401K Tax Savings for Small Businesses: Real World Examples - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 106

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

#Business #Cash #Compliance #Ašure #IT Management #War For Talent #Small Business

33:58

In this episode, we delve into the concept of being "qualified" in the workplace, examining who gets labeled as such, who doesn't, and the underlying reasons. We explore "competency checking"—the practice of scrutinizing individuals' abilities—and how it disproportionately affects underrepresented groups, often going unnoticed or unchallenged. Our discussion aims to redefine qualifications in a fair, equitable, and actionable manner. Our guest, Shari Dunn , is an accomplished journalist, former attorney, news anchor, CEO, university professor, and sought-after speaker. She has been recognized as Executive of the Year and a Woman of Influence, with her work appearing in Fortune Magazine, The Wall Street Journal, Ad Age, and more. Her new book, Qualified: How Competency Checking and Race Collide at Work , unpacks what it truly means to be deserving and capable—and why systemic barriers, not personal deficits, are often the real problem. Her insights challenge the narratives that hold so many of us back and offer practical solutions for building a more equitable future. Together, we can build workplaces and communities that don’t just reflect the world we live in, but the one we want to create. A world where being qualified is about recognizing the talent and potential that’s been overlooked for far too long. It’s not just about getting a seat at the table—it’s about building an entirely new table, one designed with space for all of us. Connect with Our Guest Shari Dunn Website& Book - Qualified: https://thesharidunn.com LI: https://www.linkedin.com/today/author/sharidunn TikTok: https://www.tiktok.com/@thesharidunn Related Podcast Episodes: How To Build Emotionally Mature Leaders with Dr. Christie Smith | 272 Holding It Together: Women As America's Safety Net with Jessica Calarco | 215 How To Defy Expectations with Dr. Sunita Sah | 271 Share the Love: If you found this episode insightful, please share it with a friend, tag us on social media, and leave a review on your favorite podcast platform! 🔗 Subscribe & Review: Apple Podcasts | Spotify | Amazon Music…

год назад 1:05:19

MP3•Главная эпизода

Joining the show this week is a retirement processional with over 20 years of experience who helps people save for their futures. Please welcome to the show, Director of Plan Design Consulting at Vestwell, Kevin Gaston.

Kevin joins Host Mike Vannoy to dive into the benefits and effects of Secure Act 2.0. Kevin shares the different types of tax credits available to employers, the way to use vesting periods to your advantage, and why benefits are better for retention than pure salary alone.

Takeaways:

Secure 2.0 modernizes retirement rules by making it easier for individuals to save by encouraging employers to implement 401k plans and offer matching contributions through tax credits.
To maximize startup credits under Secure 2.0, ensure your company benefits from the increased credit of 100% of costs for companies with fewer than 50 employees and consider making contributions to employee accounts.
For qualifying businesses, Secure 2.0 offers a credit for qualifying employer contributions. The first two years are matched at 100% through credits, the 3rd year is 75% match, the 4th is 50%, and the 5th is 25% before expiring.
The primary concern for small businesses regarding automatic enrollment in a 401k is the potential for employee backlash. To avoid this, small business owners should proactively communicate any changes to payroll.
To enhance employee satisfaction, shorten vesting periods to one to two years and consider offering end-of-year bonuses for immediate incentives. Streamlining these benefits can make them more appealing and ensure employees value them more highly.
Employees with student loan debt can benefit from student loan matching, where repayments are counted as retirement plan contributions for matching purposes. This allows individuals to build their retirement savings while still making loan payments.

Quote of the Show:

“Benefits on a dollar basis buy more goodwill than dollars do.” - Kevin Gaston

Links:

LinkedIn: https://www.linkedin.com/in/kevingaston/
Company Website: https://www.vestwell.com/

Ways to Tune In:

133 эпизодов

401K Tax Savings for Small Businesses: Real World Examples - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 106

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

published год назад

MP3•Главная эпизода

Takeaways:

Secure 2.0 modernizes retirement rules by making it easier for individuals to save by encouraging employers to implement 401k plans and offer matching contributions through tax credits.
To maximize startup credits under Secure 2.0, ensure your company benefits from the increased credit of 100% of costs for companies with fewer than 50 employees and consider making contributions to employee accounts.
For qualifying businesses, Secure 2.0 offers a credit for qualifying employer contributions. The first two years are matched at 100% through credits, the 3rd year is 75% match, the 4th is 50%, and the 5th is 25% before expiring.
The primary concern for small businesses regarding automatic enrollment in a 401k is the potential for employee backlash. To avoid this, small business owners should proactively communicate any changes to payroll.
To enhance employee satisfaction, shorten vesting periods to one to two years and consider offering end-of-year bonuses for immediate incentives. Streamlining these benefits can make them more appealing and ensure employees value them more highly.
Employees with student loan debt can benefit from student loan matching, where repayments are counted as retirement plan contributions for matching purposes. This allows individuals to build their retirement savings while still making loan payments.

Quote of the Show:

“Benefits on a dollar basis buy more goodwill than dollars do.” - Kevin Gaston

Links:

LinkedIn: https://www.linkedin.com/in/kevingaston/
Company Website: https://www.vestwell.com/

Ways to Tune In:

133 эпизодов

#Business #Cash #Compliance #Ašure #IT Management #War For Talent #Small Business

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HR Roadmap for Growth Series - Getting Serious About Compliance - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #133 1:06:34

год назад1:06:34

1:06:34

Scaling to between 50 and 149 employees is a critical growth phase that brings new challenges in HR, compliance, and company culture. In this episode of MTG, Mike Vannoy, Mary Simmons, and Brian Shenker explore the essential strategies businesses need to navigate this transition successfully. From training managers and establishing structured HR processes to ensuring compliance with FMLA, ACA, and EEO reporting, they break down what it takes to maintain efficiency and legal adherence as your workforce expands. Tune in to learn how to build a strong HR foundation and prepare for the next stage of growth. Takeaways: As your company grows beyond 50 employees, it's essential to set up a dedicated HR function. This will ensure compliance with labor laws, streamline HR processes, and maintain productivity. The founder's direct influence on company culture diminishes as the company grows. It's crucial to train managers to manage both people and processes, ensuring that they maintain and propagate the established culture effectively. If you have 50 or more employees within a 75-mile radius, you must comply with the Family Medical Leave Act (FMLA). This includes understanding eligibility, managing leave requests, and ensuring employees can return to their positions after leave. Companies with 50 or more full-time equivalent employees must offer health coverage that meets ACA standards. Understanding how to calculate full-time equivalents is critical. If you sponsor retirement and health plans, you may need to file Form 5500 with the IRS, especially if you have more than 100 participants. Work with your plan administrator or service provider to ensure accurate and timely filing to avoid penalties. When your company reaches 100 employees, you are required to submit EEO-1 reports, which include demographic data. This helps in maintaining compliance with federal non-discrimination laws. Stay informed about changes to affirmative action requirements, especially regarding DEI practices. Recent executive orders might affect compliance requirements for federal contractors. Regularly review and update your HR policies to ensure they meet current regulations and best practices. Quote of the Show: "If you're making a mistake in HR now, it might not just be affecting one person. It might be a whole group of employees, which exponentially increases that exposure" Links: Asure Software: https://www.asuresoftware.com/ Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Brian’s LinkedIn: https://www.linkedin.com/in/brian-shenker-53708712/ Brian’s Company Website: http://www.jacksonlewis.com FMLA Episode: https://www.youtube.com/watch?v=N7a_4r61Vm4&t=1s Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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Unlocking the Power of 401K: What Small Business Owners Need to Know for Growth and Retention - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 132 1:03:04

год назад1:03:04

1:03:04

How can small businesses take advantage of Secure Act 2.0 tax credits to set up a 401k plan, attract and retain employees, and stay compliant with state mandates? In this episode, we’re diving into why 401k plans are a game-changer for small businesses. Many assume retirement plans are only for large corporations, but that’s no longer the case. With recent legislation like Secure Act 2.0 offering significant tax credits, setting up a 401k is more accessible and beneficial than ever. Joined by Charlie Cote from JP Morgan and Kevin Gaston from Vestwell, we’ll explore how small businesses can leverage these plans to attract and retain top talent, comply with evolving state mandates, and even build personal wealth as business owners. Takeaways: Take full advantage of the significant tax credits available under Secure Act 2.0 for setting up and maintaining a 401k plan. These credits can help offset costs and even match employee contributions, making the plan financially feasible for your business. Work with modern 401k providers that offer streamlined setup and automated processes. Look for features like payroll integration that reduce the administrative burden on your business. Opt for providers that offer co-fiduciary services to share the fiduciary responsibilities. This can minimize your liability and ensure compliance with regulatory requirements without overwhelming you with paperwork. Stay informed about state-level mandates that require businesses to offer retirement plans. Proactively setting up a 401k can help you avoid future penalties and comply with local regulations. Use vesting schedules and employer-matching contributions as tools to attract and retain top talent. These features not only make your benefits package more competitive but also provide incentives for employees to stay with your company longer. Educate your employees about the benefits of participating in a 401k plan, including tax advantages and long-term financial security. An informed workforce is more likely to engage and take advantage of the benefits offered. Quote of the Show: " You can get wealth creation and employee retention within your 401k plan if you design it the right way." - Charlie Cote Links: Charlie’s LinkedIn: https://www.linkedin.com/in/charlie-cote-25202b20/ Kevin’s LinkedIn: https://www.linkedin.com/in/kevingaston/ Vestwell: https://www.vestwell.com/ J.P. Morgan LinkedIn: https://www.linkedin.com/company/jpmorganassetmanagement/about/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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HR Roadmap for Growth Series: What are HR Priorities for 16-49 Employees - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #131 55:24

год назад55:24

55:24

What does it take to scale a small business from 16 to 50 employees while maintaining compliance, culture, and efficiency? In this week’s episode of Mission To Grow, host Mike Vannoy leads a compelling panel discussion on scaling small businesses from 16 to 50 employees. Joined by HR experts Mary Simmons, Heather James, and Chris Cooley, the episode dives into the challenges and solutions of this pivotal growth phase. Topics include the importance of consistent processes, compliance with complex HR laws, effective recruitment strategies, and the role of HR tools like HRIS systems in ensuring smooth operations. Tune in for actionable insights to help your business navigate this transformative stage with confidence. Takeaways: Scale your best practices by developing and sticking to well-defined and repeatable processes. Consistency in HR activities is crucial to successfully scaling your business. Utilize background checks for all employees and ensure you have policies and procedures in place to comply with adverse action laws. Keep your business safe by managing risks effectively. To attract and retain talent, consider offering creative, cost-effective benefits like HSAs, FSAs, and pet insurance. Even small perks can make a significant impact on employee satisfaction. Be proactive in understanding and complying with federal, state, and municipal laws affecting your business. Make sure you’re aware of requirements related to ADA, GINA, PDA, and COBRA, among others. Invest in HRIS and payroll systems to automate processes and ensure compliance. These tools are indispensable for maintaining accurate records, managing employee information, and ensuring timely tax submissions. Consider working with HR consultants or services to audit your HR practices and provide ongoing guidance. This external expertise can help you navigate complex compliance issues and implement best HR practices. Quote of the Show: " You need people that align to your mission, your vision, your values, and that are going to help you grow your business." - Mike Vannoy Links: Assure’s Website: https://www.asuresoftware.com/ eBook: https://offers.asuresoftware.com/hubfs/E-Books/Asure_HR_Roadmap_Guide24%20Nov%202023.pdf MyHRScreens Website: http://www.myhrconcierge.com Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Chris’s LinkedIn: https://www.linkedin.com/in/ccooley1/ Heather’s LinkedIn: https://www.linkedin.com/in/heather-james-4a727b16/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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HR Roadmap for Growth Series: Getting Hiring & Payroll Right for 1-15 Employees - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #130 1:02:04

год назад1:02:04

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How can small businesses with 1 to 15 employees avoid costly payroll errors, attract the right talent, and ensure compliance while building a strong company culture? In this week’s episode of Mission To Grow, host Mike Vannoy leads a panel discussion on essential HR practices for small businesses with 1 to 15 employees. Featuring insights from experts Jessica Small, Scott Petersen, and Mary Simmons, the conversation covers payroll accuracy, hiring strategies, compliance, employee engagement, and the importance of leveraging the right tools and systems. Tune in for actionable advice to streamline HR processes, foster employee satisfaction, and set your business up for success. Takeaways: Ensuring accurate data entry (e.g., social security numbers, birth dates) is crucial for avoiding payroll errors. Mistakes can lead to significant issues like delayed payments, misfiled taxes, and hefty penalties. Focus on defining and communicating your company's culture and values. This not only attracts the right talent but also ensures that new hires align with your vision. Adhering to federal and state laws is not just about avoiding penalties but also about fostering employee trust and satisfaction. Compliance with regulations ensures a fair and transparent working environment. A smooth and comprehensive onboarding process sets the tone for the employee experience. Use digital tools to minimize redundancy and ensure all necessary paperwork, like I-9 verification, is completed accurately and timely. Use integrated systems for payroll, time tracking, and HR management to save time and reduce errors. These tools not only improve efficiency but also give you access to valuable data for better decision-making. A well-crafted employee handbook is essential for setting clear expectations and providing a reference for both employees and employers. Consistency in policies helps avoid misunderstandings. Get creative with benefits to attract and retain talent, especially if you can't offer extensive health benefits. Consider flexible work hours, pay cards, or on-demand pay options. Quote of the Show: " Give somebody the reason why they should work for you." - Mary Simmons Links: Assure’s Website: https://www.asuresoftware.com/ Hireclick’s Website: https://employers.hireclick.com/ Scott’s LinkedIn: https://www.linkedin.com/in/scottcpetersen/ Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Jessica’s LinkedIn: https://www.linkedin.com/in/jessica-small-214720259/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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Entity Classification: Exploring the Benefits and Risks of S Corps - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 129 55:53

год назад55:53

55:53

What are the tax advantages and compliance challenges of switching to an S Corporation, and how can business owners decide if it's the right move for their company? This week on Mission to Grow, Mike Vannoy sits down with Jason Blumer, CEO of Blummer & Associates, for an insightful discussion on S Corporations. Together, they explore the advantages of S Corp classification, including significant tax savings, while unpacking the complexities of compliance, payroll, and legal considerations. Whether you're an entrepreneur weighing the shift from an LLC or a sole proprietorship, or a small business owner striving to optimize your tax strategy, this episode is brimming with expert advice and practical tips to help you make informed decisions. Don’t miss this deep dive into the world of S Corps! Takeaways: Assess your business profits to determine if you're consistently gaining above $80,000 to $100,000 annually. This is crucial for considering more strategic tax classifications. If your profits are within the suggested range, consult with your accountant to elect your business as an S Corporation (S Corp) to gain significant tax benefits. Establish a payroll system, ensuring you pay yourself a reasonable salary as mandated by the IRS. This action can reduce your tax burden significantly. Engage professional services for payroll, accounting, and tax filings. Avoid handling these complexities on your own to prevent costly mistakes and ensure compliance. Learn the difference between legal entity formations (LLC, corporation) and their tax classifications (S Corp, C Corp, Schedule C) to make informed decisions for your business structure. Continuously monitor your business’s profitability to ensure you are optimizing your tax strategy yearly. This might involve readjusting payroll or exploring additional savings opportunities in your operations. Quote of the Show: " You want to get into an entity that's actually going to be best for you and very tax efficient, and lets you think about growing from there." - Jason Blumer Links: Website: https://blumercpas.com/who-we-are/jason-blumer/ Jason’s LinkedIn: https://www.linkedin.com/in/jasonblumer/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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Best of 2024: Small Businesses Strategies to Unlock Hidden Tax Breaks, Smart Hiring Hacks, and Year-End Game Changers - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for… 42:05

год назад42:05

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As the year comes to a close, what steps can small businesses take to ensure FLSA compliance, maximize tax credits, and position themselves for growth in the new year? This week on Mission to Grow, Mike Vannoy brings together an all-star lineup of experts, including Mary Simmons, Richard Tatum, Shannon Scott, and Janel Weinke, for the Best of 2024 Compilation. In this special episode, they delve into pivotal business topics like Fair Labor Standards Act (FLSA) compliance, employee recruitment and retention strategies, the evolution of 401k plans, and employer tax credits. Packed with actionable insights and practical advice, this episode is a must-listen for business owners looking to enhance their operations, stay compliant, and leverage financial incentives to grow their companies. Don’t miss this invaluable discussion! Takeaways: Conduct a thorough audit of your HR policies and employee classifications to ensure they are fully compliant with the Fair Labor Standards Act. This will help prevent potential legal issues and ensure that all employees are correctly classified. Establish consistent hiring practices across your organization to prevent discrimination and ensure a fair process for all candidates. This consistency also fosters a positive company culture that attracts top talent. Explore the benefits of offering a 401k plan to your employees. Offering a 401k not only enhances your employee benefits package but also helps you attract and retain talent by providing a valuable retirement savings option for your staff. Take advantage of tax credits available to small businesses, such as the Employee Retention Tax Credit (ERTC). These credits can significantly reduce your tax liabilities, providing valuable financial resources that can be reinvested into your business. Regularly check for updates and new tax credit opportunities as the year-end approaches. Staying informed about the latest changes to tax laws and available credits can help you plan strategically for the next fiscal year. Links: Asure Software: https://www.asuresoftware.com/ Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Richard’s LinkedIn: https://www.linkedin.com/in/richardmtatum/ Shannon’s LinkedIn: https://www.linkedin.com/in/shannonscottceo/ Janel’s LinkedIn: https://www.linkedin.com/in/janel-weinke-3113b028/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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FLSA Salary Rule Change: The Impact of the 5th Circuit’s Ruling - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #127 56:47

год назад56:47

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What are the key strategies employers can adopt to navigate employee classifications effectively while ensuring compliance with the ever-changing FLSA minimum salary rules and fostering trust? This week on Mission to Grow, Mike Vannoy engages in an in-depth discussion with Mary Simmons and Brian Shenker on the significant implications of the 5th Circuit's ruling on the Fair Labor Standards Act (FLSA) minimum salary rule. Mike, Mary, and Brian dissect the complexities surrounding the recent court decision that vacated the Department of Labor’s new rule, reverting it back to previous levels. Dive into this episode to understand the legal and practical ramifications for employers, strategies for handling employee classifications, maintaining compliance, and the importance of thorough job audits. It’s a crucial episode for any business owner navigating the ever-changing landscape of employment law. Don’t miss this essential conversation! Takeaways: Schedule annual audits conducted by external experts to ensure compliance with FLSA and state regulations. This will help identify and correct any misclassifications or compliance issues. Regularly review and update job descriptions to ensure they accurately reflect the duties of each role. This helps in defending exempt and non-exempt classifications. Stay updated on federal, state, and local labor law changes. When changes occur, communicate clearly and transparently with your employees to maintain trust and morale. Include a budget line for HR and legal compliance services in your annual planning. This should be viewed as essential as tax preparation services due to the complexities of labor law. Utilize free resources like the Department of Labor website for guidelines, or professional organizations. Dedicate time weekly to keep updated with the latest regulations and compliance tips. Create a clear communication strategy for how to talk about salary and classification changes with employees. This can prevent morale issues and potential legal challenges. Use the process of updating job descriptions as an opportunity to identify potential organizational changes or succession planning, which can enhance overall business growth and efficiency. Quote of the Show: "When things are not communicated well to employees, even if it was arguably legal, they might go to an attorney because they're not trusting what the employer does." - Brian Shenker Links: Brian’s LinkedIn: https://www.linkedin.com/in/brian-shenker-53708712/ Brian’s Company Website: http://www.jacksonlewis.com Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Asure Software: https://www.asuresoftware.com/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006…

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HR Laws Changing: What Small Businesses Should Expect in 2025 - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #126 52:12

год назад52:12

52:12

In this episode, we dive into the latest updates in employment law and their implications for both business owners and employees in 2025. Our guest, Mary Simmons, explores how these changes will affect HR practices, including immigration enforcement, FLSA changes, the Pregnant Workers Fairness Act, I-9 updates, minimum wage increases, and evolving sick leave policies. We discuss the proactive steps business owners must take to stay compliant, such as conducting audits, updating handbooks, and training managers. The conversation also highlights the importance of clear communication and strategic planning in navigating these legal changes and maintaining a competitive edge in the labor market. Takeaways: Be aware of the upcoming HR law changes in 2025. These changes could affect various aspects of your business operations and employee management, including compliance with new legal standards. Be deliberate with your training. While certain areas of HR law, like I-9 compliance, may seem straightforward, they require deliberate attention and proper training to ensure compliance and avoid penalties Conduct periodic audits, especially of I-9 forms and classification of employees. Ensuring compliance through self-audits can help mitigate the risk of costly fines and legal issues if inspected by government agencies. Be prepared for increased government inspections and audits, especially regarding topics like immigration and I-9 compliance, as enforcement is expected to rise. Regularly update your employee handbook to reflect new laws and policies. This ensures that both you and your employees are aware of their rights and responsibilities, helping to maintain compliance and a clear understanding of workplace rules. Implement open and honest communication with your employees, especially when it comes to changes in policies like minimum wage or paid leave. Keeping employees informed and engaged helps in maintaining a positive workplace culture and can improve retention. Quote of the Show: “Some laws have a threshold of a certain amount of employees that it affects, but it really affects everyone. If your competitors have to offer that new benefit, and you're not offering it, you're not going to be able to win that talent." - Mary Simmons Links: LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Company Website: https://www.asuresoftware.com/ Navigating Accommodations Under the PWFA: Insights for Employers: https://www.youtube.com/watch?v=Rx9UGDdLc9g&list=PLn0y0cxOWrJi97JI1u1aMHSK9ySSXaEQ8&index=8 Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Earned Wage Access: What Every Small Business Owner Needs to Know - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #125 52:37

год назад52:37

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How can employers leverage the benefits of offering earned wage access to not only enhance recruitment and retention but also to significantly improve employee productivity and engagement? In this episode, we delve into the transformative shift from traditional payday loans to on-demand pay models. We explore how digital advancements have led to new, cost-effective solutions that empower employees to access their earned wages without stigma or significant fees. This shift is facilitated by innovative banking models leveraging merchant fees to create a seamless and free experience for employees. We also discuss the profound benefits for employers, such as improved recruitment, retention, and productivity, driven by offering financial wellness tools. Takeaways: Evolution from Payday Loans to Digital Earned Wage Access: Employees once reliant on high-interest payday loans now benefit from digital earned wage access with low fees and reduced friction. Merchant-Funded Access: The innovative model relies on merchant fees from debit card transactions, allowing services to be offered at no cost to both employees and employers. Employer-Centric Benefits: Companies that offer earned wage access see stronger recruitment appeal and improved retention, as employees value immediate access to their earnings. Financial Well-Being and Productivity: Enhanced financial wellness reduces stress, giving employees more focus at work and improving overall productivity. Reduced Absenteeism: Access to earned wages helps employees manage unexpected expenses promptly, leading to fewer absences. Increased Employee Engagement: When financial worries are minimized, employees show greater involvement and commitment to their work. Support for Lower-Income Workers: This model particularly benefits those in lower-income brackets who are most affected by financial instability. Quote of the Show: "I think the key thing with earned wage access versus historical products that were paycheck advances or payday loans is the lending is done only against wages that are earned, not against the paycheck overall." - Shirish Lal Links: Website: https://gritfinancial.org/ LinkedIn: https://www.linkedin.com/in/shirishlal/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Garnishment: What Every Small Business Owner Needs to Know to Protect Themselves - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #124 59:32

год назад59:32

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In this episode, we dive into the complexities surrounding garnishments in the workplace, including the differences between wage garnishments and wage assignments, how employers should handle multiple garnishments and the legal implications of terminating an employee due to garnishment. Our guest Brian Shenker shares expert advice on how to navigate these situations while ensuring compliance with federal and state laws. Takeaways: Employers must follow the garnishment order carefully to avoid legal consequences, including paying off an employee's judgment if done incorrectly. Federal and state laws : Employers need to be aware of both federal guidelines and state-specific laws, which can vary. Garnishment calculation : Maximum garnishment : The CCPA caps garnishments at the lesser of 25% of disposable income or the amount by which weekly disposable income exceeds 30 times the federal minimum wage. Disposable income : Defined as earnings after legally required deductions (like taxes, Social Security), not after voluntary deductions like health insurance or retirement contributions. Garnishments are not allowed for employees with disposable earnings of $217 or less per week. For earnings above that threshold, only a portion (25%) of the disposable income is subject to garnishment. Commissions and bonuses : These also fall under the garnishment rules. Commission-based employees are subject to garnishment just like salaried workers, but their earnings can vary, making the calculation more complex. Fringe benefits : Generally, fringe benefits like free daycare are not considered part of the garnishable income. Independent contractors : The CCPA typically applies to employees, but some states extend garnishment protections to independent contractors as well. Employers should not ignore garnishment orders for independent contractors, even if state laws vary on this issue. Quote of the Show: “What the CCPA wants to do is make sure that not too much is being taken out from a debtor's paycheck each week, because that then just results in more financial issues and more strains.” - Brian Shenker Links: LinkedIn: https://www.linkedin.com/in/brian-shenker-53708712/ Company Website: http://www.jacksonlewis.com Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Harassment Training: What Every Small Business Owner Needs to Know to Protect Their Employees - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #123 54:00

год назад54:00

54:00

In this insightful episode, our guest Mary and host Mike dive into the critical role of Harassment training in fostering a respectful, productive, and legally protected workplace. Through real-life examples, Mary explains how training can proactively prevent issues, support team dynamics, and save companies from costly legal troubles. They also discuss the importance of culture in aligning employees with organizational values, promoting trust, and maximizing engagement. Takeaways: The Importance of Compliance Training: Many issues in the workplace stem from unintentional but harmful behaviors. Harassment training can preemptively address these and create a safer, more inclusive environment. Protecting Your Organization Legally and Financially: Organizations without proactive compliance training risk heavy penalties, mandated ongoing training, and increased vulnerability in lawsuits. Building a Culture of Respect and Trust: Beyond compliance, a well-structured HR function drives company success by building a culture rooted in trust, transparency, and respect. Practical Advice for Employers: Every organization, regardless of state mandates, should have a clear EEO policy and anti-harassment guidelines in place. Customized Training Increases Relevance and Retention: Compliance training should be tailored to fit the unique culture and values of each team. This approach makes it more relatable and memorable, increasing the likelihood of positive behavioral change among employees. The Role of Leadership in Shaping Culture : Leaders play a vital role in establishing and modeling behavior standards. When leaders actively engage in compliance and respect initiatives, it sets a powerful example, encouraging employees to follow suit and promoting a cohesive, respectful work environment. Quote of the Show: “I'll make it really easy. Everybody has to do it or should do it to protect their company.” - Mary Simmons Links: Asure Software: https://www.asuresoftware.com/ LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Building An Employer Brand: How Small Businesses Can Use Marketing to Attract and Retain The Best Talent - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent -… 1:03:24

год назад1:03:24

1:03:24

In this episode, we dive deep into the importance of personal branding, authentic marketing, and creating a human connection between businesses and their audiences. Our guest Philip VanDusen Founder and CCO at Verhaal Brand Design, emphasizes how companies, whether large corporations or small businesses, can engage more effectively with customers by showcasing a relatable, human side. We also discuss the role of personal branding for leaders, the effectiveness of behind-the-scenes content, and the importance of creating a cohesive employee and customer experience. Whether you're a restaurant owner, hair salon entrepreneur, or remodeling business, this episode is packed with actionable advice for boosting your brand visibility. Takeaways: Human Connection Matters : People prefer to do business with individuals rather than brands. Establishing a personal connection can make larger companies more relatable. Personality in Branding : Infusing personality into your brand helps differentiate it in competitive industries, making it memorable and engaging. Show Behind-the-Scenes : Sharing behind-the-scenes content can demystify your business and build authenticity, making it less intimidating for potential customers. Empower Employees : Involving employees in your marketing creates a sense of community and shared purpose, enhancing the overall brand experience. Authentic Storytelling : Focus on authentic storytelling rather than trends, as it resonates more with audiences and builds trust. Clear Communication : Ensure that job descriptions and expectations are clear to attract the right candidates and create a positive onboarding experience. Consistent Touchpoints : Maintain consistency across all brand touchpoints, from marketing to customer service, to ensure a seamless experience for both customers and employees. Quote of the Show: "People distrust perfection. The more authenticity you can show, the more people connect with your brand. No one wants to do it themselves—they want to see the care and quality you put into your work, and that's what attracts them to you." - Philip VanDusen Links: Website: https://www.philipvandusen.com Brand•Muse Newsletter: https://www.philipvandusen.com/muse YouTube: https://www.youtube.com/c/philipvandusen LinkedIn: https://www.linkedin.com/in/philipvandusen/ Threads: https://www.threads.net/@philipvandusen Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Labor Productivity: Understanding Labor Productivity for Sustainable Growth - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #121 1:03:11

год назад1:03:11

1:03:11

What are the key challenges businesses face when scaling from $1 million to $5 million in revenue, and how can understanding the concept of the 'black hole' help entrepreneurs navigate these growth plateaus? In this episode, our guest Greg Crabtree, Partner at Carr, Riggs & Ingram, delves into the intricate dynamics of business growth, staffing strategies, and labor efficiency. Our discussion highlights the challenges companies face when scaling, particularly between the critical revenue thresholds of $1 million to $5 million. We explore the concept of the "black hole," the significance of labor efficiency ratios, and practical advice for breaking through growth plateaus without overstaffing. Takeaways: The Maturing Funds and Market Dynamics : As funds mature, companies will need to roll off assets, presenting new challenges and opportunities. Special Purpose Acquisition Companies (SPACs) could emerge as a solution for private equity firms looking to offload portfolios, highlighting a significant demand for publicly traded companies amidst a shortage. Understanding Growth Plateaus : Discussing the realities of hitting growth plateaus, particularly when transitioning from a $1 million to a $5 million revenue model. Key insights on why businesses struggle between the $2.5 million to $3 million mark, often referred to as the "black hole." Staffing Strategies : The importance of strategic staffing versus overstaffing, particularly in the early stages of growth. Recommendations on pushing team limits to maximize potential before making staffing changes, and the risks of adding staff prematurely. Labor Efficiency Ratio (LER) : Introduction to the concept of LER and its application in measuring productivity across teams. Discussing how to benchmark productivity for employees, particularly in service-oriented businesses where tracking output can be challenging. The Employee Lifecycle and Productivity : A breakdown of the employee lifecycle into three zones: Training Zone, Chasing Zone, and Replacement Zone. Insights into how to manage and assess employee performance as they progress through these zones, including strategies for compassionate transitions when necessary. Navigating Growth and Change : Personal anecdotes about navigating growth challenges and making strategic shifts to drive company performance. Emphasis on continuous evaluation of staff roles and ensuring the right people are in the right positions to support growth objectives. Best Practices for Employee Management : Tips for handling underperforming employees, including the concept of "mindful transitions" for those who may no longer fit the company's needs.The importance of maintaining a positive company culture during transitions to ensure team morale and continued growth. Quote of the Show: “It’s crucial to hold your most valuable people accountable to high-value tasks, not just busy work.” - Greg Crabtree Links: LinkedIn: https://www.linkedin.com/in/greg-crabtree-simple-numbers/ Company Website: https://www.criadv.com/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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The Future of Work: How Small Businesses Can Compete in a Labor Shortage - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #120 1:07:44

год назад1:07:44

1:07:44

What strategies can organizations adopt to address the ongoing labor shortage and attract the right talent in today’s competitive job market? In this episode, we explore the future of work by rethinking job roles, hiring strategies, and the importance of creativity in the modern workforce with Anita Lettink Partner & Founder at hrtechradar. With labor shortages affecting businesses worldwide, it's essential to adapt by considering flexible work hours, outsourcing, and new technologies. Our guest discusses how businesses, both small and large, can tap into underutilized talent pools and rethink traditional methods to stay competitive. Takeaways: Rethink Traditional Work Structures: Businesses should evaluate whether tasks must be done on-site or if remote or outsourced work is a viable option, which could help tap into a global talent pool. Be Flexible with Job Requirements: Avoid rigid job descriptions. Simplify requirements and consider part-time or flexible hours, especially for those balancing caregiving responsibilities. Creativity Sets You Apart: Offering unconventional hours, like evening shifts, or flexible work arrangements could attract new talent and differentiate your business from competitors. Leveraging Technology and Automation: Integrating technology such as robots or QR code ordering systems can reduce workload and open new possibilities for employee roles and customer service. Outsource Non-Essential Roles: Jobs like bookkeeping, design, or customer support can be outsourced, even internationally, allowing businesses to reduce costs while accessing top talent. Fractionalizing Jobs to Maximize Efficiency: Reassessing job roles by breaking them into smaller tasks can lead to better job specialization or outsourcing certain responsibilities, improving overall efficiency. Adapt to a Changing Workforce: The global labor market is evolving, and companies need to adjust their strategies, whether through redefining jobs, using remote employees, or offering attractive benefits packages. Quote of the Show: "Everything that you can rethink and where you can be creative, I would encourage you to do so because first of all, it sets you apart from the rest. And secondly, it allows you to tap into underutilized parts of the workforce.” - Anita Lettink Links: LinkedIn: https://www.linkedin.com/in/anitalettink/ Company Website: https://hrtechradar.com/ Ways to Tune In: Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware…

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Unlimited PTO: The Positives and Negatives of Unlimited Paid Time Off - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #119 1:02:05

год назад1:02:05