Business Education

Pros and Cons of Work-Share Programs

In times of uncertainty, particularly when there’s a financial crisis, work-share programs can serve as a temporary solution. But, these systems are not perfect. However, that doesn’t necessarily mean you should outright dismiss the option. Read on to learn more about the pros and cons of work-share programs.

Biggest Downsides of Work-Shares

As the nearby quote explains, work-share programs are offered by local governments to help small businesses in times of need. They give businesses the ability to reduce employee hours without having to resort to letting them go. As you might imagine, work-shares have their pros and cons. And, the first downside is that your business (or employees) might not qualify. If it does, another downside is that it could be more lucrative for team members to find alternative employment.

Work-share programs let businesses temporarily reduce the hours of their employees, instead of laying them off during economic downturns. Technically referred to as short time compensation, the goal of work-sharing programs is to reduce unemployment. Work-sharing should not be confused with job sharing, which allows two part-time employees to share one full-time job. Instead, work-sharing allows a full-time worker’s hours to be reduced, in lieu of laying off the worker.
—National Conference of State Legislatures

Of course, if there’s an outright unemployment option that effectively supplies comparable or more compensation, that’s another downside. Then, there’s the matter of timing. Meaning, how long you’ll need the assistance and whether or not it’s sufficient to carry you and your employees through.

Top Advantages of Work-Shares

Now, there are obviously good things that come with work-share programs. These can be a real lifeline when you and your business needs it most. Here are some of the largest benefits of work-share programs:

You can avoid layoffs. Okay, the most obvious advantage is the fact that you don’t have to resort to firing team members from your company. Work-share programs help you to keep your employees on the payroll, even if it’s a smaller one.
It provides ongoing continuity. Another benefit is that your business can essentially carry on as usual (or as good as possible) for at least a short period of time. That can really help to save your business’ operations and keep productivity going.
The arrangement helps maintain morale. Yet another upside to a work-share program is it helps to keep morale up since you’re keeping people employed and in a familiar work environment — even if it’s temporarily in another setting.
You don’t have to start over again when it’s over. When the time comes to resume normal operations, the ability to retain employees helps you avoid having to hire all new staff and start over by training from scratch.

What other pros and cons would you add to the list? Please comment and share your thoughts and experiences!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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New to Hiring, Here’s How to Spot Resume Red Flags

April 8, 2021 No Comments

It’s often said the first hire is the hardest, and that’s inescapably true for several reasons. Foremost, it’s because when you hire an employee, you’re hiring someone to represent your business. Which is to say, you’re entrusting them with your company’s entire reputation. Then, there’s the matter of consistency, even if that person has the competence. In other words, being able to do the job well over and over again. But, that’s not all, your first hire must be cost effective, helping your business to earn more than it did before. So, it’s no wonder business owners procrastinate as long as they can, putting off their first hire. What Resumes Are (and Aren’t) Of course, there’s the conundrum of where to begin and finding a good fit. This is where the resume comes into play, although you may not be very familiar with qualifying a person’s capabilities from a sheet or couple of sheets of paper. On average, hiring professionals spend just 7 seconds looking over each resume. That’s not a lot of time, and especially seems short if you’re doing it for the first time. Do you know who you are hiring? You need to review each resume, cover letter and job application that you receive with care. You want to ensure that the candidates you consider hiring are who they say they are and that their credentials are valid and match your needs. —The Balance Careers The good news is, you can get a lot out of just about any resume, if you know what to look for. Obviously, you have to start with an understanding of what a resume is and what it isn’t. A resume is simply a summary of a person’s qualifications and their competencies, along with their work history. That’s about it, what a resume isn’t, is a tell-all that will reveal all a person’s strengths and weaknesses. How to Spot Resume Red Flags The simple fact of the matter is that a resume only provides the information the applicant furnishes. Meaning, it will only tell you what the applicant wants you to know. However, this doesn’t mean it can’t give you some very key clues that you can use to your advantage. Here are the biggest red flags resumes can reveal: Inexplicable or unexplained gaps. A resume with big gaps, particularly between positions, is one that tells you a whole lot. Someone who has large gaps between jobs is likely an applicant you’d probably be better off without. Rock star qualifications. Conversely, if an applicant’s resume is packed with too much good news, it’s probably too good to be true. A resume with a cornucopia of qualifications is likely full of exaggerations, embellishments, half-truths, and more misleading information. tOO mAny TyPoes. Poor spelling, bad grammar, sloppy punctuation spell b-a-d n-e-w-s. If someone doesn’t pay close attention to the way they present his or her self on paper, he or she isn’t really interested impressing potential employers. Of course, these aren’t the only red flags you might find on a resume. Applicants who send their resumes from current employers’ email systems are telegraphing they’re not respectful of others’ time and resources. Unusual employment histories are also a red flag. People who hop from one industry to another do so for reasons that should concern you. What other red flags do you look for on resumes? Please take a quick moment to share your experiences and thoughts. After all, your perspective just might help someone else out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Best Help Your Remote Workers Avoid Burnout

January 27, 2021 No Comments

Employee burnout. It’s a real problem, even when team members are working from home. (In fact, the issue can easily be exacerbated because there’s more pressure to perform amidst an atmosphere that’s not necessarily conducive to working and is also filled with distractions.) Just because people are working in a comfortable, familiar environment doesn’t mean they don’t still feel a sense of duty, responsibility, and pride. Ultimately, it’s these emotions which can undermine them and lead to employee burnout. So, read on to learn how to deal with these situations. Common Signs of Employee Burnout The most common signs of employee burnout are behaviors like disengagement, absenteeism, and lack of motivation and productivity. During virtual meetings and phone conferences, anyone who is suffering from burnout won’t be as engaged, will skip more and more meetings, and their attitude won’t reflect being motivated and/or productive. During any time of high unemployment, people are often afraid to take vacation, request work flexibility, or advocate for their work-life balance, mental health, and overall wellness–unless the company culture encourages them to. But with the added emergency-paradigm shift to remote work, which most workers and leaders alike have never experienced before, the challenges of how to communicate and find solutions to promote mental well-being are even more daunting. —Inc.com But, those aren’t the only signs of employee burnout. There’s also irritability, job dissatisfaction, and lack of achievement. People who are feeling burned out will probably be irritable, express to fellow team members their dissatisfaction, and will also tell others they don’t feel like they are achieving anything of value. 3 Effective Ways to Help Remote Workers Avoid Burnout Thankfully, there are ways to help remote workers avoid burnout. And, it won’t upend your operation or even cost very much. All you need to do is give them encouragement, let them have a good amount of autonomy, and say “Thank you,” in different ways. Here are some of the best ways to help your remote employees avoid work burnout: Acknowledge hard work. Just because someone isn’t in the office or on the job in a specific location doesn’t mean they aren’t giving it their all. As mentioned above, it can be very challenging to work from home precisely because it’s not equipped the same way as the workplace, and they must deal with all kinds of distractions. That means you should take the time to acknowledge their hard work. Focus on results, not hours. Sure, time spent on productivity is important. But, it’s certainly not more important than the end result. Instead of putting emphasis on the hours they spend “on the clock,” put your focus on outcomes — these are a far better measure of their efforts. Offer welcome and helpful perks. It’s also very helpful to give your employees some tools to reduce stress and access to positive experiences. Things like gym memberships, paid time off, and other perks can work wonders and bring a real strong return on investment. What other suggestions do you have? Please feel free to share your thoughts and experiences to help others. Your unique perspective and input could be of great benefit! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What to Do When Your PPP Money Runs Out

May 7, 2020 No Comments

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.