Author: brittany

What if you could give your business a boost before year’s end? Apart from seasonal companies, most businesses slow down during the holidays. Your company doesn’t have to. Here’s how to end this year on a high note and set a positive tone come January:

1. Improve Your Storytelling Abilities

Technology has given us the power to share our stories with almost anyone, anywhere. Take any slowdown in business as an opportunity to build your brand through both emotional and rational engagement. Both require storytelling abilities. The key: focus on a brand message that is integral to the story of your current and potential customers. (That way they can’t tell their own story without you).

Storytelling isn’t something that comes naturally to you? That’s okay. Here’s what to remember: focus not just on what your company does, but who it is. AKA your company’s personality. Communicate your company’s values. Consumers are increasingly meticulous about where they purchase their products and services. Similarly, think about what matters (and why it matters) to your clients and customers and weave that message into your communications (e.g. email campaigns, social media, etc.).

2. Monitor Finances

You watch your profit margins closely throughout the year – don’t let December be the month where you slack off. Maintain due diligence when it comes to accounting, and your company will thank you.

3. Avoid Offering Discounts

But it’s the season of giving, you might argue. That’s true. Remember that for discounts to pay off (literally), the volume of your sales must increase exponentially. Only offer a discount on your product or service offerings if your finances (ahem, #2) prove that it will work successfully.

Another option to consider in lieu of discounts: collaboration. Because it is the holiday season, you might consider collaborating with other small business owners to offer incentives or mini-giveaways such as restaurant offers, tickets to holiday events, etc.

4. Forgive Yourself For What You Didn’t Do

Nobody’s perfect. If you had a project you wanted to finish before year’s end or haven’t crossed all of the items on your To Do List off, you should forgive yourself. The end of the year doesn’t mark the end of time. Beating yourself up over unfinished business isn’t healthy. Know that you can act on those tasks in the new year, too.

5. Express Your Gratitude

It’s always important to say thanks. For some reason, it becomes even more prominent this time of year. That being said, show your appreciation to valued customers, employees, etc. Whether it’s gift baskets or greeting cards or a simple phone call, the goal is to show these individuals that they mean a lot to you and your company. Plus, saying (and showing) thanks increases loyalty – from both employees and customers.

When it comes to your small business, employee benefit programs attract and retain top talent. A recent study from Baylor University found that employees who work at a small businesses have the highest levels of loyalty to their employers. Just because you are small business doesn’t mean you can’t offer a great benefits package. You might be surprised at the variety of options you have at your fingertips. One of my favorite, yet often under-utilized employee benefit is a Flexible Spending Account, better known as an FSA. Below, I’ve debunked a few of the myths about FSAs so you can get the 411.

An FSA is a special account that employees can use to pay for health insurance and related expenses such as co-pays, deductibles, some prescription and nonprescription medications, and other out-of-pocket healthcare costs. One of the biggest benefits for your employees is the ability to put their pre-tax money into their FSA. A Flexible Spending Account puts money back into your employee’s pocket by lowering their taxable income.

There are two different types of Flexible Spending Accounts. The first is the Healthcare FSA, which covers healthcare expenses not covered by insurance. The second, Dependent Care FSA, is for eligible dependents and includes cost coverage of daycare, after school care, and elder care.

One of the reasons Flexible Spending Accounts are a great option for small businesses is because little set up is required for the employer. All FSA requirements and obligations are driven by the IRS making it easy to implement, manage, and maintain.

FSA Employer Obligations Explained

Employers can (but are not required to) make contributions to your employee’s Flexible Spending Accounts. Generally, FSA money must be used within a plan year. Employers can provide one of two options:

• Offer a grace period of up to 2½ extra months
• Allow the employee to carry over $500 per year for use in the following year

If you are scratching your head unsure of which to select, there’s no clear practice by employers. In 2014, Healthcare Trends Institute reported that 51% of employers elected to use the grace period option, and 49% elected the 75 day grace period.

Six Flexible Spending Accounts Myths Your Employees May Believe

Covered expenses and pre-tax programs remain relatively the same year after year. Even so, the two FSA plans and the types of healthcare costs that are reimbursed perpetuates are clouded by Flexible Spending Account myths. Be prepared to answer these common questions if you are adding flexible spending accounts to your list of employee benefits or during your healthcare and benefit discussions with new employees. Here are the top six myths of Flexible Spending Accounts:

1. MYTH – FSAs Will Cost Employees Money. On the contrary, an employee’s flexible spending account is tax free. Yes, employees will select a voluntary amount to contribute to their FSA. Most employees in contribute between $1,000 and $2,000 to their FSA.
2. MYTH – Employees Can Use FSA to Pay for Healthcare Premiums. Flexible spending accounts are a great way to manage or plan for unexpected healthcare expenses and costs. FSAs cannot be used to pay for health insurance premiums, long-term care costs, or expenses.
3. MYTH – Medical Marijuana is Approved for Reimbursement Under FSA. Sorry, no. Some states allow the use of marijuana for medical purposes (or have legalized its use in general), but it is still considered an illegal drug at the federal level. Since FSAs are governed by federal law, it cannot be reimbursed under these plans.
4. MYTH – FSA Expenses Are a Pain to Submit. Do you take credit? If you don’t mind paying with a card, Flexible Spending Account programs are pretty handy because they often offer a debit card program without having to fill out paperwork. Like a standard MasteCard or Visa, FSA debit cards are accepted by most retailers and medical. The FSA debit card program also allows internet shoppers to purchase FSA-approved items online.
5. MYTH – Employees Have to Pay ‘In’ Before Accessing the Full Amount. The full balance of an employee’s FSA annual contribution is available to them on day 1 of the program. Employees can access the full amount immediately. Employers who offer FSA programs assume the risk if an employee exits the organization prior to paying in the already reimbursed amount. On the employer side, it’s a great employee retention tool.
6. MYTH – Employees Who Are Terminated Lose All FSA Funds. When employment is terminated, regardless of the circumstances (voluntary or involuntary), the employee can no longer participate in the FSA program. Money can’t be transferred to another employer. Some employers will end plan access immediately upon termination or within the month. Employees can continue their Flexible Spending Account if they elect to continue COBRA.

An awesome way to improve your employees’ commutes to and from work is through a commuter benefits program. Thanks to the IRS tax code, implementing one of these is rather inexpensive and also serves as a recruitment and retention tool for your prospective and current employees. So here’s the scoop:

How Commuter Benefits Work

A commuter benefits program has one big advantage: it saves you and your team money. You can offer commuter benefits in three ways, as a tax-free subsidy paid by you (the employer), a pre-tax payroll deduction paid by employees, or a combination of the two.

Commuter benefits are not a part of employee wages, meaning if you opt to provide a subsidy to your employees, you can save nearly 8 percent in payroll taxes. But let’s break that down a little more for you:

With 10 employees, you’d save an average of $1,863.
With 25 employees, you’d save an average of $4,590.
With 50 employees, you’d save an average of $9,180.

Now imagine what you can do with those extra savings.

As for your employees, if they set aside money for their commute, it’s less money than they would have to pay income taxes on. Not only that, but employees who participate in a commuter benefits program typically save 40 percent on any expense that comes with commuting (e.g. gas, car maintenance, fare hikes, etc.).

The Options

1. Employee Compensation Reduction

As we referenced above, one way to implement a commuter benefits program is to offer it as a pre-tax employee-paid payroll deduction. This is categorized as a fringe benefit. For example, employees could have $75 each month automatically placed onto a fare card. If you go this route, just be sure to have the employee’s decision in verifiable written or digital form. The key information to include: the amount of payroll deduction, the time period for the payroll deduction, and the date in which this decision took place.

2. Tax-Free Employer Paid Subsidy

This one is pretty simple – you decide on the amount of money you would like to give employees on a monthly basis for their commuting expenses.

The qualifying expenses for a commuter benefits program includes transit passes, a commuter highway vehicle (this vehicle must seat at least 7 individuals, including the driver), employer-provided parking, and bicyclist benefits (I.e. reimbursable costs include the purchase of the bicycle, storage costs, etc.).

How to Implement a Commuter Benefits Program

Implementing a commuter benefits program is simple. First, choose which option (as described above) fits best with your company. You can either design your program in-house or work with your benefits broker at Decisely. Working with your broker saves you time and simplifies the overall implementation. Decisely can set you up, and in no time you’ll have an additional retention tool to offer current and prospective employees.

The first time I encountered a workplace bully, I was brand new to the business world. 24 years old, an excited college graduate, I was ready to start my career in HR. But I would quickly come to find that it’s not always rainbows and butterflies.

In the first few months of my job, I had to conduct an investigation on another employee based on a complaint I received. The investigated employee was less than happy with the situation, and actually began to bully me.

I completed my investigation and suggested to my boss that the employee under investigation receive anger management training and coaching. If you encounter a similar situation at work, read on and you’ll receive the best tips to know how to handle this kind of situation. After all, most of us spend a good portion of our day at the office. So we should work in a place that is both comfortable and as stress-free as possible.

According to a 2015 study by the Workplace Bullying Institute, 27% of employees in the U.S. have experienced workplace bullying before, most often from supervisors. There are many possible reasons for bullying behavior by bosses. These include the boss’s personality, home life, feelings about how fairly they are being treated by the organization, and the performance and behavior of their employees.

But let’s dive back into my story. The bullying I endured started off very subtly. My coworker began leaving me angry notes and emails, and finally culminated in his words bringing me to tears. It escalated one day when he blocked the path to my office door so I could not leave the room.

Not all workplace bullying and abuse is verbal in nature. It can be physical or psychological. The reason behind a bully’s abusive behavior is as unique as the bully themselves.

Dr. Ronald Riggio, author and expert in organizational psychology, says, “Many bullies cover up their own feelings of inadequacies and low self-esteem by putting down others. Some bullies are egocentric and narcissistic, and uncaring of the impact of their behavior on others. Some bullies were themselves targets of bullies, or may be bullied at work and bring it home.”

Workplace abuse should not be tolerated. Sometimes the situation isn’t as clear cut as we want. However, employees who believe they are experiencing abusive behavior can (and should) take measures to protect themselves:

• Document the behavior. Using a notebook, make notes of the date, time, location and situation that transpired that you witnessed or were a part of. You will need this information when you make a statement to HR as part of their workplace investigation.

• Talk to your boss or HR. As mentioned, we all deserve to work in an environment free from discrimination, violence, hostility or negativity. Depending on your comfort level, have a frank discussion with an HR team member or a member of management about the abusive behavior you have been experiencing. Be prepared with notes and written statements that provide a timeline and describe the severity of the bullying behavior you are experiencing.

• Talk to a professional. Talk to your primary care doctor and ask for a referral to a psychologist regularly. Talking to a professional helped me work through and understand behavioral patterns of myself and others. At minimum, talk to a friend or family member about the abuse. The support of family and friends is invaluable in any and every type of abuse situation, workplace or otherwise.

• Understand you are protected. You are entitled to a hostility-free work environment and once you talk to your boss or HR, retaliation for the investigation will not be tolerated. If you feel unsafe, contact the police and file a report.

While scary and yes, quite uncomfortable, the experience taught me a great deal about myself. I learned the importance of getting a handle on my emotions, documenting conversations, talking candidly with my boss, and standing up for myself. Above all, remember this: you don’t have to endure any form of bullying. It’s never warranted or deserved.

More and more, we see companies putting social responsibility at the forefront of their mission or value statements. And it’s no surprise as to why. Giving back and prioritizing the community echoes the adage doing well by doing good.

Just recently in our office, we discussed ways in which Decisely could give back. Not just because it “feels good” to do so. But, because there is a slew of other benefits that come with dedicating our time to different causes. From volunteering to immersion experiences, the options and ideas are endless. The cool thing is that giving back can positively impacts others, but also yourself. Science says so.

The Benefits

1. Improve or develop new skills.

Have a green thumb? Ever wanted to master the art of knitting? Try planting some flowers in a community garden or making sweaters or scarves for homeless shelters. Either way, volunteering gives you the opportunity to pursue activities that interest you.

2. Gain more time.

Or at least feel like you are. The premise behind this logic is that giving back serves as a dedicated and purposeful use of your time. Meaning those that volunteer feel like their time is never wasted.

3. Make new friends.

And I’m not talking about the Girl Scouts song. All kidding aside, volunteering is typically not a solo activity. It’s a chance to meet new people, to get to know your coworkers better, to learn from others and their own experiences in giving back, and to expand your network in general. Okay, so maybe it kind of is like the Girl Scouts song.

4. Better your overall health.

Again, science says so. Those that volunteer tend to have better health, including lower rates of depression and a longer lifespan. This again is linked to having a purpose and a set of physical or social activities.

5. Become a leader.

Volunteering gives you knowledge. Purely because of the expertise you get from your experiences. And, knowledge is the first step to leadership skills. If you make it a priority for your business to give back, think about giving employees the opportunity to share their experiences with others on your team (aka be the leader for a specific cause).

As we’ve seen, many companies are beginning to implement employee volunteer programs. At Decisely, we offer 16 hours paid volunteer time to help our employees get out there and make a difference.

Remember, volunteering is more than reputation or bottom lines. Giving back is a great way to become inspired, meet new people, or discover a new passion. You may be giving back, but you are getting something in return, too.

You’re on your way to growing your business. Kudos and high fives all around. Bonus points to you. Expanding your team is a pretty big, not to mention, an awesome step. The next questions to answer are: Who you should hire? and Where to find the best talent and prospects for your business?

The positions you should focus on first will vary depending on your business and the industry in which your business operates. While we all want this to be an easy process, over 60 percent of small businesses state that they have a difficult time finding the best talent for the necessary positions. Read on to gain a few tips to help you find the best people in terms of skills, culture fit, and retention.

Typically, small businesses succeed in growing with employees that are flexible and are self-starters. With smaller teams comes fewer resources, and that could also be an attraction for potential employees. Plenty of projects with fewer people also means employees get to wear multiple hats and gain far more experience. A high potential for growth is a huge factor that people consider when looking at open positions.

Before we get ahead of ourselves though, let’s start with the job description. After all, that’s how you’re going to find your candidates. With the job description, be sure to include any and all desired qualifications and skills. Not to mention if such things like travel or being bilingual are a part of the job. Overall, the job description should be specific, but simple. Provide a taste of your organizational culture and follow a bullet point structure to make it easier to read.

Where do you find candidates?

Try utilizing social media, mainly LinkedIn. LinkedIn is a perfect place for recruiting prospects. Not only can you post targeted ads, but you can also handpick the candidates you want to interview as you receive them. Using LinkedIn also gives you an opportunity to communicate your brand and culture.

There’s also the tried and true method of staffing agencies, which takes care of a lot of the work for you. Most staffing agencies will manage stuff such as background checks and initial introductions.

A unique one to try (and really the best place to start): your own personal network. Ask mentors, friends, industry colleagues, anyone you trust, to see if they have recommendations. Using this tactic is beneficial as some of the prescreening process is already taken care of for you. One thing to keep in mind is to not over-exhaust your personal network as you do not want to ignore other external options. Whether its your own network, agencies, or social media, these methods are great outlets to ensure you can get the best of the best.

A word of caution, you may want to avoid the bigger job boards such as Monster.com as you can be bombarded with resumes. And with so many to sort through, you may quickly realize that this may not be the wise way to go as you start out.

In a competitive job market, it is important to hire right. Knowing where to find the best candidates for your business ensures your company will continue to scale and succeed. And by following the above steps, you can rest assured you’re heading in the right direction.

When you think about your business you probably envision its growth, scalability, and overall success. After all, who wouldn’t? And one of the ways you scale your company is by continuing to grow in terms of the number of employees you hire.

Having a great benefits package along with compensation and office culture can be just what a prospect needs to work hard for your company. When selecting what goes into that benefits and insurance package, we want to ensure you can sidestep any and all mistakes. First off…

Know Your Options

The first big mistake is not knowing or analyzing all of your available options. Mainly, low or high deductible plans. Low deductible plans save employees the most money, while high deductible plans save you as the employer the most money. However, there are some things such as HRAs that you can implement to offset the costs of high deductible plans. But as they say, everything in moderation. Or in this case, in balance. Essentially, don’t make your decision for a plan based solely on the price.

Which brings me to my next point: ensuring you have the right broker working for you. You and your employees work as a team, and your broker should work like that for you, too. Brokers like Decisely focus on customer service and strategic partnerships. Mostly so that you can tailor your coverage to suit your workforce best.

For example, if your business is primarily a small group with dependents (i.e. children), it might be great to offer a wide range of benefits, but not so great if your business is made up of employees that spend their time traveling for work. Having a broker that understands these needs and understands your business means you can offer what is best to retain your employees.

Have Benefits Plan Documents

Benefit plan documents. Yes, they are necessary. More than necessary. It’s the law. For benefit plans, group health plans, the works. But it’s not as scary as it sounds. It’s simply having the legal documents in place that specify the benefit offerings and provisions behind the plans. Again, a broker can also help you here.

Similarly, it is equally important to have a Summary of Plan Description. Similarly, it is an outline of the plans offered, and should be updated at all times. This summary should be given to all employees that are participants in your healthcare offerings.

Let Employees Know about Plan Changes

This directly links to having plan documents available for your employees. If you decide to change your plan or eligibility criteria, be sure to let your employees know. No one wants to be left in the dark, after all.

One of the items that must be provided to coverage participants is called a Summary of Benefits and Coverage. This should be provided to employees before they enroll in a plan, when the plan renews, within 90 days of a special enrollment period, and within 7 business days of if an employee submits a written request.

An additional document is the Summary of Material Modification, which is supplemented when a plan changes outside of a renewal period.

No Sharing Allowed

One last mistake that some companies slip up on is the sharing of employee information. When doing your research to get price quotes for health plans, health providers only need ages, gender, zip codes, and the family makeup of your employees. No names, social security numbers, or addresses required – so keep that info safe.

This goes hand-in-hand with taking the necessary time to “shop” for the right insurance providers. And if all else fails, remember that synonym we all saw on posters in our elementary school: A.S.K. – always seek knowledge. The more you know, the better decision you can make for your business.

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Understanding these mistakes and what you can do to avoid them will not only help you, but also your employees. Most of all, it will attract and retain the highest quality talent to help you attain that vision we talked about: growth, scalability, success.