Give Quantitative, Monetary Values to Employee Benefits or Risk Attrition |  |
- Give Quantitative, Monetary Values to Employee Benefits or Risk Attrition
- Facebook Revamps Facebook Page Insights
- Why Your Latest Customer Service Complaint is a Gift
- Twitter Launches New Android App for Tablets
- 10 Mindsets of Successful Entrepreneurs
| Give Quantitative, Monetary Values to Employee Benefits or Risk Attrition Posted: 16 Oct 2013 04:00 PM PDT
Not surprisingly, small business owners, human resources experts and benefits professionals are familiar with the value of their employees' benefits, including everything from take-home pay and time off, to insurance and commuter-assistance, and everything in between. While employees themselves know the worth of their pay checks, they might not be aware of the value of their other benefits – even if they're taking advantage of them. Making sure your workforce understands the value of everything you're offering could be a critical step in ensuring that your employees don't jump ship because they think they're being shorted on the benefits front. According to the 2013 Aflac WorkForces Report, 59 percent of employees indicated they would take a job with slightly lower pay if it came with more robust benefits. Reduce the Risk of AttritionRemember, you risk talent going elsewhere because they think they'll be getting better benefits, when in reality, it's possible they'll only be getting better-communicated benefits. Wise entrepreneurs are using the open enrollment period to switch employees' focus from a narrow view of health care benefits to a broader perspective that looks at "total benefits" or "total rewards." Encouraging workers to take a look at the bigger picture, which oftentimes is brighter than the health benefits snapshot alone, is a strategy to help prevent attrition. So, what are total rewards? They're the entire range of benefits provided to workers, from health care coverage and retirement benefits to career-development opportunities and work-life balance. In a nutshell, total rewards are all the things that help a company attract, motivate and retain employees, communicated to workers in one tidy package. Turn the Conversation to Total Benefit RewardsDuring the recession, many workers made conscious decisions to remain in their current jobs until the financial skies began to clear. With the economy ticking upward, though, many are looking for new opportunities. A recent Right Management survey revealed that 86 percent of employees plan to actively look for new jobs in 2013. Furthermore, 55 percent of workers are at least somewhat likely to look for other work if their employers stop offering comprehensive benefits or send them to health insurance marketplaces. Given that superior benefits are an attractive enticement to job seekers, small businesses that want to retain their valued workers and bring in top new talent should communicate about total benefits at open enrollment (now!) and continuously throughout the year. When communicating about total rewards, or the total value of employment, the conversation should expand to encompass not only wages and salaries, but also:
When companies do talk about compensation other than salaries, the communication is often muddled by acronyms, jargon and charts that only HR representatives understand. Even companies that comprehend the importance of clear, straightforward benefits communications sometimes drop the ball with respect to timing. Benefits communications should be delivered year round and in small doses to ensure they're read, understood and absorbed. Key times to spread the benefits message include open enrollment, during recruiting and on-boarding and when a worker is promoted or transferred to another department. The message can also be timed to life events, such as marriage or the birth of a child. Other opportune moments are work anniversaries and significant age milestones. Start Spreading the NewsWith workers nervous and unsure about how health care reform will affect their benefits packages, small businesses should launch total rewards discussions or even provide employees with annual total rewards report cards outlining the true monetary value of their benefits as soon as possible. Many employees who view the improving economy as a chance to seek jobs with better benefits have skewed impressions of just what constitutes a "better benefits package." By reminding workers to consider their full range of benefits, from salary to health care to paid time off and more, many entrepreneurs will help workers realize that the green grass on the other side of the fence – is actually artificial turf. Quit Photo via Shutterstock The post Give Quantitative, Monetary Values to Employee Benefits or Risk Attrition appeared first on Small Business Trends. |
| Facebook Revamps Facebook Page Insights Posted: 16 Oct 2013 01:30 PM PDT
Have you checked your Facebook Page analytics recently? If not, you might notice something different. Facebook has rolled out its revamped Facebook Page Insights (the name Facebook gives to its analytics tool.) The new enhanced analytics should provide more detailed information on the posts you publish to your business page on the social media site. The company says the metrics are simpler. The new Facebook Page Insights was first introduced in beta version over the summer. Facebook announced it has taken the feedback received the last few months into account and has made some changes prior to the worldwide roll out. Basic Features of New Facebook Page InsightsHere are some of the changes you’ll notice from the new Facebook Page Insights on your Facebook Page: Tabbed Interface Your Facebook Page Insights page will now have six tabs (as pictured above) to help you navigate through all the data Facebook is collecting on your behalf about your Page visitors. The tabs are:
“People Talking About This” (PTAT) Metrics are broken down The improved metrics break down the stats into:
These stats combine to give you a Virality metric, which Facebook now calls the Engagement Rate. This will tell you how much interaction each post on your Page receives from those who Like your Page. Positives/Negatives Each post on your Facebook Page will now be broken down into both positive and negative interactions. This will let you know what post prompted people to Like your Page or share your post or, conversely, block your Page posts from appearing on their News feeds. The new Facebook Insights are designed to also tell you the activity you’re generating from organic interest, and what Likes and interactions are coming from any marketing/advertising you perform on Facebook. If you don’t like the new analytics, or have a suggestion, Facebook says it is still accepting feedback. Image: Facebook The post Facebook Revamps Facebook Page Insights appeared first on Small Business Trends. |
| Why Your Latest Customer Service Complaint is a Gift Posted: 16 Oct 2013 11:15 AM PDT Sponsored Post
There are only three types of customers that always tell your company what they are thinking: The Very HappyThey can't wait to tell you how great your product or service is and how it changed their life. They are falling over themselves to express their gratitude in person, by phone or on the Web. The Very UnhappyThey can't wait to tell you how your product or service just ruined "their life" and they wish they never met your company. They, too, are falling over themselves to express their dismay in person, by phone or on the Web. The People You PayCustomers love to be "bribed" to tell their opinion. Many retail stores give a $2 – $5 discount on a customer's next order for completing a survey. Unfortunately, the majority of disgruntled customers will say nothing directly to the company. They will sulk away and never buy from that company again. In this case, no news is not always good news. It may be broken and the company may not even know it. According to Harvard Business Review:
Why That Customer Service Complaint is a GiftWhile customers are more likely to complain, see it as a gift. They have taken their valuable time to give the feedback directly to the company. The business benefits in two ways:
What Should a Company Do?Listen carefully to make sure they understand the concern. Try not to find blame or hide problems. Ask the customer for their best solution. Get back to the customer on how it will be solved. Collect all of these concerns so an overall trend can be spotted by the company. How can you treat customer complaints as a gift? Angry Photo via Shutterstock This article, provided by Nextiva, is republished through a content distribution agreement. The original can be found here. The post Why Your Latest Customer Service Complaint is a Gift appeared first on Small Business Trends. |
| Twitter Launches New Android App for Tablets Posted: 16 Oct 2013 08:00 AM PDT
Small business owners who need to keep up with social media on the go often have two kinds of mobile devices to choose from these days. That’s why the announcement of a new Twitter Android tablet app is so important. On the official Twitter blog, Michael Ducker, Senior Product Manager explains:
The new Twitter app for tablets offers a whole new perspective Ducker calls a “landscape.” Tapping with a finger or stylus lets users open up additional levels for viewing extended tweets, photos, videos and article previews. New Multi-Screen FeatureAmong other features on the new app is multi-screen. It creates a split screen that lets you surf the Web, or stream music and video while checking Twitter. A special widget also lets you see country specific breaking news, music, sports and photos to personalize the Twitter tablet experience, Ducker said. The widget could also help entrepreneurs keep up with the latest news and information from their country and region. Twitter Gets GraphicFinally, the new app allows users to create graphics and actually draw on photos using instruments like the S-Pen stylus included with the new Galaxy Note 10.1.
At first the new app will be available only on the Galaxy Note 10.1, but Twitter says it will be rolling out to other devices soon. Images: Twitter The post Twitter Launches New Android App for Tablets appeared first on Small Business Trends. |
| 10 Mindsets of Successful Entrepreneurs Posted: 16 Oct 2013 05:00 AM PDT Entrepreneurs are all different. They all have a different entrepreneur mindset that contributes to their success. Their entrepreneur mindset might have to do with their personality or even the field in which they have chosen to work. When figuring out your own approach to the challenges of entrepreneurship, it can help to learn from the experiences of others. We’ve selected the experiences and entrepreneur mindset of 10 well-known entrepreneurs from a variety of different fields. It is our hope that you will find something in each of their stories that will help you in your own entrepreneurial adventures. The Entrepreneur Mindset of 10 Successful Entrepreneurs1. Reach Out to Customers First
[Image: Stevens Institute] Though it may seem to many like product development should come first, master bootstrapper Greg Gianforte insists that’s the wrong approach. After moving to Montana with his wife and children after selling a previous company, Gianforte grew restless and decided to start again. He focused on the tech sector where his experience was strongest. But instead of starting with a prototype for a product or service and then seeking funding, he started by getting on the phone with potential customers. That led to conversations about what kind of product they would buy. After a month of phone calls, Gianforte spent about 60 days coding the product his customers said they wanted. He claims his company, RightNow Technologies, was cash positive from the beginning. The business makes cloud-based software for large consumer businesses and was sold to Oracle in 2011. 2. Find a New Market for an Existing Product
[Image: Wikipedia] Sam Phillips, founder of Sun Records, did not invent Rock ‘n Roll, but his small Memphis label will forever be linked to its beginnings. Phillips established his recording studio and eventually his record label as a way to capture the interaction of country and blues music he was already familiar with as a DJ. There was a wealth of talent he believed most of the country was unfamiliar with and had never heard. He created a relaxed studio environment with unique acoustics to capture and immortalize that talent. Phillips would eventually discover stars like Elvis, Jerry Lee Lewis, Carl Perkins and Johnny Cash and he became an icon and a wealthy entrepreneur as a result. 3. Use Networking to Build Your Business
[Image: DocStoc] Many entrepreneurs talk about the importance of networking, but few are as specific about how and why networking is important as Jason Nazar, co-founder and CEO of Docstock.com. In an interview on the MyTreat Blog, Nazar says he owes his success — particularly the founding and growth of his current company — to his networking efforts. He says he used networking to raise $4 million in startup funds. He says he also used it to locate a co-founder and build the majority of his organization. Nazar gives some important advice to other entrepeneurs when using networking in business. First, measure the return on investment you are getting from your networking efforts. Second, make sure you give something of value first when making connections instead of beginning by asking for something. 4. Give Without Expecting a Return
[Image: SocialTriggers] This may seem like a contradiction to our last point. But author, former hedge fund manager and tech entrepreneur James Altucher stands by the belief that great opportunities come your way when you offer something without looking for payback. Altucher says he regularly sends out ideas to people with whom he would like to do business or those he admires and would like to meet and asks for nothing in return. Often he does not receive so much as a response, he says, but sometimes the results are magical. In one instance, Altucher sent investment expert Jim Cramer, co-founder of TheStreet.com, a list of suggested article topics. As a result, Altucher received an invitation to become a contributing writer. TheStreet.com would later invest in one of his websites, Stockpickr.com – then buy it from him. 5. Keep Control of Your Vision
[Image: Wikipedia] Jack Ma, also known as Ma Yun, is the founder and guiding hand behind Alibaba, a giant Hong Kong-based wholesale eCommerce site. Despite its popularity and financial success, Alibaba’s road to acceptance outside China has not been easy. Complaints about counterfeit or fake items sold on the site as name brands abound. And, of course, the problem is exacerbated as Alibaba attempts to position itself as a site other businesses use as a source of wholesale merchandise. As Alibaba considers going public with an IPO, another challenge looms. Ma wants to keep tight control of his company and of the team of executives he already has in place. This can be hard to do once investors enter the picture. Many want to have a say in how the company is run after investing their hard earned money. But Ma believes in his vision for his company and in the culture he has created to get the job done. 6. Understand the Power of Brand
[Image: Wikipedia] When the first series of Star Wars movies was released in the late 70′s and early 80′s, most people saw only a pop culture phenomenon. The string of successful films created a whole new market for science fiction and fantasy. But creator and filmmaker George Lucas saw so much more. To him, the first trilogy of films and the three additional movies that followed became a powerful brand. That brand became a spring board to lucrative licensing deals for everything from toys, to video games, to memorabilia and live attractions. In 2012, Lucas sold Lucasfilm and the Star Wars franchise that went with it to Disney for $4.05 billion. In the meantime, Lucas clearly hasn’t lost his interest in powerful and profitable brands. He recently invested $10 million in the successful Starbucks cafe chain. 7. Focus Your Energy on What’s Good for Your Business
[Image: Wikipedia] From best selling albums to a nightclub, a clothing line, a sports franchise and more, rapper Jay Z is known not just for his music but also for his business acumen. His success is based in part on his focus. It includes a refusal to spend his time on anything that does not expand his entrepreneurial ventures. Forbes staff writer Zack O’Malley Greenburg says this focus caused Jay Z to decline involvement in a book Greenburg was writing about him. Instead, Jay Z decided to put out his own book and profit directly from his own story and image. While some might consider this outlook shortsighted, the question remains. How often have we allowed someone else to drag our focus and energy away from our businesses – and what has it cost us? 8. Always Maintain Quality Control
[Image: Wikipedia] From the age of fourteen when he began his apprenticeship in his family bakery until his death in 2002, Lionel Puoilâne was obsessed. And that obsession was with the quality of bread that bore his family’s name. Puoilâne became world famous for artisan crafted bread baked in wood fired ovens. As international demand for his bread grew, he still refused to mass produce his product. Instead, he insisted that each loaf still be hand crafted by a baker personally trained in his techniques. Even as he experimented with more modern techniques and expanded his bakery operations, Puoilâne’s interest in maintaining quality control in his business never wavered. His daughter, Apollonia, continues that tradition to this day. 9. Set Your Product Apart
[Image: Wikipedia] The desire to create a product that stands alone is nothing new. Way back in 1783, the Primrose brothers (George and William) promised to produce crystal as fine as any in Europe – and the Waterford brand was born. The brothers’ secret technique of combining glass and minerals to produce crystal that actually “sings” when tapped with the finger became renowned. The crystal is also known for the deep and ornate carvings created by skilled artisans that give it a distinctive appearance. So beloved and valued was the Waterford brand that even when the factory closed in the 1850′s due to economic hard times, the unrivaled quality of Waterford Crystal was never forgotten. Almost a century later, the Waterford Crystal tradition was revived, returning the crystal and the town in Ireland for which it was named, to their former glory. 10. Take Ownership
[Image: Wikipedia] Oprah Winfrey had experienced plenty of success as a broadcaster and even in the entertainment industry before ever launching the Oprah Winfrey Show in 1986. After some initial radio and TV jobs, she would host a successful chat show in Baltimore and later a show in Chicago that beat Phil Donahue in local ratings. She would even star in a movie, “The Color Purple” with Whoopi Goldberg, directed by Steven Spielberg. But it wasn’t until after taking ownership of her syndicated talk show from ABC that Winfrey’s entrepreneurial skills began coming into focus. Her production company would eventually produce other TV and film projects. Winfrey’s entrepreneur mindset eventually led her to launch a magazine and even her own TV network. The post 10 Mindsets of Successful Entrepreneurs appeared first on Small Business Trends. |
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