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Business leaders have always had to be attentive to small but important shifts within the workplace that may affect employee performancetroubling trends that have increased since the pandemic. Now theres another problematic development for leaders to monitor. In addition to rising burnout, disengagement, and intentional idleness from quiet quitting, researchers have identified a new office condition theyre calling quiet cracking. According to learning management system company TalentLMS, quiet cracking is situated somewhere between burnout, suffered by some ambitious but overloaded workers, and the quiet quitters who are actively slacking their way out of jobs they no longer want. Instead, people quietly cracking gradually become mired in feeling both unappreciated by managers and closed off from career advancement while doing work they otherwise like. The resulting unhappiness and frustration slowly builds until demotivated employees have to force themselves through the workday, causing their attention and productivity to drop. Quiet cracking is the erosion of workplace satisfaction from within, according to a recent TalentLMS survey on the new threat to worker happiness and employer staffing stability and effectiveness. Unlike burnout, it doesnt always manifest in exhaustion. Unlike quiet quitting, it doesnt show up in performance metrics immediately. But it is just as dangerous. The reason, the study said, is that a large portion of the workforce is already experiencing the persistent feeling of workplace unhappiness that leads to disengagement, poor performance, and an increased desire to quit that quiet crackers deal with. TalentLMSs survey of 1,000 U.S. employees found 54% saying theyd experienced one or several aspects of quiet cracking recently, with 20% saying theyd frequently or constantly battled these challenges. Despite its rising prevalence and widespread effects, quiet cracking is tougher for employers to notice, because it develops gradually. Employees generally dont recognize initial dissatisfactions or frustrations as anything more significant than passing gripesuntil theyve become too deep and ingrained to shrug off. At that point, workers generally keep their problems to themselves while they start spinning their wheels doing jobs theyre losing interest in yet stick with, fearing it will be too difficult to find a new one. Though they come to work on time each day and try to complete tasks as best they can, the malaise sufferers feel generally undermines their effectiveness. That creates another form of disengagement that a recent Gallup study said costs global businesses $8.8 trillion annually in lost productivity. Is there any good news as quiet cracking emerges as another challenge to the workplace? TalentLMS says there is, with survey replies from people suffering from it offering ideas on how companies can prevent or remedy it. Respondents typically said they didnt feel bosses appreciate them, dont listen or notice them, and arent providing any paths for advancing in their work and careers. Addressing those complaints is an obvious way to keep them from morphing into quiet cracking. To do that, TalentLMS advises employers double down on learning and development and adopt the view that training is more than a skill-building toolits a confidence booster.Respondents who experienced quiet cracking said theyd received less direction and instruction at work in the prior year. The analysis portion of the survey urges companies to provide workers structured, ongoing learning paths. Businesses can also encourage staff to define some of the themes and content of those programs themselves, and not only have leaders make those programs available but also create time on the job that people can use to pursue them. TalentLMS also urges employers to train managers who tend to shape company culture to regularly seek out feedback from employees. When possible, those consultations should be conducted in one-on-one meetings to allow staff to express their concerns more freelyespecially those contributing to any quiet cracking underway. Finally, the study recommends publicly recognizing employee work and achievements as a low-cost, high-impact method for boosting workplace morale and self-esteem. That appreciation shouldnt be pro forma or forced, but can respond to even relatively routine efforts that nevertheless benefit the companys activities. Those measures to address quiet cracking may seem like even more effort for employers already trying to minimize the instances and effects of burnout, disengagement, and other workplace challenges. But TalentLMS says constructive responses will be worth it in terms of staff satisfaction and productivity.Quiet cracking isnt just a well-being issueits a business issue, the study concludes. When employees quietly crack, they take productivity, creativity, and loyalty with them. Addressing quiet cracking doesnt require overhauling your entire strategybut it does require listening, acting, and investing. By Bruce Crumley This article originally appeared in Fast Companys sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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Novo Nordisk cautioned on Wednesday that it expects continued competition this year from copycat versions of its Wegovy obesity drug, as it battled pressure from compounding pharmacies in the United States and rival Eli Lilly. The Danish drugmaker, which became Europe’s most valuable company worth $650 billion last year on sales of its blockbuster weight-loss drug, is facing a pivotal moment as Wegovy loses market share, especially in the U.S. Last week, competition from compounders who make copycat medicines based on the same ingredients as Wegovy prompted the company to cut its full-year sales and profit outlook. That took investors by surprise and wiped $95 billion off Novo’s market value. On a media call on Wednesday, outgoing CEO Lars Fruergaard Jorgensen said the copycat market has “equal size to our business” and compounded versions of Wegovy were sold at a “much lower price point.” In May, the company said it expected many of the roughly one million U.S. patients using compounded GLP-1 drugs to switch to branded treatments after a U.S. Food and Drug Administration (FDA) ban on compounded copies of Wegovy took effect on May 22, and it expected compounding to wind down in the third quarter. However, CFO Karsten Munk Knudsen said on Wednesday that more than one million U.S. patients were still using compounded GLP-1s and that Novo’s lowered outlook has “not assumed a reduction in compounding” this year. ENCOURAGING PRESCRIPTION DATA Knudsen reiterated that the company was pursuing multiple strategies, including lawsuits against compounding pharmacies, to halt unlawful mass compounding of its blockbuster medicine. Jorgensen said the company was encouraged by the latest U.S. prescription data for Wegovy. While Novos weight-loss drug was overtaken earlier this year by rival Lillys Zepbound in terms of U.S. prescriptions, that lead has narrowed in the past month. Second-quarter sales of Wegovy rose by 36% in the U.S and more than quadrupled in markets outside the U.S. compared to a year ago, Novo said. Barclays analysts said in a note that while Wegovy’s U.S. pricing held steady in the second quarter, the company expects deeper erosion in the key U.S. market in the second half, due to a greater portion of sales expected from the direct-to-consumer or cash-pay channel, as well as higher rebates and discounts to insurers. Knudsen said it is expanding its U.S. direct-to-consumer platform, NovoCare, launched in March, and may need to pursue similar cash sales directly to patients, outside of insurance channels, in some markets outside the U.S. COST CUTS The company reiterated its full-year earnings expectations on Wednesday after last week’s profit warning reduced its 2025 sales outlook, and named veteran insider Maziar Mike Doustdar to take over from Jorgensen on Thursday. Jorgensen said Novo was acting to “ensure efficiencies in our cost base” as the company announced on Wednesday it would terminate eight R&D projects. Doustdar said last week the company will pursue “savings and efficiencies.” “There seems to be a larger R&D clean-out than usual, but we do not know if this reflects a strategic re-assessment or just a coincidence,” analysts at Jefferies said in a note. Investors have questioned whether Novo Nordisk can stay competitive in the booming weight-loss drug market. Several equity analysts have cut their price targets and recommendation on the stock since last week. Shares in Novo plunged 30% last week their worst weekly performance in over two decades and were down 1.8% in morning trading on Wednesday. Sales rose 18% in the quarter to 76.86 billion Danish crowns ($11.92 billion), below analysts’ initial expectations. Jacob Gronholt-Pedersen and Maggie Fick, Reuters
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E-Commerce
Between rising prices and dwindling job growth, using “buy now, pay later” on everything from concert tickets to fast food deliveries is becoming increasingly appealing. But greater use could also mean greater trouble, as more people fall behind on repaying these loans.Buy now, pay later loans gained popularity during the pandemic, especially among young people. While these loans can help you make large purchases without paying interest or undergoing a hard inquiry in your credit report, they can also easily be overused.About 4 in 10 Americans under the age of 45 say they’ve used “buy now, pay later” services when spending on entertainment or restaurant meals, or when paying for essentials like groceries or medical care, according to a poll from The Associated Press-NORC Center for Public Affairs Research.Buy now, pay later loans were not previously reported to the three major credit reporting bureaus. But consumers will soon see the impact of buy now, pay later loans on their FICO credit scores.Whether you’re a first-time or recurring user of buy now, pay later plans, here are some expert recommendations to use this tool responsibly. Focus on needs vs. wants Buy now, pay later plans divide purchases in monthly installments, typically in four payments. These loans are marketed as having low or no interest. Klarna, Afterpay, PayPal and Affirm are among the most popular buy now, pay later companies.These loans should ideally be used for large purchases or necessities, said Lauren Bringle, Accredited Financial Counselor at Self Financial.Bringle recommends asking yourself these questions before purchasing: Can I survive without this purchase right now? Do I need it for work, school, or a basic household need?Buy now, pay later is best used when you have a plan for the purchase, not for impulse buys. For example, when you need to buy a computer for school or a new refrigerator for your house, recommended Tyler Horn, head of planning at Origin, a budgeting app. Pause before purchasing Before deciding to take out a buy now, pay later loan, it’s a good idea to pause and consider if it’s the best financial decision for you, recommended Erika Rasure, Chief Financial Wellness advisor for Beyond Finance.Buy now, pay later plans can be positive budgeting tools when used strategically. However, it’s essential you know your spending behaviors before using them, said Rasure. If you’re an emotional spender, it might be hard for you to moderate your use of this tool and you could end up adding to your financial stress.“Buy now, pay later can become a coping mechanism rather than a financial tool that can get you a good deal or improve your cash flow,” said Rasure.If you have other payments due, such as credit card or student loan payments, consider how a buy now, pay later loan will add to your monthly payments, recommended Sarah Rathner, Senior Writer for NerdWallet. Read the fine print Like credit cards, each buy now, pay later loan has terms and conditions that can vary by purchase and providers. It’s crucial that you know what you’re agreeing to before you sign up, recommended Michael Savino, Chief Lending Officer at Municipal Credit Union.“Always read the fine print. Understand fees, repayment schedules, and what happens if you miss a payment or go into default,” said Savino.In general, if you miss a buy now, pay later payment, you can face fees, interest, or the possibility of being banned from using the services in the future. Avoid stacking BNPL loans You can easily run into difficulty keeping up with the cost and schedule of your repayments if you’re trying to simultaneously pay off two, three or more loans, Savino said.“Juggling multiple plans creates a blind spot and overall debt load, and multiple repayment dates are hard to manage,” Savino said. “So more loans makes it more difficult to budget.”The best approach: Stay mindful of your overall spending, and limit the number of buy now, pay later loans. Keep track of your loan(s) Whether or not you’re paying for multiple buy now, pay later purchases at once, you want to be aware of where your money is going at any given time, recommended Courtney Alev, consumer advocate at Credit Karma.“Buy now, pay later often requires automatic payments, so you want to make sure that your account is funded so that those payments are processing successfully,” recommended Jennifer Seitz, director of education at Greenlight, a financial literacy app for families.There are many ways to track your loan payments from setting a reminder on your calendar, to creating an intricate excel spreadsheet or tracking them on an app, said Jesse Mecham, founder of the budgeting app YNAB.Finding the best method that works for you will help you stay on track and avoid late fees. Make buy now, pay later work for you For shoppers with low credit scores or no credit history, buy now, pay later loans can seem like the best, if not the only, loan option. If used moderately and responsibly, these short-term loans can be a positive lending exercise, said Savino.“It allows you to to establish a baseline (and) get access to other affordable credit options that you can leverage that will ultimately provide financial wellness,” he added.Still, NerdWallet’s Rathner emphasized that shoppers using these tools always remember that buy now, pay later is a form of borrowing money.“It just kind of feels like you’re given a little extra time to pay back,” Rathner said. “But the reality is, if you miss payments, it can hurt your credit, much like missing payments with any other loan.”The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Adriana Morga and Luena Rodriguez-Feo Vileira, Associated Press
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E-Commerce
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