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The Best-Paying Cities for Millennials

millennials

The Best-Paying Cities for Millennials

Numbering over 72 million, millennials have surpassed Baby Boomers to be the largest living adult generation. Millennials, defined by the Pew Research Center as people born between 1981–1996, are now in their prime home-buying years. However, millennial homeownership rates have lagged that of older generations—in part, because while home prices have been rising, income has not kept pace. According to the latest data from the U.S. Census Bureau, median annual income for full-time working millennials was $42,000 in 2019, leaving many millennials struggling to afford a home.

Nationally, data from the Census Bureau shows that while the homeownership rate in the U.S. was 64.6% in 2019, the rate for millennials was just 39.9%. The median income for 25 to 34-year-olds has increased 2.5-fold since 1980; however, housing prices have more than tripled over the same time period. Median income growth for that age group kept pace with housing prices until the year 2000 when housing prices began to rise more steeply. Although housing prices dropped significantly during the Great Recession, they have been rising rapidly since 2012.

At the state level, millennials living in Minnesota and Massachusetts had the highest median incomes after adjusting for cost of living, at $51,282 and $50,137 in 2019, respectively. Due to its very high cost of living, millennials living in Hawaii tend to earn less with a cost-of-living adjusted median income of $37,849 last year. The cost of living in Florida is about the same as the national average, but millennials in Florida earned just $34,990 in adjusted median income, the lowest in the country.

To find the best-paying metropolitan areas for millennials, researchers at HireAHelper analyzed the latest data on income and home prices from the U.S. Census Bureau and Zillow. The researchers ranked metro areas according to the cost-of-living adjusted median income for full-time working millennials. Researchers also calculated the unadjusted median income for full-time millennials, the median home price, and the millennial homeownership rate.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, separate rankings were generated for small (100,000–349,999 residents), midsize (350,000–999,999 residents), and large (1,000,000 or more residents) metros.

Here are the large metropolitan areas with the highest median income for full-time millennials, after adjusting for the cost of living.

Metro Rank Median income for full-time millennials (cost-of-living adjusted) Median income for full-time millennials (unadjusted) Median home price Millennial homeownership rate Cost of living (compared to the national average)

 

San Jose-Sunnyvale-Santa Clara, CA     1         $60,201 $77,900 $1,219,074 26.6% +29.4%
San Francisco-Oakland-Berkeley, CA     2         $53,191 $70,000 $1,113,664 25.0% +31.6%
Seattle-Tacoma-Bellevue, WA     3         $51,727 $58,400 $555,689 36.3% +12.9%
Boston-Cambridge-Newton, MA-NH     4         $51,664 $59,000 $520,206 35.4% +14.2%
Pittsburgh, PA     5         $51,557 $48,000 $172,719 44.3% -6.9%
Washington-Arlington-Alexandria, DC-VA-MD-WV     6         $50,934 $60,000 $455,038 38.0% +17.8%
Hartford-East Hartford-Middletown, CT     7         $48,972 $50,000 $246,266 41.3% +2.1%
Minneapolis-St. Paul-Bloomington, MN-WI     8         $48,733 $50,000 $307,156 48.8% +2.6%
Cincinnati, OH-KY-IN     9         $48,667 $43,800 $201,822 43.9% -10.0%
Kansas City, MO-KS    10         $48,439 $45,000 $218,314 43.9% -7.1%
St. Louis, MO-IL    11         $47,967 $43,650 $188,845 48.0% -9.0%
Denver-Aurora-Lakewood, CO    12         $47,664 $50,000 $462,724 42.9% +4.9%
Milwaukee-Waukesha, WI    13         $47,489 $45,020 $200,213 35.4% -5.2%
Baltimore-Columbia-Towson, MD    14         $46,860 $50,000 $307,675 44.3% +6.7%
Columbus, OH    15         $46,790 $43,000 $223,010 37.9% -8.1%
United States         $42,000 $42,000 $259,906 39.9% N/A

 

For more information, a detailed methodology, and complete results, you can find the original report on HireAHelper’s website: https://www.hireahelper.com/lifestyle/best-paying-cities-for-millennials/

jobs

THE SECRET LIFE OF ROADS – AND THE FUTURE OF U.S. MIDDLE-SKILL JOBS

Skills of the Trade: Asphalt Technologists Wanted

There are 2.2 million miles of roads and highways that criss-cross the United States. Chances are that you’ve never thought about the blacktop asphalt beneath your wheels as you drive across the country, the state or to your local grocery store.

Asphalt is, however, the obsession of Allen Miller, who works at the Cedar Mountain Stone Corporation in Culpeper, Virginia, as one of five apprentices learning industrial maintenance and the emerging discipline of “asphalt technology.” Under the tutelage of a mentor at the company, Miller spends his days learning how to operate the asphalt plant that operates 24-7 at Cedar Mountain’s vast quarry during construction season; how to formulate asphalt so that it can withstand 20 years of freezes, thaws and the weight of thousands of tractor-trailers every day, and how to test it so that the quality of the state’s roadways passes the standards of the Virginia Department of Transportation (VDOT).

“We have to have certain gradations of stone, the right amount of dust, and not too much asphalt binder in it,” said Ed Dalrymple, Miller’s boss and the fourth-generation owner of Cedar Mountain Stone Corporation. “If we have all of that in the right proportions, the road’s going to last.” Moreover, under VDOT’s pay-for-performance requirements, well-built roads earn a bonus, while inferior blacktop will cost the company penalties. Hundreds of thousands of dollars are potentially at stake, which means Dalrymple is counting on Miller to do his job right. On any given day, you might see Miller out drilling core samples from freshly laid road beds, watching the computerized control panels monitoring the moisture levels of asphalt being mixed at the plant or taking 20-pound samples of asphalt to the on-site laboratory for analysis.

More Than Half of New Jobs Are “Middle-Skill” Jobs

Miller’s job may sound obscure, but it is one of millions of so-called “middle-skill” jobs – well-paying jobs that require post-secondary education and credentials but not a four-year degree – that have remained steadily in demand among employers. According to the National Skills Coalition, 52 percent of job openings are “middle skill” jobs, in fields as varied as construction, health care, information technology and a host of other fields.

Globalization and the rise of technologies such as automation have ushered in myriad anxieties about worker displacement, stagnant wages, and the loss of low-skilled jobs. The steady presence of middle-skill jobs could prove a potent buffer against these worries. For one thing, many middle-skill positions are in fields that cannot be easily outsourced or automated, such as construction, or where demand is growing, such as health care, thanks to the aging of the Baby Boom generation.

TradeVistas | More Than Half of New Jobs Are “Middle-Skill” Jobs

But Less than Half of U.S. Workers are Trained Up to the Middle Level

Moreover, there is a shortage of workers with the right skills and training to fill all of the middle skill opportunities currently available. Despite the prominence of middle-skill jobs as a share of the economy, the National Skills Coalition also reports that just 43 percent of U.S. workers are trained up to the middle level. This means that thousands of U.S. workers are potentially missing out on opportunities to earn good wages and move ahead in their careers. At the same time, employers are losing opportunities to grow their businesses.

Promoting middle-skill jobs – such as through apprenticeships, dual enrollment at high schools and community colleges and employer-sponsored training – would not only help businesses find the workers they need, it would create new opportunities for workers to get ahead without requiring the time and financial commitment of a four-year degree that ultimately may or may not have market value. The U.S. federal government could also help create millions of new middle-skill jobs by passing an infrastructure bill, which President Donald Trump and both political parties agree should be a top priority. According to a 2017 report from the Georgetown University Center on Education and the Workforce, a $1 trillion investment in infrastructure could create as many as 11 million jobs over the next 10 years while creating high demand for workers such as welders, “concrete strength-testing technicians,” construction managers, and construction health and safety technicians – all jobs that require a post-secondary credential but not necessarily a four-year degree.

Which takes us back to Allen Miller.

At the end of his four-year apprenticeship with Cedar Mountain Stone, Miller will hold a journeyman’s license in industrial maintenance as well as an associate’s degree from nearby Germanna Community College. In addition, he’ll hold a certificate in “asphalt technology” issued by the Virginia Asphalt Association, the trade association for the state’s road construction industry. He could stay at Cedar Mountain Stone or go elsewhere. Either way, he is destined to make a comfortable living that approaches six figures. He will also achieve this without a cent in student loans. “I’m going to be done with no debt, and I’m getting valuable on the job training along the way,” he said. “It’s working out great for me.”

As policymakers look for strategies to help the U.S. workforce adapt to the global economy, Allen Miller might be the model for the kind of worker the U.S. economy needs more of to succeed.

Editor’s Note: This post was originally published in September 2017 and has been updated for accuracy and comprehensiveness as of July 2020. Since the original publication of this article, Allen received an Associate’s Degree from Germanna Community College in December 2019. He continues to work for Cedar Mountain Stone and is teaching night classes in asphalt technology to the next generation of apprentices.

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Anne Kim

Anne Kim is a contributing editor to Washington Monthly and the author of Abandoned: America’s Lost Youth and the Crisis of Disconnection, forthcoming in 2020 from the New Press. Her writings on economic opportunity, social policy, and higher education have appeared in numerous national outlets, including the Washington Monthly, the Washington Post, Governing and Atlantic.com, among others. She is a veteran of the think tanks the Progressive Policy Institute and Third Way as well as of Capitol Hill, where she worked for Rep. Jim Cooper (D-TN). Anne has a law degree from Duke University and a bachelor’s in journalism from the University of Missouri-Columbia.

manufacturing jobs

Cities With the Most Manufacturing Jobs

Since its peak in 1979, manufacturing employment in the U.S. has been on the decline, accelerating sharply around the turn of the century. Despite modest gains since 2010, the number of manufacturing jobs remains far below previous levels. According to data from the U.S. Bureau of Labor Statistics (BLS), manufacturing accounted for more than 13 percent of the U.S. nonfarm workforce in 1999, or 17.3 million jobs. As of 2019, just 8.5 percent of workers were employed in the manufacturing sector, totaling less than 13 million jobs.

Interestingly, at the same time that manufacturing jobs have moved overseas, manufacturing output—measured as the value of goods and services produced in the U.S.—has increased steadily. In fact, the BLS’s index of labor productivity for manufacturing is 2.5 times greater than it was in 1987 (the earliest year for which the data is available) due to advances in machinery, increased worker skill, and improved industrial processes.

Although manufacturing output has grown overall, the growth has not been equal among manufacturing subsectors. Between 1999 and 2019, overall durable goods manufacturing output increased by 36.4 percent. While a number of durable goods manufacturing sectors decreased in output, computer and electronic products production more than tripled. In contrast, overall nondurable manufacturing output fell by 3.6 percent over the last 20 years, with the steepest declines observed in apparel and textiles.

The share of employment in manufacturing varies significantly across cities and states—some parts of the country depend much more on manufacturing work than others. The change in manufacturing jobs over the last two decades also differs substantially on a geographic basis. Even states with the largest share of employment in manufacturing today have lost large numbers of manufacturing jobs. While Indiana and Wisconsin have 17.1 and 16.2 percent of their employment in manufacturing, respectively, they have each lost more than 100,000 manufacturing jobs since 1999.

To find the metropolitan areas with the most manufacturing jobs, researchers at Smartest Dollar used employment data from the Bureau of Labor Statistics. The researchers ranked metro areas according to the share of workers employed in manufacturing. Researchers also looked at the percentage change in total manufacturing jobs since 1999 and the total number of manufacturing jobs in 2019 and 1999.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size: small metros have 100,000–349,999 residents; midsize metros have 350,000–999,999 residents; and large metros have 1,000,000 or more residents.

Here are the metropolitan areas with the largest share of workers employed in manufacturing.

Metro
Rank
Share of          employment in manufacturing
Change in total        manufacturing  jobs since 1999
    Total          manufacturing  jobs 2019
Total        manufacturing jobs 1999

 

Grand Rapids-Kentwood, MI     1

 

          21.0% -9.0% (11,800 total jobs lost) 119,000 130,800
 

San Jose-Sunnyvale-Santa Clara, CA

    2           15.1% -26.6% (62,700 total jobs lost) 173,000 235,700
 

Milwaukee-Waukesha, WI

    3           13.7% -28.4% (47,500 total jobs lost) 120,000 167,500
 

Detroit-Warren-Dearborn, MI

    4           12.6% -30.6% (113,900 total jobs lost) 257,900 371,800
 

Louisville/Jefferson County, KY-IN

    5           12.3% -12.7% (12,100 total jobs lost) 83,000 95,100
 

Cleveland-Elyria, OH

    6           11.4% -37.2% (73,000 total jobs lost) 123,500 196,500
 

Cincinnati, OH-KY-IN

    7          10.8% -18.8% (27,900 total jobs lost) 120,600 148,500
 

Portland-Vancouver-Hillsboro, OR-WA

    8           10.6% -8.9% (12,700 total jobs lost) 129,300 142,000
 

Rochester, NY

    9           10.5% -47.5% (51,100 total jobs lost) 56,500 107,600
 

Hartford-West Hartford-East Hartford, CT

    10           10.4% -21.0% (16,100 total jobs lost) 60,400 76,500
 

Minneapolis-St. Paul-Bloomington, MN-WI

    11           9.9% -17.0% (41,200 total jobs lost) 200,700 241,900
 

Buffalo-Cheektowaga, NY

    12           9.3% -37.1% (30,900 total jobs lost) 52,400 83,300
 

Charlotte-Concord-Gastonia, NC-SC

    13           9.0% -29.3% (46,000 total jobs lost) 111,200 157,200
 

Chicago-Naperville-Elgin, IL-IN-WI

    14           8.8% -35.3% (229,100 total jobs lost) 419,500 648,600
 

Seattle-Tacoma-Bellevue, WA

    15           8.8% -19.1% (43,700 total jobs lost) 184,700 228,400
 

United States

    –           8.5% -25.9% (4,482,000 total jobs lost) 12,840,000 17,322,000

 

For more information, a detailed methodology, and complete results, you can find the original report on Smartest Dollar’s website: https://smartestdollar.com/research/cities-with-the-most-manufacturing-jobs-2020

leader

How To Be A Hands-On Leader In Social Distancing Times

There are plenty of suggestions out there about how to best lead a company, but have you ever been told that an uninvolved, uninterested, hands-off leadership strategy is the way to go? Probably not. Being a hands-on leader is more important than ever these days, as many teams are working remotely.

The more a leader separates him or herself from the rest of the company, the less effective he’s likely to be. Here are a few things I’ve learned on my path to becoming a productive, involved, hands-on leader:

Honesty. Transparent communication is crucial when developing trust. Employees know when you are vague with your information or messaging. The more you can be completely open with your employees, the more they will trust you to lead them in the future. For example, if we have a complex implementation coming up, and I can see that we are going to need to work longer hours and possibly a weekend or two﹘ I tell my team precisely that. While it may seem like being the bearer of bad news, it’s better than leading them to believe they will be logging out at five every night when that’s simply not the case.

Approachability. It’s vital that every person in the company feels that they can come to you with their problems and you will hear them. The more you listen to your team, the more insight you will gain into how to lead them effectively. Never brush off an employee’s idea, opinion, or problem. Listen with intent, not apathy.

Offer Feedback. If a team or individual is underperforming but hasn’t gotten the feedback needed to address the issue, nothing is going to change. In the same way, if you have employees giving 110% effort and producing outstanding work, that needs to be recognized. Make sure your team knows that you are present; you see the work they’re putting in, and you are on the same side.

Lead by Example. I’ve found that leading by example is an essential element of leadership. The leaders set the attitude of the entire company. You can’t expect a collaborative workforce if you don’t collaborate with them. You can’t expect loyal, dedicated employees if you don’t fight for them as well.

Be the Leader You’d Want to Have. When making decisions, you have to think not only about the success of the company but the happiness of your employees. A solution carried out by an unhappy employee is never a sustainable solution. If you’re not sure about how your decisions are affecting your team, ask for feedback.

In every situation, try to put yourself in the shoes of those you lead. Are you the type of supervisor you’d want to work with? Each of your employees is a human being. It may seem like an obvious statement, but it’s easy to get caught up in the big-picture decisions and forget about the individuals that those decisions affect.

____________________________________________________________

Joel Patterson (www.JoelPatterson.com) is the founder of The Vested Group, a business technology consulting firm in the Dallas, Texas area, and ForbesBooks author of The Big Commitment: Solving The Mysteries Of Your ERP Implementation. He has worked in the consulting field for over 20 years. Patterson began his consulting career at Arthur Andersen and Capgemini before helping found Lucidity Consulting Group in 2001. For 15 years he specialized in implementing Tier One ERP, software systems designed to service the needs of large, complex corporations. In 2011, Patterson founded The Vested Group, which focuses on bringing comprehensive cloud-based business management solutions to start-ups and well-established businesses alike. He holds a bachelor’s degree in Business Administration from Baylor University.

nexus global

New report by Nexus Global Reveals State of Business Confidence in Wales Amid COVID-19

Businesses in Wales are most assured about launching new products or services, and least confident about hiring new employees.

·Sectors hit hard by COVID-19 are the least confident including leisure and sport and travel

·Law is the most confident sector in the UK

The current pandemic has thrown drastic obstacles in the way for UK businesses. With a total business confidence score of 91.89 out of 190 in Wales, these figures show just how uncertain businesses feel at present – according to a new, Business Confidence Report by Nexus Global.

Nexus Global surveyed senior managers in businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, businesses are most assured about the overall health of their business, yet least confident about the health of the country’s economy.

To determine the figures, respondents were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects. The results from Wales are as follows:

The South West of England ranks 8th in the UK for overall confidence

From a regional point of view, businesses in Northern Ireland are the most confident about the current climate, scoring 102.3 out of 190, nearly 10 points over the UK average. Whereas businesses in Scotland are the least confident by scoring just 83.8.

In Northern Ireland, businesses felt most confident about the happiness of employees, but least confident about the overall health of the country’s economy, this again is unsurprising given the current circumstances

Commenting on the report findings, John Westwood, Managing Director, says: “It is by no surprise to see business confidence at a low during such an unsettling and turbulent period, during which the UK economy has suffered its worst-ever decline. 

Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lock-down measures continue to ease. This change in behavior will need to see businesses adapt if they stand a chance of seeing growth.”

For more information follow the link to click through to individual sectors to discover more in-depth information on the current climate and future predictions.

________________________________________________________________

Nexus Global IFA network was founded in 2011 to bring compliance and regulatory support to financial advisory firms.

Nexus Global is presently the only IFA network to have gained Network Membership status with The Federation of European Independent Financial Advisers (FEIFA). Nexus Global – Registration Number 10465.

The RIA firm, Blacktower Financial Management (US) LLC is registered with the Securities and Exchange Commission (SEC File # 801-111088) in the United States of America.

jobs

Job Market Trends and Their Effects on Companies

The ongoing COVID-19 pandemic has touched just about every part of the economy, and the jobs market as a whole has gone into alarming freefall, despite the government’s job retention measures.

Where are the jobs going?

The sectors which have struggled most are, by and large, the ones you might expect. Aviation, hospitality, and retail have had to contend with unprecedented slumps in demand, and many businesses have responded by slashing their payrolls.

Even household names like HSBC have announced thousands of redundancies, albeit spread across the globe.

What is the economic outlook like?

According to the Guardian’s redundancy counter, more than 150,000 people have been made redundant, and more than nine million remain furloughed as of the 28th of July. Moreover, the number of employees on company payrolls tumbled during the lockdown period by around 649,000.

Though economic forecasts are not widely lauded for their reliability, the ones that are being focussed on by the mainstream media remain consistently bleak. According to the Office for Budget Responsibility, the body set up to advise the treasury, unemployment levels could skyrocket by the end of the year to levels not seen since the 1980s.

With that said, certain areas of the economy are now enjoying a surge in pent-up demand. Car dealerships are making sales faster than they can restock their forecourts; estate agents find themselves inundated with inquiries. Whether this can be sustained to the end of the year remains

The best-case scenario is a ‘v’-shaped recession – a sharp decline followed by an equally sharp uptick. This is a wildly different recession to the one experienced in 2008. The financial fundamentals which underpin the modern economy remain sound, and thus there’s some reason for cautious optimism – as articulated by the Bank of England’s Andy Haldane in June.

What can be done?

What does all this mean for businesses looking to navigate the post-COVID landscape?

Among the more popular shifts has been toward e-commerce. Retailers have tried to cope with sparse footfall by making the transition to trading online. E-commerce has, in fact, been in rude health through the pandemic, and it’s likely that this shift will outlast the pandemic itself.

Businesses may also wish to anticipate a fall in demand by being more cautious with their investments. Risk assessments and strategizing are set to be more crucial than ever, as is seeking out alternative forms of commercial finance from specialized online lenders.

payment

Survey Finds Dramatic Increase in Overdue Payments in North America

Will North American businesses remain resilient in the face of COVID-19 challenges? That answer is increasingly difficult to answer in the affirmative, as virus containment measures continue to negatively impact trade, consumer spending, industrial production, unemployment, corporate debt and supply chains.

According to the annual Payment Practices Barometer survey of businesses in the U.S., Mexico and Canada by trade credit insurer Atradius, companies are facing widespread cash and liquidity pressures. Survey data was collected this spring, and conditions have likely deteriorated further. News recently broke, for instance, that the coronavirus caused the U.S. economy to contract 32.9% in Q2, the worst contraction in modern history.

Needless to say, the bleak economic outlook puts businesses in an extremely tight spot, and it is likely insolvencies will rise dramatically, further exacerbating liquidity challenges among organizations in the supply chain. Some troubling signs of deteriorating payment practices and B2B customer credit risk captured in the survey include:

-Overdue payments have increased dramatically. Across the region, 43% of the total value of issued invoices remain unpaid by the due date, a sharp increase from the 25% reported last year.

-The value of invoices overdue by 90 days or more has doubled to 13%.

-Businesses write off 4% of the total value of outstanding invoices, up from 3% in 2019.

The increase in payment defaults is particularly alarming in the U.S., which saw a 72% year-over-year uptick compared to 2019, and in Canada, which saw an 86% increase. In Mexico, the amount of trade receivables firms have written off has doubled since last year.

These trends put a troubling burden on businesses, which end up having to spend more time, resources and funds chasing down overdue invoices. It also means working capital is tied up for longer than before, limiting businesses’ abilities to pay their own suppliers and make strategic investments. In short, rampant late payments cause a bad domino effect, spreading liquidity issues all throughout the supply chain.

UMSCA Firms Are Tightening Credit Controls

Faced with heightened B2B customer credit risk, many businesses across North America are tightening their credit control procedures, the Payment Practices Barometer found.

Firms typically rely on a mix of outsourced risk management, such as credit insurance, and internal tactics such as reducing risk concentrations and increasing debt collection resources. Notably, more than half of the region’s survey respondents plan on upping the efficiency of their debt collection processes through tactics such as payment reminders or outsourcing collections to an agency.

The Payment Practices Barometer also found that while credit-based B2B sales are on the rise across the region, the trend is slowing. Self-insurance against the risk of payment defaults also saw an increase – 66% of businesses rely on this tool compared to 22% last year.

The most prevalent methods of credit control vary by country:

-Many Canadian firms are planning on adjusting payment terms to better align with the credit capacity of customers – average payment terms are now 26 days, compared to 27 days in 2019. They also widely employ payment reminders and work to avoid concentrations of credit risk.

-In Mexico, a significant proportion of businesses employ credit insurance. Additional popular credit management tactics include suspending deliveries until outstanding invoices are paid, requesting payment on cash from B2B customers and requesting payment guarantees.

-U.S. firms focus more on credit management than their peers in the region. A large majority of U.S. businesses manage customer credit risk in-house through self-insurance. Requiring payment guarantees prior to sales and offering discounts for early payment are also widely used tactics.

UMSCA Businesses Remain Hopeful?

Despite the bleak economic outlook and all signs pointing to widespread liquidity issues, the majority of businesses surveyed in North America predicted growth in the coming months, their optimism rooted in the belief that banks will continue to provide credit to cushion the effects of poor cash flow.

But again, that was a few months ago, and business conditions are rapidly changing for the worse. Consumer sentiment, for instance, has fallen back almost as low as in the early days of the outbreak – optimism that COVID-19 will go away any time soon is now a distant memory.

The only thing that can be said for sure is that the business environment in North America is rife with uncertainty with no indication of sunnier skies in the near future. More than ever, businesses need to take a strategic approach to credit management that ensures adequate cash flows and a solid liquidity position.

_______________________________________________________________

Gordon Cessford is the president and regional director of North America for Atradius Trade Credit Insurance, Inc

business

Leading a Small Business Through COVID and Other Troubling Times

With the coronavirus shaking up the economy and upending the day-to-day operations of businesses, it’s perhaps more critical than ever that corporate CEOs and small business owners summon up all their leadership skills.

Employees who usually are just down the hall are now working remotely from home. The supply chain is disrupted. And customers and clients may be changing their spending habits.

But, as important as business savvy and financial expertise can be in riding out all the economic effects of the pandemic, other traits also come into play and may be just as essential, says Marsha Friedman, a successful entrepreneur who still leads a business she launched three decades ago.

“One of those essential traits is courage,” says Friedman, founder and president of News & Experts (www.newsandexperts.com), a national PR firm. “Thirty years ago when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, you’ll fail.”

Friedman, who is also the ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, understands this first-hand. Her firm, like many businesses, endured tough economic times after the 9/11 attacks. Revenue dropped and bankruptcy loomed as a real possibility.

“I had to figure out how to turn my company around,” she says. “It took courage, endurance, and perseverance, but I knew I could not go back, so I had no choice but to go forward.” 

Courage is just one of what Friedman calls the 5 C’s for building and maintaining a successful business through the good times and bad. “They’re the guiding principles I’ve learned through the ups and downs and all the mistakes,” she says. “They can work during the difficulties we now face as well.”

In addition to courage, Friedman’s other C’s are:

Caring . First, care enough about yourself and your dreams to believe you can achieve success even in these daunting times, Friedman says. “Just as important is caring about your staff and creating a positive work environment for them despite the troubles we face,” she says. “Be supportive of them throughout this situation that is bringing additional stress to everyone’s lives.” Finally, a good business leader cares about customers, Friedman says. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.

Confidence. Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges needs to be brought into play in business more than ever right now, Friedman says. “Believing you can reach for and achieve your short-term and long-term goals is essential to getting you there,” she says. “Maintaining your confidence is important to get through these unsettling times.”

Competence. It’s critical to stay up on the disruptions in your industry that the coronavirus is causing. “If you’re forced to downsize, this may be the time to reorganize and tap into the skills and abilities of your remaining team that are different from the roles you hired them for,” Friedman says. “That’s why it’s always important to have hired competent people who you can rely on no matter what the situation.”

Commitment . Stay dedicated to your goals no matter how difficult that becomes during these challenging conditions. Friedman says there may be times when this will be not only difficult, but downright painful. That was the case for her during those tough times after the 9/11 attacks. “I had to make drastic cuts, including letting go beloved employees.” she says. “But I never wanted to suffer a failure, and so I stayed committed to the goal and succeeded in pulling the business through those rough times.” 

“As we face the current challenges, you have to stay the course, remain positive and show caring for everyone related to your business,” Friedman says. “Most of all, no matter how dismal it seems right now, you need to have confidence that you are going to get through it.”

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Marsha Friedman, ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, is a successful entrepreneur and public relations expert with nearly 30 years’ experience developing publicity strategies for celebrities, corporations and professionals in the field of business, health and finance.  Using the proprietary system she created as founder and President of News & Experts (www.newsandexperts.com), an award-winning national public relations agency, her firm secures thousands of top-tier media placements annually for its clients.  The former senior vice president for marketing at the American Economic Council, Marsha is a sought-after advisor on PR issues and strategies, who shares her knowledge both as a popular speaker around the country and in her Amazon best-selling book, Celebritize Yourself.

seasonal

UPS Beefs Up Seasonal Employees for Holiday Preparations

With the holidays quickly approaching, UPS begins preparations for the inevitable increase in demand by recruiting an estimated 100,000 full and parttime seasonal workers. The positions available include package handlers, drivers and driver-helpers offering competitive incentives to qualified seasonal workers. Among benefits highlighted include the company’s Earn and Learn program which offers students up to $1,300 towards college expenses, healthcare, and retirement benefits.

“We expect another record Peak season this year, with daily package deliveries nearly doubling compared to our average of 20 million per day,” said Jim Barber, chief operating officer.  “In order to make that happen, once again we’re recruiting about 100,000 people for some of the country’s best seasonal jobs.”

UPS reports that about 35 percent of their seasonal packaging handler employees were eventually recognized and named permanent staff members. Other seasonal employees, such as Mercy Alvarado, benefit from the UPS-employee relationship years following the initial hire.

“I started my UPS career as a seasonal driver helper in part because the company’s tuition reimbursement program offered an opportunity to continue my education,” Alvarado said. “Since then I’ve not only completed my associate’s and bachelor’s degrees, I’ve been promoted twice and am now a full-time supervisor. UPS is the place where I plan to retire someday, and I’ll always be thankful for this amazing job and opportunity.”

Other seasonal employees hired by UPS support operations at temporary facilities designated specifically for demanding shipping waves reported during the holidays and other peak seasons.

IRENA Report Reveals Renewable Energy Sector Supported 11 Million Jobs in 2018

A report released by the International Renewable Energy Agency (IRENA) confirmed the renewable energy sector is not only increasing numbers in global employment, but also expanding regional diversification for employment opportunities in key markets beyond China, the United States and the European Union. Malaysia, Thailand and Vietnam supported Asia’s position as a global employment hub for renewables jobs in 2018, boasting a 60 percent share worldwide.

Among specific renewable energy industries, solar photovoltaic (PV) represents a third of the workforce in 2018, ahead of liquid biofuels, hydropower, and wind power.

Following a dynamic trend is the wind industry with China representing 44 percent of global wind employment with the U.S. and Germany closely following. Land wind activity accounts for a majority of the 1.2 million jobs identified in the sector, while biofuel jobs were reported with a 6 percent growth in jobs in regions such as Brazil, Colombia, Southeast Asia, European Union, and United States.

“Beyond climate goals, governments are prioritizing renewables as a driver of low-carbon economic growth in recognition of the numerous employment opportunities created by the transition to renewables,” said Francesco La Camera, Director-General of IRENA. “Renewables deliver on all main pillars of sustainable development – environmental, economic and social. As the global energy transformation gains momentum, this employment dimension reinforces the social aspect of sustainable development and provides yet another reason for countries to commit to renewables.”

To read the full report, visit: IRENA.org

Source: International Renewable Energy Agency