Author Archives: CorpStrat News

3 Easy Steps To Ensure Compliance

Compliance Stress

Business Regulations Driving You Nuts? 3 easy steps to help you ensure compliance.

Compliance is a hot topic right now, OK, so maybe not as hot as Pokémon GO or the DNC, but with news stories coming out almost daily about companies facing legal trouble from regulatory missteps or illegal business activity it’s clear that compliance is a hot topic at least in the business world.
What causes a business to become non-compliant?

Non-compliance may be the result of cutting corners, negligence, ignorance, or misinformation about the ever-changing laws, but whatever the reason, the penalties are the typically the same, hefty fines or the loss of one’s company.

“But how am I supposed to focus on my business when my days are spent constantly learning about compliance?”

Luckily, we work with thousands of companies likes yours every day to help them maintain compliance so they don’t have to. With that said, here are three tips for navigating the regulatory environment around your business – without losing focus of your core business or going insane trying.

1. Identify Compliance Issues Outside Your Realm of Expertise

pointing

Every business whether it’s a local restaurant or a hedge fund dealing with millions of dollars has compliance issues central to their business. Compliance issues arise from the moment you open your business and increase from there on out.

From how and when you pay your employees to where your business name is registered. Even the requirements on your website, compliance demands are in every piece of your business.

If that weren’t stressful enough, these regulations are constantly changing and increasing in complexity. For example, the Affordable Care Act has introduced and refined compliance issues that touch on everything from medical benefit availability, employer responsibility, tax reporting, benefit plan design, to the way insurance can be sold and then some.

So while you may know the best way to make and serve Zitti, if you don’t know how to design a good benefits plan, then you should be honest with yourself and seek help from those who can manage that aspect of your business.

2. Find Trusted Partners  

Partners at CorpStrat

It’s imperative when you decide to seek help, that you find partners you can count on. One’s that won’t cut corners and who are certified and licensed. Also look for those who are active in peer groups, trade organizations or their own community.

You should also ensure they have a solid reputation in the industry. Be sure to check and see if they have long-standing clients that can back their claims and great reviews online.

Just as you are the expert in your area of business, there are other businesses whose expertise is keeping companies like yours compliant.

3. Never Stop Learning or Asking Questions

Compliance Questions

Did you know top business leaders like Bill Gates, Oprah, and Warren Buffet commit to 5 hours a week of deliberate learning?

Even industry giant like these realize the importance of learning and how it adds to their continued success.

Once you’ve selected a group to help you ensure compliance, don’t just stop there. After all, this is your business and the more you know, the better.

Don’t be afraid to check in and ask questions.  After all, it’s important to know how they are continuing to learn and evolve to meet new regulations. An expert should always be able to educate their clients and make them feel comfortable.

– This communication is for informational purposes only; it is not legal, tax or accounting advice; and is not an offer to sell, buy or procure insurance. 

Top 3 Most Affordable Cities To Launch Your Business

Unlike New York, San Francisco, or Vancouver, these three cities are perfectly affordable when it comes to launching your business.

1. Oklahoma City, OK

forwardokc_banner

Oklahoma City pairs small-business lending opportunities with affordable living, making it a wonderful startup nest. 

If you’re looking for great talent too then you’re in luck! This fast-growing city is perfect as it also plays home to several bright-eyed new grads. But the perks don’t stop there.

To top it all off, the necessary paperwork to launch your business can be completed in just one day. With so many great reasons to live in OKC, the only question we have is, why would anyone leave?  We’ll have to ask Kevin Durant . . .

2. Boulder, CO

Affordable Startup City Boulder

Silicon Valley is “So 2001.”

Boulder is the new hub for tech startups which isn’t too shocking given that the University of Colorado and other reputable institutions are located in the area.

What was shocking was the report published by The American Electronics Association. In it, the report states that Boulder has the highest concentration of software engineers per capita in the nation.

So if you’re an IT wiz looking to launch your business in an affordable area with oodles of tech talent at your disposal – then Boulder is the place to be. The best part is the year-round sunshine is included for free!

3. Minneapolis, MN

Affordable Startup City

If you don’t mind cold weather then Minneapolis is the spot for your startup.

Why? Aside from the low cost of living it has the fourth highest concentration of successful small-businesses in the nation and offers a variety of financing programs specifically designed to help Minneapolis-based businesses.

Minnesota also boasts the 15th lowest business-tax rate in the U.S. With a highly-educated work force of 1.6 million people it truly is a sound choice for any entrepreneur. Well, an entrepreneur that doesn’t mind shoveling snow anyways.

How Human Resource Management Technology Benefits Startups

HR Management Technology

Is HR Management Technology on your check list?

Lets see, Innovative Idea? Check. Investors? Check. Modern Office Space, Furniture, and Computers? Check. HR Management Technology? . . . .

So wait, you really mean to say that you have everything in place to get your company off the ground running, except the technology needed to simplify and streamline the way you staff for and manage it? Oh boy. You see, you can’t sell yourself as innovative much less expect to grow unless you surround yourself with the right talent and best technologies.

With that said, here is how your business can benefit from HR Management Technology:

Compliance

When it comes to all the wonderful, exciting aspects of starting or running a business, lets face it, compliance is not one of them. In fact, I think it’s safe to say that if compliance were really into us, we would only want to be “friends” at best.

But all businesses, even very small businesses (those with 1-14 employees) must ensure they remain compliant, whether it be with the Fair Labor Standards Act (FLSA), the Immigration Reform and Control Act, the Equal Pay Act or others. (As if you didn’t already have enough to deal with) So while you may know your business inside and out, if you’re not as well-versed when it comes to compliance or you simply don’t want to add it to your plate, then HR management technologies like ours are here to help.

Hire, Track, and Manage Employees With Ease

Start-ups and small businesses can be real war-zones, long hours, chaotic atmospheres, and constant change. While this can be exciting and rewarding for some, it takes a certain kind of individual to fit within such a culture, one who can keep pace and truly contribute to it’s success. Unfortunately one of the last things anyone thinks about when it comes to starting or running a small business is how they’ll find, track, hire and manage future employees (interesting since so many hope to grow and expand!)

Due to this lack of planning, many employers find themselves struggling to establish a system for tracking and hiring the individuals they need and potential talent winds up falling though the cracks as you try and sort out a million other tasks to keep your business running.

Having an online HR Management System like ours however, can help eliminate this stress, and it allows you to keep track of and hire talent that fits perfectly with your company culture.

Easily Manage Benefits 

While your start-up or small business may not offer benefits of the same depth as larger companies, there is still a good deal of (you guessed it) work involved in managing them. For today’s employees however, the importance is placed not so much on the benefits offered, but the simplicity in which they may access and view them.

Online HR management technology makes it possible for you to accomplish all this, from selecting and managing the benefits you provide (which typically requires a great deal of work and attention to detail) to allowing employees access to view and edit their plans online and on the go.

Successfully On-board, Train, and Develop Employees

Proper on-boarding, training and development is vital to the success and growth of any company, but for start-ups and small businesses it’s crucial, especially when it comes to cross-training as most employees will undoubtedly need to cover multiple job functions or tasks to start. Online HR management technology however and provides employers with a stress-free, low-cost solution for the on-boarding, training, and development of their employees.

Seamlessly Integrate Existing Technology

One of the biggest perks of HR Management technologies like ours is that it can be easily integrated into existing business processes. For example, if you already have a system to process payroll, you can simply integrate it into your HR Management System, allowing you to easily manage all of your HR tasks (benefits, compliance, job postings, etc) along with your payroll from just one easy-to-use platform.

 

 

Company Culture That Attracts TalentYou’re hiring! The exciting process of adding someone new to your team is in full force except, as the days pass, you notice the right talent just isn’t biting.

You’ve tried multiple job boards, your job description is on point, not to mention that what you’re offering in terms of pay and benefits are fairly competitive. So, what gives?

If despite all your efforts you’re not seeing an improvement in the quantity or quality of applicants received, it may be time to take a long, hard look at your company’s culture to see if your place of work is, well, a place where people want to work.

Company culture is defined as a company’s core values, practices, goals, expectations and processes. All of these components work together in telling your company’s’ story and vision for the future. It also hints at the type of environment future employees can expect to work in as well as the potential challenges they’ll face.

Your company culture can also signal to potential employees whether or not they can expect to enhance or develop their talents, if there is room for growth or advancement, or if the desire to further their education will be encouraged or rewarded.

“But we’re offering a competitive salary” 

That may be, but in today’s market most job seekers consider company culture just as important as the salary or benefits offered. Great company culture also leads to higher retention rates and better performance, something salary alone can not provide.

For those who may be afraid of change, it should be said that having a great company culture is not just some passing fad. In fact, as more and more job seekers (especially talented, tech savvy Millennials and Gen Z) dive into the workforce they do so seeking purpose, value, and leadership from their employers, not just a paycheck.

That is why the company’s who’ve built a great culture (Google, Zappos, and Twitter to name a few) have not only continued to thrive, but why they have so many talented individuals constantly applying to work with them.

Google for example has received 75,000 applications in just one week (Yikes!) While those numbers probably well exceed what your business is hoping to bring in, it does showcase just how important a company’s culture is when it comes to attracting applicants.

If you’re finding it difficult to attract or retain top talent now, it will only become more difficult in the years to come.  So if you’re looking to make changes, act fast. You can start by opening a dialogue between leadership and employees. Once you get started down the right path, together you can revisit what’s important,  and what your vision is going forward. Once this is done, be sure to get with your marketing team and discuss how you can project your culture online to gain interest and increase your talent pool.

While not every company culture is the same, you can always learn from those who do it right. With that said, here are three companies (other than Google, Zappos, and Twitter) who’ve built a fantastic culture and leveraged it to attract (and retain) top talent.

Beepi 

Founded: 2013

Headquarters: Los Altos, CA

Notable Culture Traits: Honesty, Transparency, Equality.

Company Culture That Attracts Talent

If you thought buying groceries from your cell phone was neat, wait until you what you see what you can buy on your phone with Beepi. Established in 2013, Beepi is really shaking up the car world by making it possible to shop for, sell, buy in cash, finance, or lease a car in real time, 100% online. Yes, even from your mobile phone.

Part of what makes the team at Beepi so great is how brutally and refreshingly honest they are. They’re a no-holds-barred style start-up that is completely transparent when it comes to what they expect from their employees and what employees can expect from them. They value each employee as an individual while also encouraging them to work as a team by promoting open and honest communication between all staff members (including executive staff.)

Each employee is encouraged to share and contribute their thoughts and ideas, which gives everyone at Beepi a voice. Beepi is not only inclusive but forthcoming about everything from the work environment potential hires can expect, their vision for the future, but most importantly, how determined they are to keep that atmosphere alive no matter what.

Warby Parker

Founded: 2010

Headquarters: New York, NY

Notable Culture Traits: Community, Creativity, Eco-Friendly

Warby Parker Has A Culture That Attracts Talent

Who would have imagined the eye-wear industry could be so fun?! The founders of Warby Parker did, and that imagination has not stopped. Since their foundation in 2010 they have not only kept their company culture alive, but they’ve kept it fresh by revisiting and expanding upon it in 2015.

Aside from offering boutique-quality glasses for just $95, they’ve also partnered with local non-profits, meaning that for every pair they sell, they’ll also donate a pair to a person in need (how great is that?) Their stores help stir a sense of community too by offering a great selection of books to purchase and by inviting local artists to come in and serenade customers.

Between employee “class trips” and newly formed holidays such as “Wear Your Sunglasses to Work Day” it’s no wonder their employees are all smiles, or why so many applicants are itching to come aboard.

Riverbed Technologies

Founded: 2002

Headquarters: San Francisco, CA

Notable Culture Traits: Persistence, Intelligence, Integrity,

The Company Culture at Riverbed Tech Attracts Talent

Information Technology (IT) companies are notorious for their terrible retention rates, especially when compared to other industries, but not Riverbed Technologies. Most of their engineers have been there 10+ years (allowing them serious bragging rights in the tech world)

Employees describe their fellow techies at Riverbed as “smart, innovative, respectful, and progressive.” Traits that they say have encouraged them to remain focused at work, while also encouraging them to ask questions and continue learning so they can keep up with the pace.

Leadership is said to always be on the move, seeking and acquiring new projects, companies, products and more so the company or those employed never feel stagnant. They really know their talent too, since the majority of their intelligent yet introverted techies are allowed to work remotely.

 

 

 

California Employer Health Benefits: Workers Pay The Price

Heidi Whitmore and Jon Gabel, NORC at the University of Chicago June 2016

A majority of Californians rely on their employers for health insurance, but many with workplace-sponsored coverage are faced with reduced benefits and increased costs.

The percentage of employers offering coverage has continued to decline in California, while coverage rates have remained stable. Only 57% of firms reported providing health insurance to employees in 2015, down from 69% in 2000. Twenty-seven percent of California firms reported that they reduced benefits or increased cost sharing, and 41% of firms reported that they were very or somewhat likely to increase employees’ premium contribution in the next year. This trend will have major implications for household budgets.

California Employer Health Benefits: Workers Pay the Price presents data compiled from the 2015 California Employer Health Benefits Survey. Other key findings include:
• The percentage of firms with many low-wage workers (those earning $23,000 or less) offering health coverage to employees more than doubled between 2014 and 2015, from 18% to 42%.
• Health insurance premiums for family coverage grew by 4.5%, a slower growth rate than in recent years. Family coverage premiums have seen a cumulative 216% increase since 2002, compared to a 37% increase in overall prices.
• The average monthly health insurance premium, including the employer contribution, was $573 for single coverage and $1,554 for family coverage in California, and was significantly higher than the national average.
4 in 10 workers in small firms faced an annual deductible of at least $1,000 for single coverage, compared to 1 in 10 workers in larger firms.

June 2016 Employer Benefits Study