If you’ve ever been on a team where people are efficient in their communication and quick to respond, then you know just how powerful of a weapon high-level responsiveness is in a business world where speed is everything. The question is, does your team embody these same traits?
Why Responsiveness Matters
A responsive team is a team that’s quick and efficient with communication. When you send an email to someone, they get back to you quickly. If you ask someone to take care of something, you don’t have to keep following up and staying on top of them – it gets done.
A company’s success and its level of internal responsiveness are typically closely correlated. And when you consider the benefits of what it means to be responsive, it becomes clear why:
- It improves efficiency at every level of the business.
- It enhances customer service and makes clients feel more valued.
- It fosters mutual respect among coworkers and peers.
- It improves growth potential by making your business more scalable.
4 Tips for Better Responsiveness
Now that you have some clarity on why responsiveness matters, let’s take a deeper dive into how you improve in this area. Here are a few of our favorite tips:
- Outline Expectations
Make sure your team has a clear idea of what you expect from them (in terms of responsiveness).
- How should they communicate?
- Which tools should they use?
- How quickly are they expected to respond? (During work hours? After work hours?)
- Who do they report to?
- Who reports to them?
Never assume that something is understood if it’s unsaid. You have to be very clear with yoru expectations at every step of the way.
- User the Correct Modes of Communication
A two-hour delay might not seem like a big deal in the grand scheme of things, but if it becomes commonplace, it’s a problem. If it takes an employee two hours to respond to every email, and a certain exchange requires six back and forth emails, it can take two full workdays just to sign off on something. That’s problematic! By switching to a more efficient mode of communication – like SMS software for internal communications – you can get faster and more efficient collaboration on important topics. That’s critically important.
Make sure you’re using the correct modes of communication for every type of project. There’s a time and place for phone, SMS, email, or even a project management app. It’s up to you to zero in on when and where.
- Reward the Proper Behaviors
Contrary to popular belief, money is not the best motivator for most people. While people tend to like the idea of monetary rewards, subjective motivation like recognition and positive reinforcement generally produce longer-lasting results.
Want to continue cultivating a culture of responsiveness? Reward the proper behaviors by recognizing people who meet and exceed expectations.
- Check in Frequently
You can’t create a culture of responsiveness without giving members of your team the opportunity to open up and share what’s happening in the work life, personal life, and everywhere in between. This requires regular check-ins on an individual basis.
“Whether employees are onsite or working from home, it’s important to make feedback a part of the daily routine,” marketing expert Tricia Sciortino writes. “Celebrate wins with employees, and provide constructive criticism when they’ve missed the mark. Let them know what’s happening. Don’t save feedback for an annual or semi-annual review, but rather share thoughts on performance on an on-going basis.”
This latter point is especially important. While almost every business has some sort of annual report where they assess performance, this isn’t enough. Ongoing feedback must become part of the DNA of your organization. Otherwise it’s something people see as an end-of-year box that gets checked before the company New Year’s Eve party. It has to be part of what happens on a daily, weekly, and monthly basis.
Adding it All Up
You ultimately have to decide what’s most important for your business. And while your goals and desired outcomes will change over time, there are certain core elements of your organizational DNA that should not. Responsiveness is one of them.
By prioritizing high-level responsiveness in every aspect of your business, you can set your company up for long-term success. It’s simple to say, but much more difficult to do.
Roll up your sleeves and get to work!
How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That
Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®
What’s Keeping Millennials From Accessing Credit?
The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.
Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.
The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:
- Payment history
- Amount owed
- Length of credit history
- Credit mix
- Hard credit inquiries
You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.
The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.
The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.
Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.
It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.
How Credit Bureau 2.0 Fixes Those Problems
Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.
Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.
The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.
Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”
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