5 Ways to Recognize Millennial Employees (Without Digging Deep into Your Pocketbook)

Sure, money talks, but so do these five ways of recognizing the amazing work your millennial employees are doing.

It’s no secret millennials are job hoppers. On average, Millennials change positions four times within the first decade they graduate from college and that number is only increasing. What’s more telling is why. They are looking to grow and for opportunity. Often times that comes with a new job and maybe a better salary, but there are other ways to help millennials grow without offering them a promotion or salary raise.

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    Consider these five tips to keep your millennial employees satisfied.

    Tip No. 1: On the job skills and training

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    Do you have a millennial employee who is hitting it out of the park? Recognize this individual by giving them special projects and such to work on. Show them you appreciate what they are doing and are going to give them ways to grow inside the company. Sure, that college degree matters, but what matters more is real life experience and getting as much of it as possible.

    Tip No. 2: Acknowledge their work

    This can be done by giving them a title that accurately reflects their work. After some time, if your administrative assistant is really the office manager, give him or her that title. This shows you are understanding of the extra work they are putting in and are acknowledging it.

    Tip No. 3: Provide professional development opportunities

    Encourage your millennial employees to participate in professional development opportunities that will help them to grow and pay for it. Many of these seminars are relatively inexpensive, but will show your staff that you care about them and are supporting their growth.

    Tip No. 4: Suggest your employees get involved in civic organizations

    They can join a young professionals group, a nonprofit board, etc. There is nothing harder than managing volunteers, so not only will they learn to give back to the community, they will learn some new skill sets that will help them grown and transfer back to the company. How is a young professional supposed to get management experience to get promoted if they are not supervising anyone? The answer is through civic experiences. You can help by paying the dues, becoming a member, etc.

    Tip No. 5: Sell them on Northeast Ohio

    Sure, someone can leave their $50,000-a-year job in Cleveland for a $70,000-job on the West Coast, but they will also be faced with a much higher cost of living. Help your millennials grow by showcasing how much Cleveland has to offer them. There are a few sayings I live by in Cleveland, “You can be a big fish in a small pond” and “There is one degree of separation between you and most other Clevelanders.”

    What’s your strategy for recognizing the amazing work your millennial employees are doing? Let us know on Twitter!

    Ashley Basile Oeken is president of Engage! Cleveland, a nonprofit whose mission is to attract, engage and retain young, diverse talent to the Greater Cleveland area. Learn more about her organization’s work by clicking here.

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    Next up: 8 Essential Habits of Entrepreneurs

    8 Essential Habits of Entrepreneurs

    What goes into the entrepreneurial mindset and process? Turns out, entrepreneurs seem to share the same eight traits.


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    Next up: 8 Essential Habits of Entrepreneurs

    8 Essential Habits of Entrepreneurs

    What goes into the entrepreneurial mindset and process? Turns out, entrepreneurs seem to share the same eight traits.

    What goes into the entrepreneurial mindset and process? Turns out, entrepreneurs seem to share the same eight traits.

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    Next up: 9 Smart Money Ideas to Get Your Business Off to a Great Start in 2018

    9 Smart Money Ideas to Get Your Business Off to a Great Start in 2018

    From consolidating debt to putting a succession plan in place, here are nine ways you can ensure your business is well-positioned for 2018.

    Smart companies realize three things:

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    No. 1: The importance of making their balance sheets healthy.

    No. 2: How to access the extremely low cost of available capital.

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    No. 3: Recognizing the demand in our economy is rising at a healthy 3% growth. 

    All three of these realizations will help your company to maintain or expand market share.  

    Now is a good time to review, correct and forecast your financial strategies to better leverage your firm for growth. This year-end review and forecast is important, due in part, to the changes underway on Capitol Hill and new federal policies on finance and regulations. The federal changes will have impact on most all businesses, no matter the size.

    Here are nine ideas that could help your 2018 get off to a roaring start.

    Idea No. 1: Taxes. The Big Elephant in the room. Contact your accounting firm to ensure you are taking full advantage of all your options to reduce taxes based on the new federal tax laws currently underway in Congress.  This also applies to your personal taxes.

    Idea No. 2: Investments. For most, this has been a robust year in the investment arena.  Review with your investment advisor your yearend picture to determine if there is a need to make any changes to better reflect your risk in the market on both the company and personal investment side. The deadline for your investment changes is Dec. 31.

    Idea No. 3: Insurance. Look over all company and personal insurance policies to ensure your assets are fully covered. These policies could include:

    • general liability insurance
    • professional liability insurance
    • business owner’s policy
    • directors and officers insurance
    • data breach
    •  property insurance
    • commercial auto insurance
    • worker’s compensation
    • homeowner’s insurance
    • renter’s insurance
    • life insurance
    • personal automobile insurance.

    Idea No. 4: Debt consolidation. Interest rates have been at historically low rates. Look at all outstanding loans, consider consolidating outstanding notes for a better rate. Credit cards continue to offer great rates for as low as 0% until 2019 when you consolidate debt from other credit card companies. Make sure you understand the fine print. Analysts forecast the Fed rate will increase before year end, and again slightly in the new year, however, will remain low in 2018, following retiring Janet Yellen’s past performance.

    Idea No. 5: New capital acquisition. Growing companies require more working capital for operations, inventory and equipment.  It takes money to make money. While conventional banks have kept interest rates attractively low, overall 12-month business loan growth is at the lowest since 2013. But they are still lending. Consider reviewing alternative financial options including interviewing potential private equity or venture capital partners, joint ventures/alliances with compatible companies that compliments your business strategy, large corporate sponsorship or grant funding,  public/private government sponsored funding. The beauty of preparing your 2018 business plan and forecast, is that you will be able to strategically see where and when you need funding. When you do sit down to negotiate new financing, most capital sources will ask to review many of the items listed here. Know where your realistic capital options are, including the requirements to secure the capital, before you need it.

    Idea No. 6: Leases. Capital spending on equipment leasing in the first three quarters of this year has risen at 7.3% annual rate, fastest in the past three years. Instead of outright purchasing equipment—whether a $5,000 video-conference system or a $500,000 injection molding machine—seriously consider leasing rather than tying up this capital that could be better used elsewhere. Additional leasing benefits include $1 buyouts at the end of the lease and the ability to upgrade equipment during the term of the lease to take advantage of newer technology platforms.  The trend today is for  larger equipment to have  built-in computer and artificial intelligence.

    Idea No. 7: Owner draws and distributions. Review with your CPA how your firm is paying out draws and/or distributions and how this impacts your overall tax picture.  The difference between a draw and a distribution is significant for tax reporting purposes. A sole proprietor or single-member LLC can draw money out of the business—this is called a draw. It is an accounting transaction, and it doesn't show up on the owner's tax return. A distribution or distributive share, on the other hand, must be recorded (using Schedule K-1) and it shows up on the owner's tax return. Further, depending on your tax bracket and forecasted 2018 compensation, determine if it would be better to take money out in 2017 or 2018. 

    Idea No. 8: Succession plan. Discuss and review any needed business succession planning updates. During the year were there retirement events, disability or death of an owner or other foreseeable events affecting the company? Review age of the owner(s) and family stage, business stage, size of the business, direction of the business and future leadership. Ensure that succession viability, retirement exit strategy, transition strategy in place.  In the event of death or disability of an owner, take into consideration tax planning, family law considerations, shareholder’s agreements and determining the selection a successor and future management to liquidation of assets or sale of business.

    Idea No. 9: Estate plan. Review and update your will to reflect current situation. Consider a trust if you have property and you don’t wish to have your survivors to go through the sometimes long and arduous task of going thru probate court.  Review and update health care directives, financial powers of attorney, beneficiary forms, protect your children’s property, estate taxes, funeral arrangements and expenses. Store your documents with your attorney-in-fact and/or your executor, the person you choose in your will to administer your property after you die. You will sleep better knowing your wishes are in place.

    Marsha L. Powers, a finance and strategic development professional, author, entrepreneur and investor is the founder of Powers Advisors and Shale Capital Resources. She has been a contributing writer on Finance for Crain’s Cleveland Business for nine years. Her management consulting areas of expertise includes finance – ranging from senior debt, government finance programs to private equity, market strategy, operations, marketing communications and economic development.  She’s a recognized award-winning leader with proven strategic direction and leadership to over 1500 companies, from early stage to Fortune 50 companies. You can reach Marsha at (216)965-3633, marsha@powersadvisors.com and www.powersadvisors.com to learn more about how she can help your company succeed.

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    Next up: Active Shooter Planning: 9 Things You Must Include in Your Emergency Action Plan

    Active Shooter Planning: 9 Things You Must Include in Your Emergency Action Plan

    It’s everyone’s worst nightmare and something we never expect will actually happen in our own places of business. But understanding the warning signs and having an effective plan in place should an emergency like this arise, can help reduce fears and prepare your workforce as much as possible.

    Every business, no matter the size or type, is a potential target for an active shooter. It can happen anywhere including malls, businesses, movie theaters, schools and places of worship. As a business owner or manager, you should have a thorough understanding of the warning signs, preparations that need to be taken, and a plan for actions and responses in the event you are ever confronted by an active shooter.

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    The FBI conducted a study of active shooter incidents that occurred from the years 2000-2013. In order for the incident to be classified as an active shooter incident, there had to be four or more deaths or people who were injured from that incident. Within the13-year study, an average of 11.4 incidents occurred annually. During the first seven years of the study, there was an average of 6.4 incidents and it increased to an average of 16.4 over the last seven years of the study.

    According to the FBI, 2014 and 2015 each saw 20 active shooter incidents. That’s more than any two-year average in the past 16 years, and nearly six times as many as the period between 2000 and 2001. Seventy percent of incidents occurred in either a commerce/business or educational environment. And 60% of these incidents ended prior to police arriving. That means you must know what to do in the event you are confronted by an active shooter incident at your business.

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    Be knowledgeable and prepared

    Understanding an active shooter is a good starting point. An active shooter is an individual actively engaged in killing or attempting to kill people in a confined and populated area. Often, they use fir­­­­earms and there may be no pattern or method to their selection of victims. 

    An active shooter looks for ease of movement that allows them to just walk into a business. This means a retail store, movie theater or any other business that has open public access is a prime target for them. The reason for this is that they can enter the building without having to go through security checkpoints. So, while your business may need to maintain open access there are actions you can take to prevent shootings and to know how to properly respond in the event of a shooting.

    It is also important to understand that an active shooter can be either an employee or someone off the street. While you have no influence on a stranger, it is easier to deter an employee shooter because they have contact with co-workers and managers on a daily basis. There is a personal relationship that may work in your favor. Keep in mind that active shooters may be motivated by external circumstances such as marital issues, custody issues or financial issues, as well as by workplace issues.

    Shooting events are not spontaneous…they require planning. They are unpredictable and evolve quickly, often taking only ten to 15 minutes and usually before law enforcement arrives. The shooter plans knowing the layout of the business and determining its security and access features. They then select their target by deciding on a favorable feature or convenience that makes it easier for them.

    Planning is crucial for handling an active shooter situation

    One of the first actions you should take is to assemble a planning team that works with your HR department. If you are too small of a business to have an HR department, you still need to develop a plan. The role of this team is to teach employees how to identify potentially dangerous behavior and to develop a method to report any behavior issues.

    To best prepare your staff for an active shooter situation, create an Emergency Action Plan (EAP), and conduct regular training exercises. Create the EAP with input from your human resources department, your training department (if one exists), owners / operators/ managers, and always include local law enforcement and/or emergency responders. 

    This is where your preparedness comes into play. Determine the best way to protect your own life and everyone around you. People will follow the lead of employees and managers who are trained for the situation. Your EAP should include the following nine things:

    Safety tip No. 1: A preferred method for reporting emergencies.

    Safety tip No. 2: An evacuation policy and procedure that includes emergency escape procedures and route assignments (i.e., floor plans, safe areas). Leave personal items behind. Keep your hands visible. Do not move anyone who is wounded. Follow police instructions.

    Safety Tip No. 3: A crisis plan including contact information for, and responsibilities of, individuals to be contacted under the EAP, as well as designated spokespeople who have been trained to talk to the media or others.

    Safety tip No. 4: Information concerning local area hospitals (i.e., name, telephone number and distance from your location).

    Safety tip No. 5: An emergency notification system to alert various parties of an emergency including: Individuals at remote locations within premises, law enforcement and area hospitals.

    Safety tip No. 6: Mock active shooter training exercises and information on how to recognize and react to the sound of gunshots. Training exercises are the most effective way to train your staff to properly respond to an active shooter situation.

    Safety tip No. 7: Information on how and where to hide out. Lock doors and block with heavy furniture if possible. Hide under furniture or in closets. Stay quiet and as calm as possible.

    Safety tip No. 8: At least two evacuation routes that you post on the premises.

    Safety tip No. 9: A plan to stay aware of indications of workplace violence and take immediate actions in an attempt to avert any workplace violence situations.

    Taking these steps and preparing for workplace violence and active shooters will help keep everyone safe in the event of a confrontation.


    President, SACS Consulting & Investigative Services, Speaker, Trainer, Corporate Security Expert Timothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com

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    Next up: Are You a Strategically Valuable CIO

    Are You a Strategically Valuable CIO

    Information technology has the potential to transform an enterprise and drive performance to unseen levels. But it’s not just about deploying new technologies or keeping servers running or ensuring everyone’s email is working. 

    Information technology has the potential to transform an enterprise and drive performance to unseen levels. But it’s not just about deploying new technologies or keeping servers running or ensuring everyone’s email is working. 

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    To really drive the enterprise, IT must be business partner and be integrated within business operations. While that’s easy to say and many companies purport to do so, many are not successful. 

    Matt LoPiccolo, Swagelok CIO, shares his experiences with achieving incredible synergies between information technology services, operations and strategies with enterprise planning. Ensuring the strategic value of IT to Swagelok has helped the company achieve incredible growth results and helped position it as a market leader in multiple areas. 

    Listen here.

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