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Staffing News Online

NJSA's Staffing News Online is a monthly e-newsletter that is available to the staffing industry.  The content for Staffing News Online comes directly from our industry partners.  If you are an NJSA industry partner and would like to submit content for Staffing News Online, please email office@njsa.com with your article.

  • Tuesday, November 30, 2021 5:24 PM | Denise Downing (Administrator)

    Submitted by Crimcheck

    The accuracy of criminal records used in employment screening has become a major issue for both employers and employment background screening providers (legally known as consumer reporting agencies (CRAs)) in Fair Credit Reporting Act (FCRA) related litigation.

    Considering the potential liability of hiring a candidate with a criminal record, combined with the speed and omnipresence of the media, one bad hire could be a PR and financial nightmare for a company of any size. On the other hand, consider not hiring a candidate — or firing an employee — because of a faulty or inaccurate background check.

    A recent complaint (Buckley v. Uber Technologies, Inc. et al) filed in August of 2021 asserts that a consumer reporting agency (CRA) violated the FCRA by reporting to Uber Technologies Inc. and Lyft Inc. that the plaintiff was listed as deceased on Social Security Administration’s (SSA) Death Master File. The suit was filed on behalf of a former driver for Uber and Lyft who contends that his work for the ride-hailing companies was terminated due to an inaccurate consumer report.

    According to the complaint, the plaintiff seeks damages for harms stemming from the prolonged and inaccurate background check that Uber and Lyft were allegedly obligated to provide him with a copy of, but did not. Under the FCRA, all screening providers must “follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates.” Also under the FCRA, candidates must give prior written consent before employers conduct a background check — and have the right to dispute reports’ contents.

    While many of these class action lawsuits at the federal level are aimed at CRAs, the company that engages a CRA isn’t protected from liability. There are many reasons an inaccurate background check could expose your company to costly legal action: A background check could turn up data on a person with a similar name, report old or expunged charges, or errors in cases of identity theft if the background screening provider doesn’t verify the negative information.

    How to Work With Your Screening Partner to Reduce Liability

    When it comes to your company’s legal liability, it’s important to partner with a background screening vendor that puts data accuracy ahead of just about anything else. Your selection process should begin by verifying that a screening provider is accredited by the Professional Background Screening Association (PBSA). Founded as a non-profit trade association in 2003, PBSA was established to represent the interest of companies offering employment and tenant background screening services. Accreditation means that a provider has been independently audited to ensure it adheres to best practices in its operating procedures and policies, which include how it handles current legislation around accuracy in background checks.

    FCRA compliance (and how your provider will notify your company of any changes in the FCRA).

    How customer service is provided. Some providers outsource or offshore their support while others provide dedicated, U.S. based customer support.

    The data acquisition process. Some companies are looking for a vendor on the lower cost end of the spectrum, but a vendor that is significantly cheaper may also take shortcuts with how it sources data. While screening firms access similar information, the methods they use to source records can differ widely.

    How a vendor ensures accurate and actionable criminal reports and protects your company from any liability.

    Data privacy and if the screening is performed in the U.S. or offshore. If offshored, the provider should explain how data privacy will be protected in accordance with Safe Harbor, GDPR, and requirements for screening applicants from EU countries.

    Acting on an inaccurate background check could keep your legal team busy for years dealing with the repercussions of a class action or individual lawsuit and the cost to your company could be in the millions. In 2019, Good Jobs First, a nonprofit resource center promoting accountability in economic development, found that over the past decade employers paid out $174 million to resolve class-action lawsuits alleging that they violated federal rules governing the use of background-check reports on job applicants. CRAs have paid out another $152 million when they have been sued directly.

    Crimcheck is proud to be among only ten percent (10%) of PBSA members to achieve accreditation. As an accredited member, Crimcheck commits to providing the highest level of industry standards, our operational team members obtain PBSA certification, and we offer clients solutions that help them manage their compliance while background screening.

    Click here to read the article on the company website.

  • Tuesday, November 30, 2021 5:21 PM | Denise Downing (Administrator)

    Submitted by Avionte

    Finding, engaging, and retaining qualified talent have always been the top challenges in the staffing industry. The talent shortage was a major issue years before the pandemic and it’s expected to be for years to come. But its rapid growth, combined with unprecedented attrition, has every agency looking for innovative ways to differentiate their candidate experience from beginning to end.

    Staffing leaders talk about the candidate journey as their agency’s own path to success and growth. And that path is increasingly leading to one place – talent enablement technology. The pandemic forced agencies to adopt a more tech-focused mindset overnight to keep candidates engaged and the long-term benefits have become clear.

    63 percent of leaders say COVID-19 made their organizations embrace digital transformation sooner than they had expected and were making greater investments in technology as a result. “Figure out your tech stack” resounds in many heads today.

    Talent Enablement Lets Candidates Own Their Experience

    Staffing firms of all sizes and stages of growth use a CRM to automate recruiting tasks and an ATS to source and onboard candidates. Many use other tools for background screening, engagement, interviewing, onboarding, human resources, payment, and business intelligence.

    Often these systems are not integrated, hurting work and sales flows, costing the agency efficiency, productivity, and money. Finding solutions to better integrate tech or even ones that can do it all on one platform is a major focus for staffing agencies these days. But there’s another tech investment agencies are starting to make.

    The candidate journey has many steps. Each one is a chance for talent to engage or disengage with your firm. The goal is to make the process as easy, smooth, and fast as possible. Agencies are finding the best way to do that is through Talent Enablement. Candidates want a consumerized process where they own their experience and have less back and forth with recruiters. Why not give it to them?

    Mobile Apps Increase Engagement Throughout the Candidate Journey

    Mobile apps are a highly efficient, cost-effective way to give candidates exactly what they want and keep them engaged throughout the candidate journey. They can search for jobs, apply, interview, get hired, get paid, and redeploy all in one place.

    When candidates are empowered to steer their own experience, they are more accountable for their own engagement in the hiring process and less likely to become frustrated with different steps along the way. Both of these are critical today with ghosting at crisis levels in the industry.

    As mentioned in “The Rise of Talent Enablement: What Staffing Agencies are Doing Today to Increase Engagement and Improve the Candidate Journey,” positive onboarding experiences directly correlate to higher acceptance and retention rates. The more you enable your talent the more advantages you give your brand.

    Talent Apps Optimize Work and Sales Flows for Staffing Agencies

    Some staffing providers are now seamlessly integrating robust candidate apps into their tech stacks. In fact, apps become integrators in their own right, effectively de-siloing CRM, ATS, and other third-party tech agencies commonly used. They can be as big a game-changer internally as well as externally.

    A great example of this is WorkN, acquired by Avionte.

    WorkN provides a seamless CX for candidates while also automating recruiter tasks, giving them more time to spend using the tool to generate interest and distribute offers. Algorithmic matching and push notifications make it fast and easy for recruiters to hire and redeploy talent. Live dashboards provide data and analytics that drive decision-making and revenue.

    We’ve all learned a lot in the last year and a half. The silver lining for staffing agencies is that the pandemic provided a proof of concept for how technology can positively affect the entire candidate journey moving forward. Finding the right tools to complement and even accentuate the high-touch recruiters provide is essential.


  • Tuesday, November 30, 2021 5:19 PM | Denise Downing (Administrator)

    Submitted by Worldwide Specialty Programs

    All too often, staffing agencies face the Fair Credit Reporting Act (FCRA), being wrongly accused of using background checks to make their hiring decisions. Staffing companies encounter lawsuits over improperly conducting background checks with a backdrop of raising FCRA lawsuits and class actions. These often occur when an “Instant Check Database” background check company is used, and the records are not vetted. The staffing industry is seeing more background check-related settlements for all those involved in applicant screening. Agencies must keep certain factors in mind to avoid getting sued. The use of background checks can be a potential legal pitfall for staffing companies that can bring about expensive financial settlements and irreparable damage to your client’s brand. Staffing companies must take every measure to avoid running into these mistakes.

    Proper Compliance

    Improperly conducting background checks can lead to a costly lawsuit. Agencies must ensure that whatever background checks are used, they are carried out according to the law. Agencies must comply with the relevant legislation. The main legislation, in this case, is the FCRA, which governs how the process for background checks should be used when making hiring decisions. To comply with FCRA regulations, agencies must:

    1. Inform an applicant/employee of the intention of conducting a background check on them
    2. Get written consent from the applicant/employee before ordering a background check
    3. Send A Pre-Adverse Action Notice before hiring decisions based on the information from the background check
    4. Send them a copy of the background check report, allowing ample time to dispute the contents
    5. Send the applicant an Adverse Action Notification once a decision has been made not to hire them

    Note that these conditions have their own specific details, which can be ground for lawsuits. There is certain FCRA language with specifications on things such as that a disclosure must be written and be a “stand-alone document.” Some staffing agencies have even been sued after giving disclosures simply due to the fact that they were not provided as stand-alone documents.

    Pre-Adverse Action Notice

    Pre-Adverse Action Notices also have their own minute details. They must be sent along with a copy of the background check report and a document specifying the applicant’s FCRA rights, including the Federal Trade Commission (FTC). There have been lawsuits based on the fact that documents were sent with errors in the FTC address. The simplest mistake can lead to a case that could lead to financially devastating outcomes, so background checks must be conducted with the utmost caution. For criminal background checks, not only does FCRA legislation apply, but so does The Equal Employment Opportunity Commission (EEOC) who can sue those who misuse criminal background checks under the Civil Rights Act. Your clients can use screening companies to fully understand the various federal and state legislation that govern background checks and help navigate the wide range of legal complexities. There are few recruiters and hiring managers who would willfully violate laws (especially if they are aware that it could lead to very harmful consequences). Staffing agencies must remain vigilant so they can avoid even the tiniest mishap to lead to a lawsuit. Your client’s agency should secure staffing business insurance so they are prepared to tackle these types of instances.

    About World Wide Specialty Programs

    For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.

    Click here to view the article on the company website.


  • Monday, November 01, 2021 4:03 PM | Denise Downing (Administrator)

    Submitted by Haley Marketing

    Why should you follow up with every employer and job seeker who reaches out to your staffing agency?

    Here are four reasons:

    1. Staffing is competitive.

    If you don't respond to a customer's request or complaint in a timely manner, you create opportunities for your competitors to swoop in.

    2. Automation is ubiquitous.

    Autoresponders, chatbots, social listening tools, and platforms like Sense and Herefish make it simple to follow up.

    3. Customers are increasingly impatient.

    According to Forrester Research, 77% of customers say that valuing their time is the most important thing your company can do to provide them with good online customer service. And their expectations are high! Nearly 4 in 10 (39%) of social media users expect a response from you within an hour (HubSpot).

    4. And following up is simply the right thing to do.

    These days, there's simply no excuse not to respond to a staffing customer promptly (whether they're an employer, associate or job seeker):

    • Automation makes it too easy. With the right tech in place, you can automate time-consuming processes to ensure everyone gets the feedback and help they need. (We've developed new Automation Optimization Services to help you maximize the value and results you see from platforms like SENSE and Herefish; you can contact us to learn more).
    • There's too much at risk. Customers who are frustrated by a slow (or no) response are likely to take to social media and vent their frustrations publicly – damaging your reputation in the process.
    • The upsides of timely response are too big to ignore. Building a reputation as a staffing firm that listens to its customers – and then follows up promptly – improves recruiting, sales and retention. Great customer follow-up strengthens your employment brand, minimizes candidate drop-off, improves completion and redeployment rates, increases client loyalty, and helps convert more prospects to customers.

    Fast, consistent response builds trust and confidence in your staffing agency. It demonstrates that you care about your customers and value their time. But how can your firm determine the right speed for response time? Here are two tips:

    • Create minimum acceptable standards. Determine acceptable timeframes for replying to customers through various channels, such as phone, email, support ticket, social media, etc. "Acceptable" could be anywhere from one business day down to one hour – that's for you to decide. Once you create those standards, share them with your team along with expectations for adherence.
    • Determine optimal response times – ones that will really WOW your customers. Then, look for ways to improve your processes and technology to consistently hit those targets.

    Want more ideas for improving staffing customer follow-up?

    These two earlier posts contain practical tips for shortening response times and creating a better experience for every employer and job seeker who contacts you:

    That's a LOOOOOOONG Time to Wait

    Get Real (Time) About Candidate CX


  • Monday, November 01, 2021 4:01 PM | Denise Downing (Administrator)

    Submitted by Two River Benefits Consultants, LLC

    Recently, the Occupational Safety and Health Administration (OSHA) announced that it submitted a draft of its emergency temporary standard (ETS) for private employers requiring mandatory COVID-19 testing or vaccination to the Office of Management and Budget (OMB).

    The ETS will require all businesses with 100 or more employees to ensure their workers are either fully vaccinated or tested for COVID-19 once a week, according to the White House. The rule will also reportedly require applicable employers to provide their workers with paid time off to get vaccinated and recover from any vaccination-related side effects (e.g., chills).

    This submission to the OMB for review is a standard part of the regulatory process for an ETS. Once the OMB finishes its review and the rule is published in the Federal Register, the ETS will go into effect.

    It’s currently unclear how long this process will take. The OMB’s review process for the most recent COVID-19-related OSHA ETS lasted more than six weeks. However, this ETS could have a different timeline, as President Biden has called for an expedited process on this rule.

    “The Occupational Safety and Health Administration (OSHA) has been working expeditiously to develop an emergency temporary standard (ETS) that covers employers with 100 or more employees to ensure their workers are fully vaccinated or undergo weekly testing to protect employees from the spread of coronavirus in the workplace.” - U.S. Department of Labor

    What This Means

    While this announcement does not provide any new details on the contents of the ETS, it signals that the rule is moving forward as expected and could be in effect as soon as the coming weeks.

    While the OMB reviews the rule, large employers with over 100 employees should begin preparing to comply. Employers with less than 100 employees that are interested in their own vaccine mandates should consult with legal counsel before moving forward. Stay tuned for more details about the ETS in the coming weeks.

    We will keep you apprised of any noteworthy updates. Reach out to Two River Benefits today for more resources.



  • Monday, November 01, 2021 3:59 PM | Denise Downing (Administrator)

    Submitted by E3HR

    We all know how an increasing SUTA rate can have a material impact on your pricing models. COVID has layered in additional complexities that could have a material impact on your business. Still, the basics have not changed and the need to block and tackle while maintain consistency is the best way to approach the topic.

    Below are some helpful guidelines to follow as you navigate the process:

    Best Practices for Controlling Unemployment Costs

    Over the last 18 months Unemployment claims have reached all-time highs and are only now starting to decline. Employees throughout New Jersey and the country have been overwhelmed by this massive increase in unemployment claim volumes. With claims finally decreasing now is a good time to review best practices for staffing agencies to control unemployment costs and the overall SUTA rate..

    Staffing agencies are uniquely affected by Unemployment Insurance (UI) Claims. The continual turnover of employees can open staffing agencies up to countless claims. Contesting baseless UI claims is the best way to keep your unemployment rates down. Proper recordkeeping, beginning with your new hire paperwork, is essential to disputing and winning unfounded UI claims. In addition to recordkeeping, separation reason and claimant eligibility are the key factors to consider when staffing agencies challenge UI claims. To fully understand how to challenge these claims, first we need to understand what the state is looking for when it comes it UI claims and staffing agencies.

    Separation Reason

    The state wants to know why the claimant is no longer working. Typically, the state classifies the reason for separation into 1 of 4 categories: lack of work, discharge, quit, and still employed. This article we will focus on the most common separation reason among staffing agencies, lack of work. The “lack of work” claim usually occurs when the claimant's last assignment has ended. It is important to note that it doesn’t matter why the claimants last assignment ended, but rather that “lack of work” separation reason does mean that they are still eligible for reassignment.

    Eligibility

    The next issue the state considers is eligibility. The claimant must be able, available and actively seeking and accepting all suitable work in order to draw UI benefits. This eligibility requirement is important. The claimant may have completed their assignment but not be actively looking for a new assignment.

    Example of a typical “lack of work” UI claim:

    Claimant completes their last assignment. They apply for unemployment. The claimant has met the separation reason: lack of work. The claimant may or may not be actively seeking work. This is where the eligibility factor and recordkeeping come into play. Most lack of work claims like this are lost because of little to no recordkeeping. Now, let’s discuss how to win these disputed lack of work claims.

    Recordkeeping

    Having the right paperwork in place from the start is crucial. When challenging a “lack of work” claim states will ask for evidence of your current policies and procedures. It is up to the employer to provide this evidence to the state. Without written documentation the state will often side with the claimant. .

    If you don’t have similar policies in place, we encourage you to implement them immediately. The Failure to Maintain Contact Form can be added to your new hire paperwork and should be signed by every new hire going forward. This form was specifically designed to help staffing agencies control unemployment costs by winning more “lack of work” claims.

    The FTMC form states that the employee will contact your agency immediately after their assignment has ended. Failure to do so may result in them being ineligible for unemployment benefits. With this FTMC form and policy in place New Jersey recognizes the FTMC as a voluntary quit and your UI account will not be charged.

    States that don’t recognize the FTMC as a voluntary quit do recognize it as a secondary eligibility issue. This means the claimant will not be drawing unemployment benefits, reducing your liability and saving your unemployment account money.

    UI Claims Cost Control Basics

    ● FTMC Form Signed by all New Hires

    ● Separation Reason: Lack of Work

    ● Eligibility: Actively Seeking Work?

    ● Recordkeeping: Signed FTMC, Work Refusal, Etc.

    If we go back to the example of the “lack of work” UI claim: The employee who completed their assignment and applied for UI claims without first contacting your staffing agency would not receive UI benefits provided you have the FTMC documentation to provide the state.

    A claimant would be eligible for benefits if they followed procedure by contacting your agency looking for more work at the end of their last assignment. If they refuse similar work, they would not be eligible for UI benefits. Again, recordkeeping is important, be sure complete a refusal of work form

    Of course, there is a lot more to controlling unemployment costs that this “lack of work” snapshot. Unemployment rates differ by state, if you would like to learn more about controlling your unemployment costs, please reach out to the Compliance team at E3 HR Inc compliance@e3peo.com. We are happy to answer any unemployment questions you may have.


  • Thursday, September 30, 2021 11:08 AM | Denise Downing (Administrator)

    Submitted by Assurance

    Despite the country teetering on a return to normalcy again, staffing firms are still struggling with a variety of challenges that have been heightened because of the pandemic.

    With clarity and preparation paramount, we recently sat down to discuss some of the current trends in staffing and how the industry will be impacted moving forward. Whether it be the rise in cyberattacks, the hard insurance market, or the tight and unsteady labor market, the staffing industry must adapt and overcome these challenges.

    Rising Cyberattacks

    Unfortunately, the staffing industry has become a prime target for cybercriminals. From social security numbers, to addresses and birthdates, it’s no secret that staffing firms hold a bevy of private information that cyber attackers tend to prey on. Layer on top of that the fact that many of us were forced to send employees home to work during the pandemic, which exacerbated a lot of the weaknesses in cybersecurity systems.

    As always, a reliable cyber liability insurance policy is extremely important when preparing your firm for an unexpected cyberattack – but it shouldn’t stop there. It’s also critical to have a proven set of cyber policies in place to mitigate exposure. Policies such as regularly testing your system for weaknesses and ensuring that firewalls are enabled and dependable can go a long way in stopping a cybercriminal.

    Challenging Hard Market

    The hard insurance market has become an issue for pretty much every industry segment that requires insurance – and staffing is no exception. It’s especially prevalent right now when it comes to employment practices liability, cyber liability options and umbrella. As a result, we’re seeing it’s tough to get quotes, capacity is low, deductibles are increasing, and pricing comes back adverse where we have to enter heavy negotiations with the renewal carriers.

    There are, however, measures that organizations should consider to overcome such challenging renewals. Here are some steps to follow when faced with a complex renewal:

    - Start early

    - Communicate with your broker

    - Map out a strategy and plan

    - Work with a broker who knows the current market and industry

    Attracting and Retaining Talent in a Tight Labor Market

    With the nation’s economy pushing to reach pre-pandemic levels again, the search for job talent is proving to be a difficult obstacle. Employers all over the country are not only struggling to attract qualified workers, but also with retaining current staff more than ever before. As the battle for attracting and retaining talent rages on, it’s crucial for staffing organizations to differentiate themselves from the competition and win the talent war.

    In response to this growing concern in the industry, we have uncovered two differentiators that our clients are doing to separate themselves from their competitors. First off, our most successful staffing clients prioritize themselves on being a “best place to work” employer within their community. Nowadays, job candidates don’t hesitate to research a company online to get a sense of what their culture is like and to determine if it’s the right fit for them. Secondly, our clients have found that effectively communicating their benefit programs with current and potential staff goes a long way in becoming a place that people want to work for. When all things are equal – when pay seems similar, the commute to work is comparable – what is something that really stands out a little bit differently and how are you effectively packaging and communicating your employee benefit solutions?

    To learn more about how to prepare for what’s next in the staffing industry, be sure to contact an Assurance staffing expert today.


  • Thursday, September 30, 2021 11:05 AM | Denise Downing (Administrator)

    Submitted by CSG Partners

    High payroll companies – such as staffing and professional services firms – are uniquely positioned to maximize the advantages of an employee stock ownership plan.

    In addition to wielding a valuable talent-retention tool, an employee-owned company in these industries can expect ESOP-related tax deductions to have a greater and more immediate impact.

    Corporate ESOP Tax Deductions

    One of the most meaningful advantages held by an employee-owned company is the ability to reduce or potentially eliminate its annual tax burden. 100% employee-owned S corporations are exempt from federal and state income taxes (with a few state exceptions).

    C corporations with leveraged ESOPs also are also entitled to unique tax incentives. These deductions are equivalent to the total price of equity sold to the employee trust. For example, if 30% of a business is sold for $20MM in an ESOP transaction, that company is entitled to $20MM in income tax deductions, spread out over multiple years. When a sponsor makes annual contributions to its employee trust, these tax deductions are made available.

    Unlocking the ESOP Sale Price Deduction

    An employee-owned company is permitted to make an annual contribution to its ESOP trust, equivalent to 25% of its eligible payroll. The trust uses this contribution to repay an internal loan, made by the plan sponsor, to facilitate the original leveraged transaction (see below).

    The sponsor is entitled to an annual income tax deduction equivalent to the contribution amount. If the company’s annual payroll is $10MM, it could make a maximum annual ESOP contribution of $2.5MM and receive an equivalent income tax deduction.

    High Payrolls, Accelerated Tax Deduction Accruals

    Most staffing and professional services companies – including consulting firms, accountants, engineers, and architects – have high payroll-to-income ratios. Thus, they can typically make larger contributions, relative to ESOPs from other industries. In doing so, these firms can access their pool of sale price deductions at a faster rate and more substantially reduce their taxable income in the years immediately following their ESOP sale.

    The incremental cash flow from these tax savings can be used by the company for working capital, debt reduction, acquisitions, growth, or to increase cash reserves. Once the tax benefit is exhausted, employee-owned C corps seeking to extend their ESOP tax advantages may opt to:

    Sell an additional equity stake to the ESOP and secure new sale price deductions;

    Convert to an S corp, when permissible, and secure ESOP tax advantages in perpetuity (any earnings attributable to ESOP-owned equity in an S corp are shielded from federal and most state income taxes).

    Overcoming Cash-Based Accounting Liabilities

    There’s another tax wrinkle that makes ESOPs particularly advantageous to staffing and professional services companies. While most of these firms maintain generally accepted accounting principles (GAAP) financial statements, many report taxes on a cash basis. Taxes are only paid on cash receipts, as receivables are collected. Substantial variances between accrued taxable revenue and accounts receivable are common.

    This cash vs. accrual variance is an embedded tax liability – one that is often overlooked until a corporate sale takes place. Prior to a transaction, including an ESOP sale, a cash basis acquisition target will be required to adopt the accrual accounting method. That change may result in a substantial recognition of revenue (and income).

    In the event of a third-party or private equity transaction, this tax liability can erode sale value. An employee stock ownership plan transaction is subject to the same taxes, but the previously discussed ESOP tax deductions can reduce or eliminate a cash-to-accrual to liability. That buffer can make a significant difference in terms of sale proceeds.

    Consult Your Advisors

    Of course, the ESOP tax implications referenced here are nuanced. An employee ownership sale is a multifaceted transaction with unique costs and benefits. It should not be viewed as a fool-proof path to tax deductions. Instead, a leveraged ESOP transaction, or a secondary sale, merits careful planning with relevant tax, accounting, and financial advisors.

    But, when an employee stock ownership plan makes sense for all relevant stakeholders, it can drive meaningful benefits for already high-performing companies – especially those in the staffing and professional services industries.

    Click here to view the article online.

  • Thursday, September 30, 2021 10:54 AM | Denise Downing (Administrator)

    Submitted by Peapack Private Investment Banking

    Our team is pleased to present its 2Q21 quarterly human capital solutions industry update from our Senior Advisor, Jim Janesky, who oversees client coverage and leads the vertical.

    Through this industry update, we will share with you our impressions on the market, track the leading macroeconomic indicators, report relevant transactions, public market valuations and highlight current trends.

    Click here to download the report.

  • Thursday, September 30, 2021 10:53 AM | Denise Downing (Administrator)

    Submitted by DataScreening

    Maintaining a company's culture is often more important than hiring that star employee for the success of the company. No matter how smart or how good a person may be, if their behavior negatively affects others in your organization, it's probably not worth it.

    Fortunately, companies and CEO's today realize this more than ever. With information being exchanged so easily and rapidly, a company’s culture and reputation is extremely important to the success of a company. In Deloitte's 2016 Global Human Capital Trends, 86% of executives surveyed viewed corporate culture as vital to the success of business. From this, many companies have developed many different types of tools to exemplify their culture; mission and vision statements, carefully worded handbooks, written definitions of their culture, and designed meetings discussing the culture from within.

    Sounds good, right? Let's unpack that for just a moment. Let's say someone you just hired isn't "fitting in" well. He's not very happy, other employees that have been there for a while are not happy, and he's actually disrupting others' work performance. Not the behavior he had shown in the interviews. But you caught it early and were able to let him go only after 2 months. Oh well, back to the drawing board. So, how much does that actually cost the company? According to a SHRM report, that departure will cost the company about 1/3 of that employee’s annual earnings. I guess that's the cost of doing business.

    But what if we can figure out if that new hire will be a good fit before we hire him? Or at least lessen the chances that he will not be a good fit. You mean like doing a background check? Well, sort of. While a background check will give you an idea of a person's past behavior, let's face it, something that comes up on a background check may not mirror a new hire's cultural fit very well. And a conviction on a background check can be a one time mistake that occurred in the distant past.

    What about something more in the present? Something like what they post online, on Facebook, Instagram, Twitter... Background checks are now offering Social Media Checks as a service. This isn't getting someone's password and secretly looking in their accounts, this is about viewing someone's online presence; looking at what a person displays as their own behavior and casting their own social media reputation. Because think about, whether you like it or not, once someone is hired, their social media presence is part or your company's reputation. As more companies are allowing employees to work from home, Social Media Checks will become more important in screening a potential employee.

    Having the ability to protect your company's culture and reputation as quickly as possible, will undoubtedly help your employees enjoy their work and help the organization achieve their goal.


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