previously thought in the first quarter. (Reuters)
Bank of Canada cuts rates for first time in four years as inflation eases. The Bank of Canada has trimmed its key policy rate by 25 basis points to 4.75%, in a widely expected move that marked its first cut in four years, and said more easing was likely if inflation continued to ease. (Al Jazeera)
Removing Cuba from list of countries ‘not fully cooperating’ over terrorism may presage wider rapprochement—if politics allows. The U.S. State Department removed Cuba from its list of countries ‘not fully cooperating’ with anti-terrorism efforts in mid-May 2024, but you would be forgiven for not noticing. (The Conversation)
Profligate spending may lead South Africa to IMF, Kganyago says. South Africa’s central bank chief said the next government will need to accept it has limited resources or risk having to go to the International Monetary Fund for a bailout. (Bloomberg)
Colombia facing budget shortfall of nearly $7 billion. A collapse in Colombia's tax collection is setting off alarm bells for the market, which says the government will need to contend with an estimated budget shortfall of some 27 trillion pesos, about $6.9 billion, this year. (Reuters)
Vibecession "now more than ever." The divide between sentiment and the economy is something economists will be trying to figure out for years, says Matt Colyar, an economist at Moody's. (Axios)
Mid-year 2024 global election reflections. Over the last few years, geopolitics and politics have become important considerations when trying to assess the overall direction of the global economy and financial markets. (Wells Fargo)
Turkey’s inflation passes 75% in what economists believe is peak. Economists had previously forecast that inflation in the country of 85 million would peak around 75% before beginning to ease. (CNBC)
Private payrolls growth slows to 152,000 in May, much less than expected, ADP says. Along with the slowdown in job creation, annual pay growth gains held at a 5% rate, where they have been for three months running. (NBC)
BOJ’s Nakamura says appropriate to maintain monetary policy for time being. Nakamura dissented from the BOJ’s decision in March to end negative interest rates. (WSJ)
Russia's economy is growing, but can it last? Russia’s full-scale invasion of Ukraine in February 2022 not only sparked international outrage. It also triggered a wave of sanctions designed to weaken the Kremlin’s ability to wage war against its neighbor. (BBC)
Where does your work culture fall in the 5 levels of workplace inspiration?
S. Chris Edmonds, speaker, author and executive consultant with The Purposeful Culture Group
Today, far too many of our workplaces continue to be steaming examples of toxicity. Recent stories of harassment, mismanagement and bullying have become headlines in companies as varied as the Miss Universe Organization and the US Federal Deposit Insurance Corporation.
There are a few shining examples of companies with uncompromising work cultures—like Radio Flyer—but there are not enough of them.
How can business leaders assess the quality of their work culture? We recommend they start by considering these five levels of workplace inspiration.
From lowest to highest, the levels of workplace inspiration are:
- Dysfunction
- Tension
- Civility
- Acknowledgement
- Validation
A dysfunctional culture is evidenced by open conflict and disagreement, rude treatment of employees and customers and “managing by intimidation.” Workplace teasing and bullying are common at this level.
In a tension-filled culture, cliques isolate select employees. Racist and sexual jokes are widely shared. Roles and efforts are undermined. Gossip is prevalent. Blaming and finger-pointing can be seen daily. Teasing and bullying also happen at this level.
Civility is the first of these levels where consistent sanity is the norm. Work relationships are professional, formal and diplomatic if distant. The work environment is psychologically safe.
At the acknowledgment level, authentic respect is communicated often. Leaders and team members regularly and proactively express appreciation to peers for their ideas, efforts and contributions.
The validation level is the highest degree of workplace inspiration. Not only is credit given for efforts and accomplishment, but responsibility and authority are given to engaged, talented team members. Players act independently and cooperatively to solve problems and deliver top-quality products and services. People engage their peers respectfully and feel trusted and valued.
The most effective way to assess which level your work culture operates at today is to engage in proactive and structured discovery. Custom assessments can provide insights into how employees perceive your culture. We recommend annual culture interviews of leaders and team members by an outside partner for a more in-depth understanding of exactly what’s working and what’s not.
Only then can leaders begin to implement practices and then hold everyone accountable for a validating and respectful work culture.
This article originally appeared on SmartBrief.
S.Chris Edmonds is a highly regarded speaker, author and executive consultant with The Purposeful Culture Group. He has authored or co-authored seven books, including three Amazon bestsellers: Good Comes First (2021), The Culture Engine (2014) and Leading at a Higher Level (2008). His videos, posts and podcasts are available at DrivingResultsThroughCulture.com and GoodComesFirst.com. Follow Edmonds on LinkedIn, Twitter, Facebook and Apple Podcasts.
Annacaroline Caruso, editor in chief
Jamilex Gotay, editorial associate
Kendall Payton, editorial associate