Business.com |
- How to Stay Focused on Your Goals After the New Year's Resolutions Fade
- 4 Tricks to Increase Your Social Media Views and Go Viral
- How to Get Media Coverage to Raise Brand Awareness
- How Small Business Can Survive and Thrive During the Pandemic
- 9 Critical Analytics Metrics Every Business Should Track
- What Employers Need to Know About Ban the Box
- How Your Business Can Retain Top Employees
- How Pass-Through Entities Work
- What Employee Info Can You Collect? Keep?
| How to Stay Focused on Your Goals After the New Year's Resolutions Fade Posted: 25 Jan 2021 11:49 AM PST  "My definition of success is to look back at the end of your life and say, 'I used my time on earth well.'" – Jeff Hoffman Humans have a need to assign meaning to certain dates and events. For example, Jan. 1 feels different from most other days, even though it's really just another day. Much of the Western world goes about setting resolutions, and some take the extra step to form their resolutions into goals. In a business, this might include updating the strategic plan or committing to a BHAG (big hairy audacious goal) that will inspire and engage the team. Then, predictably, you get busy. Life happens. Business happens. Goals fade into good intentions – if you don't have a system to keep them at the forefront of your mind and business. In December, I spent three days with a client's executive team making the most robust strategic plan they'd ever had. The whole team felt great about it. Then, within the first two weeks of January, one executive left the company, another needed extended time off for personal reasons, and the CEO got stuck out of town due to unexpected travel restrictions. While the instinct was for the remaining executives to go into preservation mode, pausing any future-focused initiatives that weren't urgent or didn't have a customer impact, they didn't. They made the difficult choice to stay the course on their plans, continuing to put resources toward what is most important for long-term business growth, not just meeting the urgent demands. Take time to actually think about your thoughts.You know those moments when you're having a conversation with a friend, listening to a podcast, or even just getting a few minutes of quiet time in the car or shower, and you have a thought. Perhaps it was a quote, a snippet of something someone said, or a blinding flash of the obvious that seemingly came from nowhere, but it sticks with you. It could be a passing thought, but instead you choose to dwell on it, be it for minutes or days, and it shifts your perspective. It impacts how you think about a particular situation and might even prompt you to take an action that you otherwise wouldn't have taken. I call this a "driving thought," because it's a subtle nudge that drives a different perspective or behavior. If you capture these ideas and formulate them into an annual theme, it's a powerful way to keep the focus on your goals as you go through the year – especially at moments when you have every excuse to let daily demands take priority over the future. After all, as a leader, it's your thoughts that drive the organization. Choose your driving thoughts.While I love business books and inspirational quotes as much as the next growth junkie, I've found that the 'aha' moments can disappear as quickly as they come. Selecting a few as my driving thoughts for the year is a way to keep the inspiration alive. Here are some driving thoughts I've used to help me focus on my goals over the past few years:
After a couple years of creating my own list of driving thoughts, I started asking my clients to do the same. Here are a few examples they shared with me:
Keep the 'aha' moments alive.As you can see, many of these driving thoughts are quotes or simple sayings we've heard somewhere that we can adopt as our own focus. Whether it comes from a movie, book, podcast or conversation is irrelevant. What is relevant is how these thoughts or sayings pertain to you and your goals – personal, professional or both – for the coming year. When it comes time to write my goals for the year, I usually pick three to five driving thoughts that I know will guide me in pursuit of my goals, and I write them at the top of the page. Then I set a recurring reminder on my phone to review my goals weekly, along with individual recurring tasks for each driving thought, so one or two will pop up at random each day. Every time I see a reminder, it provides a five-second mental reset. This helps me keep myself accountable to my annual goals all year round, and it has even helped to shape the way I make decisions, and which opportunities I take or decline throughout the year. From there, I take the goals I've written down, as well as my list of driving thoughts, and formulate an annual theme. Set the theme.Now that you have goals and driving thoughts to guide you, try condensing them down to an overarching theme that can be your mantra for the year. Oftentimes, for me, the annual theme is simply a single word or short phrase. Your theme is unique to you and your goals or priorities at the time, and it needs to answer the question "What do I want this year to be about?" Another way to ask yourself this question is, "When this year is over and I'm celebrating all the progress I made, what will be the best word or phrase to summarize what it was like for me?" Again, I'll give you a few examples, both from my own themes over the past several years and some that my clients have shared with me:
Three years ago, I set the theme of "create space" for myself. This was one of the most challenging and helpful themes I have ever chosen, because it meant I had to let go of good things to make room for even better things. Now, this is one of those ideas that sounded fantastic on paper. However, when the time came to say no to good opportunities, reality set in, and creating space wasn't as simple as it sounded. At times, I started to second-guess myself, overanalyze my goals, or even question my own sanity, but my theme served as a powerful reminder that I was working toward something greater. In hindsight, I can see that the theme of "create space" was a real gift, because it helped me to focus on where I was going and to manage my emotions when it came to critical decision points. This is what makes the whole process of identifying your goals, driving thoughts and annual theme worthwhile. What driving thoughts do you want to shape your decisions and your behaviors throughout 2021? What theme do you want this year to be about? The beautiful thing about this is that, regardless of any external factors, you get to decide what you want 2021 to be about for you. When it's over, I hope you can look back with satisfaction, knowing you lived it well. |
| 4 Tricks to Increase Your Social Media Views and Go Viral Posted: 25 Jan 2021 10:05 AM PST  If you are an entrepreneur, you might be thinking that social media is not really necessary for your business. However, I continue to be amazed at how much social media has impacted my real estate business. My company sold over 200 turnkey rentals using Instagram, and we've raised millions of dollars in investment using Instagram and Facebook. I also have a web presence and quite a few connections in my LinkedIn network, but when we compare levels of engagement, nothing can compete with Instagram and Facebook. To leverage the strength of social media for your business, it is not enough to simply have a social presence. You need to engage regularly with the community and share your experience. For example, people follow my company on Instagram and Facebook to see before-and-after photos of real estate projects and touring properties at various stages of development. People want to see how you are running your business and how you help customers. If you're a social media user, you've probably wondered how you can get a post of yours to go viral. Oftentimes, it might seem like there's no rhyme or reason to what makes content go viral. In such a saturated digital market, creating viral content is more challenging than ever. Despite these challenges, with a bit of strategic planning, consistency, and engagement, you can create viral content more than once. Plenty of people and companies are creating viral content on the regular by following specific tactics and strategies. One of them is Brian Breach, a Ted Talk speaker and social media magnet, and I asked for his advice to help me and other entrepreneurs who want to go big on social media. 1. Leave Easter eggs in your videos.If you're not sure what a digital Easter egg is, we've got you covered. The term was actually coined by a programmer who hid his signature inside a secret room within the Atari 2600 video game Adventure (Wayback Machine). Decades later, Easter eggs have become a recurring theme not just in gaming, but also in social media. As its name suggests, an Easter egg is something that you leave hidden inside of a video or post that will get a reaction and spark comments by the users who pick up on them. Add something funny, odd, or misplaced to create a discussion in the comments. Digital easter eggs are tips, tricks, or anything useful or interesting that you hide inside of a social media post. This is a strategy that not everyone is familiar with but is practically guaranteed to get you more views and likes, no matter what social media app you're using. 2. Connect with large accounts.One of the coolest things about social media is that the majority of the population has an account on at least one platform. That includes celebrities, athletes, investors, etc., which means that these people are much more accessible than they were before social media existed. Some of them may even be your clients, suppliers or distributors. It's a good idea to connect with larger, successful pages that will repost or share your video, drastically increasing your chances of going viral. There's no specific way to make this happen, but the most important thing to do is follow these larger accounts. For instance, as a real estate expert, I reach and follow verified influencers with large followings who discuss real estate or are real estate investors themselves, such as Grant Cardone, Austin Zaback and author Michael Zuber. Search for influencers in your niche, follow them, and become familiar with their content. After you follow them, it's important to engage. Comment on their pictures and videos, share their posts on your stories, and send them a message saying you love their content. It may not happen overnight, but if you're consistent, this is a way to build these relationships. However, there's a fine line between engaging and harassing. Be sure not to bombard these pages with hundreds of messages or comments. Embrace the fact that it will take time, but if you are genuine and continue to interact with these pages, there's a good chance you'll be noticed. 3. Use questions in your captions.When you're crafting captions for your posts, one of the best ways to interact with your audience and get people to notice your post is to write something that prompts people to leave comments. One of the best ways to do this is by asking your followers a question. Asking a question as opposed to making a statement will give your post more activity and engagement. Every time you post, think of it as a conversation with your audience. I know it feels strange to record yourself and share the recording, but imagine you are speaking to your audience, and little by little they will let you know they have been listening all along. 4. Share your video on all platforms.One of the most important things to do when you are posting content is to post the same content – or similar versions of it – on all of your social media platforms. This will give your content a lot more momentum and get more eyes on it. If you're trying to get as many views as possible on one specific platform, that's OK. Just be sure to post it on that platform and then use that specific link to post on your other networks so you can direct all traffic to one place. The more you share your content, the higher its chances of going viral. Because different social media platforms cater to different audiences, you're likely to notice engagement from a wider array of people than you would've gotten if you'd simply posted on one platform. Most of my content starts as an article. After publishing that article, I often create a video and post the audio on various podcast platforms. I also break the video down into clips, which I continue to post over many weeks after the video has been published. I squeeze as much juice as I can from that content. Breach even suggests taking it one step further by sending your videos to news outlets and major Facebook outlets. If one of your videos is accepted, you'll get thousands of views you wouldn't have gotten otherwise. There's no specific formula to going viral. However, if you use the tactics mentioned above, you're sure to notice an increase in engagement and followers. Then, if you stay consistent and post valuable content, you just might go viral. |
| How to Get Media Coverage to Raise Brand Awareness Posted: 25 Jan 2021 08:00 AM PST  Earned media is a key component of an integrated marketing campaign that can help diversify exposure for your business and build credibility. You may already be in the habit of writing and distributing press releases when you have a big announcement or other business news to share, but media relations goes far beyond sending press releases to every journalist on your media list. Media relations is more of an art that requires targeting your outreach and creating customized, engaging story pitches to better connect with a smaller number of higher quality journalists that are the best fit for your specific story. When you're ready to boost your earned media presence and grow awareness among your target audience, you need to navigate how to get your story idea in front of a journalist who can help tell it. No matter how compelling you think your story might be, this isn't as simple as sending a link to your website with a note to check out your great work/fun new thing/big announcement. While you're intimately familiar with your industry and ready to rattle off the reasons that the work you're doing deserves attention, keep in mind that journalists have countless pitches landing in their inboxes on any given day. If you want your story to receive coverage, you need to make sure your pitch stands out amongst the clutter and captures attention. Before blasting your pitch out to anyone whose email you can get your hands on, follow these steps to fine-tune your efforts in media relations, develop relationships with journalists who can help tell your story, and ensure greater success in raising visibility in outlets that can make a difference for your business. Make sure you're pitching the right journalistYou may have a target outlet in mind, but before you reach out be sure you know who at that outlet you should be contacting so that your pitch doesn't fall on deaf ears. In the simplest terms, you wouldn't pitch the sports editor of your local paper with your new hire announcement if you're a bank. We all get dozens of emails every day, and if yours doesn't land in the inbox of the right person, you're only wasting your time - and likely ensuring your future outreach will be sent straight to the trash bin. Do your research. See who is writing stories that are in line with your topic of interest. What will your target audience be reading, and who is the author? Is there a topic they've covered recently that gives you a great excuse to reach out to them specifically? Most importantly, make sure the story that you're pitching is up their alley. Take a look back at their typical coverage, as well as what they've written over the years. How has their focus shifted, and is your pitch in line with their current interests? You won't know for sure that the journalist is interested until you hear back from them, but choosing the right person automatically ups your chances of getting a response to your pitch. Demonstrate relevanceIn researching your target journalist, consider the recent material you found to support your decision to reach out to them specifically. Making the connection for them will not only show that you're paying attention, but place the emphasis on why they might be interested in your particular story. For example, "Hi, I noticed your recent article on vacationers opting for off the beaten path locations and I wanted to introduce you to a business owner whose yurt getaways in the Maine woods have seen so much demand over the past year that he's able to spend this season expanding to accommodate the influx of new guests. Here's the unique element he provides for his guests that really makes a stay at his accommodations one of a kind." You can further sell your story by including other relevant stats or studies that show the story you want to tell is relevant now and to your target journalist's audience. Keep your initial outreach short and sweetWith your initial email, you're making an introduction and floating an idea by your journalist - you're not writing the story for them. If you're not selling your pitch immediately, you're losing their attention before they can get through your email. Keep your email to three paragraphs if you can.
Don't fall off their radar, but don't be annoyingYou want to follow up to ensure your email was seen, but you don't want to end up blocked because this journalist is so sick of hearing from you. Wait a few days, send a follow-up note, and if you don't hear back it's time to move on. There are plenty of other journalists out there that might also be a fit to cover your story and will be more responsive to your outreach. Continue building the relationship This relationship-building piece can benefit you in many ways. For one, it helps keep you informed about relevant topics and will ensure you're able to make the connection to potential opportunities as they arise. Follow journalists on Twitter, regularly read your target media outlets, and share relevant articles on your own social channels (journalists will appreciate the engagement and it may help them recognize your name when you reach out), If your story is super local or hyper-specific and there are a limited number of people who can make your news seen, it can be particularly important to focus on building your relationships rather than inundating a specific person with pitches that aren't being responded to. Like all good relationships, your connection with a journalist will take work. Focus on nurturing these relationships over time, which in the long run will benefit you as well as the journalists you're getting to know. Send them interesting story ideas or news items that are in line with their specialty without asking for anything in return. You might go so far as to connect them with people who aren't your clients or within your organization (i.e. you're not gaining anything from promoting them) but who have interesting, relevant stories and might be a valuable source. Once journalists begin to view you as someone who follows through on making connections and provides valuable story ideas, you're more likely to have their attention when you have something compelling to pitch them on. |
| How Small Business Can Survive and Thrive During the Pandemic Posted: 25 Jan 2021 07:00 AM PST  The pandemic has fundamentally changed us. It has changed how we connect with friends, family, and colleagues. It has changed how we shop and work. And it has especially changed how we manage and conduct business. The pandemic has forced entrepreneurs to rethink business strategies, use new approaches to support customers, and lean into technology solutions that bridge the physical divide. Some small businesses – especially those considered essential – may have experienced unprecedented growth as demand for their goods or services increased. And though new vaccines and therapies are arriving to help people, the effects of the pandemic will be with us for the forceable future. For entrepreneurs to successfully manage, pivot and survive during the new normal of the pandemic, they should keep in mind the following tips to be agile problem solvers. Innovate dailyWhatever your small business is, chances are that the pandemic has created challenges for your operation. Perhaps supply chains are disrupted, or in-person meetings postponed. Suddenly, entrepreneurs are finding they have to conduct business in new ways or workaround roadblocks to unleash new opportunities. Innovation during this time is critical to overcome challenges and find solutions. For example, if you own a business that caters to consumers' desire to live a healthy lifestyle, there are various creative ways to reach your customers: from creating digital content, advertising in your community paper, speaking at a virtual event, leveraging social channels and targeting health-minded groups to sending emails to your entire contact list-- you have the chance to share a solution to a growing need. Or if you are a t-shirt maker and suddenly find your sports orders dwindling due to youth sports limitations, pivot quickly to lean into your existing strengths. You may already have the equipment to create products that are needed. Turning your manufacturing prowess, raw materials and equipment into masks or apparel that can be worn by essential workers, or employees working out of their homes can create a product in high demand that people can quickly purchase. Entrepreneurial innovation has always been an important driver of success, but during a pandemic it is essential. You have to be willing to turn on a dime, to find ways around barriers. The bottom line is nimbly shifting to find new ways to conduct business, could be the difference between life and death for your business. Foster connectionsEveryone is facing challenges these days, from working from home while homeschooling kids to dealing with supply shortages and balancing the boredom of restricted activities. Now more than ever, your customers need to know you are there for them. Take the time to check in with customers, not just on their orders, but on their lives to see how they are doing beyond the business transaction. Now is the time to reach out genuinely. Give yourself a target number of people to connect or reconnect with – former clients or prospects. Start the conversation by seeing how they and their families are holding up during the pandemic. Ask them if there is anything you can do to support their business. Let them know you are here for them and are happy to help them in any way you can. Ask them what their biggest challenges are during this time. They will appreciate the ask. Just listening is a fantastic gift to anyone, especially customers who may not have someone to share their concerns. Build a communityEntrepreneurs are often part of networking organizations – from their local Chamber of Commerce to industry or community-specific groups. Many of these communities have reduced or stopped in-person meetings and have gone online. Many small business owners might forego an online discussion because they think a virtual meeting is not worthwhile. Now is the time to attend as many group meetings as possible to continue to build your network. Calculate how much time you previously traveled to an office each day or to visit with clients. That time you saved has value and can be used to build your community online. Video conferencing tools offer lists of attendees and chat options during meetings and opportunities to speak and share perspectives. Take the hours saved from less travel time to further build connections within your community and/or network. How about pitching yourself to speak at these meetings – offering solutions for businesses? Chances are there are occasions to fill a meeting's speaker spot and provide your insights to share with your colleagues. If you never previously sought a leadership position at a networking group, now is a great time to garner a more visible and responsible role in an organization. Leadership positions can help you build deeper relationships with other business leaders and find shared passions that may open doors to new sales. Leverage technologyFor many entrepreneurs, their laptop and phone have suddenly become their office and business hub almost overnight. Owners were instantly thrust into the world of video conferencing and found themselves scrambling to add video call options and other technologies to increase their efficiency and ability to keep their businesses thriving when away from the office. Some owners who previously relied on support to help manage their technology became instant experts at troubleshooting tech challenges and upping self-sufficiency. One study has shown that 73% of small businesses are unaware of digital products, including online payment processing, online productivity, e-commerce websites, online marketing and other tools to help them reach worldwide customers. The speed and need for increased digital adoption have never been greater. Many of the best video conferencing tools are being made free to small businesses to support them during these unprecedented times. Microsoft Teams has a 6-month free trial, and it allows not only for video calls and chats but also for cloud storage. American Express' Stand for Small has a list of numerous free trials and resources for entrepreneurs, ranging from free trials of e-commerce sites to low-cost advertising and marketing tools. Technology is essential to run your business; it is critical to maintain and increase your connection to customers. A recent survey revealed that 50%+ entrepreneurs rely more on digital tools to communicate with their customers, find new customers and sell products and services online during the pandemic. Think of othersWith so much pressure to stay afloat, adapt and evolve during these times, it can be easy to forget to help those less fortunate in your community. Perhaps you have a product that can be shared with front-line workers. Or you sell food or nutrition products that can be donated to woefully under-resourced food shelters. Another way to give back is to share your expertise to train others or offer budding small business owners advice. Whatever you can do, giving back rewards us in so many unexpected ways. The pandemic has brought incredible challenges in its wake. Everything is disrupted and going about our daily lives has evolved. The new normal – from mask-wearing to remote learning and working – has also forced us to rethink how we do business and how we can best serve our clients. We need each other now more than ever. Our ability to connect in new ways, empathize with each other, and build community and connections makes us stronger, more agile, and perhaps even more successful. |
| 9 Critical Analytics Metrics Every Business Should Track Posted: 25 Jan 2021 06:00 AM PST  The old business aphorism "You can't manage what you can't measure" holds good in many situations, especially in the modern digital world. Even though you can reach out to customers on social media and through your website, you're still competing with other businesses doing the same thing. It's critical to leverage data, know your audience, and take informed steps to make your marketing more impactful than your competitors'. One important activity that any business needs to carry out is managing and reviewing analytics for their website and other marketing activities. Here, what you measure impacts how well you succeed. And what should you measure? In this post, we'll sift the metrics that actually lead to conversions from ones that sound good but do little to help you. Critical analytics metrics you should monitorThese metrics will give you insight into ways you can improve how you make content or market to your audience. Track them and experiment with what you learn to get better engagement or achieve other goals.
Do you know why people are coming to your blog or website? Knowing what search terms people use on Google to land on your site can tell you two important things:
In our company, a customer's intention forms the driving force behind our product development and marketing efforts. Understanding what people want to achieve can help you improve your content and bring even more people to your site. And when you have a high bounce rate in association with a search term, you'll also learn how to improve your content. Perhaps you need to rephrase your wording or focus on different keywords. Or change how you optimize content. Used well, analyzing the top search terms used to get to your site is a valuable metric that will help you grow your organic traffic. 2. User demographics and interestsWho are the people coming to your site? One key analytics measurement you should follow is user demographics and interests. You can learn about the age, gender, location, and other details that will inform your marketing decisions. For example, what kind of content, offers, and what products to feature on your website. An e-commerce website for clothing could create its content differently depending on whether its primary audience consisted of young business professionals or sports enthusiasts. Knowing who their audience is makes such personalization possible. Personalization reduces customer frustration and drives up sales. As much as 48% of consumers spend more when they get personalized experiences.
In this type of metric, you'll know what percentage of your blog or site visitors are returning visitors or completely new people. When people return to your website, you'll know that your content is memorable and relevant. And knowing how many new visitors are coming to your website shows that you're doing a good job attracting your audience.
For e-commerce businesses, it's vital to know how your products are selling to offer more personalized content and boost sales. A good analytics tool for e-commerce businesses will track:
Such information lets you know how your online store is performing and how best to improve your sales and revenue.
If your website relies heavily on content like blog posts and articles, then figuring what posts are bringing in eyeballs is important. Use analytics tools to track which posts, pages, or articles are the most popular on your website. Then, analyze your content and try to replicate your work. You'll increase your chances of getting more views and creating winning content.
Forms like your contact form, registration form, and other types are important features in any website. Forms allow you to collect information in an organized way. Many users also expect to find at least a contact form where they can reach out to your business directly. With analytics, you'll know how many people abandon your forms. You can tinker with your form fields to know how best to optimize it. And such information will improve conversion rates and help you build your email list.
It's common to have outgoing links to other websites from your site. It's helpful to know what links people are clicking on to learn how to improve your content. If you have a referral or an affiliate program, then you'll need to know how much of your traffic and conversions are coming from them. And to make sure that your backlinks are coming from reputable sources. Use these metrics to protect your website from getting penalized by search engines, to learn where your traffic is coming from, and to know more about your customer's behavior.
Aside from the metrics mentioned here, you may want to set to custom dimensions with your analytics dashboard. Depending on the kind of business you're in and what your goals are, you could track custom analytics reports like:
Setting up such metrics manually requires technical expertise. But if you use a functional plugin for analytics, you'll be able to track such data with ease. Metrics you shouldn't trackWe've listed several useful analytics metrics that will give you insights to improve your website or blog. But there are metrics that sound good but don't lead to real results i.e. they don't tell you how to improve conversions. These metrics are "vanity" metrics and when followed, can give you little useful information.
As the term suggests, page views tell you how many times your content has been viewed. You won't learn whether visitors who convert are viewing these pages, whether people are buying, or whether they are engaged. Pageviews on their own don't say much. If people are leaving your site after landing on it, i.e. your bounce rate is high, then no matter how many views your pages have, then something isn't working.
Your email open rates can tell you that your subject line is interesting enough to get people to open your emails. But it won't show you how many people take action and buy from you because of the email you sent. Instead, track your email marketing campaigns, on the whole, to know how well your newsletters are doing.
It's great to have a long list of subscribers. But it's even more useful to have an audience that's relevant to your business. Knowing how many subscribers you have won't automatically tell you whether they're engaging with you or buying from you. You could focus on customer journeys using analytics to see how people behave across their interactions with you. Overall, vanity metrics let you know that your content is interesting. And that your content is optimized, but you need to focus on other metrics to get better insights.
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| What Employers Need to Know About Ban the Box Posted: 25 Jan 2021 05:30 AM PST  Landing a job can be a difficult process, and it's even harder for those who have a criminal history. For years, most job applications asked whether the candidate had ever been convicted of a crime. Job seekers having to answer this question, without the ability to provide any context to their answer, often gave employers a quick reason to discard the application and move on to the next. In an effort to give job candidates who have been convicted of a crime the chance to make a good first impression, a movement to get employers to stop including this question on job applications started – called Ban the Box. It is important for employers to understand what Ban the Box is, how it started and the laws that now surround it. What is Ban the Box?Traditional employment applications include a question on whether a candidate has been convicted of a crime. There are usually two boxes – one for yes, the other for no. The job applicant is required to check one. But "the box" is said to be an unreasonable employment barrier to people with criminal histories. Social justice advocates and employment experts say those convicted of crimes should be allowed to prove their qualifications for a job instead of being eliminated early in the process. With this in mind, there has been a push over the past two decades for employers to remove this type of question from the initial job application and instead ask it later in the hiring process. In theory, this gives job candidates the chance to make their initial case for why they should be hired. It lets them be evaluated on their qualifications, rather than on their criminal convictions, which may or may not give insight into the type of employee they would be. What started Ban the Box?Ban the Box is a movement in response to soaring rates of incarceration in the United States over the past few decades. Data from the National Conference of State Legislatures shows that an estimated 1 in 3 Americans have a criminal record. The box is said to discriminate against Black and Hispanic males, according to the NCSL. Because of factors such as economic disadvantage, racial profiling and long-standing prejudices, these demographics have higher rates of criminal history than, for instance, white males. Thus, they are more likely to be rejected for employment if an application asks about criminal history. In 1998, Hawaii became the first state to enact specific legislation on when employers could inquire about a job candidate's criminal history. However, it wasn't until six years later that the Ban the Box movement started. In 2004, All of Us or None, a national civil rights movement of formerly incarcerated people and their families, launched the Ban the Box campaign to give convicted criminals a better chance of finding work after their time in jail or prison. "The campaign challenges the stereotypes of people with conviction histories by asking employers to choose their best candidates based on job skills and qualifications, not past convictions," the group writes on its website. The movement initially focused on public employers, like government agencies, but eventually expanded to include private employers as more organizations joined the movement. Is Ban the Box effective?A study by the Collateral Consequences Resource Center found that Ban the Box laws are "generally effective in increasing employment opportunities for people with a criminal history." But not all studies have confirmed the effectiveness of Ban the Box. The U.S. News & World Report found some studies that show Ban the Box laws could have a negative impact. "When employers aren't allowed to ask about applicants' criminal background early in the hiring process, they may be more likely to assume certain applicants – especially black and Hispanic men – have a criminal history, denying jobs to qualified applicants who don't have a criminal history," wrote Casey Leins in the article, summarizing the findings. Despite this risk, many advocates claim Ban the Box is an important step on the road to fairness in hiring. What states and municipalities ban the box?No state entirely prohibits employers from asking about criminal convictions. However, according to the National Employment Law Project (NELP), 36 states have enacted Ban the Box laws, with varying scope, requirements, exceptions and penalties for violations (often fines amounting to thousands of dollars). As the first state to pass legislation restricting when public and private employers can ask about a past criminal conviction, Hawaii has been a leader in the Ban the Box movement. Another leader is California. In 2018, the state passed the California Fair Chance Act, which forbids employers with five or more employees to ask about criminal history until they have made a conditional offer of employment to the applicant. California employers must also take these steps:
Although many states have banned the box only for public employers, a considerable number has banned it for private employers as well. Here is a breakdown of states, and some cities and counties, with Ban the Box laws that apply to private employers. To ensure full compliance with these laws and ordinances, employers are encouraged to seek advice from their legal counsel.
In addition to these states, according to NELP, some 150 local jurisdictions have ordinances regulating inquiries into a job applicant's criminal history. When state laws and local ordinances are considered together, roughly three-fourths of the U.S. population lives in a Ban the Box jurisdiction. These are some city and county ordinances in states that don't already have Ban the Box laws for private employers:
Editor's note: Looking for the right background check service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. Is there a federal Ban the Box law?The federal Fair Chance Act is scheduled to take effect on Dec. 20, 2021. If you are a contractor with the U.S. government, you will be required to make a conditional offer of employment before requesting information on an applicant's past criminal convictions. The law also applies to employment in all federal agencies, with exceptions for jobs involving access to classified information or "sensitive law enforcement or national security duties." Why should companies ban the box?Job seekers with criminal histories might be applying to your company. Some of them might be the best people for the job. So, even if you're not in a Ban the Box jurisdiction, you may want to consider enacting your own company policies. Hiring these candidates could contribute to your company's profitability as well as social justice. Here are three factors to consider if you're deciding when (or whether) to ask about a candidate's criminal history:
Discussions of Ban the Box should involve your human resources team, executives, and perhaps even the direct supervisors of those who will be joining your company. What companies have banned the box?U.S. companies that have banned the box or taken other initiatives on behalf of job seekers with criminal histories include American Airlines, Coca-Cola, Facebook, Google, Greyston Bakery, Koch Industries (including Georgia-Pacific), the Libra Group, PepsiCo, Plank Industries (including Under Armour), Prudential Financial, Starbucks, Uber and Unilever. What other laws should employers be aware of?The U.S. Equal Opportunity Employment Commission requires you to obtain a job applicant's written permission before conducting a background check on them. It also issued guidance on Ban the Box in 2012. The EEOC says employers that base hiring decisions on an applicant's arrest or conviction record may violate Title VII of the Civil Rights Act of 1964, which prohibits discrimination based on race, color or national origin. [Read related article: How the EEOC Impacts Small Businesses] |
| How Your Business Can Retain Top Employees Posted: 25 Jan 2021 05:00 AM PST  \Right now, the labor market in much of the world is in a state of upheaval. The ongoing COVID-19 pandemic brought a sudden end to consecutive years of low unemployment and high labor participation rates. And nowhere has the damage been greater than in the US. For that reason, it might seem like an odd time for businesses to worry about employee retention. But the truth is, although the pandemic caused a temporary reduction in the number of workers voluntarily leaving their jobs, the overall quit rate has already bounced back to near pre-pandemic levels. And that's not the only retention-related problem businesses are about to run into. There's also the fact that rounds of furloughs and temporary layoffs mean that many businesses face the possibility that their most valuable employees won't return when the pandemic recedes. And that means they're going to have to recruit and train replacements – and the latest statistics indicate that new hires display a disturbing tendency to depart within a year of their hire date. That means that despite the pandemic, right now is exactly when businesses should be worrying about employee retention. And to avoid the oncoming workforce turbulence that is on the way, here are four ways that they can turn themselves into employee retention all-stars. Embrace and extend flexible work programsWhen the pandemic began, businesses almost universally turned to remote work options in a desperate bid to keep operating amid in-person restrictions. The funny thing is, many of those same businesses had previously resisted allowing remote work, citing varied – and sometimes illusory – reasons. But now, thanks to the pandemic, the cat's out of the bag. And so far, it appears that productivity hasn't suffered at all from allowing employees to work from home and on their own schedule. If anything, the limiting factor is that many businesses lacked the technology infrastructure to enable their remote workers to thrive. Going forward, however, a large majority of businesses now plan to allow more flexibility in their operations. And since survey after survey indicates that flexible work policies are a critical retention tool – with 80% of workers reporting that they encourage more loyalty to an employer – any business that doesn't embrace flexible work is going to encourage turnover and harm recruitment of top workers. Review and reimagine compensation packagesDepending on who you ask, an employee's compensation package is either their biggest motivator to keep working, or merely a small factor in that decision. The truth, though, is likely somewhere in between. In the real world, an employee will only leave a job over a compensation issue for one of two reasons: they're grossly underpaid or another employer makes them an offer they can't refuse. But that doesn't mean that compensation isn't critical to employee retention. It's just that the point is less about money and more about offering an irresistible combination of benefits. So, businesses do best when they engage in a thoughtful compensation management process that takes more than the total dollar value into account. For example, offering a group life insurance benefit isn't always a high-dollar add, but can be an attractive retention tool beyond what its dollar value would suggest. This is because more people than you might think struggle to find individual policies at competitive rates. Individual life insurance for diabetes sufferers is particularly tough to find, even though around 10.5% of all Americans suffer from the condition. For them, access to quality life insurance might be worth sticking around for. So, to build a compensation structure that encourages retention, it pays to get to know your workforce and get a little creative rather than opting to throw money at the problem. Roll out a continuous onboarding processFor many years, businesses tended to use a sink-or-swim approach when it came to new hires. They'd provide some rudimentary training and instructions, and then leave the employee to their work. And that turned out to be one of the biggest causes of self-inflicted employee turnover of all. These days, businesses have learned that properly supporting workers right from the beginning can drastically increase the odds that they'll succeed and remain with the business. Some surveys report retention gains from proper onboarding procedures as high as 82%, so their importance cannot be overstated. But in the present environment (and going forward, as well), businesses need to reimagine onboarding to turn it into a systemic solution rather than an up-front requirement. In other words, they need to create a continuous onboarding process that begins at the date of hire and continues throughout each employee's tenure with the company. That way, they'll communicate the fact that the goal is to help every employee build a career – not just to get them up to speed on their current role. Invest in training managers for retentionSometimes, a business can get everything right concerning employee retention from an organizational standpoint. And then, a strange thing happens. Their managers find ways to drive good employees away. They don't usually mean to (most of them, anyway), but the net result is the spoiling of all of the company's other retention efforts. And the effect is more dramatic than most people realize. According to Gallup's State of the American Manager report, managers are responsible for 70% of the variance in employee engagement, so they can have an outsize impact on turnover rates. So, it's clear that businesses have a vested interest in giving their managers the tools to succeed at keeping employees both productive and happy. To do it, a whole lot more emphasis on providing retention-oriented training for managers is a good place to start. There are plenty of skills that managers require to be successful at improving retention, ranging from communication skills to understanding how to be an effective coach. They should also learn how to be mentors, which can change the employee-manager dynamic into something more akin to a symbiotic relationship that's better for everyone. The bottom line, though, is that most businesses are going to discover that they have managers in certain positions that ought not to be there. Management, like any other role, requires some innate skills. And since companies often promote managers from within rather than hire for the role, they sometimes have to face the fact that their managers just aren't very good. And when that happens, it's necessary to move them to other roles in favor of a better-suited candidate. Ready to face the futureEven if they're not seeing high turnover right now, businesses can be sure that their reprieve is a temporary one. But they're not powerless to stop an employee exodus when and if the labor market returns to its pre-pandemic conditions. Nor do they have to accept a high attrition rate among their new post-pandemic hires. By putting in the work to make structural and operational improvements that promote employee retention, a lot of future pain can be avoided. And with so many economic challenges already on their plate, the time to act is now. That way they'll face the future with all hands on deck and with everyone working toward the same goal – to emerge from the crisis stronger and better than ever before. |
| How Pass-Through Entities Work Posted: 25 Jan 2021 04:54 AM PST  When you're starting a new small business, one of the most important things to consider is its business structure. Chances are, your new business will operate as a pass-through entity. While the term may seem esoteric, pass-through entities are relatively straightforward. Read on to learn what a pass-through entity is, how a pass-through entity works and what to know about the different types of pass-through entities. What is a pass-through entity?According to the Tax Policy Center, a pass-through entity is any business in which "profits flow through to owners or members and are taxed under the individual income tax." This separates most businesses from corporations, specifically C corporations, since those entities are taxed in a completely different manner. How do pass-through entities work?Pass-through entities prevent the owners of a business from being double taxed (on both corporate and personal income) for federal income tax purposes. "The tax liability is simply passed on to the owners, and the business income is only subject to individual income tax of that particular owner," said Bryce Bowman, a chartered financial analyst and founder of People First Planning. Because the business's income directly impacts an owner's personal federal income tax return, the company is exempted from corporate taxes. Depending on how the business is structured, taxes are reported through specific IRS forms. For example, members of a partnership and shareholders within an S-Corporation file IRS Form Schedule K-1 to report an owner's tax obligations, while self-employed individuals report their earnings through their personal 1040 with an attached Schedule C form. As such, it's important to make sure you use the correct forms when filing. Types of pass-through entitiesPass-through entities are the most common type of business in America. Approximately 95% of U.S. businesses are structured as pass-through entities, according to data from Brookings. A major reason for their popularity stems from the fact that it provides some protection to the business's ownership, according to Mark Puzdrak, a CPA at Puzdrak CPA LLC, "Forming a pass-through entity is relatively simple and most business owners like the protection the structure provides for legal purposes," he said. "One of the biggest factors that determine the type of pass-through entity are the tax savings." Because there are multiple types of pass-through entities, you'll need to consider the pros and cons of each before deciding which structure is right for you. Here are some types of pass-through entities: Sole proprietorshipIf you're an individual business owner, your company is already a sole proprietorship. Once you report self-employed business income with the IRS and don't set a different type of business structure, the agency will automatically classify your business as a sole proprietorship. "You're automatically a sole proprietor once you report business income on your personal tax return," Bowman said. "This type of entity has only one owner and is a simplified business type suitable for contractors or freelancers." In a sole proprietorship, the business owner and the business itself are one and the same. For tax filing purposes, the owner of a sole proprietorship files an IRS Form Schedule C with their 1040. That lack of distinction between you and your business also means you will be held personally liable for any legal problems. This is a major risk that can put your personal assets at risk. Limited liability company (LLC)In contrast to sole proprietorships, limited liability companies keep their owners, known as members, legally separate from the business. As a result, the owner is protected from any personal liability when it comes to the company's debts or legal issues. "If, in the course of business, you mistakenly cause harm to someone else, any legal claim can only take the assets of your business," Bowman said. Under an LLC, "your personal assets are still shielded from lawsuits." To form an multimember LLC, you should start by making a formal business partnership agreement outlining how the business is organized and each member's responsibilities within the LLC. The flexibility and protection provided by an LLC also extends to how the business pays taxes, since it can be taxed as any of the other pass-through business structures. There is no cap on the number of members an LLC can have, unlike with S corporations, which are limited to 100 shareholders. PartnershipA partnership is a business structure in which two or more individuals team up to create a new venture. Under this kind of agreement, the partners work together to manage and conduct the business in a bid to share in the profits, responsibilities and liabilities. There are numerous types of partnerships to consider. Depending on the type of partnership, some individuals may have a bigger stake in the business than others. When filing their taxes for a taxable year, each partner completes IRS Form 1065. S corporationsUnlike other pass-through entities, an S corporation isn't a structure but rather an elected tax status. According to the IRS, an S corporation is a corporation that "elects to pass corporate income tax, losses, deductions and credits through to their shareholders for federal tax purposes." To become an S corp, a business must first start out as either an LLC or a C corporation. Owners under an S corp, referred to as shareholders, are taxed as a partnership that shields those owners from getting taxed twice. Additionally, these owners are considered employees of the business and are required to pay themselves a salary. All of the company's profits, losses, deductions and credits are filed at the shareholder level via IRS Form 1120-S. Pros and cons of pass-through entitiesThough there are different pros and cons of each kind of pass-through entity, there are some general benefits and drawbacks you should consider. Pros
Cons
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| What Employee Info Can You Collect? Keep? Posted: 25 Jan 2021 04:30 AM PST  As an employer, you are bound by laws and regulations that specify what employee information you can (and should) collect and who can access that information. Administrative functions like gathering and storing employee documents – and how you do this – may seem tedious, but it can have a major impact on your business. H&M, the major Swedish retailer, was fined more than $41 million for allegedly tracking employees' personal lives (vacations, illnesses, religious beliefs and family problems) on a company database. To avoid any legal issues (and penalties) and the ire of your employees, it is important to understand what a personnel file is and what it should (and should not) include. What is an employee personnel file?An employee personnel file is a collection of key documents pertaining to a worker. Some employee documents are legally required, whereas others are simply nice to have. According to Damien Weinstein, partner at Weinstein & Klein PC, "you should be able to read a personnel file and have a pretty accurate view into who the employee is, what they do at the company and how they are performing." Storing and accessing personnel filesYou can store employee personnel files in a locked filing cabinet, but you run the risk of that information being damaged by potential disasters (e.g., floods, fires, tornadoes) or stolen and then having it exposed. Many businesses use human resources software to digitally store and manage employee personnel files. Who should have access to employee personnel records?Only key human resources (HR) personnel and designated company officers, like a chief operating officer (COO), should have access to employee personnel files. "Key personnel who are contractually and legally obligated to maintain confidentiality [should have access]," Weinstein told business.com. "This could be a business owner and COO, head of HR, etc. The point is that this contains personal, private, and sensitive information and isn't to be readily available to anyone in the company." If needed, these designated professionals can grant managers or supervisors access to some of the information in the standard employee file that doesn't contain sensitive documentation. Editor's note: Looking for the right HR software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. What to include in a personnel fileThere is a copious amount of information that should be kept in a personnel file; however, some of it is highly confidential. Nicole Anderson, owner and CEO of the HR solutions firm MEND, recommends dividing the information in an employee's personnel file into three distinct folders: an employee file, a confidential file and an I-9 file. How long you're required to keep each document varies depending on federal and state laws. Some states only require you to retain certain documents for two to three years after the employee's last date of employment, but you may want to retain these documents for six or seven years. And while it isn't legally required, you should conduct an audit on personnel files once a year to ensure the information you have is accurate and up to date. Employee fileThis file contains information regarding the employee's job requirements, knowledge, performance and behavior. Anderson said this general file typically includes the following:
Confidential fileThis file contains highly sensitive information and should be kept in a secure file. Only the previously mentioned key personnel should have access to this file. Anderson said this confidential file typically includes:
I-9 fileForm I-9 is used to verify an employee's eligibility for legal employment in the United States. Employers must complete and retain an I-9 form for every employee. Immigration and Customs Enforcement (ICE) inspectors frequently perform I-9 audits, and being prepared can spare you from hours tracking down the documentation and paying costly fines. What not to include in a personnel fileStoring or sharing the wrong personnel information can land you in legal trouble. Sensitive information that you should keep separate from the general personnel file includes the employee's W-4, equal employment opportunity information, their Social Security number and their medical file. "More recently with COVID, guidance suggests that personal health information (exposures, test results, documentation of symptoms, etc.) should not be kept in the personnel file since this may be accessed by too many people," said Weinstein. Do not keep any information regarding an employee's personal information, work product, emails or opinions about the employee. You should also discard copies of employee identification cards, such as Social Security cards, government identification cards, driver's licenses and passports. "Once the use of these items is done, they should be destroyed to prevent any unauthorized duplication or breach," said Anderson. Laws regarding personnel filesYour employees may believe they can inspect their personnel file, but this isn't always the case. Many states have laws that require employees to obtain a court order before they can request access to their personnel files. Additionally, there are federal and state laws that determine how employers can store certain information and which employees have clearance to access it. Anderson said most states only require employers to keep state or federal specific documents in the HR department or locked cabinet, whereas other documents require special storage and restriction. "The American with Disabilities Act (ADA) and the Health Insurance Portability and Accountability Act (HIPAA) require that confidential medical information should be kept separate from the personnel file so that no one but the designated HR or company official has access to them," said Anderson. Laws also regulate how long you must retain certain documents. For example, the equal employment opportunity commission requires employers to retain all personnel records for at least one year after the last date of employment, and the Age Discrimination in Employment Act of 1967 requires employers to retain any employee benefit plan and written merit or seniority system for at least one year after the plan or system is terminated. Personnel records can also be invaluable in the event you are sued by a current or former employee. "[A personnel file] is usually the first thing your lawyer will ask for if the employee is suing (or threatening to sue) you," said Weinstein. "Having it in one place, ideally electronically, so that you can provide it to your attorney for their review, is very good practice. Not only will that save you in legal fees, but a well-maintained file could provide a nice legal defense to any claims." |
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