Small Business is our Business

As an employer, are you ready for Generation Z?  Born between 1990 and 1999, this generation of workers are markedly different from boomers, Xers, and Yers.  Generation Z  has never known a world without the Internet or smartphones—- the first truly digital generation. They are used to change.  Growing up during the Dot com debacle,  where parents lost money and jobs, these young workers crave financial security and employment stability.     Results from a survey conducted in late 2015 by Robert  Half, a staffing service , found these traits among Zers—-

* A clear vision of career goals.  Five years out of college , 32% expect to be managing or supervising employees in a corporate environment.  24% expect to be working their way up the corporate ladder , though not yet in the management ranks.

*Although   Zers are technologically savvy they lack  “soft skills”—- rigorous self-evaluation, taking personal responsibility, maintaining a positive  attitude,  follow-through, and timeliness.

*77% expect to work harder than previous generations to have a fulfilling career. They  are currently  facing a highly competitive job market in a struggling economy.

*Z’ers have strong relationships with parents, teachers, and counsellors who provide an enormous amont of   support, and coaching—–MUCH MORE than previous generations.

*This generation is entrepreneurial and can work independently.

*Z’ers want consistent and frequent feedback on their performance.

Source:  Get Ready For Generation Z.  Robert Half,

Recruiting via social media is growing among companies.  A 2016 survey conducted by the Society for Human Resource Management found 84% of companies are currently using social media to recruit—-dramatically up from 56% in 2011.  Why the interest?

* 82% use social media to recruit passive job candidates who might not otherwise apply

*77% want to increase employer brand  and recognition

*71% want to target applicants with specific skills

*61% want to target a specific job level — entry , managers, executives

*55% say it is less expensive than other methods to recruit job candidates

Source:  2016 SHRM Survey , Using Social Media For Talent Acquisition—Recruitment and Screening.

 

 

An April 2016 Experian College Graduate Survey looked at credit card usage among soon-to-be graduates.  The results—-

*58% have a credit card

*30% of credit card debt with an average balance of $2,573.

*47%  know their credit score

*The  average number of cards 1.35

*Average monthly charges are $531

Reasons for having a credit card include——

*26% parents/guardians suggested they get a card

*25% needed an easy way to shop

*25% wanted a way to make purchases without carry cash

*22% wanted  easy access to emergency funds

 

 

 

Every small business owner needs a business plan and an exit plan.  The exit plan is your  strategy for  transferring  ownership of the company you painstakingly  build. So  what are the possible exit scenarios?

*Sell

*Be acquired by another  company

*Merge  with another company

*Go public with your company  and acquire shares that can be sold

*Family members take over

*Employees  buy the company in a ESOP (employee stock ownership plan)

*Close the business

Whatever you choose to do, exit strategies often dictate short term goals and your company’s priorities. In many ways the business plan and the exit plan go hand-in-hand.

 

 

 

 

 

SUNY Old Westbury has received approval for a Start-up NY tax-free zone in Bethpage.  As a way to attract businesses to the state, participating tech companies do not pay state and local taxes for 10 years and their employees do not pay state income taxes for 10 years.  This sixth location joins the following zones in Nassau-Suffolk—-

*Stony Brook University

*Farmingdale State University

*LIU  at Post

*Suffolk Community College

*Republic Airport

 

 

Estimates in 2015 place global crowdfunding  at $34 billion, up from $800 million in 2012.  Regulations  just finalized by the Securities & Exchange Commission will continue to  safe guard investors , ease investing requirements and provide  greater  accountability.  For those with the urge to invest in start-ups,  checkout these websites—-Crowdfunder, Early Share, Fundable, Wefunder, Equity Net, and RockThePost.  As a small investor, you can get in on some of the action. Those with incomes or net worth less than $100,000 can invest $2,000 or 5% of annual income or net worth, whichever is lower.

A recent survey conducted by CareerBuilder found over one-half (52%) of  employers use social media to gather information on job applicants.  This trend will  in all likelihood continue to grow. A real eye-opener is that 48% of hiring personnel have used this online  info  to NOT hire a prospective employee. Hiring managers in information technology (76%) and financial services(64%)  are the most likely to use social media to screen candidates. Other industries include:   sales(61%), professional/business services (54%), manufacturing (49%), and health care (49%).

So what turns hiring managers off?

*Provocative or inappropriate photographs

*Candidates use of drugs or drinking

*Bad- mouthing previous employers or co-workers

*Poor communication skills

*Discriminatory comments on race, religion, gender, etc.

Source:2015 CareerBuilder ‘s Survey of  Social Media. An online survey of 2,175 hiring managers .

 

 

 

 

Source:   CareerBuilder’s 2015 Social Media Recruitment Survey.

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