variednews: The Pandemic at One Year, Fresh Survey from Payche...

variednews: The Pandemic at One Year, Fresh Survey from Payche...: ROCHESTER, N.Y., Feb. 26: The American economy, guided by small and mid-size businesses, persists to face difficulties as the nation en...

The Pandemic at One Year, Fresh Survey from Paychex Shows Biggest Difficulties Facing Business Owners

ROCHESTER, N.Y., Feb. 26: The American economy, guided by small and mid-size businesses, persists to face difficulties as the nation enters into the second year of extensive shutdowns created by the COVID-19 . New research from Paychex, Inc., the HR software and services company providing the power of simplicity to businesses managing increasingly complex workplaces, found that three of the biggest obstacles businesses face are financial instability, bringing employees back to the office, and developing a COVID-19 vaccine policy. These insights are based on the company's latest survey of business owners, conducted January 27 – February 2, 2021, which polled 300 principals of U.S. companies with 2 to 500 employees. Financial Instability The survey showed small and mid-size business owners continue to be in a precarious position financially in the wake of COVID-19. Sixty-one percent of Paycheck Protection Program (PPP) loan recipients in the survey characterize the 2021 PPP loan as important to their business's survival. Overall 56 percent of companies with 50-500 employees characterize the funds as critical to their business survival this year, up 14% from 42 percent reporting that sentiment last year. In addition, only two in five respondents are aware of the Employee Retention Tax Credit (ERTC), which, according to the Consolidated Appropriation Act, 2021, can now be taken in combination with a PPP loan. Yet, only one in five business owners plans to claim the ERTC. Awareness and planned usage increase with company size as half of the mid-sized businesses will claim the ERTC. Planning the Return to the Office Amid this financial instability, to help maintain customer loyalty, many businesses are carefully coordinating a plan for employees' safe return. 55 percent of small and mid-size companies surveyed remain at least partially remote, while only 12 percent say that some or all of their workforce will permanently work at least part of the time remotely following the pandemic. More than 40 percent of small and mid-size businesses are still working out the details of bringing employees back to the workplace. Employer Vaccine Policies An essential step in getting employees safely back to the workplace will be vaccination. Many business leaders see themselves having a role in employee vaccination. 75 percent of small business owners (10-49 employees) and 85 percent of mid-sized businesses (50-500 employees) plan to motivate their employees to get the COVID-19 vaccine. 25 percent of all survey respondents expressed concerns around potential legal liabilities if they were to incentivize employee vaccination. "From the financial toll COVID-19 has taken on businesses, to the confusion around returning employees to the office, and what to consider when building a vaccination policy, business owners are facing a level of complexity never seen before," said Mike Trabold, Paychex director of compliance risk. "That's why we've created educational resources addressing a spectrum of new challenges. Whether it's a full shutdown, seeking funds to keep doors open, struggling to manage a remote workforce, or hiring to meet new and unexpected demands, we'll continue to guide business owners through the difficulties identified in this research." How Paychex is Helping Paychex has taken a leadership role in helping businesses navigate the COVID-19 pandemic with its comprehensive COVID-19 Help Center, extensive HR support for clients, and application enhancements to address pandemic-related challenges. Paychex continues to build on its Paychex Flex® PPP solutions in real-time as new government regulations pass. These include a forgiveness estimator that forecasts payroll costs and considers non-payroll cost inputs and creating a signature-ready loan forgiveness application to simplify the loan forgiveness process. To date, Paychex has helped its customers quickly apply for and receive $30 billion in loans. Additionally, the experienced HR professionals at Paychex develop and deliver effective HR recommendations based on the client's unique circumstances and business needs, helping them navigate unique new challenges like bringing employees back to the office and creating a vaccination policy. Paychex's COVID-19 Help Center offers comprehensive support to help businesses through every phase of the COVID-19 pandemic, from solidifying finances to decoding how new regulations impact employees. Resources include a map through which users can access webinars, checklists, articles specific to their state regarding guidance on reopening, paid leave laws, furloughs and layoffs, out-of-state travel restrictions, and more. The Help Center, which is available to all businesses, includes reopening guidelines to help companies resume operations with confidence, including detailed information about staffing, workplace safety, and privacy considerations.

variednews: IBM Survey: 2021 Voluntary Job Alterations and Ski...

variednews: IBM Survey: 2021 Voluntary Job Alterations and Ski...: ARMONK, N.Y., Feb. 26: A fresh survey from the IBM Institute for Business Value (IBV) divulged that one in four consumers studied worldw...

IBM Survey: 2021 Voluntary Job Alterations and Skills Expansion on the Rise, Bringing Employer Difficulty for Attracting and Retaining Workers

ARMONK, N.Y., Feb. 26: A fresh survey from the IBM Institute for Business Value (IBV) divulged that one in four consumers studied worldwide plan to switch employers in 2021. Even as the economy witnessed the loss of worldwide working hours equivalent to 255 million full-time employees in 2020,* the survey reveals voluntary job alterations and talent advancement are still the top priority in today's labor market as employees may be seeking career changes because of disturbances created by the COVID-19 pandemic. The study of more than 14,000 adults globally also showed that many of those who voluntarily made job changes in 2020 may be on the move again in 2021 for many of the same reasons. Findings included: One in five employees surveyed voluntarily switched employers in 2020. Of those surveyed who said they switched employers, more than half were generation Z (ages 18-24) (33%) and millennials (ages 25-39) (25%). Of the 28% of surveyed employees who plan to switch employers in 2021, the need for a more flexible work schedule or location and increased benefits and support for their well-being were cited as top reasons why. 1 in 4 surveyed employees indicated they plan to switch occupations in 2021. "The COVID-19 pandemic has changed employees' expectations of their employers, and leaders should take a more empathetic and personalized approach to attracting and retaining talent, especially for Gen Z and Millennial candidates and employees who may be more likely to make voluntary employer or occupation changes," said Amy Wright, managing partner, IBM Talent & Transformation. "That can include developing tailored learning plans and career paths for employees, fostering inclusive and flexible cultures and removing bias in hiring with the help of technologies like AI." Employees want work-life balance and career advancement opportunities Work-life balance and career advancement opportunities topped the list of attributes surveyed consumers said were important for their employer to provide. More than 40% of consumers surveyed also said the ethics and values of their employer were important to engage them, and 36% of consumers surveyed said they valued continuous learning opportunities. A perception gap exists between employers and employees on their skills According to a 2019 IBV study on the global skills gap, 45% of organizations surveyed shared that they can't find the skills they need. However, the IBV study released today showed greater confidence from workers, with 87% of employees surveyed believing they already have the necessary skills to meet their job/employment goals in 2021. Despite this confidence, most employees are still planning to pursue paths to grow their skills for the future. 58% of consumers surveyed said that they plan to take continuing education courses this year, mostly online versus in person. 25% percent of consumers surveyed indicated their reskilling or upskilling goals for 2021 included enrollment in a formal degree, certification or badging program. Approximately 30% of generation Z and 30% of millennial respondents surveyed said they'll enroll in a formal degree, certification or badging program, which were the largest percentages compared to other generation groups surveyed. More than 1 in 4 generation Z respondents surveyed say they'll pursue an apprentice opportunity, which was the largest percentage compared to other generation groups surveyed. IBM expands SkillsBuild, a free online learning platform To help individuals build skills for the future, IBM has expanded SkillsBuild to the United States. SkillsBuild is a no-charge and open online learning program that is designed to empower job seekers and others with professional workplace readiness and technical skills. Its key differentiators include a wide portfolio of interactive courses in languages that include English, French, German, Japanese and Spanish, and the ability for job seekers to tap personal coaching tools, complete portfolio-building projects, and earn credentials to showcase their skills to potential employers.

variednews: MoneyGram Digital Business Witnesses Quick Ascent ...

variednews: MoneyGram Digital Business Witnesses Quick Ascent ...: DALLAS, Feb. 25: MoneyGram International, Inc. , a worldwide pioneer in cross-border P2P payments and money transfers, revealed the Com...

MoneyGram Digital Business Witnesses Quick Ascent with 30% of Company Transactions Now

DALLAS, Feb. 25: MoneyGram International, Inc. , a worldwide pioneer in cross-border P2P payments and money transfers, revealed the Company providdd 137% year-over-year cross-border transaction expansion for January in its direct-to- lient4 digital trade, MoneyGram Online (MGO), marking the thirteenth successive month of triple-digit year-over-year cross-border transaction expansion in the channel. The Company's client-centric app assisted in propelling MGO expansion as app transactions grew 161% year-over-year in January. Additionally, the Company revealed another vital milestone on its digital transformation journey as digital transactions accounted for a record 30% of all money transfer transactions. "We're pleased to report a strong start to the year, which demonstrates sustained momentum in consumer demand for our leading app and continued market share gains," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. "This has also brought our digital business to 30% of all money transfer transactions, resulting in a size and scale that has redefined MoneyGram's business." The Company's strong January results come on the heels of strong fourth quarter and full-year 2020 financial results. Earlier this week, MoneyGram reported a record number of digital customers in the fourth quarter of last year and 152% year-over-year cross-border transaction growth in MGO for the full-year. These results continue to be led by record digital growth and successful expense control measures. "As MoneyGram leads the evolution of digital cross-border P2P payments and money transfers, we continue to execute our strategy to deliver the industry's best customer experience," said Kamila Chytil, MoneyGram Chief Operating Officer. "Our January results are yet another example of how our customer-centric app is delivering industry leading returns on investment and driving strong customer lifetime value."

variednews: BrightPlan Unveils Novel Tool To Gauge Value of Fi...

variednews: BrightPlan Unveils Novel Tool To Gauge Value of Fi...: SAN JOSE, Calif., Feb. 24: BrightPlan, a pioneer in Total Financial Wellness, revealed a novel online tool to assist companies determin...