NAW CEO: Deal to avoid rail strike is "fantastic news for the economy" | Wholesale inflation falls again but remains elevated | Ferguson tries out fuel cell prototype truck from Ford
Rail operators and unions came to a tentative agreement on new contracts early Thursday, heading off a railroad strike that would have started today. "This is fantastic news for the economy," said Eric Hoplin, CEO of the National Association of Wholesaler-Distributors. "My phone has been ringing off the hook over the last 48 hours, talking to distribution leaders from across the country, who were spelling out what some of the catastrophic consequences could have been to America's supply chain and the economy."
The producer price index declined 0.1% in August from the previous month, according to the Labor Department, but was up 8.7% on a year-over-year basis despite the second consecutive monthly decrease. Core prices rose 0.4% from the previous month and 7.3% from last year, while the cost of services increased 0.4% in August.
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Businesses can spend less to operate warehouses and fulfillment centers by using empty vertical space, automating picking and packing, and regularly maintaining hardware and equipment, writes Emily Newton, editor in chief of Revolutionized. In addition, warehouse management systems, advanced inventory tracking and machine learning can improve inventory management and increase efficiency, Newton writes.
More than half of organizations selling with a flywheel model say remote selling is easier compared with 35% who use a sales funnel model, according to a HubSpot survey, and 50% of companies plan a combination of in-person and remote selling for 2023. Parsing all the survey's figures, though, shows that much depends on what's being sold, the strength of the seller-client relationship, and, most important, whether an individual is comfortable and effective selling remotely.
Nearly 25% of global marketers surveyed by Google and Kantar adjust the spending on their digital marketing at least weekly, making them "budget-agile." Marketers who readily change media budgets are 25% more apt than their non-agile counterparts to report performance that surpasses competitors, and 48% say their efforts top key performance indicators and internal expectations, compared to 33% who don't adjust digital marketing budgets.
Multigenerational workforces diversify perspectives and increase mentoring opportunities if employers adjust work routines and culture, particularly in companies or industries that skew younger. Older workers offer tips for leaders and colleagues to adapt their mindsets to welcome employees of all ages.
Using words such as "support" instead of "help," and "space" instead of "time," while avoiding words such as "just" or "unacceptable," can help leaders convey concern and sensitivity to the needs of their team members, writes Hannah Sincavage. "By being purposeful with your communication and rhetorical choices, you can ensure that your team members will understand exactly what you are trying to express as well as improve your team's culture and relationships," Sincavage writes.
The NAW Large Company Roundtables are an exclusive community of thought leaders from Large Company distribution enterprises who congregate to network with noncompeting peers in multiple lines of trade on key issues. The companies invited into this community are from distribution firms with annual sales between $100 million and $999 million. Register today!
I know of no single formula for success. But over the years I have observed that some attributes of leadership are universal and are often about finding ways of encouraging people to combine their efforts, their talents, their insights, their enthusiasm and their inspiration to work together.