8 minute read
What Mick Jagger Can Teach You About Business
EXPERT ADVICE MORE EFFECTIVE OPEN ENROLLMENT
BY GLYNIS ROBERTS
Just the thought of an approaching open enrollment period can cause stress for employers and their workers. But with proper planning and a well-developed strategy, open enrollments can be organized, effective and a positive experience for all involved.
First, the development of a detailed timeline well in advance of the start of open enrollment season is a must to assure a well-designed process. The employer and their benefit consultant can analyze the company’s specific objectives, style and demographics to develop a customized approach.
Included in this stage should be the scheduling of webinars, benefit fairs, seminars and opportunities, as applicable. Likewise, the framework of an employee communication campaign can be developed, leaving specific details (like plan data, contribution schedules, etc.) to be inserted at a later time.
As soon as renewals are made available by the carrier(s), plans and contribution schedules can be selected by the employer and a communication piece should be distributed to all employees outlining the planned process, any critical information and any important dates and deadlines.
Benefit plan and contribution information should be presented to employees in a manner that encourages employees to become engaged in the process. The communication material should present the range of benefit details in a simple, understandable and even exciting, if possible, manner customized as much as possible to the profile of employees in each organization.
This year especially, for meetings, online presentations and when preparing communication material in general, employers and HR personnel should also be sensitive to the challenges that have faced employees and their resultant fears and anxieties.
By focusing on the tone and positioning of benefit communications with an acknowledgement of the struggles employees have faced within their families in light of the pandemic, company leaders can demonstrate a true concern for the physical and mental wellbeing of their staff. In today’s world, technology is everywhere and open enrollment season should find it being used whenever possible. And whereas prior to the pandemic it was common for insurance brokers to present the open enrollment benefit package through in-office meetings, with the challenge of bringing workers together this year virtual meetings will again be the norm.
In addition to these virtual meetings, the distribution of supporting materials through emails, electronic newsletters and videos can also be utilized.
Most benefit administration programs also incorporate an online open enrollment portal that once only available to large groups, is now available to groups with just a few employees as well.
The bonus of utilizing an online platform is that employees can access all information remotely and electronic messaging, alerts and materials sent through the system can be tracked and archived.
Additionally, in many cases, the eligibility and enrollment data submitted by the employees can usually be sent electronically, direct to the insurance carriers. All these tools can enhance the experience for today’s technology-oriented workforce and help to streamline the entire process.
Finally, once open enrollment is completed and everything settles down, the process can be reviewed and employee feedback solicited in order to better understand the components that worked well and those that didn’t. In this way, the experi-
The Queens Chamber of Commerce offers its members access to My Benefit Advisor as a solution for employee benefits, including voluntary offerings. For more information about My Benefit Advisor, visit our website at qcc.mybenefitadvisor.com or contact Glynis Roberts at (212) 706-9451.
ence can be further perfected for the following year’s open enrollment season.
BUSINESS TIPS FROM MICK JAGGER
BY ROBERT INTELISANO
Earlier this month, I had the pleasure and privilege of flying to Pittsburgh to see the Rolling Stones play an outdoor concert at Heinz Field.
One of my favorite rock bands, I saw the Stones on their 1989 Steel Wheels tour in Philadelphia and at the MGM Grand Hotel in Las Vegas, to name a few. That 1989 tour is when the Stones changed what was a typical stadium tour into a theatre-like setting.
Other than perhaps Kiss, the Rolling Stones have mastered the marketing of their brand and logo, namely the famous big red lips and tongue. For Mick Jagger and the Rolling Stones, rock and roll is big business.
The Stones last played Heinz Field in 2015. Their revenue from that 2015 Pittsburgh show was $9,000,000 from the 50,000-plus fans that attended.
Mick Jagger, arguably the best front man in history, is what makes the Rolling Stones different from all other bands. Few people know that Jagger spent some of his teenage years studying finance and economics at the prestigious London School of Economics before quitting school to start a band.
Most bands concentrate on their craft and leave the day-today business operations to their agents. Not 78-year-old Mick, whose net worth is over $360 million.
The Rolling Stones operate like a well-oiled business with 300 employees, and it costs them $1 million per week to keep the show on the road. They had 11 people on stage and many more behind the scenes.
In a 1994 interview with Ed Bradley of 60 Minutes (the 14-minute interview can be seen on YouTube), Jagger referred to himself as the “Chief Executive of Business Operations of a Mobile Virtual Corporation.”
Here are five lessons business owners can learn from Mick Jagger:
1. It is not enough to have a
great idea or product. There have been many great bands over the years, however only a few have all members financially secure for life. It takes business skills to know what gigs to book, how to promote new albums, how much to charge for tickets, and how to manage employees.
2. Learn from your mistakes.
The Stones lost big money in the 1960s. Jagger was quoted in a 2002 Fortune Magazine article saying, “I’ll never forget the deals I did in the 60’s, which were just terrible. You say, oh, I’m a creative person, I won’t worry about this, but that just doesn’t work!” 3. Do not give up. One Stones song carries a message for small
EXPERT ADVICE CO-OPS NEED BACKGROUND CHECKS
BY GEOFFREY MAZEL, ESQ.
Leaders in the co-op community are greatly concerned with the momentum that Intro 2047 is receiving in the City Council. This bill has 26 sponsors, most of whom are term-limited out of office at the end of the year and therefore will not be in office when the effects of legislation are felt.
The proposed legislation would prohibit housing discrimination in rentals, leases, subleases, or occupancy agreements in New York City on the basis of arrest or criminal record.
Landlords, including co-op boards and real estate brokers, would be prohibited from inquiring about criminal record information at any stage in the process for applicants looking to purchase or rent in the co-op.
If passed, co-op boards would have no way of knowing if any proposed applicants have been convicted of a serious crime that would otherwise impact their decision-making process. Similar bills were passed in Seattle, Washington, and St. Paul, Minnesota, and are subject to judicial challenge. It is also very likely that if Intro 2047 was passed in New York City, it would be subject to judicial challenge by the many stakeholders who oppose the broad legislation.
The use of the criminal background check is an essential tool used by co-op boards to ensure a safe and harmonious community. Most boards are simply looking to make sure that anyone entering their co-op is a fit resident and that there is nothing in their past that would render them unfit.
The current Intro 2047 provides no protection whatsoever to co-op boards and their residents. It does not even allow them to see if a person committed a particularly heinous crime or is a sex offender.
In addition, the law provides no protections to the co-op in the event a shareholder with a criminal history that was not reviewed commits a crime while residing in the co-op.
Other similarly drafted laws in other states do contain “hold harmless” language for the co-op board in the event there is an incident involving a shareholder who was not vetted and has a criminal past.
The backbone of the strong co-op community in New York City has been the ability of boards to vet incoming shareholders to make sure they will make good neighbors.
This proposed legislation clearly
Geoffrey Mazel, Esq. is founding member of Hankin & Mazel, PLLC, and legal advisor to the president of the Co-op & Condo Council.
undercuts this ability and may serve to weaken a very precious housing sector in this area. Clearly, the co-op Board and its residents are in a no-win situation with regard to this legislation.
business owners. “You can’t always get what you want, but if you try sometimes, you might just find, you get what you need!” 4. Stay relevant. One of the reasons the Stones have had staying power through generations is because they keep people talking. Whether putting out new albums, licensing their old songs to new movies, the Stones continue to be a topic of conversation. Attending Queens Chamber events is a good way to stay relevant!
5. Understand the importance
of collaboration. Jagger has made many savvy decisions about partners. Two band members, until drummer Charlie Watts recently passed away, have been with him since the 1960’s. Others have shuttled through the band over the years. It is important to know when to make changes for the betterment of the band or business.
Mick Jagger and the Rolling Stones have lived long and storied lives. Since Jagger has eight children with five women, it is good that he has been prudent with his money. He made an excellent career choice, and when you do what you love, work will never be a chore. Rock on Rolling Stones!
