Tag Archives: human resources

What you don’t know about Wage and Hour Compliance

According to the Department of Labor (the DOL), more than 70% of all employers violate the Fair Labor Standards Act (The FLSA). Wage and hour lawsuits can end with significant payments for penalties and back wages.

Some employers are blissfully unaware of the regulations they could be in violation of. Some common violations include misclassification of exempt employees; off the clockwork; unpaid meal and rest break self-imposed penalties; improper calculation of the regular rate of pay; improper deductions from salaried employees; insufficient information on paycheck stubs; timekeeping violations; and failure to pay overtime correctly.

If you find yourself in violation of any of these you could incur substantial penalties or, a worst case scenario of a class action lawsuit. YPP can help guide you through a wage and hour compliance review, to identify and correct risks before you get a claim, and ensure ongoing compliance.

Now is the time to build your HR strategy before the new year. Contact us now!

Small Business Culture Counts!

How Small Business Culture benefits you.

Small Business Culture

Business culture is defined by attitudes, beliefs, behaviors and traditions of your workforce. They are ingrained in the business and team; and hey will be accepted as the norm. Culture can also determine the type of customers you attract, the growth of the company and the quality of serve you deliver is an important aspect for your business’s. If employees don’t buy into the company culture, then everything else is wasted. A new hire should be taught the company culture early on in their training. An employee who believes in the company culture will live and share it with others.

Build your teams engagement mindset!

emotionally engaged employee

We believe it’s possible to build an “engagement mindset” starting with some small steps. First pick a project, process or issue. Second, talk to the team and get their buy in. Lastly remember to TRUST, yourself as well as your team. An “engagement mindset” empowers teams, builds collaboration and frees team members to use their strengths to contribute to team success. It clarifies and prioritizes expectations and celebrates individual contributions to shared goals. Like most new skills, it takes practice but the end results will build trust and confidence. Contact me, if you want to know more about how creating the engagement mindset!

An employee who is emotionally engaged is better than just engaged

emotionally engaged employee

An emotionally connected employee that feels for their organization and their work is tuned in, turned on and eager to go the extra mile. Recently, Harvard Business School did a study that shows that more than raises or promotions, employees want to feel their input is valuable to the enterprise. If a worker feels safe, secure, valued, seen, heard and belonging, they will be more productive members of the team. Only when people know what it feels like to be first in someone else’s eyes can they sincerely share that feeling with others. We’re not saying choose your people over your customers. We’re saying focus on your people first because of your customers. That way everybody wins. Always treat people as the source of the solution…. NOT the cause of the problem. Contact me to learn more on how to make your employees emotionally engaged.

Employee: to be engaged or not to be, that is the question…

According to Gallup ONLY 30% of U.S. workers are truly engaged. Where actively disengaged workers cost businesses over $450 billion per year! Individually that costs employers about $18,000 per year. Our experience working with clients for many years, we believe the costs are even more than this. What is the cost to you, for example, of an employee who doesn’t pay attention to loan documents and makes a significant mistake? What’s the additional cost when that client tells everyone about their bad experience? It is important to evaluate your business and think about the kinds of costs lack of engagement can cause so your team understands the value of improving it. Engage us on how to can turn those disengaged workers engaged!

Outsourced HR Saves Businesses Time and Money

Running Human Resources internally is very time consuming to do well and still leave time to focus on the core business. Employers believe that they are saving money but typically do not consider the amount of work required to keep up with ever changing federal, state, and local employment laws and regulations. In addition, given the many aspects of HR – employee relations, benefits administration, leave administration, legal compliance, etc. – it is simply not cost effective to hire staff with all this expertise. That is why so many businesses choose to outsource the HR function. Our HR teams brings all those skills to bear at a much lower cost than having internal HR staff.

EW in the News

EW Business Partners CEO Sandra Dickerson authored this article for the November issue of the Western Independent Banker’s HR & Training Digest:

 

Expanding your View of Succession Planning

Succession planning is an essential board function and one regulators and stakeholders consider a priority. The financial industry has been challenged in recent years by a seemingly endless number of crises that have diverted time and attention away from this critically important area.  Institutions face many risks when succession planning is either ignored or given only perfunctory attention including financial losses, critical talent exodus or takeover vulnerability.

As the industry emerges from relentless crisis mode to a more settled, albeit still challenging environment, it is an opportune moment to move succession planning to its appropriate place in the Board’s oversight agenda.  The banking environment has been forever changed by recent events so it may also be the perfect opportunity to move away from the traditional succession management process to a more comprehensive and innovative talent development model.

Traditional succession planning focuses primarily if not exclusively on the CEO.  Often the current CEO drives the process or anoints an heir apparent with little or no Board input other than a perfunctory approval. In that scenario the Board may lose the opportunity to determine the kinds of future innovative and organizational needs the organization may have in order for the new CEO to forge a new direction.  The other common scenario in traditional succession models is a Board that fails to fully assess internal organizational talent, assuming the only qualified candidates must come from outside.  The outsider only approach can be expensive and may result in a more difficult transition. Assessing skills and prior success is fairly simple, but assessing cultural fit can be a tricky endeavor.

Succession planning is too critical a Board responsibility and the consequences of a poor selection too risky to rely on anything less than a comprehensive succession model that encompasses the broadest possible range of options and opportunities.

The talent development model of succession planning considers the whole organization and takes a broader view of succession planning beyond just the CEO replacement.  This model builds, maintains and continuously evaluates an internal and external talent pipeline and creates a transition strategy that will address either emergency or normal course of business successions.

So how does a board begin implementing a talent development model for succession planning?  The first and most essential step is a commitment by the board and the current CEO and recognition that they will be engaging in a process that involves emotions, egos, politics and “peeling the onion” …a process that will also require resources (both time and money).  Success can only be achieved if they align the business strategy with the “best fit” opportunity for future leadership.  The process requires defining the current and future needs of the organization and determining the skills, aptitudes and personality traits essential to filling the key leadership positions within the organization.

Once the Board defines and understands the current and future needs of the organization, they begin the next step which forms the foundation of this process:  that of assessing the organization’s current talent.  Small banks may have an easily identifiable group of leadership candidates.   Larger institutions should look not only at the obvious top tier but also reach deeper into the organization.   Existing talent should be fully assessed for training and development needs. The Board and CEO can utilize this information as the basis for creating and implementing a talent development program. Effective talent development programs require resources of time and money.

One component of these should be properly administered assessment tools.  These will help identify those employees most likely to succeed, and training can be customized by employee.  Training and assessment budgets are often first on the budget chopping block but such a shortsighted approach will leave the organization without essential talent at critical moments.

Identifying outside talent is more challenging but can be accomplished through creating and maintaining networking channels.  The CEO and Board members all play a role in the process and outside talent should be incorporated into the succession strategy.

Using a talent development model will provide a stronger candidate pool and improve overall organizational health and morale.  A reputation for providing strong career development is an outstanding recruiting tool to attract the best possible candidates.  Employees who are encouraged in their career development path and provided the tools and resources they need to grow are far less likely to seek opportunities with your competitors. The implementation of a talent development approach to succession planning takes much of the uncertainty and guesswork out of the succession process but it has the added benefit of building a stronger organization from which to choose the next leadership team or to attract the right outsider if that is determined to be the best course of action.