30. September 2019 Latest economy and HR news
Europe’s largest economy is struggling
The German economy already shrank during the April-to-June period of this year and now it is about to slip back into a negative growth. According to BBC, the Gross domestic product (GDP) of Europe’s largest economy fell by 0.1% compared with the previous quarter. “That takes the annual growth rate down to 0.4%”. As stated by the Forbes Magazine the third quarter is expected to offer a repeat performance of declining output. If this happens, Germany would officially be in a recession, which is generally defined as two back-to-back quarters of negative growth. Germany just avoided a recession last year. Currently the government doesn’t see any reason for further measures to stabilise the economy as the fiscal policy of the German government is already expansive. However, economy minister Peter Altmaier says that a recession could be avoided by taking the right measures.
Potential relationship between India and the U.S.
According to CNBC, India could become a strategic partner for the U.S.. Although India’s economy is not as big as China´s , India is a rather large country and has a relatively robust economy. Last week’s meeting between U.S. President Donald Trump and Indian Prime Minister Narendra Modi raises hope for a trade deal between those two countries. A closer relationship with India could potentially have many upsides for the world’s largest economy. However, the situation has become tense over the summer as the Trump administration ended preferential trade treatment for India that had allowed for up to $5.6 billion worth of Indian goods to enter the country duty free. In return, India raised tariffs on 28 American products. These news were quickly dwarfed by the U.S.-China trade war.
How to take control over your career
According to the Forbes Magazine 85% of workers say, they hate their job and see their job more as source of frustration than fulfilment. The reasons therefore are that many people choose jobs based on salary alone or choose their careers based on the opinions of others. Others don’t even know what they want to do with their lives and end up working wherever they get an opportunity to. Although this should not be the case. The next time you apply for a job you first need to find out who you really are, and what you really want to do, so your purpose and passion can line up with the activities that you’ll spend the next 10 years of your life doing. Considering that most of the people spend the majority of their lives on making a living for themselves and their families, this should be a “Wake Up Call” to dig deeper and find a job you actually enjoy. The Forbes Magazine therefore provides you with questions to ask yourself. These will help you to enter the right career path.
How to give feedback to your employees
Most of our communication on a workday involves some kind of feedback. Although most leaders are not very good at providing feedback, it is necessary to give a person the opportunity to grow. Thus, positive feedback reinforces good patterns and results. Therefore, the Forbes Magazine gives you a guideline on how to give feedback. First, feedback is divided into three different types: directive, exploratory and evaluative feedback . The evaluative feedback is the kind of feedback, which is probably most familiar to you, such as discussing the information in an annual performance review. One guideline, which is described by the Forbes Magazine, would be “time it right”: “For feedback to be effective, it should be delivered in a manner that allows the other person adequate time to take in the information and make the necessary adjustments and improvements”. Leadership should be about impact, influence, inspiration, and creating an environment where feedback is not only encouraged and expected, but also consistently modelled by all levels of leadership.
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Your Glasford International Deutschland Research and Analytics Team