The Benefits of Corporate Awards and Gifts (financial coach)
No commentsBy Pete Castaneda
With the increased challenges that all companies are faced with, many corporations have implemented various initiatives to continue to grow corporate earnings and shareholder value, some have discovered the strategic value of corporate awards and corporate gifts.
From the boardroom to the frontlines to the client across the country, corporate awards and gifts offer many benefits to enhance performance. Not only are you showing your appreciation to the employee or customer, you setting a standard of thanks for the hard work and dedication.
Corporate Awards Benefits: A company’s success depends on its employees and their abilities. With the incentive of a corporate award or corporate gift you attract and retain current employees to pursue for more in the workplace. Corporate awards are great for:
Direction
Talent Retention
Sales Goals
Public Relations
A Direct affect on the company’s bottom line.
Things to Consider when giving a Corporate Award: How many times do you give the award? Most companies have an annual corporate dinner or function where the years corporate awards are given out. This would be the best time to show your appreciation.
What type of recognition do you want the award to represent? You definitely want to make this award stand out and make it represent the kind of hard work that was accomplished. What kind of statement do you want to the corporate award to make? You want it to make it so that everyone else will strive for that award next year. A statement shows gratitude but also envy.
From the small business to the major corporation, corporate awards will have an increased performance level. No company should underestimate the power of corporate awards. Your business will gain a critical view of your operations and challenge to improve the business and company as a whole.
Benefits of Corporate Gifts: As major holidays are approaching, many companies will be thinking about giving your customers (and possibly employees) corporate gifts. Sending corporate gifts does not always have to be thought about during the holidays. Many other occasions such as referrals, completion of a project, customer’s birthday or even a business anniversary can be acceptable times to send a gift. When sending the gift, make sure that you add a personal touch, as this can go a long way. Include a hand-written note, or wrap the gift yourself. You can even present the gift in person to give it that extra touch. There are not a lot of do’s or don’t when sending a corporate gift but the key is to make sure that the added touch is there to show the person that you are grateful for what has been accomplished.
Companies should not underestimate the power of business awards and gifts. Not only do corporate awards show true appreciation, it makes other employees strive to become a standout in their field. Sending corporate gifts also reassures your thanks to the employee or client that you appreciate the hard work and dedication that it takes to run the business. These kind gestures will not only build your relationships but it will help you build the company by utilizing its maximum potential.
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Loan Modification Hardship Letter - three Important Aspects Include in Your Letter..
By hasan
Often homeowners attempting to escape burdensome mortgages that they are unable to pay are unable to do so because they do not have the expertise to write a compelling loan modification hardship letter. One’s bank requires you to demonstrate the reasons why one should be considered for a loan workout. In order to achieve this, the best course of action is to provide a concise, detailed letter containing the 3 aspects which are detailed below.
Following an outline for your letter is the best course of action because it allows for both the organization of one’s thoughts and ensures that there is a structural basis of your letter that covers everything that one’s bank requires to make a decision. The following paragraphs detail the 3 aspects mentioned previously that will ensure your bank understands your position and empathizes with you.
1. What sort of financial problems led you to send this letter? It is important to provide a concise explanation for the occurrences that led to the problems. For example, if you were laid off or forced to take a reduction in income or medical problems have inflated costs of your health care, or if you had a rate change on your interest, you should include this in explanation.
2. Include information pertaining to the timing of your problems. This is important if you are behind on payments, you need to relate this to when your financial issues took place. Or, if you face defaulting soon, provide your lender a timeframe of when that will occur. Your lender needs to realize that your problems arose due to circumstances that you were unable to predict or circumnavigate, and you are attempting to meet your expenses as best as possible.
3. Detail any cost saving plans implemented to maintain the new expenses as well as concerning yourself with expressing that you wish to stay in your home and have no wish to default. Make sure to tell your lender about new budgets, novelty costs you have forgone, like restaurants, expensive cars, golf club or country club payments, etc.
Don’t forget, a loan modification hardship letter allows you to explain your lender your situation, and you should be sure to detail the story concisely but at the same time in a way that makes them empathize with you. Talk about what you do in your community in order for the bank to comprehend that it is both beneficial to you and your community if you stay in your current home. You deserve to have a loan workout, take your time to learn the tricks of producing a successful letter now.
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Succession Planning: Common Misconceptions
By Pete Castaneda
Of late, the topic of succession planning has sparked much concern. However, it seems few organizations have heeded the warning. According to a Human Resource Planning Society and Hewitt Associates study, fewer than 60% of companies have a succession plan in place.
Below are some of the most common myths about succession planning.
Myth #1: If there are no imminent retirements, succession planning needn’t be a top priority.
According to a survey conducted by Capital H, nearly 22 percent of respondents expect to lose between 10 percent and 25 percent of their top performers to retirement within the next five years. These top performers play a significant role in a company’s success, often serving in high-level, supervisory roles. For successions to progress smoothly, the people chosen to fill these roles need to be prepared and adequately trained. That process takes time.
Myth #2: Succession planning is only an issue for big companies.
85 to 95 percent of all the companies in the United States today - more than 10 million - are family-owned or family-controlled. The smaller the business, the greater the impact is felt from a replaced employee. This is especially true of any employee succession in a sales or operations leadership role, as a poor month or two can mean disaster for a small company. Small companies need to plan early and invest in the training necessary to help the new or promoted employee succeed. For smaller companies, this may mean researching outside learning opportunities and setting aside a budget to cover them.
Myth #3: There need only be a succession plan for C-level team members.
During the recent recession, employees were often asked to broaden their lists of responsibilities. The Economic Policy Institute reports that employee productivity has increased 4.1% each year. Manager and director-level professionals have been asked to take on more duties than ever before. As such, it is important to look at a cross-section of departments to ensure proper succession plans are in place for each division.
Myth #4: Succession planning should be handled on a case-by-case basis.
Continuity works best. Allowing each department to come up with its own unique process for succession planning, can be a troublesome and time-consuming endeavor. Organizations, instead, should create a company-wide process that could then be used by each individual department.
Myth #5: Good talent is easy to spot.
As an employee moves up the corporate ladder, soft skills become more necessary and valuable components of success - management skills, emotional intelligence, leadership ability, and so forth. However, these skills can be difficult to quantify. To spot and cultivate employees with these skills, an organization needs an instrument to help measure and assess talent. According to a recent report by Pepperdine University’s Graziadio School of Business and Management, organizations like Lilly, Dow and Dell have long-used talent assessment as part of their succession planning processes.
Myth #6: Succession planning only pertains to baby boomers.
According to SHRM and CareerJournal.com’s 2005 US Job Recovery and Retention Survey, 76% of all employees are looking for a new job. This means that your top performers may be leaving sooner than you imagine. As such, it’s important to think about succession planning - not as a one-time effort - but as an ongoing process to continually grow and develop your organization.
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Friday, October 23rd, 2009 at 5:40 pm and is filed under finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
