Education & Career Success Guide: Management
Showing posts with label Management. Show all posts
Showing posts with label Management. Show all posts

How You Can Save Your Reputation When You Don’t Know the Answer

04:54
How You Can Save Your Reputation When You Don’t Know the Answer

A leader is not a valedictorian who knows everything, but you might get panicky when your employees throw a question about something related to work you don’t really acquire or understand. While responding honestly by saying “I don’t know” could be a sign of great leader who is able to sincerely admit his shortcoming, the wrong way to say it could make you look like an unprofessional manager.
There are good chances that there will be a following question that doubts your credibility such as, “How could you become a leader if you don’t know about this?”
However, you cannot avoid this tough moment nor dodge the stumping question. While it is true that losing words to answer employees’ questions which are out of your expertise could be an embarrassing experience, you can learn from it to improve your knowledge in the future. Here’s How You Can Save Your Reputation despite not knowing the answers for employees’ unexpected inquiries:
Set up a powerful response
Simple response such as ‘I don’t know’ often becomes a conversation ender that stops people from asking further questions. While you could use this to move on to other subjects, this will make you powerless as you cannot demonstrate your reliability in front of the person who asks you.
Therefore, you should prepare another expression which has more powerful sense but with same meaning. You can use something like, “That’s actually a good question, but I need more information to answer that,” or “I don’t hold the data at the time, but I will get it to you soon”. By expressing those ways, you show that you have intention to improve yourself without denying your weakness.
Find out the purpose of the questions
People usually ask questions during particular occasions or within specific context. However, there are times when your employees show up and ask you about something out of the blue. At such cases, leaders are often confused not only with the answer, but also the question itself. To get out of the awkward atmosphere, you need to clarify with the employee to find out the purpose of the questions. By doing so, you might get better idea about the topic being talked about and provide the right response.
Don’t play counter-attack
You must have ever seen a scene where someone defends himself strongly in a debate by bringing the argument around and around only to avoid saying “I don’t know”. This kind of person also tends to play counter-attack by throwing counter question to others. This attitude is not necessarily needed to make you look smart or such. Instead of looking cool, people will judge you as an annoying person.
Provide references
When you receive question which is actually not in your scope and you don’t know the answer, you can explain that it is not your area of expertise and give the reference about the right place where the person can ask the question.
For example, IT manager can apply this strategy when employees ask about payroll matters, which are totally HR’s affair. Other example is when your boss suddenly asks about an employee who is not in your team, and then you can call the right leader to come to the boss. By giving reference, you can prevent additional burden to answer question which is not in your responsibility without letting people’s expectation down from getting the answer.
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IIM Institutes to become more Expensive from 2018

22:52
IIM Institutes to become more Expensive from 2018


The coveted IIM tag is set to get more expensive from this year. At least nine Indian Institutes of Management, from top ones like Bangalore, Calcutta, Ahmedabad and Indore to their newer counterparts at Rohtak, Ranchi, Trichy, Udaipur and Amritsar, have either increased or are in the process of hiking fees by 5-17% for the 2018-20 batches, citing inflationary pressures and higher operational expenses, including faculty salaries and infrastructure costs.

Depending upon the institute, students will pay ₹80,000-2 lakh more for their MBAs. Fees at the IIMs for the two-year flagship postgraduate programme range from ₹9 lakh to ₹22 lakh after this year’s increase at IIM Ahmedabad. 

Among IIMs increasing fee this year is IIM Bangalore, which will now charge ₹21 lakh for its two-year programme, up from ₹19.5 lakh last year. IIM Indore is going in for a ₹2 lakh fee increase to ₹16 lakh after two years. 

IIM Ahmedabad, which offers the most expensive programme among the IIMs, recently affected a hike for the third year running — to ₹22 lakh from ₹21lakh. IIM Calcutta too has raised fees, by₹1lakh to ₹21lakh for the upcoming session. According to IIM authorities, fee hikes have become par for the course as they try to keep pace with inflation, faculty pay hikes and the cost of infrastructure. Increasing fees is now becoming a compulsion for older and mid-level IIMs such as us. 


After the first 10 years, IIMs are required to generate their own revenue and sustain themselves through their own corpus. Faculty salaries go up, cost of messes goes up, cost of hospitality, security, infrastructure, security goes up, thus necessitating a hike. Rohtak, which is nearing its 10-year period, has raised its fees by around 7% this year. 


Set up in the same year as Rohtak, IIM Ranchi has hiked fees from ₹12.5 lakh to ₹14 lakh, said its director Shailendra Singh. 

At IIM Trichy, fees have gone up from ₹12 lakh to ₹14 lakh. “IIMs have consistently been focusing on providing better quality education, many have international accreditations. Factoring in that, plus increasing costs, fees are bound to go up,” said IIM Trichy director B Metri. “verage salary packages for the students are also going up and the payback period
is quite reasonable.


Other new IIMs have also jumped on to the fee-hike bandwagon. This includes IIM Udaipur, which has increased its total fees by ₹80,000 to ₹14 lakh. The institute says the reason behind this revision is the central pay commission award and the goods and services tax (GST). Sources at IIM Amritsar said it is also contemplating raising its existing fees to ₹10.5 lakh from the current ₹9 lakh. 

Experts feel this trend of increasing fees more frequently than before is here to stay. The market is determining prices. Salaries have improved so much and there is a sizable demand for good management talent. 
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