Dip Into a New Pool of Talent by Employing Seniors

Dip Into a New Pool of Talent by Employing Seniors
ThinkHR Acquires HR That Works to Expand Employee Management Services
Speedzone Performance: Owner’s Passion and $700 Loan Leads to a Business
Twitter Plans eCommerce Function, May Use Payment Startup Stripe
How to Avoid IRS Trouble Due to Identity Theft

Posted: 29 Jan 2014 04:00 PM PST

employing seniors

Are you racking your brains looking for a way to hire employees on a tight budget? Perhaps you've even put out want ads for jobs but haven't found any candidates with the right experience and attitude.

Maybe the problem is that you're overlooking a huge pool of potential employees: Seniors. (Seriously, we need to come up with a better name for this generation of Americans.)

A study (PDF) from the University of Michigan found that these days, more "mature" Americans are taking "partial retirement." Already 20 percent of workers aged 65 to 67 and 15 percent of those aged 60 to 62 are partially retired.

Partial retirement itself is a relatively new trend. In 1960, the study reports, only about 5 percent of workers in the 65 to 67 age range were partially retired and among people age 60 to 62, the concept was virtually nonexistent.

What's Behind the Growth of Partial Retirement?

The study points to several factors. During tough economic times, older workers are more likely to be laid off or choose to exit the work force. However, many either can't afford to take full retirement, or don't want to because they enjoy working. As a result, more and more workers over 60 are taking what the study calls "bridge jobs" – lower-paying jobs intended to tide them over until full retirement as opposed to continuing in, or searching for, "career jobs."

The growth of partial retirement is good news for small business owners, as it's creating a new pool of potential workers who have lots of experience but are willing to work for less.

The Pros and Cons of Employing Seniors

Below are some of the issues mentioned in a survey (PDF) of hiring managers by the Society for Human Resource Management (SHRM).

Pro: Seniors Tend to Be Good With People

Often, they want to keep working because they enjoy socializing and don't want to be isolated at home. This makes them natural "relators" who are likely to be patient and friendly. This type of person can be great as a retail employee, customer service rep, greeter (think Wal-Mart) or in another type of role that involves lots of hand-holding.

Pro: Seniors Have Valuable Experience You Couldn't Afford to Hire Full-Time

I recently needed new carpet in my home and was trying to match old carpet installed 10 years ago. A senior (partially retired) salesman at the company I worked with was able to identify the brand and find a near-perfect match in a matter of minutes due to his decades of industry knowledge. He was also more efficient than many younger, less experienced people might have been.

Pro: Seniors Can Share Their Knowledge with Junior Employees

Having a senior mentor train younger employees is a great way to bring them up to speed on your industry.

Pro: Seniors Possess Useful Networks

Seniors who have spent a long time in the workforce typically have networks of contacts that can be useful to your business.

Pro: Seniors Have More Dedication

Because their children are grown and they may be widows or widowers, seniors are likely to have more dedication to your business than employees who are juggling marriage, children and family life with the demands of their jobs.

Con: Possibly Less Tech Savvy

Seniors are likely to be less tech-savvy than younger generations who've grown up with technology. That said, they are typically very willing to learn, and with a majority of people over 65 now online according to Pew data, they have at least some familiarity with social media, email and other essential tools.

Con: Potential Physical Limitations

Seniors will most likely have physical limitations that younger employees won't. So if the job requires a lot of walking, standing, lifting or other physical labor, it's probably not ideal for an older individual. The good news is, as part-timers, they won't need to be on your company's health insurance so their health issues won't raise your rates.

How Can You Find Qualified Seniors?

Tap into senior-related resources in your community, let your connections know you're looking for senior employees, or advertise on senior job boards such as Senior Job Bank or Workforce 50.

Employee Photo via Shutterstock

The post Dip Into a New Pool of Talent by Employing Seniors appeared first on Small Business Trends.

ThinkHR Acquires HR That Works to Expand Employee Management Services

Posted: 29 Jan 2014 01:30 PM PST

hr-that-works

ThinkHR has acquired HR That Works.

The cloud-based human resource companies both describe the move as a merger. In an official announcement, ThinkHR touts resources both offer for small and large businesses wishing to hire the best employees. But the companies say they also offer resources to improve productivity and reduce workplace conflicts. Each company says it provides its own specialty services to businesses that can’t dedicate, but need, a full-time HR person.

ThinkHR CEO Pete Yozzo said in a prepared statement that combining his company with HR That Works provides a single source for businesses in need of human resource services. He adds:

“With HRTW's risk management expertise and legal perspective, its best-in-class platform will be an excellent complement to our existing platform and team of HR professionals and content contributors. This acquisition is another example of how ThinkHR is always looking for ways to deliver more value to our customers, creating an experience that is as simple and easy to use as it is elegant.”

In the deal, HR That Works Founder Steve Phin will join the team at ThinkHR as its vice president of Strategic Solutions. Phin started HR That Works in 2001. The purpose was to provide services to employers and insurance brokers managing human capital risks not insurable through traditional programs.

Today, the company has grown to offer a wide array of Web-based HR services to businesses. The company’s website says these include a database of HR-related videos, assistance with training of employees, employee performance and retention, leadership webinars and advice on ever-changing compliance issues.

ThinkHR say they feature live assistance that connects businesses with an HR professional who can work with them to resolve employee issues quickly. The company posts on its site that it has compiled a database of answers to common HR questions its members can access as needed. ThinkHR notes in its release:

“This strategic merger will enable ThinkHR to expand its expertise into the property and casualty market and broaden its online resource library with video content and additional valuable reference material.”

The post ThinkHR Acquires HR That Works to Expand Employee Management Services appeared first on Small Business Trends.

Speedzone Performance: Owner’s Passion and $700 Loan Leads to a Business

Posted: 29 Jan 2014 11:00 AM PST

Sponsored Post

speedzone performance

Speedzone Performance focuses on a part of the automotive industry most car buyers and owners probably never even think about.

Founder Vishal Mathur says he has a passion for high quality aftermarket auto parts (parts built by companies other than a car’s original manufacturer) sourced specifically from companies in the U.S. or vetted Japanese partners. And this means parts he sells often cost a bit more.

Mathur says the reason he tries to trace the origins of his parts so carefully is that he wants to be able to stand behind what he sells. And he wants to know that his suppliers will do the same.

As it happens, this isn’t something Mathur dreamed up to put into a marketing message or so he could charge a little more for his parts on eBay.

In fact, he says, it’s the reason he started his business in the first place, 15 years ago and right out of college:

“I know what it’s like to be on the other side of the counter.”

First of all, Mathur didn’t have any experience as an auto mechanic or in selling auto parts before starting his business.

speedzone performance

Instead, he graduated college with a degree in business administration and a minor in marketing.

Today, Mathur’s business not only sells automotive parts but also does race car fabrication, including building custom racing engines. They do custom auto work, too. That includes transforming, say, a 1991 Nissan or other vehicle into a 1000 horsepower track car for “weekend warriors” and other race enthusiasts. They also build roll cages and do other specialty work.

All of this happens at the company’s 2,500 square foot auto body shop in Kissimmee, FL.

So how did a guy with no particular background as a mechanic or in the auto parts industry get involved in this business?

Well, even if Mathur didn’t know all that much about fixing up or modifying cars, he did have entrepreneurship in his blood.

Mathur’s father had, for years, owned and operated a bookstore. So in addition to his education, he had learned a lot about running a business…and about spotting an opportunity.

While incapacitated for a short while with a hand injury, Mathur used the time to read auto magazines from his parents’ store. He intended to modify his existing car and spent a lot of time at a local auto paint shop drinking in all he could learn about the process.

When a local auto parts dealer refused to stand behind some faulty parts he’d bought or even go to bat for him with the manufacturer, Mathur decided he could do better.

With a $700 business loan from his parents and use of their business license and a room behind the store, Mathur started selling auto parts.

When he enlisted the help of some part-time workers from a local car club, the group began doing modifications on each others’ cars in the parking area out back.

speedzone performance

Before long, local code enforcement required him to move to a facility that allowed more automotive work. Mathur brought in a lift and other necessary equipment and continued to build his business.

Today, Mathur has six employees, including certified mechanics. He also operates a website SpeedzoneWeb.com where he offers auto parts for sale. However, he admits the site is a much smaller part of his business and serves mainly to promote his physical location.

Mathur says online sales of auto parts is dominated by sellers marketing mass produced parts from China, Malaysia and other overseas sources. Their emphasis is on low prices Speedzone Performance cannot meet due to its sourcing standards.

Instead, Mathur will deal only with primarily domestic and some Japanese manufacturers who he has researched thoroughly or been referred to by other trusted industry sources.

Mathur estimates only about 30 percent of the auto part industry focuses on this approach, avoiding mass produced lower quality parts.

The next step is the research and development and then manufacture of his company’s own brand of parts, something already done by others in the industry, he says.

* * * * *

iCIMS, a leading provider of talent acquisition solutions for growing businesses, is proud to be the official sponsor of Small Business Trend's first inaugural "Small Biz Spotlight" of Speedzone Performance. Like iCIMS, Speedzone Performance has become a leader in their industry by providing the highest quality products and superior service to their customers. iCIMS is delighted to have the opportunity to support the passionate drive and entrepreneurial spirit of companies like Speedzone Performance through the sponsorship of the "Small Biz Spotlight." (Visit the “Small Biz Spotlight” series archives and stay tuned for more small business stories there.)

Image: speedzoneweb.com

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Twitter Plans eCommerce Function, May Use Payment Startup Stripe

Posted: 29 Jan 2014 08:00 AM PST

stripe2

It’s being reported that Twitter is planning to launch an eCommerce feature. The service could be patterned roughly on Square Market and would integrate the technology of a startup payment solution called Stripe.

Twitter chairman Jack Dorsey is also the CEO at Square. But TechCrunch reports the newly proposed Twitter eCommerce feature does not sound as if it would be any real competition for the credit card reader.

Stripe Founders Patrick and John Collison’s hometown paper recently reported that the two are deep in negotiations with Twitter over the deal – but the pair are not keen on selling their company. Another company being considered, according to Techcrunch, is Paypal.

So What is Stripe?

Stripe is a payment system which enables you to collect credit card information from your customers on your website. But no information is stored on your servers – everything is sent to Stripe for processing. That way, you don’t have to worry about encrypting credit card or other information on your servers. For this service, Stripe charges 2.9% and 30 cents per transaction.

Below is a short video description of how Stripe works:

Stripe also raised $80 million in funding recently to expand its services, putting the total valuation of the company at $1.75 billion.

Up to this point, Twitter has made several efforts to monetize their platform. They have included “hashtag commerce” with Chirpify, promoted tweets, targeted tweets, and purchase hashtags and credit card syncing, with American Express. But now Twitter seems to be on the cusp of developing a standalone storefront platform where brands can sell to Twitter users, with hopefully Stripe covering the back end, processing the payments.

However, even if Twitter’s eCommerce efforts do come to fruition, advertising may be the main source of revenue for Twitter for some time to come.

Twitter’s main rival, Facebook, has gone down the eCommerce route themselves. Despite their considerable online clout and financial resources, the revenues from their eCommerce efforts only amounts to 11% of their total revenues.
Images: Stripe

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How to Avoid IRS Trouble Due to Identity Theft

Posted: 29 Jan 2014 05:00 AM PST

identity fraud irs

In September 21, 2012, an Arizona woman was sentenced to 3 years in prison for identity theft, and ordered to pay nearly $400,000 in restitution. She had used stolen identities to file 180 tax returns. She tried to hide her tracks by filing the tax returns electronically using the unsecured wireless networks of her neighbors. Then she recruited her friends and had the refunds (in the form of prepaid debit cards) sent to their addresses.

And that, my friends, is the anatomy of an identity theft.

The above example was provided in testimony by an IRS official before the House Oversight and Government Reform Committee.

As you complete your tax returns this tax season, identity theft may be the last thing on your mind — but you should be aware of the potential risks.

It’s bad enough if someone steals your identity or your business’s identity, and racks up charges on your credit cards or takes out loans in your name. But you could find yourself in a pickle with the IRS, too, potentially incurring unnecessary tax liability. Then you’d have a tax mess to clean up, including extra expenses to pay an attorney to represent your interests.

You see, income you didn’t earn could be reported to the IRS. Who’s going to pay the taxes on that income you never received, but the fraudster got?

Or a second (incorrect) tax return could be filed for you and your business. If you are due a tax refund, it could be delayed or never get to you, because it ends up somewhere else.

And if you and your family receive any Federal benefits, those could be reduced, because another government agency may get information from the IRS suggesting your income went up (when it really didn’t).

The IRS says it has 3,000 employees working on identity theft cases.

It’s easy to hate the IRS, but the agency is required to be a watchdog of taxpayer funds. If refunds are paid out in error due to fraud, ultimately those are losses the American taxpayer may have to eat. So if the IRS can cut down on losses from identity theft, it benefits everyone (except the criminals!).

Steps to Take If You Suspect Identity Fraud

Take these steps to protect yourself and your business from identity theft — before or after the fact:

Protect and Avoid

Perform a credit check on yourself and your business at least once a year to see if unauthorized loans or credit cards have been taken out.
Protect your financial information, especially your social security number or EIN number. Don’t give it out over the phone or in an email unless you are absolutely sure there’s a legitimate reason.
Protect your computers and mobile devices (personal and company-issued) from phishing and malware. Otherwise, your financial information could end up in the wrong hands.

Scrutinize and Report

Scrutinize every 1099, W-2 or other information filing you receive from third parties. Don’t just file them away or hand them to your tax preparer. Don’t recognize the payer? It could be a sign of fraud. For example, here at Small Business Trends a few years ago, we received a false 1099 — and narrowly avoided another fraud situation. You see, fraud has been dogging affiliate marketing. Fraudsters will set up affiliate accounts (from offshore) under the name of legitimate websites in the U.S., and siphon off the income. The company having the affiliate program reports the income to the IRS under the victim-business’s name. Then you as the website owner get a 1099 reporting income you never received – ugh!
If you receive a tax form from anyone you don’t recognize, immediately write to the payer, via certified mail. Tell the payer you believe you were a victim of identity fraud and did not receive the income attributed to you. Ask them to investigate and correct their records. Also, consider attaching an explanation to your tax return as to why you did not include the “income” on your return.
Call the IRS identity theft hotline at 800-908-4490, extension 245. The IRS says it will take steps to “secure your tax account and match your SSN or ITIN.” The IRS has been piloting a program to match taxpayers with their tax ID numbers, to tackle fraud.
Fill out the IRS Identity Theft Affidavit, Form 14039 (PDF).
Report the fraud to the FTC’s identity fraud hotline: 877-438-4338
Report it to local police.
Report it to the 3 main credit reporting agencies:
- Equifax – 800-525-6285
- Experian – 888-397-3742
- TransUnion – 800-680-7289
For your business, add to that list Dun and Bradstreet. The iUpdate feature allows you to update information about your business credit.
Talk with your attorney and/or tax preparer – before reporting to anyone. They can advise you on what to do and how to communicate so that you are perceived as blameless as possible (how we communicate in legal situations can avoid unnecessary grief later).