Welcome to the Real World, Class

My dear friend Jim Fister and I were having a conversation over lunch earlier this year about the time we've been spending individually on college campuses, at high schools, and in one-on-one meetings at work advising young people about their careers and their lives. It turns out that we have been focusing on a lot of the same themes and decided that it was a good idea to put our thoughts together and write an article that shares honest, straightforward insight for young people as they start their career journeys. Here it is.

For those of you approaching graduation from high school or college or have recently walked across that stage, this is for you. Right now, you’re likely occupied with the final celebrations of the holiday season, or maybe you’re planning your next Spring Break getaway. But first and foremost, you’re thinking that life is coming at you faster than it did before and that means it’s time to focus on the real world.

There’s nothing like the inevitability of a looming deadline to clarify your intentions for your life once the last notes of Pomp and Circumstance have sounded, the celebrations have ended, and you embark on your journey into adulthood. In so many ways, we cannot wait for you to get out here as many organizations across the business world and non-profit sector are eager for your fresh ideas and skills, unique perspectives, and openness to new, creative ways of solving tough, challenging problems. After all, much has been written about Generation Y, a 70-million-plus strong population of young, optimistic, and goal-oriented men and women who have embraced collaboration and multitasking, are on the leading edge of emerging technology trends, and want meaningful work/life balance.

What You Don’t Know Can Hurt You
At the same time, however, in our visits to high schools and colleges around the country, where we have the opportunity to listen to young people and advise them about their academic and career choices, we’re observing firsthand that many of you are not ready for this new world. A lot of you lack a clear understanding of what it’s going to take for you to succeed in the 21st Century marketplace. In this case what you don’t know can hurt you.

We’ve seen for ourselves what can hurt. We bring a wealth of practical experience, knowledge, and insight. Both of us have worked in high-technology developing business strategies, creating product plans, promoting new products and technologies, and all that time pursuing entrepreneurial ventures and being active members of our community. The point is we actually care about the next generation and the lives and careers you undertake. We’re here to support you with four key tenets to get your nascent career on track that go beyond what you’ll learn in the classroom or in your immediate social circles. These are developing good professional habits, learning how to network, understanding influence, and living and exploring life. This is the real deal, and your success will mean the future success of your community, your nation, and your world.

Professional “Hygiene”: Develop Good Habits
Did someone ever tell you that your face would freeze that way if you keep that funny look on it? In some ways, that person was right. While your underlying personality is what will carry you through life, your habits will make that journey either easier or harder. Habits are easy to pick up, and unfortunately, they’re also easier to drop. And clearly some habits can be bad.

If you want one area where you should develop good habits, work on communication. Speaking and writing clearly are a must in a world where you want people to believe in your ideas. As a practical example, how many of you take the time to write a complete sentence or a thoughtful e-mail reply? As professionals in a connected world, you’ll spend a lot of time putting your thoughts into clear, coherent messages intended for the receiver to take action. While it’s fine to “LOL” or “OMG” with your friends, it won’t always go over well when you’re introducing yourself in a professional context. Last year, Jim worked with a local student who was a summer intern at the company. The intern went out of her way to write complete, well-formed sentences and to use proper punctuation and capitalization. The impression was stunning, especially in comparison to the young “professionals” who otherwise filled the day. That’s a person worth remembering, for she landed a strong ally who helped her look for her next job. When asked about it, she merely said that she didn’t want to be like all the other kids who couldn’t think or talk. So she made it a habit to write well.

Another great habit is showing up on time. A good friend of ours who should know a lot better consistently shows up late to meetings. As a consequence, he extends the meeting to make up for the missed time, which makes him late for the next meeting. It’s a crazy cycle that’s cost him on occasion when he shows up late to a meeting where an executive is none too pleased to have been kept waiting. As we say, it’s “results, not excuses.” Take care of all the little things, and people will be convinced you can do something big.

Learn the Art of Networking – It’s Not Who You Know, It’s Who They Are
We can’t say enough about developing a strong network. A good idea is one thing. A good idea properly placed in front of the right decision-maker with a strong endorsement is entirely another.

No doubt, the first question that comes to your mind is, “How do I get myself in front of those decision-makers when I’m just starting my career?” It’s a lot easier than you think. The first step is to think about your network – that is, who you know. We like to describe this as bringing people in the “background” of your life into the “foreground” at the right time. You very likely have many people in the background of your life – friends, family, professors, part-time job supervisors and co-workers, teachers, counselors, advisors – who you already know and can assist with a problem or opportunity you’re facing. In our travels to college campuses, a question we like to pose to students is how many of them really know their fellow students with whom they sit in classes every day. We try to impress upon the students that they could be sitting next to someone whose parents own a small business or work for a company in the field they’re majoring in and could be potential avenues to a summer internship or that coveted first job out of college. You cannot find out this information if you’re not taking the time to network with your classmates with that purpose in mind.

With the advent of Facebook, Twitter, LinkedIn, YouTube, and other social networking sites, you have the distinct advantages of real-time communication and instantaneous connections that many in prior generations did not have. We strongly encourage you to use that advantage as you move into the business world. But tread carefully, for you must clearly differentiate your business and personal networks over time. It’s one thing to tell your pals what you did over the weekend, but it’s an entirely different thing to provide that to your customers. And remember what Monique calls the “Grandma Standard”: If you think your grandmother would be appalled or ashamed to read what you’ve written or to see you in a questionable pose in a photo, it’s probably best to not post it. In other words, be passionate but don’t be impetuous when you share information about yourself online because it will live in some shape or form forever. Doing something embarrassing now seems cute until it results in an opportunity lost years down the road.

Understand Your Influence
No matter your vantage point in life or in an organization, you have the power and ability to influence others to follow your lead. Terry Bacon, the author of Elements of Power and Elements of Influence, defines influence as the power you apply in order to accomplish a goal, with your success depending on a number of factors which you may or may not control. According to Bacon, your influence is comprised of the technique you choose, the skill with which you use that technique, your power sources within your organization, and your personal power sources.

In short, an effective influencer needs the right technique coupled with sufficient power sources and good skills – communication, assertiveness, interpersonal, and interaction – to make things happen. Take the case of a high school student who recently decided to organize a technology camp for young women. Being smart, she first asked her teacher who she should contact for help. He provided her with a list of people she needed to meet, including Jim. She diligently followed up with everyone and used that network to influence their networks to generate all the donations necessary to put on the program. She also found many volunteers to help in the process. Many of these adults now are on the watch for how to help her in her next endeavor. That simple influence point started with the teacher and extended to a new network and an enthusiasm about women in technology that will endure.

Live Your Life and Explore
Lots of people will tell you in the next few months and years that you’re young and you have time to figure things out. Everyone’s situation will be different, but whether you decide to go straight into the workforce or take some time off before your first job, you should live your life and explore and experiment before you settle down into a particular career path or make lifestyle choices that will have an impact on your priorities and time down the road.

Monique recently advised a recent grad of Oregon State University who studied computer science. An aspiring software developer, this young man does not know at this point if he wants to work in a traditional corporate environment or if he should pursue a start-up company. Either way, he knows that he wants to travel the world and expose himself to different cultures and people. Monique encouraged him to jump on the opportunity to travel right after graduation if he could afford it because it will only get harder to find the time as his life begins to take shape and he becomes a “responsible adult.” Also, she gave him a third option of being an independent software developer, which he wasn’t even considering. She suggested that if he starts his career as an independent software developer doing project work, that could give him the flexibility to work from anywhere in the world as long as he meets his commitments to his clients. At the end of the day, he desires the flexibility to choose the career route that best aligns with his interests and passions right now.

Yes, your life is coming at you fast. By developing good habits, learning how to build your personal and professional network, understanding how to influence, and living a full life, you will be prepared to succeed in an ever-changing, complex, and interconnecting world. We are waiting on you!

Guest Post: Even Small Businesses Should Strive to be Great Places to Work

It may seem a little cliché, but if you’re going to spend the majority of your waking hours running your business, it should be one that brings you personal joy, satisfaction, and reward. And when it comes to the workplace itself, your responsibility as the owner of the business is to ensure that you promote trust and respect among your employees and create a culture that values their contribution.

In this post, Elaine Hirsch, a writer who describes herself as a “jack-of-all-interests from education and history to medicine and video games,” describes how workplace trends point toward the desire among employees for deeper engagement and greater stakes the success of their companies. She also provides examples of successful programs in large enterprises and lessons and insights that small business owners and entrepreneurs can apply in their own ventures.

The days of a company being just the place a worker spends eight hours during the day have passed. More businesses are finding that when they make the workplace engaging and fulfilling for employees, they can reap great benefits. The trend of making the work beneficial to the employee beyond drawing a paycheck has grown stronger in recent years, with a host of new ideas and flexible benefit programs for employees. This has shown positive results in terms of increased performance at companies rated among the best places to work.

One doesn't have to earn a human resource management PhD online to know the cornerstone of all great workplaces is trust, both between employees and management on a personal level and trust in management’s strategic decisions. Part of this entails creating a culture that values employees and their contributions. Many companies on the lists of top workplaces offer benefits beyond the traditional time off and health insurance. Several extend insurance coverage to domestic partnerships. Many others have joined the trend of workplace wellness programs, made even easier by the growing number of health care companies offering these services. Companies are even hiring their own wellness coordinators, a dedicated position that improves employee health through initiatives like in-office nurse visits for basic physicals, wellness events like walks and workouts, and classes on stress management. These investments can also have a cumulative effect, as healthier employees cost the company less in insurance payments and time off, and yield greater productivity.

You might be thinking that as a small business owner, you may not have the resources or your operation may not lend itself to implementing sophisticated wellness programs or beyond-the-basics health coverage. However, you can create unusual perks tailored for your business that can pay for themselves, too. For instance, you might ask your employees for ideas to save the company money. Employees could be placed in pairs or small groups and asked to come up with as many ideas as possible. The team with the most total ideas and the team with the most implementable ideas could both receive cash prizes, a day off, etc. You stand to find significant savings through employees' suggestions and your employees will appreciate just being asked for their input. This kind of exercise also helps build the level of trust needed to create a great workplace.

Some ideas about great workplaces take a more extreme approach. Jody Thompson, an author and human resources expert, came up with an idea she dubs the "Results-Only Work Environment (ROWE)." This approach abandons the convention of a set workday or even a physical workplace, instead letting employees complete their work how and when they see fit. The approach has brought positive results to companies that have implemented it so far. Thompson reports that companies with a ROWE increase productivity by 35 percent and see voluntary turnover rates drop 90 percent.

ROWE may not be for everyone as it could be difficult to implement for many types of businesses. But it serves as inspiration to spark unconventional, out-of-the-box ideas that could potentially benefit your small business. Take the idea of telecommuting, which has grown more popular as gas prices rise and new technologies make it easier to connect workers to the workplace. Though researchers have found that pinpointing the exact number of people who work primarily from home is difficult, the U.S. Census has found the number has increased steadily in the last five years. The Telework Research Network, an independent research advisory firm dedicated to studying and advocating for telecommuting, found several benefits to companies that let workers report from home. Employee satisfaction is higher, attrition lower, and unexcused absences drop when employees can work from home. Companies taking this approach also see a rise in productivity.

An example of innovative HR in a small-business setting can be found in the Motley Fool's benefits package and company culture. Located in Alexandria, Virginia, Motley Fool is an online investment advisory service. At the Fool, employees get benefits, including:

• Unlimited paid time off
• Cheap health insurance
• Company outings
• Child consultants for parents
• Monthly peanut and butter jelly sandwich days with over 25 varieties to choose from
• Basketball, soccer, yoga, and tai chi
• Financial support for new parents
• In-office gym

Although this may seem excessive (and easily taken advantage of), Lee Burbage, Senior VP of HR at the Fool, says that his company spends 22 percent of salary expenses on these perks (compared to the industry average of 30 percent). Furthermore, these perks are essentially investments in the long-term health of the Fool's employees. As a company which values the creativity of its employees, providing an environment which facilitates sound minds and sound bodies seems like the obvious thing to do.

For companies looking to improve productivity and make the workplace better, the right benefits can make the difference. However, this doesn't have to mean putting in new and expensive programs. For many companies on the best workplaces lists, it was small initiatives like ice cream days or employee recognition awards that went a long way in creating a positive office culture.

Latest Interview at Business Info Guide

The Business Info Guide recently interviewed me about my book and my experience as a woman entrepreneur. Check it out at this link: http://businessinfoguide.com/interview-monique-hayward-author-of-divas-doing-business-what-the-guidebooks-dont-tell-you-about-being-a-woman-entrepreneur/.

Next Venture: Cerise Noire Software and Puppy Kisses App

Many people have been asking me, "What's Next?" after I closed Dessert Noir Cafe & Bar in July 2009. Well, I'm excited to say that I can finally start to talk publicly about my latest venture, Cerise Noire Software.

As John Williams described in his guest post, I decided to take some time to figure out a new business that wouldn’t require the significant upfront capital investment and on-going cash-flow challenges that I experienced with the restaurant. Also, this time around, I decided to go into business with a partner to share the burden and the rewards of starting a new company.

The result is Cerise Noire Software, a company that specializes in family-friendly mobile software applications. As my partner and I looked at the landscape, we identified a great opportunity to help people discover new ways to enjoy their mobile devices.

Our first product is Puppy Kisses, a cute app for the iPhone, iPad, and iPod touch that allows you to add images and sound effects to photos to create animations that you can share via email and popular social networking sites. For $.99, it’s a no-brainer.

So spread the word about the Puppy Kisses app far and wide. Also, please become a fan at our Facebook page. Cerise Noire Software is a company that’s bringing more fun and entertainment to the world.

OPEN Forum by American Express: Contributed Article

My first post to American Express' OPEN Forum community hit this week, and I'm really excited about it. A go-to site for small business owners and aspiring entrepreneurs, OPEN Forum provides lots of great information about owning and managing a business.

My article covers how to stay motivated through the good and the bad times that you'll experience as an entrepreneur. Check it out here and spread the word so AMEX will invite me to contribute more articles in the future.

http://www.openforum.com/articles/how-to-stay-motivated-through-the-good-and-bad-times

Guest Post: No Money? No Problem: Debunking the Myth that Entrepreneurs Need a Lot of Startup Capital to Launch a New Business

Having been the proud owner of a restaurant business that I built from scratch, I know that you can spend a lot of money bringing your entrepreneurial dream to life. At the same time, there are plenty of opportunities for entrepreneurs to launch their business ideas without breaking the bank, and that’s exactly what I’ve done with my second venture, Cerise Noire Software. In this guest post, John Williams, owner of Logo Garden, provides strategies for entrepreneurs to get creative when it comes to funding their businesses. John has been helping startups with constructing a business image for over 15 years and has published extensively on the subject of branding and the importance of a well-designed logo. In addition to his 25 years in advertising, John is an avid golfer and fisherman and enjoys both those activities with his teenage son.

Think you need tons of cash to start a new business? Think again. Case in point: Mark Zuckerberg. The billionaire founder of Facebook conceived the idea for his company in his college dorm room. Not only did he not have a lot of capital investment in the beginning, but he also had virtually no money. But what he did have was a good idea.

If you have a business idea with promise, but you don't have the cash to make it a reality, you should start thinking outside the box. Sure, those embarking on many traditional business opportunities may face a great deal of upfront costs (e.g., Monique’s case with her restaurant venture). However, with a little creativity and a lot of passion, you just might be able to turn your vision into a reality without spending a lot of money on the front end. These tips may help you get started without having to dig up a lot of cash at first.

Don't Quit Your Day Job
If you're fortunate enough to have gainful employment in these tough economic times, don't recklessly give up your job to chase your dream. Instead, if at all possible, retain your current employment and work on your startup at night and on the weekends. Typically, new businesses don't have immediate success after launching. Instead, particularly with unusual, risky or really innovative ideas, it may take some time for them to catch on. Easing into the new venture and funding it with your existing salary will help avoid a premature demise. Many people who have embraced this gradual process have been grateful for that decision, particularly when things don’t work out with the new business. Every idea won't succeed, and if your venture becomes a casualty, you'll be thankful that you didn't give up your current job.

Forgo the Fancy Stuff
Just because you have a new business doesn't mean that you have to rent extravagant office space. Instead, for as long as you can, work from home. Forgoing commercial office space will free up much needed cash that can be spent elsewhere. And, by working from home, you'll likely realize other cost savings, including lower gasoline bills as a result of eliminating a commute from your daily routine. In addition, don't waste a lot of money initially on expensive office supplies. Instead, consider shopping for discount, and even used, supplies.

Barter
Starting out with little or no upfront capital may mean delaying things that could help your business grow, like a nice website. However, if you have a potential client or customer who has web design experience, propose that you swap services initially. Exchanging services in this way can help you cut certain startup costs, but it can also help you develop a lasting working relationship with a client.

Market Yourself
Even if you don't have the funds to get an impressive website going initially, don't overlook the available free methods of marketing your business. Social networking sites, such as Facebook, Twitter and Linked-In, are a great starting point. But also consider hitting the pavement. Depending on your community, it may be appropriate and well received if you personally visit other local businesses to discuss your concept. And a friendly visit won't cost you a dime.

Go with the Flow
If you're passionate about your project, chances are you've outlined in your head exactly how the business should operate. Unfortunately, no matter how prepared we may be, things often go awry in business. Therefore, particularly if you're working solo in a venture with little or no cash on hand, you have to be flexible and roll with the punches. Adapting to the circumstances may be the difference between success and failure.

Avoid Get-Rich-Quick Schemes
If your goal in starting a new company is instant riches, then perhaps you should reexamine your business plan. Even great new ideas that are well funded usually don't translate into immediate financial rewards. Therefore, someone who starts out penniless shouldn't expect to become a billionaire overnight. The internet is full of get-rich-quick schemes that promise would-be entrepreneurs immediate financial gratification. Unfortunately, most of those are scams. So, unless you have an idea that you really believe in and are ready to work hard for, reconsider whether starting a new business is right for you. And if you find yourself jumping from one great idea to the next in your quest to make a fortune, stop putting so much pressure on yourself and wait until you have a viable idea that you're committed to.

If Money is an Issue
If you need some cash to get started, keep in mind that getting bank financing these days can be extremely difficult. Banks and other lenders carefully scrutinize borrowers' ability to pay back loans. So if your business isn't already well established, you may have better luck elsewhere. Consider sharing your idea with friends and family who may be in a position to invest. And be prepared to provide anyone who will listen with a written business plan that explains your concept and how you intend to make it work. Presenting yourself as professional as possible is imperative if you want to be taken seriously.

Sheryl Sandberg, Facebook COO - Woman to Watch

Sheryl Sandberg is the COO of Facebook, and I've been following her career closely for a few years now. She's one of my role models for successful women in business.

If you haven't seen her TED talk, you must check it out at the TED site. She provides a great perspective and valuable insight about why there are so few women leaders at the top when you look across the business landscape.

Guest Post: Strategies for a Thriving Business with Fluctuating Demand

Isabella York has been in the business world her entire life. Having seen business cycles ebb and flow, she knows a thing or two about developing strategies for handling changes in demand, especially after having worked with a purveyor of Artificial Christmas Trees and Christmas Trees. Here's her guest post that shares strategies for conquering these challenges.

Running a seasonal business has its challenges. Many small businesses experience the bulk of their annual sales during a short season or sales cycle. While all businesses realize sales cycles, truly seasonal businesses fall into two primary categories – those that can afford to close during the off-season and those that must find other ways to maintain cash flow during the rest of the year. In both cases, the challenges are similar and must be addressed so as to keep your business flourishing throughout its ebbs and flows. To smooth out the bumps between peak seasons, follow these strategies designed to turn your business into a thriving year-round concern:

1. Find alternative sources of income: Diversification has long been the name of the game in keeping a single-season business going year round or helping a business boosts its product line or services to existing clientele. Most of the time, this does not require starting an entirely new business but rather expanding the core business you already have. In diversifying, consider other services or products you can offer using the existing equipment and resources. For example, a business making wedding dresses might make most of its sales during the spring. However, by using its skills and equipment to make other special occasion dresses, it might be able to move into a market that is busy in the autumn and winter months. Landscaping companies can morph into snow-clearing businesses in the winter. Laundromats can get full use of their space by adding exercise equipment or electronic games or serving espresso and sandwiches.


2. Expand your customer base: Explore ways to market yourself differently in order to reach new customers. For instance, if your environment-friendly holiday goods are big with eco-conscious customers, consider selling on consignment to local supermarkets or green specialty stores. If your rain boots boutique needs a boost in sales, you might want to set up a mail-order business or online store. This way, you can increase your market without adding sales personnel or a new location. While exploring new markets, make sure to keep your eye on existing customers. Exert the extra effort to ask them what new services or products you could provide. Listen carefully to what your customers are saying about your product. Engaging in a dialogue pays off big time when you're working around the clock during peak season.


3. Use off-peak seasons productively: Whether you close shop for the season or just motor along at a slower pace, use your off- season productively so that when your peak season comes round again, your customers are there with you. Even during quiet seasons, there are still ways to stay in front of customers and help keep your business at the forefront of their minds when it comes time for them to make their purchasing decisions. Quieter periods also offer an opportunity to tackle time-consuming essentials, such as stocktaking and ordering. Look at the stock you have and compare it with the amounts you ordered over the year. It's important to take advantage of off-peak periods to consolidate your business.


4. Market your business so it stays active longer: Develop a marketing plan that makes sure the busy season lasts as long as possible. Sales are a suitable way to weather the downtime experienced by seasonal businesses everywhere. Discounts, sales and promotions can be used to bring customers in during off-peak months. This is the way many tourist accommodation businesses price the rooms they rent out. Through mailings and special incentives to book now, you can stay close to your customer base and find ways to make it easy for them to commit during the off-season. Offering products at huge discounts will entice buyers, thereby increasing product sales. Off-season sales not only keep your name before your customer, but they also give you an opportunity to sell end-of-the-season merchandise, reduce your inventory and generate some extra income.


5. Manage cash flow: Managing cash flow more effectively requires getting paid more quickly. It pays to be organized about obtaining payments. This means sending out invoices promptly, chasing late payers and considering offering a discount for early payments. Also keep stock levels down as carrying excess stock ties up money you could be using elsewhere. Keep records of stock levels so you can see patterns of what kind of stock you should build up and when you need it. You can also improve your cash flow by tightening your purchasing policies. This might involve looking for a bulk discount, agreeing a longer than usual payment period or arranging purchases on a sale and return basis.

Running a seasonal business definitely has its challenges. With some vigilance and a clear strategy, you can alleviate many of the potential problems and create a path to solvency and success.

Guest Post: Investing in Employees – When to Hire, When to Train

Kate Manning is a business major who has worked under others and as a self-employed entrepreneur. She currently owns and manages her own business in Washington State. Here's her post about the importance of employee development to the long-term success of a company.

Modern business models often place stockholder profit above other considerations, even when that scenario may significantly hurt the long-term viability of the organization. This frenzy to create an annual report with a positive bottom line is understandable, but when it comes at the expense of employee enrichment or research and development, it may well hinder future growth potential. The question then becomes, "How does one find a balance between shareholder profits and employee satisfaction and retention?" Next, is it more profitable to enhance the growth of current employees or to hire replacements that are already at the professional point desired? Luckily, you don't need an online finance degree to find a solution that will benefit all parties.

While today's employees often expect to change jobs (or even careers), they generally would prefer to remain with their current employer if possible. Long-term research by groups like the American Management Association and Gallup suggest that a marriage of sorts between short-term profits and employee satisfaction is not only desirable, but it is also essential for long-term viability. The point being that for a company to experience sustainable profits, there must be an investment in employee development.

Employee development is often one of the things to be first sacrificed when business times are tough. However, cutting employee enhancements is detrimental to long-term stability or growth as well as stockholder dividends. Quality current or potential employees are seeking personal and professional growth, and in the absence of those opportunities, they will often go elsewhere.

Growth for current employees may take many forms, including both personal and professional aspects. According to "Investing in Employee Growth Makes Bottom Line Sense," firms that choose to assist current employees in various forms of professional and personal enhancement are more likely to retain those employees. That significantly reduces the need to attract new employees that invariably require at least some training and a period of time to adapt to the corporate culture.

At what point does it then become more practical to hire a new employee as opposed to attempting to retain a current employee? In the event of significant changes in job duties or expectations, it may be advantageous to consider bringing in new employees that are capable of stepping in without significant training. However, losing long-term employees who are loyal to the company can create issues for the remaining labor force and reduce morale. To keep employee satisfaction at peak levels, providing retraining opportunities may actually improve morale and loyalty of all employees. It is a dilemma that can create sleepless nights for those responsible for making such decisions.

While attracting new employees is often necessary, most companies find it more desirable to retain current employees. Even so, when it is necessary to attract new employees due to changes in corporate goals or product lines, having a reputation as a company devoted to retaining current employees helps in attracting the best candidates for those positions. Productivity is virtually always elevated when employee satisfaction is high, and providing training for existing employees is certainly one way to keep up employee morale.

When businesses decide to provide training for current employees, they have a variety of options to consider. Many elect to provide educational options on an on-going basis to improve the skills of existing employees. This type of benefit is also one that is coveted by those seeking new employment. Encouraging employees to attend professional conferences, providing management training, and offering interpersonal skills training are all ways to enhance employee satisfaction. Reimbursement for education is also a great benefit for current and potential employees.

For companies seeking to improve profit for stockholders, enhancing skills and improving employee satisfaction directly affect the bottom line. While most gains are long-term rather than short-term, savvy investors are likely to elect to hold the stock of a company viewed as being forward looking as opposed to those seeking immediate gains.