Future of Work

An extensive guide to Business and Technology A guide to Working From Home and Empowering Small Businesses

Future of Work Future Work

Bethenny Frankel The celebrity entrepreneur and author is staying focused during quarantine

While continuing to focus on their music, The Chainsmokers have also been building an impressive portfolio of start-ups This HR expert is tackling the novel challenges arising from an upsurge in remote working

JUNE 2020 | FUTUREOFBUSINESSANDTECH.COM

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This Businesses Accelerator Program Empowers Small Business to Thrive

6 Things to Consider

Though they tend to work alone, entrepreneurs are finding community and camaraderie in accelerator programs like EO Accelerator.

I joined EO Accelerator because I knew that a business accelerator program was the ideal place to find the serious mentorship I craved.

I knew the program would connect me with a community of successful business owners who have experience managing employees and scaling operations.

I must give thanks to the business owners and professionals I had the opportunity to work under. It was through these relationships that I understood the value of mentorship and the possibility of community. When my business was at a standstill, I knew that the only way to grow was to learn from the experience of those who came before me.

The EO Accelerator program surrounds me with other entrepreneurs who are working hard on their businesses with an action-based agenda. I feed off the energy of my fellow entrepreneurs — they inspire me to work just as hard.

Being a woman in a STEM-related career can be intimidating, especially when most people in the room are men, often older, and more experienced. I remind myself to stay humble and to never stop learning.

Kristine Nguyen, Participant, EO Accelerator; Founder, Pretty Books

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When Starting a Business Business is booming. But, if you’re ready to become one of the millions of business owners in the United States, go in with a plan and know the wealth of resources at your fingertips.

The business ownership journey can play out in any number of ways, but what is almost always certain is that there will be uncertainty. I have spent much of my career focused on helping others achieve the American dream by gaining economic freedom through entrepreneurship, and I am excited for the continued opportunity to provide education and guide small businesses.

Build a business model Business plans come in all shapes and sizes, but one thing is clear: business owners who methodically plan — and plan in a way that they are able to change course quickly if things don’t go well —

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are much more likely to succeed.

A tried and true comprehensive business plan, which takes you through the process of conducting market research, analyzing competitors, developing financial projections, etc., is the path most traveled for business owners.

Determine viability One of your biggest hurdles in the early stages of your business, especially during the first year, is to validate that you have a viable business model. A key tool to determine viability is a breakeven analysis, which is available on www.SBA.gov.

Calculate capital needs Additionally, startups often fail to understand their full capital needs. This can result in the entrepreneur running up personal debt as opposed to business debt.

There are a variety of financing options available, so the entre-

preneur should understand the various funding options before running up personal debt.

Reach out for help To help your business launch, sustain, and scale, the SBA has a variety of in-person and virtual training and counseling resources available at no cost to entrepreneurs. The best way to navigate in-person resources is on www.SBA.gov.

Revisit your roadmap Business ownership is a journey, and the first year of operating a venture is full of challenges, road blocks, and the potential need to change course. Regularly visiting your roadmap in the first year and making key course corrections based on how the business is doing is of utmost importance. n Allen Gutierrez, Associate Administrator, Office of Entrepreneurial Development, Small Business Administration

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Publishers Katie McNerney, Katie Konfino, Abigail Hanania, Benny Piela Business Developers Mac Harris, Gretchen Pancak, Joelle Hernandez, Abe Freedberg Managing Director Luciana Olson Lead Designer Tiffany Pryor Designer Chelsea Davis Lead Editor Mina Fanous Copy Editor Seth Garben Director of Sales Stephanie King Director of Product Faye Godfrey Cover Photo Sasha Maslov All photos are credited to Getty Images unless otherwise specified. This section was created by Mediaplanet and did not involve USA Today.

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Small businesses have partnered with Deluxe for more than a century, and we’re here for you now more than ever. Through the concerns, the questions and the unknowns, we understand how important it is that your business not only endure but comes back stronger than ever. It’s why we’ve created a Small Business Solutions Center with expert tools and resources to help protect your business, your employees and your customers today and in the future.

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Avoiding the Next Major Disruption in Supply Chain Requires Major Planning

Flexible Packaging Is Leading the Way in Sustainability Compared to traditional forms of packaging, flexible packaging is reducing energy inputs, energy outputs, and food waste.

Technology and innovation created flexible packaging, and they continue to define it. Flexible packaging is used for many of the products in our grocery stores today. Consumers are conscious of the products they purchase and the packaging that holds and protects those products. They are seeking the convenience, extended shelf life, and sustainability features that flexible packaging provides.

Not all packages are the same By using materials with properties geared toward specific performance, manufacturers can meet their customers’ varying needs, including product protection, contamination prevention, extended freshness, puncture, tear and burst resistance, and tensile and seal strength.

The circle of cycle When assessing sustainability, examining the full life cycle of a package is critical. Flexible packaging is the optimum environmental choice because it uses fewer resources, generates fewer emissions, and “creates less waste in the first place®.” Flexible packaging starts with using fewer resources and has the ability to package the most product in the least amount of packaging possible, positively impacting municipal solid waste generation, energy use in manufacturing, and transportation and greenhouse gas emissions.

A sustaining material When compared to traditional packaging types, flexible packaging’s sustainability benefits really stand out. A rigid polyethylene terephthalate container for laundry detergent pods emits 726 percent more greenhouse gases than a flexible pouch with zipper; a steel can for packaging coffee consumes 1,605 percent more water in production than a flexible pouch; and 31 percent more thermoformed tubs for baby food packaging ends up in a landfill compared to that of a flexible pouch with fitment.

Results of environmental case studies on a variety of packaging types and products show that flexible packaging, when compared to other packaging formats, has preferable environmental attributes for carbon impact, fossil fuel usage, water usage, product-to-package ratio, and material sent to landfill.

Alison Keane, Esq., CAE, IOM, President & CEO, Flexible Packaging Association

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Dan Labell, president of Westfalia Technologies, Inc. and Dr. Robert Stoll, management department chair at Ashland University, have some advice on what strategies organizations should take to be more proactive.

In your own opinion, what is the most important lesson COVID-19 has taught us about supply chain management?

Dr. Robert Stoll: The pandemic has revealed the vulnerabilities and fragilities in global supply chains across almost all sectors and industries. Today, organizations are in reaction mode, focused strictly on maintaining supply and meeting customer needs, often through hands-on rigor and hard work.

Dan Labell: The first thing it has taught us is how reliant we are on the men and women that work in the supply chain space and how their health and well-being is so critical. We have also learned that those companies who operate more automated warehousing systems have had an easier time providing

uninterrupted service than those that did not. Social distancing is simpler to implement, and remote monitoring and diagnostics permits operators to be effective for many activities without having to be 100 percent on-site.

How can businesses be more prepared to handle events like COVID-19 in the future?

RS: To avoid perpetual reaction to future “black swan” situations, leaders need to evaluate how they can proactively get ready for future unpredictable, yet inevitable, disruptions.

What is your advice to businesses that are impacted by the current pandemic and looking to regain control over their supply chain?

RS: While no one can foresee what’s in store for tomorrow, we can work today on building a “smarter” global supply chain. Organizations can leverage artificial intelligence (AI) and other technologies — such as automation, blockchain, Internet of Today, 5G, and edge computing — to help turn the unanticipated into the envisioned.

What sort of an impact do you think that COVID-19 will have on the adoption of technology within the supply chain industry?

RS: There’s been a heightened premium on accelerating or driving greater agility into supply chains to better manage rapidly evolving situations. Perhaps the most resilient course of all may be teaming up with supply chain partners to establish a coordinated crisis-support system.

In such situations, partners will likely rise or fall together, and sharing information, ideas, and response strategies in that climate becomes highly valuable.

DL: There is no question that it will benefit automation providers, as the health factor regarding labor availability is largely removed from the equation. We are already seeing a surge in demand for designs and concepts as we enter the summer months of the pandemic. Naturally, many companies may put off investments, but when they do grow again, it is very likely they will strongly consider a move towards warehouse and supply chain automation. n MEDIAPLANET

This Music Duo-Turned-Corporation Is an Inspiration to Small Businesses In addition to their prolific career in music, the members of The Chainsmokers are also accomplished entrepreneurs and philanthropists aiming to help others succeed.

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As small business owners know, communication is key to running a company. How have you, Drew and Alex, worked as a team moving from project to project?

he Chainsmokers have parlayed their success in the music world into a number of ventures, brands, and start-ups, letting their artistic and creative inspiration be their guide. They took some time out of their busy schedules to offer advice to entrepreneurs looking to follow in their footsteps.

That has always been and continues to be a tricky thing to manage. The most important thing we believe in is working on things you are truly passionate about, because then you are always working on things you love and it never feels like you are wasting energy and time.

What inspires you to create and dive into new projects, such as Kick the Habit Productions?

When we first started exploring other opportunities, be it brand deals, sponsorships, or investments, we definitely felt a learning curve. We had to learn the hard way about only doing things and working in areas that we felt were intrinsic to who we were as people and what we believed in.

Many small business owners look to other people for guidance. Who do you turn to for advice as businessmen?

There are so many people we turn to 6

PHOTO: DANILO LEWIS

As successful artists and businessmen, how are you able to find balance in your career?

for guidance. In fact, that is something we feel very lucky to have: such a great support system. We like to think we have great business acumen and instincts; but, experience trumps all in many cases, and having people you can trust to advise you. To name a few people, and we are definitely going to leave a few out accidentally, our manager Adam Alpert, our business manager Josh Klein, our agent Mac Clark, our venture capital (VC) advisor Alysa Killeen, and many more. We also have to give a mention to our tight group of friends. They may not offer financial advice; but, when it comes to our musical decisions and confidence in that space, having a solid group of friends you can rely on to tell you things straight, with nothing to gain, is invaluable.

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Do you think music helped play a role in you trying different career paths, from partnering with JAJA Tequila to your work with Mantis?

JAJA (pronounced ha-ha) perfectly embodies the spirit of our music. We want it to be approachable, inclusive and fun, and also high-quality and affordable. It was a perfect marriage between us and this tequila.

As for Mantis, our VC fund that focuses on media, entertainment, and fin-tech/block chain, it all started with a company called YellowHeart that we are a part of with a few brilliant creators. We had seen how our fans were getting ripped off by scalpers and that the technology for ticketing itself was archaic, and we wanted to try to create a way to solve this issue using block chain.

Well, that’s something we have become better at over time, and gradually taking on more things and gaining that experience has proven very important. We definitely have a divide and conquer mentality, but we are lucky because we are both very like-minded.

We are ambitious, want to work and succeed, and are willing to do whatever is necessary time-wise to make that happen.

Of course, with that said, we each have our strengths and weaknesses, and we play to them. When we wrote our song with Coldplay’s Chris Martin, the first thing he said to us was, “Never break up.” We never had any intention of doing that when he said that, but it’s stuck with us because there is magic between us and we should never lose sight of that. We always say the luckiest thing that ever happened to us both was meeting each other. Besides this, and we mentioned this earlier, but we have a great team and we are always (and I mean always) available.

What advice would you give to a small business owner looking to be known globally as you both are?

You might have a crazy idea or business, but what’s important is you really believe in it, no matter what other people say. Eventually, someone will see your conviction and dedication and recognize it. n

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This Entrepreneur Suggests Wearing All the Hats When First Starting Out Growing your business from the ground up is difficult, but Sail Away Coffee founder Christopher Vetter has some words of wisdom to share.

What advice would you give to an entrepreneur looking to get their business growing?

know how to manage all aspects of their company (time management, finance, website creation, etc.)?

Growing your business is very challenging, so I would say to make sure you have a burning desire to make it happen. Be in it for the right reasons and go all-in. It's a slow burn, and if you don't love the process, you more than likely will not last. That's just the hard truth of the matter. You have to love what you do and be confident in your brand to overcome the daily hurdles.

I feel it's important to learn as much as possible about every role in your company. This will help set expectations and improve your understanding of the position, as well as assist when needed.

It's tough to gauge if someone is doing a good job if you don't understand the job at hand. Don't be afraid of what you don't know if you're willing to learn.

Surround yourself with people whom you're confident will help you succeed.

As you move along, you'll figure out how to better delegate and find the right people for the roles you need. n

What advice can you provide to small business owners who do not

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When It Comes to Small Businesses, Their Impact on the Economy Is Anything but Tiny Barry Elwonger, director of sales and marketing at Motorworks Brewing, knows how valuable small businesses are to communities, and offers some creative tactics for navigating these trying times.

Why do you think supporting small business is important?

Small business is the backbone of our country, responsible for 45 percent of the total U.S. economic activity and comprising 41 percent of private sector employment. The dollars earned and used are spent in our communities and help each area flourish.

What makes a small business successful?

Solid structure leads to success for

small business. Have sound standard operating procedures in place, reward employees who excel in their positions, and encourage ongoing education, training, and team building opportunities. Remember to discipline as needed for those who deviate from acceptable behavior. Encourage friendly competition and a culture that strives to be the best in every facet of the business.

How can small businesses support their local community?

Small businesses support local communities in myriad ways, whether it be providing a needed product or service locally, providing places for the community to gather, donating to local nonprofit causes, or simply providing jobs that lead to spending in other community services. n

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Here’s How One Entrepreneur Is Using Quarantine to Her Advantage

PHOTOS: COURTESY OF BETHENNY FRANKEL, B STRONG / GLOBAL EMPOWERMENT MISSION

Bethenny Frankel, the celebrity entrepreneur, author, and mother, is using quarantine to get centered and stay on-task.

How do you stay productive and focused while working from home?

I am in a constant state of organization, restructuring, and shifting. I focus on sleep, being healthier than normal, and creating a comfortable environment. I cherish this quality time with my daughter while doing artwork, reading, cooking, and snug8

gling with our dogs @biggysmallz. I am a very organized person, and I create tasks for myself. That said, I do yoga and breathing exercises and try to stay centered. I am spending a lot of time doing relief work. It requires determination, focus, and organization, so now is an excellent time for this. Time, if used wisely, is a gift.

What advice can you give to parents who are working from home while their children are also doing schoolwork and taking classes from home?

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I think a structure is critical.

We don’t always stick to it, but mapping out a plan for the day sets goal posts. I also don’t think this is the time to try to hit a home run. Besides school, there are many other ways to broaden your child’s horizon: reading, artwork, cooking, dancing, etc. Come from a place of “yes” and use this time to create new skills and new memories.

Do yoga or breathing exercises with your child. Talk to them. Connect. Use this tragedy to work on their emotional intelligence and your own.

new. Washing the dogs is a project. Think of the hours of the day as units.

People are forcing themselves to be productive during this time. What is the benefit of being still for a moment and not pressuring oneself to create output?

I think being still, breathing, and meditating are more important now than ever.

Solutions and creativity come during times of stillness. Stepping away from the problem is when we usually figure out how to approach or solve it.

We will never have this unusual connected family time together again, so we have to try to embrace the positive aspects of it now. It can be positive or a disaster. Take the pressure notch down. My main goals are: quality time with my daughter, a good night’s sleep, eating healthy, attempting to drink water, and being productive about my business.

Finding ways to organize all areas of my home are also a great use of this time.

How do you stay organized? How do you schedule your day?

How can people take care of each other during this time? Are there any practices you recommend?

I have a grand plan. Mealtimes structure the day time-wise — school after breakfast, then break, reading while I’m making lunch.

Reading while I’m making lunch. Watch some TV after lunch, then do some artwork and so on. I discuss a game plan with my daughter, but it is my job to be firm and execute the plan. Even bath time, changing clothes, and brushing hair and teeth transition into something

I call my close friends and ask how they’re doing. I check in with my core unit of 5 to 10 people and ask the same questions and talk about the same things every day — how we are feeling, sleeping, eating, cooking, connecting, exercising, working... then repeat. It’s Groundhog Day every day.

Don’t set your goals too high.

Just use the time wisely. One to two meaningful things done every day could add up to a big difference in your life. n MEDIAPLANET

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Why a Remote Workplace Needs Strong Social Connections More employees are working from home, making their mental health and wellbeing more important than ever to U.S. employers.

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rends that began long before the pandemic are accelerating, and some experts predict as much as 30 percent of the workforce will be working remotely more than half of the time by 2021.

While remote working can increase performance, engagement, and satisfaction, some of the positive impacts are offset by increased social isolation.

Beyond the now well-documented health consequences of lacking meaningful social connections, loneliness can adversely affect team performance, communication, happiness, and loyalty.

Staying connected Promoting meaningful social connection among remote 10

teams can be tricky for team members and managers alike. Given the absence of serendipitous social connections that happen naturally in shared workplaces, organizations must be purposeful about creating them in a remote setting.

Fostering strong social connections can begin with onboarding. Some organizations have formalized onboarding buddies to build relationships from day one. Introduce new team members in terms of their personal interests and passions outside work to enable other team members to get to know them and find common interests.

Organizations can also promote virtual connections

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by fostering structured conversation around shared content (e.g., TED talks, articles, online courses). Ask remote team members to meet via video conference and take turns reacting to the shared content, ensuring everyone gets equal air time. Kick off virtual meetings with unique icebreakers. These practices leverage a key principle of forming close relationships among peers.

Leveraging digital tools The Health Enhancement Research Organization (HERO) staff — a remote team — connects via regular group texts to share oddities and interests from daily life.

HERO has examined other best practices that employers

can implement during a pandemic and long-term: • Raise awareness about the importance of mental health and well-being. Leaders at every level of the organization can highlight and link to organizational core values by sharing personal stories and facilitating conversations.

• Identify psychosocial hazards in the workplace. Solutions include self-managed work teams, flexible work arrangements, assistance with childcare and eldercare, and financial wellbeing resources.

• Promote access to behavioral healthcare. Employers can ease access by

reducing co-pays for mental health counseling and providing telehealth options.

• Integrate a comprehensive wellness program.

A strategy that incorporates all dimensions — emotional, spiritual, intellectual, physical, environmental, financial, occupational, and social — is recommended.

• Leverage community partnerships to extend reach.

Employers can leverage resources through public health departments, parks and recreational agencies, and community centers. n Karen Moseley, President, HERO; and Sara S. Johnson, Ph.D., Co-President and CEO, Pro-Change MEDIAPLANET

Policies Help, but Innovation Propels Small Businesses Forward With guidance from the top, small businesses are leading the charge in recovery, and helping each other along the way.

As we've all seen in our own neighborhoods and communities, and according to a recent poll by Metlife and the U.S. Chamber of Commerce on the impact of coronavirus, small businesses have borne the brunt of the pandemic’s economic devastation.

Three-in-10 (29 percent) of small businesses say they have temporarily closed in the last two weeks, on top of 24 percent that said so last

month; and, for the first time in the survey’s history, less than half of small business owners (48 percent) said they are comfortable with their current cash flow. Before the pandemic it hovered around 80 percent.

Follow the money In March, the U.S. Chamber worked with Congress and the White House to get cash to Main Street. Congress approved additional funding for the disaster loan program at the U.S. Small Business Administration (SBA) and created the Paycheck Protection Program

(PPP) that is providing $659 billion to the small business community. At the time of our survey, one-third (32 percent) of small businesses had applied, or tried to apply, for a PPP loan.

In April, the Federal Reserve created the Main Street Lending Program, and recently updated its terms to lower the minimum loan size to $500,000 from $1 million, ensuring more small businesses can access loans they need.

The carnage on Main Street is real, but small businesses owners, being the entrepreneurs they are, are adapting.

Survival of the business Small businesses are pivoting their business models not only to keep their businesses alive, but to continue supporting their customers, employees, and communities.

In fact, two-thirds of small businesses say they have contributed to those in need during the pandemic, and 19 percent have produced or donated personal protective equipment, according to the poll.

For example, manufacturing business Wyoming Machine is producing precision metal parts that are key components of venti-

lators. The owners of LayN-Go started donating their catch-all bags to volunteers in Brooklyn emergency rooms to safely store medical supplies and personal items. And, there are countless examples of small businesses helping each other obtain SBA disaster and PPP loans.

The current crisis reminds us that small business owners represent the very best of our nation’s principles of innovation, ingenuity, and hard work. n Tom Sullivan,Vice President of Small Business Policy, U.S. Chamber of Commerce

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The Necessary Role of Collaboration in Physical and Remote Workplaces Collaboration — working together on a common goal — is essential for business success. The need for effective collaboration has grown even stronger as more employees are working remotely.

“The way we work is changing rapidly,” says Chris Scalia, chief client officer of Mavenlink, the modern collaborative software platform for professional and marketing services organizations.

“In the professional services industry the demand for project-based work is requiring people to respond

more quickly, more transparently among team members and with clients,” says Scalia.

“Expectations are high, and collaboration is increasingly important for distributed teams to meet them.”

Virtual team Collaboration improves project execution, increases productivity, elevates client satisfaction, and bolsters employee satisfaction and retention. But coordinating that collaboration can be challenging.

Enter Mavenlink, which aids professional services companies, services groups embedded within a software

company, and marketing and digital agencies. Their software helps companies deliver work throughout the project lifecycle with resource and project management, collaboration, project accounting, and business insights to help optimize financial performance.

Companies can control assignments through task management, set workflows, communicate with teams, clients, partners, and more for efficient project management and delivery.

“I think businesses thrive when people have the right tools,” Scalia says, explaining Mavenlink integrates

with Salesforce, Slack, and other business tech. “This is especially true with distributed workforces; real-time collaboration enables team members to be productive from any location.”

The future of collaboration “Frankly, I think this COVID-19 crisis has accelerated remote work, and that when we go back to ‘normal’ we will see a lot more remote work and distributed teams,” says Scalia.

More companies want to get collaborative in their work and are reaching out for consultations and software demonstrations.

“It's always challenging to manage resources and projects, and, in this environment, I think it's even more challenging to do so if you don’t have the right technology to support it,” says Scalia, who anticipates more remote work post-pandemic. n Kristen Castillo

Mavenlink enables better collaboration for an uncertain future. Schedule a consultation at http://www. mavenlink.com/collaborate.

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Work From Home Presents New Opportunities and Challenges to Employees and Managers Cassie Whitlock, director of HR at BambooHR, discusses how employees can make the most of the new remote work paradigm, while also prioritizing their physical and mental health.

What challenges have you seen companies face during this new era of working from home?

There are three main challenges: helping employees balance remote work with home life, employee connection, and critical feedback.

Non-stop workdays lead to fatigue — I’ve had days when I would literally not stand up during nine hours of virtual meetings. While I’m closer to members of my direct team, I haven’t spent nearly as much time with other departments. And, we’ve had to teach managers how to give critical feedback to remote employees without it coming across as negative.

What is one industry trend that is helping to combat these major challenges?

Working from home has taught us that culture is more than a recruiting advantage — it’s an essential part of running a business. We ask: Do our people have the right resources? Do they have the right direction? And, are they motivated to follow that direction?

Where do you see the future of work heading?

Leadership needs to enable a culture where employees have clear boundaries for when they can say, “I’m not working right now.” This keeps work in balance so employees continue to love what they’re doing while they’re doing it.

How can companies ensure maximum productivity while working from home?

Employees aren’t using paid time off (because they’re already at home every day), but taking a vacation to rest your brain is just as important now as it was pre-pandemic. Scheduling 55-minute meetings instead of taking the full hour can also help employees have space to get up, stretch their legs, and break from their screens before diving back in.

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Popular Benefits Support Well-Being Outside Work Johnny C. Taylor, CEO of the Society for Human Resource Management, shares the growing trends reshaping the role and nature of workplace benefits as employers aim to satisfy both employees and stakeholders.

When employees feel supported by good benefits, they can spend more time managing life outside of work with less stress — whether through more flexibility, financial wellness, or healthcare accessibility.

Human resources professionals and business leaders must open and expand the dialogue about workplace benefits with executives and decision makers. Our employees are counting on us.

With remote work becoming more common, what advantages does working remotely offer both an employee and their employer?

Telecommuting is becoming a popular benefit in many industries as technology makes remote work easier. It can offer many advantages to employees, including reduced commute times and costs and the ability to accommodate individual work habits.

Perhaps the greatest value remote work offers is empowering employees to better manage work-life integration.

More flexibility means people

have more time and freedom to take care of their families, homes, communities, and social obligations. Several studies have also found a positive correlation between telework and employee productivity.

How does working remotely impact in-house company culture?

Some employers choose not to offer remote work options, preferring employees to be physically present in the workplace where they can strengthen relationships, reinforce workplace culture, and increase collaboration. On the other hand, remote work opportunities can improve employees’ quality of life — and even work ethic — if they don’t have to travel long distances for work or can work hours that better fit their personal and family needs.

How can employers assist employees on their path to financial wellness?

With a multigenerational workforce, promoting financial literacy among workers at different stages in life is more important than ever.

Providing employees with onsite resources to help them understand how best to budget, save, and invest their money can help them make educated decisions about their money. Whether it’s helping younger workers start saving

or enabling older workers to retire comfortably, educating employees about financial wellness can help them feel more secure and supported in the workplace.

Why is it crucial that workplaces offer resources such as student loan debt relief?

Student loan debt is an escalating problem for the national economy. According to the Federal Reserve, more than 44 million Americans collectively owe $1.5 trillion. Tuition assistance has been a popular benefit for many years, and now student loan relief is emerging to address this growing debt crisis and offer employees something they really want.

Still, because the benefit offers no tax savings for employers, it remains rare.

That’s why the Society for Human Resource Management backs the Employer Participation in Repayment Act, which would allow employers to voluntarily give tax-free student loan assistance up to $5,250 annually per employee.

What are the benefits to offering programs such as a 401k match?

By offering a competitive financial savings program like a 401k, employers can better compete in the talent marketplace, improve financial literacy across the company, and encourage workers to meet their goals. n MEDIAPLANET

As employers close offices to slow the spread of COVID-19, here’s advice on how both managers and employees can work more effectively under new circumstances.

With millions of Americans under social isolation or shelter-in-place orders in an effort to slow the spread of the coronavirus, employers across the nation are scrambling to establish protocols for remote work.

“Even if you’re a regular remote worker, this is not a normal time,” says Ravi Gajendran, Ph.D., a professor of management at Florida International University.

“The first thing to recognize is that work itself may feel different than before.”

Throughout this abrupt transition, psychological studies offer insights on how

These Psychologist Have Some Advice for Newly Remote Workers to work from home, both for first-time telecommuters and experienced remote workers juggling new demands.

“This is a watershed moment for telework. Its popularity has been growing for years, and the urgent need brought about by this pandemic offers us the opportunity to learn from earlier lessons to continue to work productively throughout the crisis,” says industrial/organizational psychologist Timothy Golden, Ph.D., of the Lally School of Management

at Rensselaer Polytechnic Institute in Troy, New York.

Here are tips to help managers and employees work effectively while social isolation measures remain in effect.

Minimize distractions Start by choosing a workspace separated from household noises and activity. Golden recommends talking with family members to establish common quiet hours and break periods, as well as what circumstances warrant an interruption of work time.

For those juggling work and childcare responsibilities, Gajendran suggests communicating those challenges to colleagues and supervisors, carving out times when distractions are minimal to do your most important work.

Set goals and boundaries Set daily goals for tasks you wish to accomplish or project milestones to reach, working with a manager to establish objectives when needed.

Studies show that remote workers tend to log more hours than their office-based counterparts and experience a blurring of boundaries between their home and work lives.

Make a communication plan Both employees and managers should be proactive in communicating about performance expectations and any difficulties that arise. If you’re having trouble executing tasks because of the new work arrangement, let your manager know.

If you’re working with a team to make sense of complex shared information, schedule a phone call or video conference to discuss.

Using synchronous media will likely be faster and less prone to misinterpretation, Gajendran says. n Zara Greenbaum

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This Lender Is Getting Much-Needed Lifelines to Small Businesses Where so many small businesses are being turned down for Paycheck Protection Program loans, Crestmark is swooping in to help.

Small businesses are important to Mick Goik. As a kid who loved numbers and taking things apart and putting them back together, it’s no surprise he ended up as an entrepreneur and president of a division that helps small businesses obtain alternative lending.

“I’ve always been interested in how things work, and on self-reliance,” said Goik, the executive vice president of MetaBank®, N.A. and head of commercial lending. “I think those are key aspects for any small business owner.”

Starting from the seed “For a small business to succeed, the owners will have passion for what they do, and that will show,” added Goik. “They should also keep an eye on staying innovative with whatever product or service they provide.” But the learning shouldn’t stop there.

“When looking for financing, do your research,” Goik continues. “Learn about different types of lending from more than one source. Don’t decide to work with the first lender you speak with. Find out about their background, talk to a reference, and find out whether they will work with you through thick and thin.”

Way back when Starting with Crestmark in 2003, Goik held numerous roles in the commercial finance company and oversaw acquisitions of other entrepreneurial finance companies — helping the companies achieve more and bringing Crestmark’s finance products to more industries across a broader geography.

He loved the company philosophy of “We help.”

“I loved Crestmark’s approach. I loved the diversity of the businesses they served. We keep it real. While Crestmark has earned a great reputation — and is now a part of MetaBank — we have not lost our personal touch and passion for helping small businesses.”

When faced with the question of whether to accept applications for Small Business Administration Paycheck Protection Program loans from nonclients, it was a no-brainer. “It was disappointing to hear so many businesses were being turned away by other lenders. The program was intended to help all small businesses.”

Lisa Beattie, SVP of Marketing and Communications, Crestmark

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READ MORE AT FUTUREOFBUSINESSANDTECH.COM

5 Lessons to Be Learned From Cybersecurity Breaches Boards of directors are increasingly aware of the critical cybersecurity challenges their organizations face. Yet we still regularly read and hear about cybersecurity breaches that cause major financial and reputational costs to enterprises.

Even as more boards and executive leaders become savvier about cybersecurity risk, critical gaps remain in organizations’ preparedness, allowing the vicious cycle of cybersecurity breaches to continue. Here are five ways organizations can guard against becoming next in line to be damaged by a breach: 1. Sharpen focus on data governance and protection Most of the prominent breaches we hear about can be traced back to a failure to execute core security fundamentals — e.g., not patching properly, weak passwords, and uncertainty about where key data is being stored and how it is being protected.

Security executives need to be proactive in establishing solid data protection and data governance programs before drawing the board’s reproach, or, worse, having their security program’s shortcomings exposed in the form of a major breach.

ion, an approach that needs to change to best equip the entire organization to deal with the growing attack surface. Security and data protection is a team sport.

As leveraging data becomes increasingly critical to all business functions, the security team needs to partner with business units to make sure sound policies and procedures are being applied to new-use cases for handling data and the deployment of various emerging technologies.

4. Prioritize skills-based training As evidenced by the ongoing cybersecurity skills gap, organizations are challenged to bring in practitioners with the needed skills to defend against the expanding threat landscape, and the data breaches that result.

In most cases, waiting for candidates with the ideal background to walk through the door is unrealistic. That means organizations need to be open-minded about hiring technologyminded people who might not have an extensive cybersecurity background, and then provide the skills-based training to help them become proficient in these critical roles.

2. Combine existing and new capabilities for greater impact Providers are developing new security capabilities and services that are being incorporated in cloud platforms and “Software as a Service” (SaaS) applications that enable business transformation and should be heavily leveraged in a security strategy.

5. Take a proactive approach Security teams often are so busy with day-today concerns and issues that they fail to take advantage of opportunities to proactively address longer-term challenges. As with the businesses we serve, artificial intelligence, cloud computing, and other drivers of digital transformation empower security teams to find new ways to address vulnerabilities and inefficiencies that can better position the organization to avoid breaches and thrive. n

3. Collaborate across the organization to address security.

Security teams often function in a siloed fash-

Brennan P. Baybeck, CISA, CISM, CRISC, CISSP, Chairperson and Board of Directors, ISACA; Vice President of Customer Support Services Security Risk Management, Oracle Corporation MEDIAPLANET

The Work From Home Movement Has Presented Businesses With a Cybersecurity Problem Marketing director of DataTech Labs Mitchell Chokas and CTO of ForgeRock Eve Maler weigh in on the growing and insidious threats to businesses security.

Mithell Chokas Marketing Director, DataTech Labs

Eve Maler CTO, ForgeRock

Why is digital security such an important topic right now?

you’ve seen recently when it comes to digital security in business?

actors from outside or inadvertent access by insiders.

Mitchell Chokas: Due to the current state of the world, hackers are evolving and becoming more sophisticated with targeting their strategies to exploit individuals and organizations.

MC: Machine learning has enabled hackers to construct convincing messages that may sway individuals to unknowingly compromise their organizations’ networks and systems.

How have you seen digital security change in the past couple of months?

Eve Maler: In 2019, 5 billion U.S. consumer records were stolen, according to our latest Identity Breach Report.

Protecting digital identities can’t be an afterthought; it is an imperative for enterprises to maintain trust with consumers and avoid costly breaches.

EM: Data breaches caused by unauthorized access are on the rise, which is a symptom of poor access management. In the United States, 40 percent of breaches in 2019 were caused by unauthorized access in 2019 (a symptom of poor identity and access management strategies), and Q1 2020 shows the same trend. This can be a problem caused by either malicious

What are the common mistakes

MC: The most surprising change I’ve seen is more enterprises and organizations rethinking their approach to cloud-based architectures due to vulnerabilities.

EM: The pandemic led to a significant increase of highly successful COVID19-themed phishing attacks seeking to exploit consumers and businesses alike.

Some sources are estimating increases in phishing emails of over 600 percent. n

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If You’re Looking for a Job, Consider Supply Chain The global pandemic has illustrated just how critical and ubiquitous supply chain networks are, and why they need to be upgraded.

The year 2020 is the best time ever for people to consider a career in supply chain management because it has finally achieved the recognition it deserves as being the coolest career ever! I’ve had the good fortune to watch supply chain come into its own over the course of my 32-year career. It is now finally cool to be in supply chain.

A chain with many links What is unique about supply chain is how broadly you can move across an organization; how many different jobs and experiences you can have; and, how much control of the business you have when you manage the supply chain. There are always new challenges, new suppliers and customers to work with, new products to bring to market and distribute, new services and networks to put in place, and new places to go in the world.

The great connector Today, young people have a chance to major in supply chain at many universities.

It is a recognized, organized, and researchsupported domain of knowledge. Supply chain is often the highest starting salary for those graduating due to the demand for people with supply chain knowledge and experience.

Plus, supply chain is now recognized as important business experience that leads, or is even required to gain access, to the c-suite.

The future of supply Young professionals in supply chain are going to get to design and build the supply chains of the future, to drive global commerce and prosperity, and to develop new products and jobs that don’t even exist today.

Michelle M. Meyer, Chair of the Board, CSCMP

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READ MORE AT FUTUREOFBUSINESSANDTECH.COM

These 9 Steps Will Help Small and Medium-Sized Businesses Protect Against Cybersecurity Threats Without the wealth of resources at the disposal of larger companies, the leaner organizations are more vulnerable to attack and stand to lose much more as well.

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early half of small and medium-sized businesses (SMBs) have been the victim of a cyber attack, and with twice as many ransomware attacks occurring since 2017, small businesses must be well-prepared for a potential data breach by ensuring their machines are “clean,” unimportant files are purged, and software is kept updated. This includes having employees do their own digital cleaning and educating them on cyber safety, as employees can often be a company’s greatest cyber security weakness.

You can learn more through the National Cyber Security Alliance’s CyberSecure My Business program, which helps SMBs become more safe and secure online. It is based on a framework established in 2013 by the National Institute of Standards and Technology that aims to reduce risks to the nation’s critical infrastructure.

Back to brass tacks The framework takes a “best practice” approach to analyzing and mitigating risks, and recommends five steps that any sized company can take for addressing cyber threats. The five steps are: 1. Identify: Inventory your most valuable assets, the “crown jewels” that are of greatest importance to your business and would be most valuable to criminals, such as employee, customer, and payment data.

2. Protect: Assess what protective measures you need to have in place to be as defended as possible against a cyber incident.

3. Detect: Have systems in place that would alert you if an incident occurs, including the ability for employees to report problems.

4.

Respond: Make and practice an incidence response plan to contain an attack, and main-

tain business operations in the short-term.

5. R ecover: Know what to do to return to normal business operations after an incident or breach, including assessing any legal obligations.

A daily routine On a day-to-day basis, businesses can improve their online safety practices by following these four tips: 1. K eep a clean machine: Having the latest security software, web browser, and operating system in your business are the best defenses against viruses, malware, and other online threats.

2. Protect information: Secure accounts by adding two-factor authentication and making passwords long, strong, and unique. For example, using passphrases such as “Maryhadalittlelamb” or “herfleecewaswhiteassnow” can be a good way to create a stronger password as well as make it easier to remember.

3. Protect the company’s online reputation: Set security and privacy settings to your comfort level of sharing.

4. Educate employees: Teach your employees basic best practices. For example, if an email, social network post, or text message looks suspicious — even if you know the source — delete it.

As data breaches are an increasing concern for businesses of all sizes, SMBs have a lot more to lose than larger companies if they are the victim of an attack. By doing a digital spring cleaning, working to protect their valuable data, and creating a culture of cybersecurity in the office, businesses will be much better prepared for a potential cyber attack. n Russ Schrader, Executive Director, National Cyber Security Alliance

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“When it comes to data breaches, we’re seeing the biggest cybersecurity problem is an identity problem.” – Eve Maler, ForgeRock CTO

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Who Are the Next Generation Supply Chain Leaders?

Supply chain management is a hot topic these days. Whether items are sourced locally or globally, there have been disruptions due to COVID-19.

O

ne of the biggest issues today is how much product the United States sources from overseas, and in particular by single-sourcing (relying on one country or one manufacturer) instead of having multiple sources.

Global business The low costs of single-sourcing can be desirable but risky, too. Cons include poor quality items or having your inventory shut down or limited for any reason, including an emergency.

I think the debate will rage as to whether a country like the United States wants to be that dependent on China or any one other country for what will be deemed socially-necessary products like antibiotics

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and personal protective equipment, and so on.

As globalization has increased, so has the desire to reduce the cost of overall logistics. When China entered the World Trade Organization in 2001, the rush was on from countries around the world to source more cheaply.

When the United States or any other country becomes dependent on sourcing from one company or one country, it can be problematic for your supply chain credibility and health.

You might have lowered your costs, but now you’ve increased your risk associated with your ability to get necessary products when you need them when you have a crisis like this. This issue of single-sourcing will continue through this election year and beyond.

READ MORE AT FUTUREOFBUSINESSANDTECH.COM

Destination: career Council of Supply Chain Management Professional, which has chapters worldwide, provides networking, career development, and educational opportunities to the logistics and supply chain management community. My colleagues and I give presentations to high school and college students, encouraging them to join this exciting industry. There are about six jobs for every supply chain graduate coming out of our university system. It’s a destination career.

While supply chain jobs include truck drivers and warehousing, there are many other opportunities in supply chain management. The industry has become very sophisticated with data gathering and artificial intelligence. All of these jobs have a huge impact on our economy and how countries trade.

No substitute for experience These days many universities offer logistics and supply chain programs. I recommend looking for a program that has a long and distinctive history, great professors, and study abroad programs.

Additionally, there’s no replacement for experience.

Go work in manufacturing, in customer service, or a transportation inventory; learn what really goes on at a distribution center on third shift. You’ll really understand how things work. n Rick Blasgen, President & CEO, CSCMP

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Automation and wearable tech are making their way into the warehouse, and cranking up productivity by leaps and bounds.

With new technologies developing to meet the demands of changing times and keep up with customer expectations, it’s time for all businesses to ask: Is my warehouse smart?

Learn about the four types of innovative technologies most applicable to creating and supporting a smart warehouse: 1. Robotics and autonomation devices These include autonomous forklifts, tuggers, transporters, and assembly line vehicles. These devices provide an efficient and reliable solution for the movement of goods in a warehouse, while improving productivity, visibility, and customer service levels.

As the Cornerstone of Supply Chains, Warehouses Must Be Upgraded 2. Sensors and identification tools These tools automatically locate and profile supply chain objects to capture and communicate data across the supply chain. Inside the smart warehouse, these technologies are used for tracking, tracing, security, inventory consolidation, and event management.

This actionable, real-time

information can dramatically reduce product damage during the handling and delivery process, as it minimizes risk in the warehouse custody chain and provides significant cost savings in inventory loss and accuracy.

access to technology and information wherever they are in the warehouse. In smart warehouses, wearables support core processes such as shipping, receiving, routing, inventory management, picking, and replenishment.

3. Wearable and mobile technology These devices give employees convenient and immediate

4. Drones Drones have many uses in the smart warehouse, including inventory man-

agement, facility management, and security. Aerial drones are used to travel through facilities to map the warehouse and update data on the inventory and facility conditions. Manually, this task could take two or more employees and at least one scisscor lift to complete. By using drones, employees are better able to focus on value-added functions, assets are freed up, and tasks can be completed up to 66 percent more quickly.

With smart warehouses that are flexible, automated, scalable, and customer-focused, supply chains can quickly become the most valuable tool in driving efficiency and meeting customer needs. Consumers are getting smarter; its time your warehouse does too. n Gary Allen, Vice President, Supply Chain Excellence

Do s it Add U ? How to Justify th Cost of You Autom tion P oj ct Warehouse automation has become crucial to the efficiency and reliability of warehouse operations across the globe.

The recent rapid growth of sales in the omni-channel marketplace has significantly affected warehousing operations, causing a heightened need for adaptable systems with increased capabilities and flexibility.

As with all major capital investments, it is important to make a case to justify its cost.

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