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Strategies for Reducing Financial Stress and Improving Your Finances Posted: 14 Jan 2021 09:04 AM PST By Katie Tejada If there's one lesson that Covid-19 has taught us, it's that unexpected disasters can and do happen. And for the 63% of Americans who currently live paycheck to paycheck, an unexpected job loss, drop in income, or large medical bill can be enough to send your finances over the edge and cause an enormous amount of financial stress on you and your family. Fortunately, there are several things you can do to regain control of your finances and reduce the stress caused by a plunging bank balance. Find the road back to financial freedom with these reliable financial-disaster-management tips. Accept your new reality and cut your costs The first and most important place to start if your finances have suffered due to the pandemic is to take stock of where you are now and adjust to your new reality immediately. Waiting for "things to get back to normal" is the worst mistake you can make and will only drive you further into debt. For some people, this might mean moving into a smaller house; for others, it could mean trading in the Mercedes-Benz for something more affordable. Whatever your new reality might look like, you need to begin by assessing the situation. Take stock of the situation Together with your partner or a trusted financial advisor, make time to sit down and take stock of your assets and debts, including: Positive bank balances and cash in hand Negative bank balances Term deposits Credit card debts Investment accounts Personal debts Retirement accounts Bank loans Home equity Home loans Vehicles Student loans Electronics Other debts Jewelry When reviewing your overall financial situation, you should consider your overall balance as well as your remaining income level (if any), redundancy packages, Social Security payments, other government payments, and early release of retirement funds. These are resources you will be able to draw on either now or further in the future. Create a financial plan A financial plan is not just for the rich—it's for everyone who wants to achieve a goal. Put simply, your financial plan is a document that outlines your short, medium, and long-term goals, including your savings goals and debt repayments. If you're feeling stressed about finances right now, make a financial plan that includes the following immediate financial goals: Save a $1,000 emergency fund Pay off and cancel your credit cards Suggested medium-term goals: Save a three- to six-month emergency fund Pay off all vehicle and product debts Choose an insurance plan to protect your family Contribute regularly to a retirement account Longer-term goals: Pay off your home loan Increase your retirement contributions Once you have decided on your goals, plan out how you are going to achieve them. Generally, this will mean creating a budget that reduces the spending portion to a bare minimum for a while to allow for savings and debt repayments. Make a budget Making a budget reduces financial stress by putting you back in the driver's seat. No matter how tight things are right now, working out how to live within your means will take a huge weight off your shoulders and allow you to start moving in a better direction. When creating a budget, begin by writing down your expected monthly income on one side of the page and expected monthly costs on the other. After essentials like food, shelter, and bills have been accounted for, you will see how much is left for savings, debt repayments, donations, and discretionary spending. The aim of a budget is to be left with $0 on the expenditure side of the page so that you're putting every dollar to good use. Related articles from AllBusiness.com Is There Bankruptcy Insurance? When Filing for Small Business Bankruptcy Makes Sense Can the IRS Pursue Unpaid Taxes Even After Bankruptcy? How Can I Learn about a Company's Payment History or Bankruptcy Record? Figure out ways to cut back What most people find when they prepare a budget is that they spend a lot more of their income than they'd like. To save more money, consider the following ideas: Eliminate unplanned or "reflex" spending Relax by spending time outdoors instead of going to the mall Cook your own meals at home Make your own coffee Drink filtered water from the tap Walk or ride your bike instead of driving Buy used goods instead of new ones When you really think about it, you can dramatically cut down on your spending, leaving more money in your pocket at the end of the day. Like me, you're probably spending a lot more time at home right now. This presents a great opportunity to save a lot of money on food by eating in instead of eating out. Take one day a week that you would normally order takeout or delivery and cook instead, and see how much money you save! Find out what resources are available Times might be tough, but that doesn't mean you have to go it alone. There are several resources you can access in times of financial stress and difficulty, including priority loans and early release of retirement funds. Refer to the following acts to see what help you might be eligible for: Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program Flexibility Act of 2020 Families First Coronavirus Response Act SBA Economic Injury Disaster Loans (EIDL) Coronavirus Tax Relief: Filing and Payment Deadlines Once you receive some funds or relief from the government, it's a good idea to consult with an experienced financial advisor to make a long-term plan for these funds. Once the money's gone, it's gone, and it's far better to spend a little extra cash sharpening your skills for the new economy than to splurge on a luxury and sink into debt. Consider the advantages of filing for bankruptcy It might seem counterintuitive, but filing for bankruptcy might be the difference that turns things around. Before heading down the road of considering debt versus bankruptcy, find out what your bank's policy is for economic disaster relief and negotiate with your loan providers and creditors. The advantages of declaring bankruptcy are a clean slate and the end of debt collection. The disadvantages are that you might lose your home and/or items of value and the bankrupt status remains on your record for the next 10 years. Oftentimes, an experienced lawyer can help you file for bankruptcy without losing your home or vehicle to pay back the portion of your debts that you can. Again, this option should be considered a last resort if your situation is pushing you to the brink of despair. Take one step to reduce financial stress now Whether it's making a new budget or applying for relief, take one small step today to get started on the road to financial recovery. Reaching your goals might seem impossible right now, but when you break the process down into smaller steps, the task will seem less overwhelming and you’ll begin to feel more hopeful and optimistic. If you have complex financial needs during the crisis or decisions to make regarding your business, consider consulting with a fiduciary financial advisor. A fiduciary advisor has a commitment to give you comprehensive information and always put your best interests first—and in a crisis, that's exactly what you need. About the Author Post by: Katie Tejada Katie Tejada is a writer, editor, and former HR professional. She often covers developments in HR, business communication, recruiting, real estate and finance, but also enjoys writing about travel, interiors and events. Company: ML&R Wealth Management Website: www.mlrpc.com The post Strategies for Reducing Financial Stress and Improving Your Finances appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

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• Why Your Small Business Needs Cybersecurity Software
• How to Create Social Proof Through Case Studies
• 17 Creative Ways to Bring Company Leaders Together for Productive Conversation
• How Businesses Use Applicant Tracking Systems
• Importance of User Activity Monitoring

Why Your Small Business Needs Cybersecurity Software Posted: 14 Jan 2021 12:41 PM PST Your small business is probably not a household name like many larger corporations, so you might not be worried about hackers targeting you. However, a 2012 study showed that 71% of data breaches occurred at companies with no more than 100 employees – and the problem has only gotten worse in the years since. Cyberattacks aren't just inconveniences – they can be devastating to your company. In fact, they can be so expensive to recover from that many small businesses are forced to close their doors.   This might sound scary, but you can defend yourself against cyberattacks well in advance. Small business cybersecurity software can stop cyberattacks on your business in their tracks, saving your company invaluable time and money. How prominent are cyberattacks? According to a CrowdStrike study, the number of cyberattacks in the first half of 2020 exceeded the number of cyberattacks that occurred in all of 2019. The study found approximately 41,000 cyberattacks between Jan. 1 and June 30 of 2020, whereas there were roughly 35,000 cyberattacks throughout 2019. Also, according to Fintech News, 80% of companies reported an increase in cyberattacks in 2020 from 2019. From the end of February 2020 onward, phishing cyberattacks became 600% more prevalent, and in March 2020, ransomware attacks (which demand the victim pay "ransom" to hackers) became 148% more frequent. The average ransomware payment increased 33% from its 2019 Q4 value to $111,605. Since these sharp increases in cyberattacks began in February and March 2020, some experts attribute this trend to the onset of widespread remote work during the pandemic. However, phishing and ransomware cyberattacks existed long before COVID-19, and nothing suggests they'll go away anytime soon. If anything, the exponential growth of technology in the 21st century suggests that hackers will only find more ways to launch cyberattacks. You may have felt that hackers are unstoppable if you paid attention to the news last year. What small businesses should know about cyberattacks Small business owners like yourself should know that cyberattacks aren't just mysterious, complex incidents that happen to companies nothing like yours. In reality, cyberattacks are quite consequential for small businesses. To best understand why cyberattacks matter, consider the following facts. 1. Small business cyberattacks are common and can be devastating. According to the Cybersecurity and Infrastructure Security Agency, 29% of small business owners have been phishing scam victims. Additionally, 60% of companies that are attacked close shop within six months of the attack. A Hiscox report found that cyberattacks cost companies $200,000 on average, and an earlier survey found that a cyberattack can cost a small business up to $188,000. 2. The United States ranks first in large cyberattacks. A study published in July 2020 determined that the U.S. has received a far greater number of significant cyberattacks than any other country – 156 between 2006 and 2020, to be exact. The U.K. had the second-most significant cyberattacks during this period, though its total of 47 is less than one-third of the U.S total. 3. Small business cybersecurity threats are numerous and varied. While you might think of a hacker as someone who wants to gain enough access to your devices and systems to entirely shut you down, small business cybersecurity threats can initially appear much more innocuous. These are some common threats: Phishing scams. These scams take the form of seemingly legitimate emails and text messages that direct victims to a link where they enter identifying information, company passwords, or something else they would otherwise keep secure. Password theft. Attackers can hack into your database or infiltrate your servers in search of unencrypted passwords, which by definition aren't defended from hacker access. Server attacks. Whether via the "drive-by" server infiltrations described above or DoS (denial of service) attacks that bring your operation to a temporary halt, your server can be turned against you to cripple your business practices. Hardware hacks. In some cases, hackers will leave USB drives that look like normal company property, but actually contain malware, near your devices. That's why you shouldn't use USB drives that you can't confirm are company property. 4. American small businesses are uniquely susceptible to cyberattacks. While the U.S. is already a hotbed of attacks, American small businesses are particularly prone to cyberattacks for various other reasons: Lack of IT staff. Most small businesses can't afford in-house IT support, and many of those that do have IT staff still lack adequate IT budgets or training. No data backup. Even as cloud services increase in prominence, not all companies are using them. Without the offsite data and document storage these services provide, your company can lose far more information after a cyberattack. Employees who don't know cybersecurity basics. If your employees aren't familiar with phishing scams or don't know when it is and isn't OK to share sensitive information, they could be deceived into providing hackers with direct access. Easier entry points. Small businesses are often cyberattack targets simply because they lack rigid cybersecurity. This is only the start of why cybersecurity software is so important for small businesses. Why cybersecurity software is essential for small businesses Cybersecurity software is the only true barrier between your small business and the cyberthreats named above. With cybersecurity software in place, malware and attacks against your company are rapidly detected and stopped. As such, your sensitive business information, processes and systems remain protected. Other cybersecurity solutions regularly assess and update all your outdated and vulnerable software to fortify your cyber-defenses. Today's most comprehensive cybersecurity solutions do all the above through digital interfaces that even people entirely unfamiliar with cybersecurity can easily use. Avast's many offerings, for example, fully protect your company's entire digital infrastructure, whether you and your team access your systems via laptop, desktop, tablet or mobile device. These are some of Avast's small business cybersecurity products: Avast Business Antivirus Avast Business Antivirus protects your systems against cyberattacks around the clock, includes single-screen endpoint management, and prevents breaches with artificial intelligence and behavior-based machine learning. It keeps your data secure, identifies and neutralizes malware, scales with your company, and has a cloud-based, user-friendly interface. Avast Business Antivirus costs $29.59 per device per year. Avast Business Antivirus Pro Avast Business Antivirus Pro has been ranked the No. 1 cybersecurity software for small and midsize businesses. It is an enterprise-level solution that neutralizes more complex cybersecurity threats and shields your most important data. It contains all the features of Avast Business Antivirus, with the addition of SharePoint Server Protection and Exchange Server Protection. Avast Business Antivirus Pro costs $37.59 per device per year. Avast Business Antivirus Pro Plus Avast Business Antivirus Pro Plus is an all-in-one cybersecurity tool that protects your data, your devices and your team. Not only does it include a VPN, but it also neutralizes the most complex cyberthreats that businesses face and safeguards your most crucial data and servers. It contains all the features of Avast Business Antivirus Pro, plus privacy and identity protection that shields your banking information, passwords, and downloads from hackers, even if you're using public Wi-Fi. Avast Business Antivirus Pro Plus costs $45.59 per device per year. Avast Business Patch Management Avast Business Patch Management identifies your company's most pressing cybersecurity vulnerabilities and rapidly updates all your endpoints. This way, it strengthens the cornerstone of your endpoint security setup and makes your cybersecurity efforts more efficient. It includes these features: Automated patching across thousands of devices Compatibility with third-party applications Remote patching Cloud-based management console Vulnerability identification and resolution Avast Business Patch Management can be bundled with any other Avast antivirus product for an additional $14.99 per device per year. At yearly rates compatible with small business budgets, Avast can give your company user-friendly, automated defenses against cyberattacks while protecting your information, servers and people. For especially thorough small business cybersecurity, visit the Avast Business Endpoint Protection page to learn how you can combine Avast Business Antivirus, Pro or Pro Plus with Avast Business Patch Management – think of it as the full cybersecurity suite. With Avast Business Endpoint Protection in place, you're far less likely to become one of the many small businesses that fall victim to cyberattacks. Click here to get started and prepare your company for all kinds of cyberattacks. Although you might not have experienced the worst-case scenario yet, prevention starts now.

How to Create Social Proof Through Case Studies Posted: 14 Jan 2021 12:00 PM PST When potential customers browse for a product or solution online, they're asking themselves, "Is this brand trustworthy?" There are many things that can go wrong when buying something online. People risk losing their financial data, they may get a product that is not what was advertised, or they could deal with unresponsive customer support and other issues.  One of the top things your marketing content should build is your audience's trust in your business, and one of the best ways to create social proof through case studies. Here's what you should know about case studies, why you should create them and how to leverage them effectively to get more people to buy from your brand online.  Why case studies work Case studies are real-life examples of businesses solving a problem. What makes case studies so powerful is that they are a form of storytelling in the business world. Everyone loves stories. They are easy to remember, they illustrate concepts in practical ways and evoke emotions in one's audience. Creating an emotional response can improve the effectiveness of your marketing. Reports on emotional marketing say that emotional content can improve marketing efficacy by 70%.  When you create a case study, you offer your audience a colorful story that they can clearly picture. They can relate to your customers whom you feature in your studies, and they'll understand how your product is relevant to them.  Case studies create social proof by combining personal and business stories with hard facts and data.  Your potential customers do intensive research before buying from you. One study on content consumption found that 78% of potential buyers prefer to read case studies to research a product. Studies on written content like blogs say that case studies and how-to posts are the ones that create the most credibility.  Let's look at how you can develop a case study and leverage it to grow your business.  How to develop a case study Most case studies are made up of three parts: The problem faced by a business (in our case, a customer) The solution to the problem  And the outcome after you applied the solution to the problem These three parts of the case study are the main information you need to present. Let's look at the steps you need to take to build case studies for your online business.  List potential case study candidates. You can do this in a few different ways. Ask your customer support staff or sales staff for customers experiencing success using your products. Or look at your data to see which customers are making the most of your products. When you have a list of possible candidates, you can narrow it down.  Do a detailed analysis of your best customers. When you've identified a pool of customers, you'll want to look at their performance with your product in greater detail. Using your CRM and back-end reports of your products, you should see customers who've gained outstanding results from working with your brand. At this point, you should be able to pick a few candidates and approach them.  Get in touch with your customer. You will most likely send your proposal to create a case study via email. Create an email and share how you think your customers have done a standout job. Inform them that you'd like to celebrate their success by making a case study and that they'll get featured on your website. Once they accept, you can send a follow-up email to give more information and set dates to carry out the interview.  Carry out the interview. It's crucial that you create your questions beforehand. Start by asking your customers what they do, who their customers are and the problems they faced. Learn more about the solutions they looked for. Once they start sharing information about how your business helped them, ask for details that include numbers and examples of positive changes. Cost savings, higher conversion rates, improved customer satisfaction and other details are important.  Structure your case study. You now information about your customer that you can put together to make a case study. There are several ways to structure your story. We pointed out that case studies have three parts: you address a problem, present a solution and then the results. It doesn't necessarily follow that this is how you have to create the final version of your case study. Here are other ways you may wish to present it: You can tell the story from beginning to end.  You can use a challenge, solution and benefits structure. You can use a case study structure that covers background, goals, strategies, the execution and subsequent results. The way we do it in one of our brands is as follows: The first section provides an overview of the company. We include one section about the results the company achieved from using our products. We explore the steps they took to get these results. We examine the data from the results. We end with the conclusions and main points that potential customers can draw from the case study. Build your case study according to the structure that makes the most sense. Sometimes, the actual events themselves will determine how you should build the study.  Add visual content. You're already building a powerful story in the form of a case study. But adding images, graphs and even videos can make your information more interesting. Try to present the changes the customer experienced in the form of a graph.  To make the people in your case study more real, you could add their picture, role and include a quote from them that forms an important point in your study. With these steps, you'll have a comprehensive case study that celebrates your customer and highlights how well your products help people. Share the case study Once you've made your case studies, you need to share them with your audience. Share your case study on social media and tag the company featured in it. Also, ask your customer to share your study on their social media, too. Platforms like Facebook impact more than 50% of people's purchasing decisions.  Feature the case study on your website, and direct site visitors to it. Whenever you create a new case study, send it out through your newsletters. Link to the case studies in your regular blog posts wherever they are relevant. The more your share and highlight your case studies, the more you'll build social proof. This type of content gives customers a reason to trust your brand and improve their engagement. When creating your case study, don't be afraid to make it like a story. Feature the interviewee, who could be the CEO or some other senior-level executive. Talk about human hopes and fears and how your customer's life and business is affected by the problem and the subsequent solution your brand offers.  Bring your story together with statistics, facts, numbers and graphs. And end your case study with a call to action. Potential customers who come across your material will be more likely to reach out to you, join your newsletter or take some other type of action that leads to them buying from you.  There are other ways you can add social proof. Add testimonials, encourage positive reviews, or share user-generated content featuring your products on social media. Case studies form a critical type of social proof. Use them to convince customers to work with you, and learn more about your own business.

17 Creative Ways to Bring Company Leaders Together for Productive Conversation Posted: 14 Jan 2021 11:00 AM PST For a business to thrive, its leaders need to be able to communicate, plan and execute effectively. To do this, it's vital for leaders to gather together – whether in person or virtually – to discuss plans and exchange ideas. For most leaders, these meetings are a chance to have their say in how the business runs. And with companies these days looking at ways to pivot and take advantage of a new business environment, it's not strange to see companies branching out to find more creative ways to bring leaders together. In the past, boardrooms or conference venues were the preferred meeting point for leaders. But as busy executives, it can be challenging to find a time that works for everyone. And even if you can get together, meetings that don't have a game plan may not always lead to the most productive conversation. Below, 17 members of YEC look at different creative ways business leaders can gather together for effective strategizing and conversation. 1. Plan a retreat somewhere interesting. "Planning a retreat somewhere interesting gets the leadership out of the office and away from distractions so they can devote their focus to solving problems and enhancing the company. Booking the meeting toward the end of the week and giving people the option to have spouses or family join for a fun weekend after meetings are over is a great way to reward their hard work and boost morale." – Josh Awad, Flywheel Commerce 2. Do a virtual retreat via Zoom. "Up until 2020, we would hold an annual retreat for the founders. Not only would this give us time to relax and bond, but we would also use time blocking to strategize for the next year. I found these sessions to be helpful and refreshing. If you're not able to do this because of Covid-19 restrictions, you could opt for a virtual retreat via Zoom." – Chris Christoff, MonsterInsights 3. Rent a beach house. "'Purely business' planning meetings lack the spontaneity and vulnerability that catalyzes teams to take risks, think big and create new momentum. We rent a beach house each year, and everyone creates a personal 'vivid vision' for the next year. This helps our team see their purpose in our mission, and they find renewed passion for their work. The conversations afterward bring creative strategy for all of us." – Trivinia Barber, PriorityVA 4. Go camping with the team. "Go camping, or have some other sort of outdoor retreat. What you'll find is that the great outdoors can be truly inspiring when it comes to having productive conversations. It's a totally different environment – it's exhilarating, and you can squeeze in some exercise and cool socializing." – Andrew Schrage, Money Crashers Personal Finance 5. Do an escape room. "We usually do a team outing to an escape room. Currently, during the pandemic, we use virtual escape rooms. These games are perfect for team building (and fun) because everyone has to work together to win. By uniting in a non-business but fun forum, when you meet to tackle business problems you'll be able to use some of the same skills and alliances." – Matthew Capala, Alphametic 6. Take your team to the racetrack. "Before the lockdown, I used to invite all my San Diego-based team members to a day at the Del Mar Racetrack. Although it's not the most ideal environment for strategizing, it's a great way for us to catch up and bring up any concerns with the company's operations and direction." – Bryce Welker, CPA Exam Guy 7. Go to a spa. "We actually took our team to Glen Ivy to check out their hot springs. It was a fun bonding experience, and it allowed everyone to connect outside of the typical work environment and have conversations about life and goals, which inherently led to more enthusiasm and ideas when returning to the office. I think that sometimes stepping away from work mode with your team can be vital to growth." – Jennifer Buonantony, Press Pass LA and PPLA Social + PR 8. Host tech-free meetings. "When leaders come together in person, host tech-free meetings. This means everyone leaves their cell phones and laptops outside the room. This opens everyone up to being fully present in the discussion and developing genuinely innovative ideas and strategies." – Matthew Podolsky, Florida Law Advisers PA 9. Organize quarterly 'issues and ideas' check-ins. "We have an ''ssues and ideas' board that is full of ongoing opportunities to get our operations tighter and our products more polished. We review these together through quarterly check-ins. We talk about what's on our minds and what's been the recent wins and frustrations so we can all be in sync. Then we get to the board and see which of those items inspires us. It can get pretty fun." – Richard Fong, Ready Green 10. Set up networking events with breakout groups. "Set up networking events for your top leaders through Zoom and then do breakout groups similar to a 'speed dating event, where top leaders get put into groups or one-on-one chats. They are then given topics of conversation and strategy to talk through. Then, for the last part of the event, the leaders will share their best ideas and takeaways with the group." – Diego Orjuela, Cables & Sensors 11. Include family in the activity. "Pre-COVID-19, we used to bring our team together for working off-site. Spouses and kids were included. We'd have the entire trip planned out in advance, including nannies and workshops for kids and spouses. Being able to include the entire family brought us all closer, eliminated the stress of being away and gave our team the space we needed to focus while having fun." – Amber Anderson, Tote and Pears 12. Organize yearly hackathons. "We enjoy having hackathons each year during our retreats. It's for the entire company, not just key leaders. It's a great mix of having fun while also getting creative and coming up with innovative new things we could be doing, no matter how 'out there' the ideas are. We break out into groups to develop ideas. After each group pitches their idea, we vote and decide which one to implement." – Dave Nevogt, Hubstaff 13. Hold brainwriting sessions. "One strategy I've found that boosts creativity and collaboration between leaders is brainwriting. Before a leadership retreat or off-site, we each write down our strategic priorities and share our ideas for the company. Then, during our discussions, we seriously consider every idea. This way, our introverted leaders can more easily be heard, and we end up considering more diverse, unexpected solutions." – Diana Goodwin, MarketBox 14. Include a facilitator in your meeting. "Have yearly council meetings with a facilitator who can help navigate the conversations, prompts and activities that way your meeting is constructive and organized. This is effective, because you can have a well-ordered meeting, which can lead to having more productive and strategizing conversations." – Riccardo Conte, Virtus Flow 15. Get together for storytelling. "I love inviting the leads to tell a fantastic, imaginative story about where they see our company in five to 10 years. By pushing the end date far into the future, it encourages everyone to focus on outcomes rather than the individual steps that must be accomplished. The storytelling keeps them focused on the experience rather than the technical details. It's a lot of fun and yields powerful results!" – Carmine Silano, CheerSounds Music 16. Have monthly meetings for upper management. "Company leaders should meet up at least once a month to go over content planning and marketing. You can create separate events for upper management, where they can host presentations and suggest new company ideas based on data from previous months. This is a good way to brainstorm ideas and get people talking about actionable changes." – John Brackett, Smash Balloon LLC 17. Leverage what your employees are passionate about. "Organize retreats around activities your employees are passionate about so they're engaged enough to let go of the stress often associated with work. Business ideas and strategies are often a result of reflection on our goals and the effectiveness of our approach toward them. These are hard to come by when you're in the middle of execution. Engaging retreats are enabling environments." – Samuel Thimothy, OneIMS

How Businesses Use Applicant Tracking Systems Posted: 14 Jan 2021 05:00 AM PST In the modern business world, nearly every process can be streamlined with technology, including the hiring process. That's why many companies use applicant tracking systems (ATS) to collect, analyze and organize job applications. Instead of spending hours reviewing résumés manually, an ATS scans applications based on the keywords and experience you're looking for and filters out applicants who don't fit the bill. While there are obvious time and cost savings from using an applicant tracking system, it's important to understand how an ATS works and the potential challenges of these systems before investing in one. What is an applicant tracking system? Today, when you apply for a job posted online, your application isn't immediately reviewed by a recruiter or hiring manager. Instead, the application is processed by an application processing system and measured against the company's ideal candidate. If a résumé doesn't meet certain criteria, it may never be seen by a human recruiter or manager. Put simply, ATS is software that businesses use to optimize and improve their recruitment and hiring processes. Each ATS has a different set of features, but at their core, these systems help companies gather, organize and filter applicant data so only the most qualified job seekers enter the interview stage. How does an applicant tracking system work? ATS software begins with applicant data. Or, more accurately, when an applicant applies for a job online, they upload their experience, background, education, résumé, cover letter and contact information to the company's database. This information is stored in a central location so that people from multiple departments can review the data at any given time. Once data is entered into the system, the ATS allows recruiters to review applications, send automated messages to inform applicants of their progress and even deliver online tests. Once a recruiter has checked off all their boxes, they can pass applications to hiring managers, who will then interview candidates and automatically send rejection letters. Finally, once the hiring manager identifies candidates they want to hire, the human resources department can send offer letters and onboarding documents and start processing payroll.   What are the key benefits and features of applicant tracking systems? ATS software saves companies time and money because the system compiles and organizes all of the data businesses need to process and track applications and hire candidates. When human resources departments use ATS software, they no longer have to sort through and file paper documents, send offer/rejection letters through the U.S. Postal Service or require individuals to fill out the same basic information (such as their name, address and phone number) on several forms. ATS software streamlines the hiring process. When your business reaches the stage where you hire several employees each month, manually entering data into different software systems or filing everything on paper is no longer feasible.  "While selecting the best candidates from the rest of applicants may sound like a simple task of scanning through applicants' CVs, it takes a lot of work – and many companies may end up failing," said Sahin Boydas, founder and CEO of RemoteTeam.com. "An applicant tracking system (ATS) tracks candidates, organizes these prospects based on their skills and experiences in their fields and filters for the best." An ATS can benefit your long-term hiring strategy. However, an ATS doesn't just enable companies to hire solid candidates. These systems have other, long-term benefits that can help your company improve for years to come. An ATS "also helps companies plan their entire employment process in the long term," Boydas said. "Remember, your employee is your most important asset, and you don't want to hire them through any 'guessing' processes ... an ATS is the best solution to avoid the biggest issues that come with hiring." Small businesses on a budget can still implement an ATS. Many small businesses with limited budgets may be skeptical about applicant tracking systems, believing they are too complex or expensive to incorporate into the hiring process. However, businesses with the tightest budgets can still benefit from an ATS. "Firstly, there are some 'freemium' and low-budget [ATS] options with solid performance," said Jagoda Wieczorek, HR manager at Bold. "Secondly, based on the size and growth of your company, at some point, you will simply need it. Thirdly, the amount of time and manpower saved by investing in this system is more than worth the cost." Wieczorek compared an ATS to an online shopping experience: You can go to a physical store to look at a few different items on a shelf, or you can filter out hundreds of mismatched options with a few clicks of a button. "You're outsourcing the most manual labor to the system," Wieczorek said. "This way, you can quickly weed out the contenders from the pretenders and focus on the nuances of candidate selections, instead of manually sorting the obvious mismatches." What are the challenges of using an ATS? Although there are many benefits of implementing an ATS, there are a couple of challenges to consider. The system will occasionally miss good candidates. The biggest challenge of any ATS software is capturing promising candidates while filtering out less-desirable applications from the list; these systems are not perfect and may overlook strong applications. "There's always some risk and opportunity cost involved," Wieczorek said. "Make no mistake about it: At some point, you will lose a few great candidates that didn't make it past the system for whatever reason." While this reason alone may tempt you to overlook ATS software altogether, the benefits outweigh this drawback. "Nothing is perfect, but the heavy lifting ATS will do for your HR is more than worth an occasional slip-up," Wieczorek said. Businesses can mitigate this downside by reviewing the system periodically. "For some businesses, once there's an ATS, they think there's no need to add extra efforts, so they sit back and allow their ATS to do everything," Boydas said. "An ATS may sometimes eliminate certain candidates, because it can't read their profiles clearly. When this happens, organizations can lose big on great talent if no one actually does a final review of candidates' profiles." Even the best ATS can't prevent human error. Finally, regardless of which software your business uses or how effective it is, there is always room for human error. "ATS, by themselves, are not bad, but what may arise is the human error," Boydas said. "That, of course, comes with every system." The key to preventing human error in any system is to make sure you train your staff properly, ensure processes are documented and easy to access, and periodically review the system to ensure everything – and everyone – is operating as expected. What to consider when choosing an applicant tracking system To implement an ATS into your business seamlessly, consider the following elements before choosing a specific system: 1. Comprehensive features As you start comparing different ATS software, work with your human resources department to make a list of every feature you would ideally like in your system. Then, pay close attention to the feature sets of each ATS solution to make sure it has everything you need. Examine your entire hiring process before looking for more advanced or niche features. "Ideally, you want to be able to get [everything] done all under one roof," Wieczorek said. "Starting from the recruitment stage – for example, being able to submit the same job posting on multiple career sites – to full automation of thank you letters, job offers, as well as the onboarding process." Once you have identified a system that covers these basics, you can look for more advanced features. "While a good applicant tracking system should have many features, I think they should have social media recruiting and candidate referral integrations," Boydas said. "Modern-day recruitment has evolved, and some of the best candidates are out there on social media, networking. A good ATS should allow businesses to integrate and use social media as an option to source candidates." Other great features to look for are referral programs, document management and integrations with other programs your business uses. 2. Ease of use Once you have compared the feature sets of different systems, take each ATS for a spin to ensure the software is easy to use. The interface should be aesthetically pleasing, well organized and, most importantly, intuitive, Wieczorek said. Here are some things to look for in an ATS: A user-friendly layout The ability to integrate with other business systems A smooth transition from one recruitment process to the next A thorough knowledgebase and user guide Make sure existing employees know how to use the software. Ease of use "is all the more important when you're installing a solution for the first time and want as much buy-in and least resistance to change as possible," Wieczorek said. 3. Analytics and reporting Next, evaluate each system's analytic and reporting capabilities. This may seem like an advanced feature for some small businesses, but proper analytics dashboards can help your business improve its efforts. "The more info and data you have, the smarter you are moving forward," Wieczorek said. It's "well worth a second look to ensure this aspect of the platform is as robust as the main interface." Wieczorek added that analytics and reporting tools can help you answer the following questions: Which channels are the most effective at sourcing talent? Where are there bottlenecks in the process? What seems to be the biggest factor in candidates' declining of job offers? Even for small businesses, having a dashboard that answers these questions will ensure you hire the best candidates in the future. 4. Customer reviews Taking the time to read user reviews from different sources is always a good practice when you are considering any type of service or software. You may be tempted to purchase an ATS solution after reading one or two positive reviews online, but it's important to dig deep and find more-critical reviews. You can also reach out to people in your professional network to see which systems they use, which features they find most useful and if they have any complaints about their ATS software. 5. Cost Finally, your organization should also consider the cost of different ATS software and weigh the benefits against the expense. You may be tempted to implement a free solution, but you'll want to make sure there are no hidden costs to utilize all of the features your business needs. For example, a free ATS may have the ability to manage the different stages of the recruitment process, such as posting jobs online and tracking individual candidates, but it may not include other useful features, such as automating approvals or starting the onboarding process. In addition, some free ATS software limits the number of open positions you can manage at one time. With so many ATS available, there are options to fit any budget. "Price is (still) king for many organizations, so yes, it matters – and with over 200 ATS to choose from, they do vary greatly by price point," Wieczorek said. Consider your options carefully, and work with your human resources department to identify a solution and price range that work for everyone.

Importance of User Activity Monitoring Posted: 14 Jan 2021 04:30 AM PST Data and network security, legal compliance, and employee productivity are three important facets of running a business. One way to achieve these goals is by implementing user activity monitoring (UAM) tools; however, you should be aware of a few caveats. If you are considering using these tools, it is important to understand the best practices of user activity monitoring and how it can help your business. What is user activity monitoring? User activity monitoring is a set of software and tools that can track and record the activity of users (employees) on a system. UAM can be used to track systems as small as individual company-owned devices (e.g., desktops, laptops, cellphones) or as large as entire networks. "The purpose behind the monitoring is to maintain security, whether that be a network intrusion, the theft of sensitive information or other threats," Michael Trust, human resources leader and certified mediator at Michael Trust Consulting, told business.com. "UAM is used to monitor threats from internal actors, as opposed to an external threat, which is a different type of security." Additionally, some businesses turn to UAM to monitor and improve employee productivity. Employers can implement user activity logs to track individual user activity and filter results by specific criteria. The size and depth of your UAM policy will depend on your business's size, industry and security needs. Editor's note: Looking for the right employee monitoring software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.   Employee monitoring and the law Although monitoring employee activity is beneficial, employers should use discretion and sensitivity when implementing employee monitoring software and policies. For example, the Electronic Communications Privacy Act of 1986 loosely governs employee monitoring and requires employers to have legitimate business purposes for monitoring user activity. States such as California, Florida, Louisiana and South Carolina impose tighter restrictions on employee monitoring. What are the benefits of user activity monitoring? Employers can take advantage of three major benefits of user activity monitoring: It helps businesses maintain network and data security, it aids in legal compliance and protection, and it improves employee productivity. Security One of the main reasons companies turn to user activity tracking is for cybersecurity. UAM tools can secure networks and devices, reduce the risk of data breaches, protect proprietary information and trade secrets, and prevent data loss. Organizations can fall victim to threats like employees sharing proprietary information with unauthorized users, cyberattackers or malicious employees uploading malware to networks or devices, or naive users unintentionally accessing harmful web content. UAM tools can monitor these security threats in real time and create an audit log, allowing your IT or security team time to respond promptly. Legal compliance and protection Some employers rely on UAM solutions to maintain legal compliance and protect their organizations against litigation. For example, highly regulated industries like healthcare and financial services tend to have strict guidelines on what type of information can be shared and with whom. Tracking user behavior in real time helps companies ensure users are complying with those laws and regulations. Additionally, if a specific user is engaging in illegal activity (such as theft, gambling or harassment) on your network or devices, you can quickly identify it and take appropriate disciplinary action. Since these surveillance tools not only track user actions in real time, but also store and report on historical activity, your business can use UAM to protect against litigation claims from disgruntled employees or customers. Employee productivity Another advantage of tracking user activity is the potential increase in employee productivity. "A very common example is monitoring of employee access of social media for personal use on company time and using company IT resources," said David Miller, labor and employment attorney at Bryant Miller Olive. "If employees know they are monitored, they are deterred from wasting paid time on unproductive activities." Although some employees may view monitoring software as a lack of employer trust, you can mitigate this concern by discussing your monitoring policies with your team and explaining the reasons behind them. Instead of using UAM to micromanage employees and discipline unproductive workers, use it to improve your business. Be transparent with employees about their activity, reward high performers, and create improvement plans for areas where workers are lacking. What does user activity monitoring software do? User activity monitoring software can include a multitude of features, depending on what benefits you want from it. It can perform functions like recording video for surveillance, capturing files and screenshots, logging keystrokes, and tracking mouse, keyboard and network activity. "UAM software reviews in real time what files, applications, devices, servers, networks, websites, internal drives, external drives, etc. are being accessed, what is being accessed, and by whom," Trust said. "It can also show if and what documents are being uploaded and downloaded during this review." UAM data is often recorded in real time, but it can be configured to display filtered results for a particular date, time or set of files. What should you consider when implementing UAM? To create a successful user activity monitoring policy, you should choose software that has the specific features and integrations you need, incorporate a combination of security efforts, and disclose all monitoring processes to your employees. 1. Choose your software carefully. There is no single platform or tracking tool that will suit every business's monitoring needs. You first need to determine the specific benefits you are looking for in a user activity monitoring solution. Do you need to track user activity to maintain cybersecurity, or is employee productivity your top priority? If you already have other business platforms or data security software, you may need to find a UAM platform that easily integrates with those programs. "Define your needs and objectives, and then choose a software that meets them," Miller said. "Only choose a software that can integrate with your other platforms, like data security systems." 2. Use UAM in addition to (not instead of) other cybersecurity measures. User activity monitoring software can be an excellent security tool, but it's not enough by itself. Trust recommends implementing other security measures – such as multifactor authentication, fewer shared accounts, strong password requirements, frequent password changes and strict file-sharing procedures – to avoid the loss of data and associated risks.  Perhaps most importantly, you should only permit essential users to access highly sensitive or confidential information. Some businesses mistakenly give all employees access to this kind of information, even if they don't need it to perform their role. "Many organizations do not lock down this information, and so employees could freely, for example, obtain a confidential customer list, or product design, or financial information, or payroll information and share it maliciously inside and/or outside of the organization," Trust said. "It could also be shared innocently for gossip. In either case, it's a security threat." A combination of various security measures will give you a greater advantage in maintaining a safe and secure business. 3. Openly disclose UAM policies to employees. Whether you are legally required to or not, you should be transparent about what you are monitoring and openly disclose your policies to your employees. This can ease their concerns about lack of trust, while helping them adhere to your expectations for privacy and security. "User activity monitoring has 'invasion of privacy' implications," Miller said. "Employers should be careful to eliminate any expectation of privacy employees might have in, for example, personal emails, personal documents stored on company computers, or social media use." After you discuss your monitoring policies with your team and answer any questions they have, obtain their consent with their signatures. You should also add your employee monitoring policies to your employee handbook.

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