HBR – Reflecting on personal goals, preferences, and past experiences can help employees identify the rewards and recognition that are most meaningful to them. By listing and ranking these preferences, observing workplace practices, communicating with managers, and providing constructive feedback, employees can guide their employers in offering more effective and personalized incentives. This approach enhances motivation, engagement, and job satisfaction, benefiting both employees and organizations.
‘I’m Gutted’: Joann, an 80-Year-Old Crafts and Fabrics Store, Will Soon Close All 800 of Its Locations
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Joann, a crafts and fabrics retailer with a history spanning 80 years, announced the closure of all 800 of its stores across 49 states. This decision stems from ongoing financial struggles and low sales, affecting 19,000 employees, of whom 15,600 are part-time. The company filed for bankruptcy in March 2024, reporting debts between $1 billion and $10 billion. Following a failed attempt to find a buyer, the financial services firm GA Group won the auction for Joann’s assets and decided to completely shut down operations. Going-out-of-business sales commenced immediately, with store closure timelines still to be announced.
Crafters and designers expressed their dismay on social media, highlighting the emotional impact of losing a vital resource for their creative endeavors. Affected individuals shared sentiments about the lack of community and inspiration in the wake of Joann’s closure. Joann’s leadership stated that they made every effort to secure a favorable outcome to keep the company operating, demonstrating that even long-standing businesses can face insurmountable challenges in the current retail landscape.
By Sherin Shibu | FEB 24, 2025
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Gilad Jacobs on the Evolution of Normatec: Lessons in Persistence and Innovation
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ENTREPRENEUR – Normatec is a compression boot that was originally designed as a rehabilitation tool for celebrities and elite athletes, but has become increasingly popular for everyday people. Hyperice, the parent company of Normatec, recently launched the Normatec Elite, a wireless version of the compression boot that eliminates the need for external hoses and control units. Normatec founder Gilad Jacobs said he learned valuable entrepreneurial lessons from his mother, including never giving up, focusing on goals for the next two weeks, and valuing hard work over smarts.
By JON BIER | JUL 16, 2024
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Slow Promotions and Trust-Building: Leadership Insights from Contentstack’s CEO
1. Slow and Intentional Employee Promotions: At Contentstack, the CEO learned from her experience at Sun Microsystems, where rapid promotions gave her overconfidence. Now, she ensures employees are promoted no more than every two years, focusing on growth in their current roles before advancing.
2. Managing Older, Experienced Teams: As a 27-year-old managing a team of more experienced employees at Sun Microsystems, the CEO faced resistance. By building trust through one-on-one meetings, she gained their confidence and helped them take on projects they were passionate about.
By Charissa Cheong | SEP 5, 2024
Read the original article at BUSINESS INSIDER