The document discusses the impact of the economic recession on small businesses in the United States and strategies for surviving and thriving in the future. It notes that small businesses make up over 99% of all businesses, employ over half of the private workforce, and are critical to the US economy. The recession hit small businesses hard through decreased sales, lending, and increased bankruptcies. Many small businesses survived through cost-cutting measures like reduced pay and benefits but now must reengage their workforce to succeed going forward.
The document discusses the importance of retaining top talent through competitive salaries and benefits. It notes that Dan Price, CEO of Gravity Payments, raised the minimum salary at his company to $70,000 while lowering his own salary to that amount, compared to the US federal minimum wage of $7.25 an hour or about $15,000 annually. Additionally, the document advocates for businesses to take control of their own destiny through changes like business process reengineering, treating employees equally and with dignity, and developing the skills of subordinate managers.
Lack of economic opportunity and unemploymentmo moustapha
Unemployment, especially among youth, is a major global issue according to the document. It discusses that 290 million 15-24 year olds are not participating in the labor market. This large number of unemployed youth can negatively impact economic growth and productivity for countries. Some of the key causes of unemployment mentioned are a lack of necessary skills, poor economic conditions, and a mismatch between the skills of available workers and the skills required for open jobs. The document also discusses some of the consequences of unemployment, such as financial stress, strained personal relationships, and decreased productivity for companies. It emphasizes that solving unemployment requires efforts from governments and citizens to promote education, entrepreneurship, and job creation.
Compensation and remuneration are important factors for both employees and employers, as they impact motivation, loyalty, and standard of living. Components of remuneration typically include wages, salaries, incentives, fringe benefits, perquisites, and non-monetary benefits. However, compensation practices must be carefully managed to avoid issues like pay envy, high turnover, and damage to morale when disparities exist or the market changes rapidly.
This document discusses factors that improve productivity. It identifies five main elements: managerial and financial controls, Lean processes and operations, labor productivity and cost controls, asset productivity, and continual improvement. Other factors that can impact productivity include scale, markets, external factors, accurate information, process measurements, team structure, departmental methods, motivation, terms and conditions of work, materials utilization, and total procurement costs beyond price alone. Lean thinking emphasizes reducing waste and matching outputs to customer demands to boost productivity.
1) Small businesses make up a significant part of the US economy, employing over 120 million people. However, about 50% of small businesses fail within the first 4 years.
2) Common problems that small businesses struggle with include not properly identifying the root causes of issues, mismanaging employees, poor marketing and sales strategies, and cash flow problems.
3) Using a business coach can help small business owners address challenges, prioritize goals, and implement practical solutions to help their business thrive rather than just survive.
Private businesses are a major driver of the North American economy, but over 75% have little to no enterprise value. Value is defined not by revenue or profit alone, but by sustainable and transferable profits even without the business owner. The Chairman's View process helps owners build their businesses into operational assets that can be sold by focusing on structure, process, and financial measures like revenue, cash flow, and profit through tools like CoreValue reports and dashboards. The goal is for owners to think of their business as an asset they are building to last for decades but also be prepared to sell.
The annual report summarizes Pitney Bowes' performance in 2006. It discusses key developments including the sale of the Capital Services business, the creation of seven new business segments, and the passage of significant postal reform legislation in the US. The report highlights how Pitney Bowes is positioned for growth and innovation through its expanded portfolio and solutions that leverage the mailstream platform. Financial results were strong and the company reiterated its investor value proposition of high returns over the long term.
The document discusses the importance of retaining top talent through competitive salaries and benefits. It notes that Dan Price, CEO of Gravity Payments, raised the minimum salary at his company to $70,000 while lowering his own salary to that amount, compared to the US federal minimum wage of $7.25 an hour or about $15,000 annually. Additionally, the document advocates for businesses to take control of their own destiny through changes like business process reengineering, treating employees equally and with dignity, and developing the skills of subordinate managers.
Lack of economic opportunity and unemploymentmo moustapha
Unemployment, especially among youth, is a major global issue according to the document. It discusses that 290 million 15-24 year olds are not participating in the labor market. This large number of unemployed youth can negatively impact economic growth and productivity for countries. Some of the key causes of unemployment mentioned are a lack of necessary skills, poor economic conditions, and a mismatch between the skills of available workers and the skills required for open jobs. The document also discusses some of the consequences of unemployment, such as financial stress, strained personal relationships, and decreased productivity for companies. It emphasizes that solving unemployment requires efforts from governments and citizens to promote education, entrepreneurship, and job creation.
Compensation and remuneration are important factors for both employees and employers, as they impact motivation, loyalty, and standard of living. Components of remuneration typically include wages, salaries, incentives, fringe benefits, perquisites, and non-monetary benefits. However, compensation practices must be carefully managed to avoid issues like pay envy, high turnover, and damage to morale when disparities exist or the market changes rapidly.
This document discusses factors that improve productivity. It identifies five main elements: managerial and financial controls, Lean processes and operations, labor productivity and cost controls, asset productivity, and continual improvement. Other factors that can impact productivity include scale, markets, external factors, accurate information, process measurements, team structure, departmental methods, motivation, terms and conditions of work, materials utilization, and total procurement costs beyond price alone. Lean thinking emphasizes reducing waste and matching outputs to customer demands to boost productivity.
1) Small businesses make up a significant part of the US economy, employing over 120 million people. However, about 50% of small businesses fail within the first 4 years.
2) Common problems that small businesses struggle with include not properly identifying the root causes of issues, mismanaging employees, poor marketing and sales strategies, and cash flow problems.
3) Using a business coach can help small business owners address challenges, prioritize goals, and implement practical solutions to help their business thrive rather than just survive.
Private businesses are a major driver of the North American economy, but over 75% have little to no enterprise value. Value is defined not by revenue or profit alone, but by sustainable and transferable profits even without the business owner. The Chairman's View process helps owners build their businesses into operational assets that can be sold by focusing on structure, process, and financial measures like revenue, cash flow, and profit through tools like CoreValue reports and dashboards. The goal is for owners to think of their business as an asset they are building to last for decades but also be prepared to sell.
The annual report summarizes Pitney Bowes' performance in 2006. It discusses key developments including the sale of the Capital Services business, the creation of seven new business segments, and the passage of significant postal reform legislation in the US. The report highlights how Pitney Bowes is positioned for growth and innovation through its expanded portfolio and solutions that leverage the mailstream platform. Financial results were strong and the company reiterated its investor value proposition of high returns over the long term.
Beating The Bear Market With Engaged EmployeesMark Hirschfeld
1. The document discusses how maintaining employee engagement can help companies beat a bear market. It provides strategies for keeping employees motivated and productive during an economic downturn.
2. Five key differentiators are identified that successful companies focus on: setting a clear direction, open communication, career development, recognition, and well-being.
3. Engaged employees are linked to better business outcomes like customer loyalty and retention, lower turnover, and higher productivity. Maintaining engagement can improve a company's bottom line during difficult economic times.
The document discusses how supporting entrepreneurship and business growth is key to job creation. It notes that startups create 58% of new jobs while expanding businesses create 40% of new jobs. However, startups only account for about 10% of net new jobs once business closures are considered, while expanding businesses account for about 90% of net new jobs. The document advocates for the Hire One tax credit program in Idaho to support business growth and entrepreneurship. It also discusses other strategies like developing a comprehensive entrepreneurship strategy and using policy briefings and a task force to promote entrepreneurship.
This document provides information on establishing and managing a restaurant as a career option for Nigerian youth. It discusses preliminary considerations such as conducting a feasibility study and self-analysis. Location, facilities, equipment, and methods of cooking for the restaurant are also addressed. The document outlines the key components of a food service operation and different food service systems that can be adopted, such as conventional, commissary, and ready-prepared food systems.
CO2 2019 | Donnie Shelton | Grow Your Business - Conference Day Coalmarch
The document discusses revenue figures for various business sectors totaling $9 billion and notes the untapped residential market is $30 billion. It also mentions the company has grown at a mid-single-digit rate organically and is less cyclical and susceptible to downturns than other property management companies.
- The Global Financial Crisis (GFC) negatively impacted young professionals in Tasmania through tighter labor markets. Unemployment rose faster for youth than older workers as firms froze hiring and wages.
- Professionals experienced higher unemployment than average during recessions but were unemployed for shorter periods than other workers. Tasmanian professionals faced similar unemployment rates as nationally but spent less time unemployed when jobless.
- The effects of the GFC were delayed in Tasmania, which typically lags the national economy. By the time impacts were felt, broader recoveries may have begun, lessening the downturn's severity through increased demand for local products.
The document discusses compensation in start-up companies from both the employer and employee perspective. It notes that start-ups need to attract motivated and dedicated employees through intrinsic and extrinsic rewards like stock options, benefits, and competitive pay. A case study of JetBlue is presented as a company that succeeded by offering market-matched compensation including benefits, profit sharing, and stock options to motivate employees.
Business Quarterly (BQ); a magazine bringing innovative and inspiring content to businesses and professionals.
This issue highlight matters that will help you make smart decisions in a difficult and challenging environment - as well as business support and advice in these uncertain times.
Partner Training: The Small Business SectorBizcentralUSA
This document provides an overview of small businesses in the United States. It defines what constitutes a small business, notes their importance to the economy, and discusses reasons why people start their own businesses. Additionally, it outlines current challenges small businesses face, factors that increase the chances of success, and emphasizes the importance of planning. The document concludes by describing the services offered by BizCentral USA to support small business startups.
The United States economy has entered a recession, with runs occurring on financial institutions, the US dollar, and US securities. Small and medium businesses and startups will have limited access to credit and equity funding. Consumers are burdened by rising energy and healthcare costs. To develop a recovery plan, businesses should focus on recurring income through services, retaining customers via personal contact and problem solving, and renewing themselves internally through small, continuous changes, experimentation, learning, and hiring open-minded talent. The recession marks a transition between eras, and many businesses perish during crises and early recovery periods, so investing in one's own business now is advised.
HR's role in this recession and the coming recoveryGerry Treuren
What role can HR play in the current recession and the eventual recovery? An extended version of a presentation given at AHRI Practice Day in Adelaide, Australia, March 13, 2009, this paper argues that retention will be the real issue for clear-sighted HR managements, and that the main practice for responsible HR managers is business-driven workforce planning. Let me know what you think.
The 2009 Lehigh Valley Workforce Report was presented to the region\'s business community on January 27, 2009 by Kevin Flemming, President of Integrity Personnel, Inc.
Fundamental Cost Reduction - ManufacturshipMichael McLean
This document discusses the need for fundamental cost reduction in businesses. It notes that while cost reduction was a priority in the past, many companies now believe there is no more fat to cut. However, the business environment continues to change rapidly with factors like a rising Australian dollar, increasing costs, and competitive pressures. This makes dramatic cost reduction an imperative once again. The document argues there is still potential for 30% more cost reduction through new, innovative approaches that look beyond traditional areas and focus on the entire enterprise. It explores challenges with current cost reduction approaches and potential new strategies around people, processes and spending.
The document discusses how the current job market is uncertain and unstable, with long-term unemployment and increased competition for jobs. It suggests that individuals can no longer rely solely on traditional careers and need to take control of their own futures by exploring self-employment options such as small business ownership or franchising. It promotes speaking with the author, Gerri Sefi, a self-employment coach, to discuss career transition options and how to find the right business opportunity.
White Paper Report - Technology Industry Draft (00000002)Tracey Kelly
This document discusses the top 10 human resource issues facing small to medium sized technology companies. It begins with an executive summary of the report and an overview of common people management challenges. It then lists and describes the top 10 issues: 1) retaining employees, especially talent, 2) attracting talent, 3) managing leadership, 4) leadership support and guidance, 5) the fast pace of work, 6) employee engagement, 7) productivity, 8) learning and development, 9) transitioning skills, and 10) rewards including compensation and benefits. The document concludes by explaining how an HR consulting firm called PCHR can help technology companies address these people management challenges.
The document discusses how attrition, or employee turnover, is a silent but significant threat to businesses. It costs businesses thousands or millions each year in lost talent, productivity, and knowledge. However, few businesses properly measure and address attrition. The document argues that businesses should focus on understanding why employees leave and keeping talent, rather than just reacting to turnover. Reducing attrition requires measuring its costs, understanding engagement levels, and transforming company culture through leadership.
The Ohio SBDC at Columbus State provides business consulting services and training to existing businesses and startups in Ohio. In fiscal year 2008, they served over 960 consulting clients, hosted 90 training events attended by over 1700 people, and helped clients secure over $14.5 million in loans and investments that led to the creation of 167 jobs and $1 million in increased sales. They offer consulting services in areas like international trade, manufacturing, and technology commercialization, as well as seminars on various business topics.
This document discusses the importance and financing of small businesses. It notes that small businesses make up over 99% of businesses in countries like the US and UK, and are responsible for over half of net new jobs and private sector output. Access to financing is important for small businesses to start and grow. Some financing options discussed include obtaining money from family and friends, microcredit, cooperative societies, limited partnerships, and equity financing. The document also covers strategies for small business success like learning to sell, pursuing your passion, and asking for money when needed. It defines risk for small businesses as an opportunity, threat, or uncertainty and stresses the importance of sticking to a business plan until it is successful.
- The document discusses small businesses, defining them as having fewer than 500 employees and less annual revenue than larger corporations.
- Small businesses make significant economic contributions despite their smaller size, creating most new jobs, paying 44% of private payroll, and accounting for 66% of net new jobs over 25 years. However, they also face greater risks than larger corporations.
- Theoretically, financial management concepts apply equally to small and large firms but small businesses encounter market imperfections to a greater degree in areas like capital investment, working capital management, and access to financing. Empirically, small firms show higher debt ratios, inventory/receivables turnover, and
Breakthrough the traditional way of planing. Read Venture Care’s “Corporate Digest” December, 2017 .
Here are some insights of the magazine :
– What are your company strategies in this new Economy?
– Rewritten Risks and Entrepreneurship
– Valuation: A Modern Art
– Financial Modeling A practical view &
– Starting a Producer Company in India.
The document discusses the hidden financial risks to businesses posed by poor employee engagement and high staff turnover. It notes that while businesses often focus on quickly replacing departing employees, the real damage comes from "disengaged remainers" - unhappy employees who stay but undermine the business. The document advocates that businesses must accurately measure engagement, understand the full costs of attrition including lost productivity and knowledge, and make improving engagement a top priority in order to boost profitability, customer satisfaction, and reduce absenteeism and turnover. It claims that most organizations fail to properly account for the financial impacts of disengagement and attrition, which can amount to millions of pounds annually."
The document discusses four main areas of risk for small businesses: providing for employees and executives, protecting the business, transferring ownership of the business, and planning for personal financial independence. It provides strategies for managing risks in each of these areas, such as setting up retirement plans, buying key person insurance, implementing succession plans, and separating business and personal finances. The document also gives five tips for small business owners to get started with protection strategies, such as surveying employees and seeking professional guidance.
Beating The Bear Market With Engaged EmployeesMark Hirschfeld
1. The document discusses how maintaining employee engagement can help companies beat a bear market. It provides strategies for keeping employees motivated and productive during an economic downturn.
2. Five key differentiators are identified that successful companies focus on: setting a clear direction, open communication, career development, recognition, and well-being.
3. Engaged employees are linked to better business outcomes like customer loyalty and retention, lower turnover, and higher productivity. Maintaining engagement can improve a company's bottom line during difficult economic times.
The document discusses how supporting entrepreneurship and business growth is key to job creation. It notes that startups create 58% of new jobs while expanding businesses create 40% of new jobs. However, startups only account for about 10% of net new jobs once business closures are considered, while expanding businesses account for about 90% of net new jobs. The document advocates for the Hire One tax credit program in Idaho to support business growth and entrepreneurship. It also discusses other strategies like developing a comprehensive entrepreneurship strategy and using policy briefings and a task force to promote entrepreneurship.
This document provides information on establishing and managing a restaurant as a career option for Nigerian youth. It discusses preliminary considerations such as conducting a feasibility study and self-analysis. Location, facilities, equipment, and methods of cooking for the restaurant are also addressed. The document outlines the key components of a food service operation and different food service systems that can be adopted, such as conventional, commissary, and ready-prepared food systems.
CO2 2019 | Donnie Shelton | Grow Your Business - Conference Day Coalmarch
The document discusses revenue figures for various business sectors totaling $9 billion and notes the untapped residential market is $30 billion. It also mentions the company has grown at a mid-single-digit rate organically and is less cyclical and susceptible to downturns than other property management companies.
- The Global Financial Crisis (GFC) negatively impacted young professionals in Tasmania through tighter labor markets. Unemployment rose faster for youth than older workers as firms froze hiring and wages.
- Professionals experienced higher unemployment than average during recessions but were unemployed for shorter periods than other workers. Tasmanian professionals faced similar unemployment rates as nationally but spent less time unemployed when jobless.
- The effects of the GFC were delayed in Tasmania, which typically lags the national economy. By the time impacts were felt, broader recoveries may have begun, lessening the downturn's severity through increased demand for local products.
The document discusses compensation in start-up companies from both the employer and employee perspective. It notes that start-ups need to attract motivated and dedicated employees through intrinsic and extrinsic rewards like stock options, benefits, and competitive pay. A case study of JetBlue is presented as a company that succeeded by offering market-matched compensation including benefits, profit sharing, and stock options to motivate employees.
Business Quarterly (BQ); a magazine bringing innovative and inspiring content to businesses and professionals.
This issue highlight matters that will help you make smart decisions in a difficult and challenging environment - as well as business support and advice in these uncertain times.
Partner Training: The Small Business SectorBizcentralUSA
This document provides an overview of small businesses in the United States. It defines what constitutes a small business, notes their importance to the economy, and discusses reasons why people start their own businesses. Additionally, it outlines current challenges small businesses face, factors that increase the chances of success, and emphasizes the importance of planning. The document concludes by describing the services offered by BizCentral USA to support small business startups.
The United States economy has entered a recession, with runs occurring on financial institutions, the US dollar, and US securities. Small and medium businesses and startups will have limited access to credit and equity funding. Consumers are burdened by rising energy and healthcare costs. To develop a recovery plan, businesses should focus on recurring income through services, retaining customers via personal contact and problem solving, and renewing themselves internally through small, continuous changes, experimentation, learning, and hiring open-minded talent. The recession marks a transition between eras, and many businesses perish during crises and early recovery periods, so investing in one's own business now is advised.
HR's role in this recession and the coming recoveryGerry Treuren
What role can HR play in the current recession and the eventual recovery? An extended version of a presentation given at AHRI Practice Day in Adelaide, Australia, March 13, 2009, this paper argues that retention will be the real issue for clear-sighted HR managements, and that the main practice for responsible HR managers is business-driven workforce planning. Let me know what you think.
The 2009 Lehigh Valley Workforce Report was presented to the region\'s business community on January 27, 2009 by Kevin Flemming, President of Integrity Personnel, Inc.
Fundamental Cost Reduction - ManufacturshipMichael McLean
This document discusses the need for fundamental cost reduction in businesses. It notes that while cost reduction was a priority in the past, many companies now believe there is no more fat to cut. However, the business environment continues to change rapidly with factors like a rising Australian dollar, increasing costs, and competitive pressures. This makes dramatic cost reduction an imperative once again. The document argues there is still potential for 30% more cost reduction through new, innovative approaches that look beyond traditional areas and focus on the entire enterprise. It explores challenges with current cost reduction approaches and potential new strategies around people, processes and spending.
The document discusses how the current job market is uncertain and unstable, with long-term unemployment and increased competition for jobs. It suggests that individuals can no longer rely solely on traditional careers and need to take control of their own futures by exploring self-employment options such as small business ownership or franchising. It promotes speaking with the author, Gerri Sefi, a self-employment coach, to discuss career transition options and how to find the right business opportunity.
White Paper Report - Technology Industry Draft (00000002)Tracey Kelly
This document discusses the top 10 human resource issues facing small to medium sized technology companies. It begins with an executive summary of the report and an overview of common people management challenges. It then lists and describes the top 10 issues: 1) retaining employees, especially talent, 2) attracting talent, 3) managing leadership, 4) leadership support and guidance, 5) the fast pace of work, 6) employee engagement, 7) productivity, 8) learning and development, 9) transitioning skills, and 10) rewards including compensation and benefits. The document concludes by explaining how an HR consulting firm called PCHR can help technology companies address these people management challenges.
The document discusses how attrition, or employee turnover, is a silent but significant threat to businesses. It costs businesses thousands or millions each year in lost talent, productivity, and knowledge. However, few businesses properly measure and address attrition. The document argues that businesses should focus on understanding why employees leave and keeping talent, rather than just reacting to turnover. Reducing attrition requires measuring its costs, understanding engagement levels, and transforming company culture through leadership.
The Ohio SBDC at Columbus State provides business consulting services and training to existing businesses and startups in Ohio. In fiscal year 2008, they served over 960 consulting clients, hosted 90 training events attended by over 1700 people, and helped clients secure over $14.5 million in loans and investments that led to the creation of 167 jobs and $1 million in increased sales. They offer consulting services in areas like international trade, manufacturing, and technology commercialization, as well as seminars on various business topics.
This document discusses the importance and financing of small businesses. It notes that small businesses make up over 99% of businesses in countries like the US and UK, and are responsible for over half of net new jobs and private sector output. Access to financing is important for small businesses to start and grow. Some financing options discussed include obtaining money from family and friends, microcredit, cooperative societies, limited partnerships, and equity financing. The document also covers strategies for small business success like learning to sell, pursuing your passion, and asking for money when needed. It defines risk for small businesses as an opportunity, threat, or uncertainty and stresses the importance of sticking to a business plan until it is successful.
- The document discusses small businesses, defining them as having fewer than 500 employees and less annual revenue than larger corporations.
- Small businesses make significant economic contributions despite their smaller size, creating most new jobs, paying 44% of private payroll, and accounting for 66% of net new jobs over 25 years. However, they also face greater risks than larger corporations.
- Theoretically, financial management concepts apply equally to small and large firms but small businesses encounter market imperfections to a greater degree in areas like capital investment, working capital management, and access to financing. Empirically, small firms show higher debt ratios, inventory/receivables turnover, and
Breakthrough the traditional way of planing. Read Venture Care’s “Corporate Digest” December, 2017 .
Here are some insights of the magazine :
– What are your company strategies in this new Economy?
– Rewritten Risks and Entrepreneurship
– Valuation: A Modern Art
– Financial Modeling A practical view &
– Starting a Producer Company in India.
The document discusses the hidden financial risks to businesses posed by poor employee engagement and high staff turnover. It notes that while businesses often focus on quickly replacing departing employees, the real damage comes from "disengaged remainers" - unhappy employees who stay but undermine the business. The document advocates that businesses must accurately measure engagement, understand the full costs of attrition including lost productivity and knowledge, and make improving engagement a top priority in order to boost profitability, customer satisfaction, and reduce absenteeism and turnover. It claims that most organizations fail to properly account for the financial impacts of disengagement and attrition, which can amount to millions of pounds annually."
The document discusses four main areas of risk for small businesses: providing for employees and executives, protecting the business, transferring ownership of the business, and planning for personal financial independence. It provides strategies for managing risks in each of these areas, such as setting up retirement plans, buying key person insurance, implementing succession plans, and separating business and personal finances. The document also gives five tips for small business owners to get started with protection strategies, such as surveying employees and seeking professional guidance.
The document discusses how the traditional career economy has changed and more job uncertainty exists. It suggests exploring alternative career options like self-employment and franchising. Statistics are given showing recessions often spur new businesses and the risks of small businesses. The key messages are that corporate jobs no longer ensure financial security, individuals must take control of their own futures, and franchising can manage business risks while pursuing financial freedom.
Delmarva Shrm Economic Tsunami PresentationCBI Group
The document discusses how businesses have changed their recruitment and retention practices during past recessions and the current recession from 2008 to present. During past recessions, most businesses focused on furloughs, layoffs, reengineering, and outsourcing. In the current recession, layoffs have been widespread, along with aggressive workforce reductions and cuts to employee costs. The recession has significantly impacted HR professionals, who have had to cut staff, budgets, and focus on retention while turning recruitment practices around quickly. Moving forward, businesses will need to control recruitment spending, reduce risk, and have flexible workforce models to meet changing business needs.
BIZGrowth Strategies - Workforce & Talent Optimization Special EditionCBIZ, Inc.
Amid today’s economic uncertainty, we know you need strategies and solutions that will help your business thrive. With workforce and talent concerns running high for employers across the nation, our experts developed these articles with those critical issues top of mind. We offer fresh insights designed to attract, retain, engage and motivate your employees — all while protecting your bottom line and managing emerging risks. Articles include:
- Unlock Success with Effective Performance Management
- How Employers Can Benefit from Financial Wellbeing Programs
- How to Talk About Hard Decisions During a Recession
- Cost-Effective Health Plan Perks to Consider in 2023
- 3 HR Strategies to Recession-Proof Your Organization
- Responding to Employment Practices Liability (EPL) Claims
- Versatility — Important in Life & Life Insurance
Restructuring Business Debt - Practical Strategies from Banker's UJohn DeGaetano
A practical action plan and other things to consider in restructuring business debt
For book purchase, licensing for the stage or more information please visit our website.
Watch video: http://youtu.be/bBvlJYTpW5g
Available on Amazon from John DeGaetano Productions
http://www.amazon.com/author/johndegaetano
http://www.johndegaetanoproductions.com
Running head REASSESSMENT AND ADJUSTMENT .docxtodd581
This document discusses solutions for addressing job insecurity stress and its impact on employee performance. It suggests that perceived job insecurity can negatively impact employee attitudes, behaviors, health, commitment levels and views of management. To address underperformance, the document recommends training employees, providing resources to help them improve, pairing underperformers with high performers as tutors, and using performance improvement tools. It also stresses understanding the causes of underperformance, which may be due to lack of training, personal issues or tangible barriers, and addressing employee fears through counseling and support to help them improve. An effective approach combines incentives and discipline for continuous performance enhancement.
Similar to Final presentation hr experts 2.19 (20)
1. The Economic Tsunami… How Small Businesses Are Surviving Trends Challenges and Human Resource Solutions
2. What is a small business? The Office of Advocacy defines a small business as an independent business having fewer than 500 employees.
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Editor's Notes
When an earthquake happens and the following aftershocks have occurred, we often think that is the end – the dreadful event is over. But, when an earthquake occurs in the ocean, another cataclysmic event develops - the Tsunami that we refer to as the second wave. We’re going to talk about the impact of the economic earthquake we’ve all experienced – that was the first wave, and then we want to address the second wave, the tsunami, that we believe will come with recovery. As consultants we spend our time with multiple clients, many of CBI’s clients are small businesses. Purpose: We are gong to talk with you about what we have learned from our clients about how they are surviving the economic downturn, the first wave. And also to expect, and how to prepare for the next wave as recovery begins. Outcome: Leave you with some new ideas for coping with current economic storm. Alert you to the next wave that’s coming Give you some ideas that will allow you to position your company to emerge strong and well prepared; to ride the next wave to future success.
How many of your business, or the businesses you serve, fit that description? Want to have an interactive conversation – to begin, let's introduce ourselves. Introduce yourself and your company: Tell us what you do We'll share some statistics with you first - to set the stage - and then talk about the effects of that data, the reality behind the numbers.
The Department of Commerce confirms what we all know - small business is the backbone of our economic engine. We employ more than ½ of the workers in the private sector Generated most of the new jobs in the past 15 years.
Responsible for more than ½ private gross domestic product – non-farm. Pre-recession, average of 29.6 million small businesses in US
American Bankruptcy Institute As we know, those trends continued throughout 2009 Small businesses find themselves struggling to survive. Market uncertainty stifles opportunity Capital dried up and bankruptcies are increasing Small businesses are failing because they can’t get a loan. Entrepreneurs are being asked to increase their guarantees and in some cases to give their homes as collateral. If you can get credit it was too expensive. Example: Share story of CLIENT A Pre recession $4 million business with 30+ employees and a $600,000 line of credit 2009 Line of credit reduced to $375,000 Due to devaluation of the business the owner was asked to pay back $100,000 $ 9Million cleaning company lost in the bureaucratic shuffle and unable to get a loan.
CNN Money.com reported in December 2009 that small businesses collectively shed 23 million workers in the previous 12 months. Enthusiasm that resulted from business success and optimism about the future gave way to fears of business failures and job loss Pressure increased to do more with less to increase productivity. Work group cut from 4 to 2 - survivors: do all the work their pay has been cut = discontent / exhausted / depressed Employee engagement and high morale became a thing of the past. Increased r dissatisfaction Depression - Unemployed 4X more likely to display symptoms Employed who experienced cuts/reduced hours as twice as likely to display symptoms* Lower productivity Remember Client A? Their 30 employees were reduced to 12. Devastates the business, challenges the culture and leaves survivors uncertain and unsure of where they stand. .* Mental Health America national study
Small business owners/entrepreneurs were forced to make changes to survive. These are things you know – you’ve been living them. Hiring frost –don’t tell anyone/freeze you announce it No more free lunch - coffee/donuts/cokes in refrigerator Initial cost cutting initiatives may have provided some relief but, in most cases had to be supplemented with even further cost cutting to keep the business alive. Major medical center with 13,000 employees – all C levels meet weekly for 1½ hours to approve every singe job requisition!
Furloughs Salary reductions Shortened work weeks Unpaid, or partially supported, sabbaticals Eliminating 401k company match Increased employee contribution to health care premiums No replacement strategy Raise the performance bar : How have you experienced this? Other initiatives that you have tried or heard about? Discussion : Perhaps chart answers. Tell story about alternating week worked with week on unemployment. (OK in DE and PA) Unpaid sabbaticals– some people may want to have time off to write a book, travel etc. Others may volunteer for layoff to have time with family – pursue other interests. Watch for unintended consequences - Comply with governmental regulations. Example: A shortened work week is OK for non-exempt employees. But - if you shorten the work week for Exempt staff you have to pay them for the full week.
The world is getting by and re-building with temporary workers. Companies are bringing contractors back before they re-hire. We know that because we are providing some of those resources - recruiters and HR generalists- to our clients. It’s a good decision in a time of uncertainly. Intro Chris –Chris has been writing /blogging about this. What are you thinking about/ What are you seeing in your industry? Closer to home, demand for our HR Experts business, providing seniors level HR advice and guidance to small businesses is growing because we can provide the expertise they need, on a retained basis at a cost they can afford.
Employees are acknowledging that chaos and impermanence may be the future What an employees have experienced in their current companies has been painful. They’ve: Been through the lay-offs Had their salaries cut – Career Builders Sept 2009 report – 30% of workers @ $100,000 live paycheck to paycheck – up from 21 % in 2008 Lost some benefits and now pay more for others The future may look bleak or, even if things are improving, the sense of possibility and commitment they once had is damaged or gone. They didn't experience the pain at your competition where they probably had the same sort of cost cutting going on. The grass may look greener elsewhere! Recent : 84% employers feel employees are loyal and content to have jobs 58% of employees actually feel that way Let’s hope the other 26% aren't’ key employees!
The first wave - the economic meltdown. You did what needed to be done and your business is still standing. Now, just as we are cleaning up from that earthquake, the next wave is about to hit – that wave may be the departure of your workforce. Human Capital Institute& Monster report 79% of employees surveyed report they are looking for another job 48% report that they are less productive Just as you are starting to get business back on track, your star employee may come in to say “ Hey boss I have a new job!” This is real and it is happening now! Remember Client A? As that business struggled to survive, a few long term employees questioned whether the business would make it and looked for a safe haven elsewhere. When key employees resign because they are afraid they don’t have a future where they are that’s a serious business loss and one that can often be avoided.
It’s time to shift gears to the people side of the business. The strength, resiliency and potential of a business is predicated on its workforce. If you haven't got the right people in the first place and if they aren’t committed to their work – you cannot succeed.
What is the fist thing you plan to, or want to, bring back as business improves?
Rebuild your connection with employees – enhance their commitment Are you talking to or avoiding your people? Have regular meetings been shelved? Tell story McI – “We used to have all hands meetings – not anymore!” What did you do with together prior to recession? Anyone having fun anymore? Try something new Restore trust & confidence in you and in the business Won’t happen in a vacuum Wont’ get better by itself as business improves Something fundamental has shifted You have to work at it – Communicate, communicate, communicate! Re-engage Identify and nourish future stars Retain key contributors Re-evaluate HR practices Story: Client couldn't identify high potentials – Not necessarily current leadership, not necessarily management High potentials are the people who have the skills, flexibility and potential you need to succeed in the new environment that is the future
General discussion about Share the good news – don’t be afraid that if you tell employees about success because you think they'll want more money/benefits etc. Be what we at CBI call “front door” with them. Let them know the state of the business (to the degree you are comfortable sharing that information) and Need for open/honest communication. “Business is improving but…can’t give back yet…etc.” Provide confidence that when your business recovers you will do the right thing: Restore salaries, Review benefits Reward the people who got your through the storm. Be aware of what works in your unique environment (everything isn’t transferable) and any regulatory requirements that may impact initiatives.
Helped client see that asking employees for ideas isn’t relinquishing control: – offering sabbaticals didn’t create stampede – just a few opportunities. Example – suggested client offer opportunity to volunteer for lay-off. Surprise response that alleviated another lay-off and provided others with an opportunity for time away from work. You never know what your people may want to do or wish they could do! If they had a the time.
HR Experts: Help business leaders to navigate the turmoil so they can plan for the future. Allow CEOs to get out of the middle of the people issues that suck up their time and energy and back to running the business. How to fire a non-productive employee (in a protected class) who is causing morale and productivity issues. Implementing simple system for complying with new COBRA regulations that resulted from the stimulus package? Controller: “we’re just not doing that?” Can we do that without being sued? Demand a level of behavior and/or performance from difficult employee. Request a physical for worker who mentions an injury sustained on the weekend that may impact their work and become workers comp claim Hire a contractor, not an employee, without running afoul of DOL Bonus one person and not another who has a similar role. Begin to think strategically about how you will add staff . We can help you: develop a staffing plan that recognizes your financial realities Turn the lights back on in recruiting. Verbal summary here : Strategies to survive the first wave of the economic storm The the second wave – the Tsunami that’s coming How you can act now to ensure your company’s post-recession success.