Published By Specht Newspapers, Inc
The Heartbeat of Northwest Louisiana Growth
February 2013
Navigating the Maze of
Human Resources
INSIDE
Mardi Gras Is Big Business
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ON THE COVER
HUMAN RESOURCES
When someone mentions “Human Resources,” a rolling of the eyes tends to follow. However, this aspect of business can make or break a company. Human Resources is not merely hiring the right person, or firing the wrong one, but a whole host of responsibilities and opportunities. This month’s issue not only defines Human Resources, but offers insight in taking care of a company’s most valuable asset, its people.
...Starting on Page 5
CONTENTS FEATURES
12 Tourism Mardi Gras is Big Business in Shreveport-Bossier
PERSPECTIVE
4 6
7 11 14 Find More Online at www.nwlabusiness.com
The First Word Three Ways to Not Suck at Performing Job Interviews
Un-Commmon Sense Marketing Add Social Media to Your Hiring, Communication Processes Marketing B-S Manage Your Time Wisely
From the Bossier Chamber Welcome to Tax Season Win-Win Powertools Keep Looking for the Right ‘Fit’
Volume 3, Number 11
©Copyright 2013 by Specht Newspapers, Inc. All rights reserved. Business Monthly is published each month by Specht Newspapers, Inc. at 4250 Viking Drive, Bossier City, LA 71111. Telephone (318) 747-7900. Information in this publication is gathered from sources considered to be reliable, but the accuracy and completeness of the information cannot be guaranteed. BUSINESS MONTHLY| February 2013 | 3
PERSPECTIVE THE FIRST WORD
Three Ways to Not Suck at Performing Job Interviews
I am a terrible interviewer when it matter how desperate you are to fill comes to hiring someone. The main the position, do not hire the person on the spot. It sets a bad precedent for problem: I talk too much. Many times, I find myself “selling” the relationship down the road. In the prospective team member on the addition, desperate people view company and the position, rather than doing a proper DAVID SPECHT JR. investigation. While the prospect may end up “sold,” I have failed. After about a week, I wonder, “What have I done?” After reading many materials on the subject, I have come up with 3 improvements on the process. 1. Have someone else perform the “drive by” interview. things through cloudy glasses. Regardless of the position, there are Things begin to clear after the intercertain things that are universal to view is over. Remember, it is easier to disqualiall interviews. There is no need for the final decision maker to spend fy a candidate than terminate sometime on this particular interview. A one after they have been hired. Avoid trusted team member can establish unnecessary headaches by following qualifications, etc. That person can these steps. But beware. There is no recommend the candidate for a sec- fool-proof hiring process. ond interview (or not.) 2. Write interview questions down on paper and fill out DAVID SPECHT JR. is vice president of Specht answers. This will help keep you on Newspapers, Inc. Read his blog about leadership track in the interview. While it won’t at www.DavidASpecht.com He may be reached via cure one’s “gift for gab,” it can move email at dspecht@bossierpress.com. things along. 3. Resolve to not hire today. No
Opinion
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FEATURE
More than ‘Hiring and Firing’ HUMAN RESOURCES
Human Resources Covers a Whole Host of Employment-Related Topics BY SEAN GREEN
A common sentiment you’ll hear from business leaders is: “It’s hard to find good help.” If you need to improve your employee base, then look no further than your human resources. HR is responsible for the selection, training, and assessment of employees, while ensuring compliance with employment and labor laws. Essentially, they initiate the hiring process and maintain the retention of employees. Grown out of the human relations movement in the early 1900s that tried to create value through strategic workforce management,
advancement sees HR now focuses on strategic initiatives like talent management, labor relations, and diversity. Some companies have several trained professionals while others delegate these tasks to noncertified personnel. As it comes to hiring, the process usually begins with HR. It is their job to address the common concerns during the hiring process such as punctuality, passing drug tests, and having the necessary people skills. “The hirer wants the interviewee to demonstrate they are a good employee with their actions,” said Ridge Lewis, business service representative for the Louisiana Workforce Commission. The most common characteristic of a good job candidate, is being familiar with the business for which the job seeker is applying. “A lot of people go in and start asking the wrong questions,” said Lewis. On
the otherside of the coin, one of the more overrated aspects of an interview is energy, enthusiasism and eagerness. “You’ll get a lot of people that seem eager. They talk a good game, but when it comes down to being able to come through, they don’t do it,” said Lewis. In fact, this leads to one of the most common mistakes when it comes to hiring — being duped by a “gut feeling.” “I’ve heard mistakes are made when that (interviewer) feels he or she has a good rapport with (the potential employee),” said Lewis. He advises to go back and check references. “(The HR representative) will be astounded that the person sitting in front of them is the person their previous employer is describing,” said Lewis. In the current technological climate, interviewing potential employees through a phone or virtual interview (by using Skype), are easy and a good idea, but don’t stop there. “Most employers take the phone interview as a first step,” said Lewis. “It’s just a part of it, rarely the end-all of an interview.” The functions of HR go beyond interviewing potential employees. “Basically, anything else
with employees — insurance or leave questions, disciplinary issues, discussing rules and laws,” said Lewis. Businesses can outsource the whole HR function due to ease and available personnel. However, Lewis doesn’t see it very often. “My advice is to do that (outsource) whenever it’s a financial advantage,” he said. “I don’t know too many (businesses) that do that, but you’ll have some company HR at another location so there’s not that personal attatchment.” Having a good working relationship between management and HR is essential. This allows management to include HR in planning from the beginning, which allows the HR representative to provide the manager with a full range of options. The impact is two-fold: The manager has another source of the advice and the HR advisor feels valued by the manager and the organization. And that sentiment can be invaluable when it comes to a stressful job like that of HR. “It supposedly has more headaches than any other (type of) job,” laughed Lewis. SEAN GREEN is managing editor of the Bossier PressTribune and a contributor to Business Monthly.
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PERSPECTIVE UN-COMMON SENSE MARKETING
Add Social Media to Your Hiring and Communication Processes
Last month I shared the impor- your company online, so you should tance of having a social media hand- monitor and direct the conversation book in place for your company. This as much as possible. Use the power of might come from your Human social media to enhance your brandResources department. Here are two ing and build relationships with curadditional examples where social rent and future employees. Create a social media strategy media plays an increasing role: recruiting and communicaAMY KINNAIRD tions.
Social media as a recruitment tool
Opinion
I am a HUGE fan of LinkedIn, and it is a social network that Human Resource departments readily use. How can you make the most of LinkedIn? Every executive needs a fantastic personal profile in LinkedIn. This may be the first impression that others have of you and your company. Don’t you want it to be great? The HR department can assist by getting up to speed on the new profile features and all of the recommended components that should be in place to make that profile shine! Create a great LinkedIn company page. Use the new enhancements, and take the time to set up a company page that pulls prospective employees to you. One of the big draws to LinkedIn for HR professionals is its job sourcing component, known as Talent Solutions. Many individuals are looking for employment through LinkedIn, and many companies are looking there for potential employees. With the advanced search capabilities and the ability to communicate directly to individuals, you can reach out to the perfect candidates anywhere in the world. By using different social media tools, you can easily and quickly post job offers, find more candidates, collect their resumes, and communicate with prospective employees all the way from initial contact through offering the job!
Social media as a communication tool
People are already talking about
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that includes how you will use it, what content you will share, and who is responsible. You may even hire a social media manager to implement and run everything. Have a compelling Facebook Business Page, LinkedIn company page, and Twitter company account, and use them well. You are marketing your business and want to be recognized as a great company to work for. Get on YouTube. Videos are a wonderful tool when putting together your company branding. Use this tool for people to actually see what it would be like to work with you. Videos are also great for training. Film once and your employees can watch over and over without you being there live. Use social media to get feedback from your employees. You can also get feedback about your employees and your prospective employees. There are a lot of functions that social media can assist with inside your HR department. By implementing some of these ideas, your company will have a stronger online presence. AMY KINNARD is the owner of Uncommon Sense Marketing. She is a self-proclaimed Social Media Evangelist. You can reach Amy at amy@uncommonsensemarketing.com.
PERSPECTIVE
MARKETING B-S (BOSSIER-SHREVEPORT)
Manage Your Time Wisely
In last month’s column, we disOff, ReQall, Routinely, Time Timer, cussed the Top Five reasons for sales Awesome Note, Epic Win, Freedom, rep failure. Toodledo and Wunderlist - just to name In review, the reasons we discussed a few. Personally, I have used are: 1.) Inadequate Training, 2.) Wunderlist quite a bit (and need to use Pursuing Unqualified Prospects, 3.) it much more). Pursuing only the “Big Elephant” Time management is a balancing Accounts, 4.) Lack of Time Management act…a real skill. This skill must be conand 5.) Poor Attitude. This month, we tinuously honed, crafted and improved want to begin looking into these reasons a little closer and in no RANDY E. BROWN particular order. We will start with Reason Number 4: Lack of Time Management. I picked this as a starting point for our discussion because in my experience, this is one of the biggest deterrents to success that I have seen for sales reps (both new reps and veteran reps). Personally, I fight with this quite a bit myself and this is something that I am perpetually trying upon. Time management skills, or the to work on and improve. Sometimes, lack thereof, can have a direct impact on there just never seems to be enough our work and the quality therein, our time to do the things that you need to efficiency and also very importantly, our do or want to do. stress levels. In today’s economy, time In newspaper advertising, we view management and specific sales stratean ad in the newspaper or an ad in one gies and techniques related to how we of our other products as an investment use our time become even more imporin the advertiser’s specific business. tant. Similarly, your time is also an investAs a sales rep, focus on improving ment. How do you choose to invest your your skills and techniques in the followtime? Time is a finite commodity. There ing areas: cold calling (identifying is only so much of it …and we can not prospects), telephone sales skills, your create more of it – no matter how hard sales process (the specific steps you go we try (and I personally try pretty hard through in making/closing the sale), sometimes). your sales strategies (the forethought As sales reps, we can always make you put into what you are doing…your more money, but we can never make game plan) and as always, your sales more time. We all have many responsitraining. As we have all heard so many bilities both at work and at home. These times, you can never train enough. responsibilities and all that we do in our In conclusion, time management is a daily lives are and investment of our balancing act. We must always work to time. balance the tasks and responsibilities In short, the time that we spend with which we are charged. This is not a doing one particular task or responsibili- static environment whatsoever, it is conty is time that we can not spend doing stantly changing and sometimes changsomething else. Most importantly, this ing by the minute! is time that we can not get back. So, it is Make a pledge to work on your time very important to balance the finite management skills in the New Year amount of time that we have with the and beyond….no matter how good you many tasks and responsibilities that we think you are at it already. You will be all face on a daily basis. glad that you did. Your efforts will pay In today’s electronically mobile and off in the results you experience. Next digital “high tech” world, even when it month, the next reason, Poor Attitude. comes to time management, of course, not to be cliche but, “there’s an app for that.” RANDY BROWN. is Advertising Manager of the Bossier There are many “apps” that are Press-Tribune and a 11-year veteran of marketing and specifically designed to help us manage media in Northwest Louisiana. He may be reached via our time. Among these are: Put Things email at rbrown@bossierpress.com.
Opinion
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PERSPECTIVE FINANCIAL FOCUS
Tips on Choosing — and Using a Tax Preparer
When you first started out in your adult life, things were probably pretty simple: no house, no spouse, no kids, few investments. So, when it came time to do your taxes, you might have gotten along just fine by WIL ADAMS using Form 1040EZ which, as the name suggests, is pretty darn easy to use. Fast forward a few years, however, and here you are today: family, mortgage, 401(k), IRA, stocks, bonds, debts, charitable contributions. Now, when you sit down to do your taxes, they’re looking a lot more like your high school trigonometry. If that’s the case, it might be time for you to get some help. However, anyone can claim to be a “tax preparer.” How can you find the one that’s right for you? Here are a few tips:
Get Organized
Once you have chosen a professional to do your taxes, what can you expect? Can you just toss a
Opinion
Check credentials.
While your brother-in-law, your barber and your daughter’s friend who is really good in math all may be able to do your taxes, none of them are going to be as familiar with tax laws as a CPA, a tax attorney or an “enrolled agent” (an individual licensed by the U.S. Treasury Department to represent taxpayers before the Internal Revenue Service). So, before you hand over your tax returns to someone, ask about his or her credentials and experience. If your taxes are too complicated for you to handle, you need a professional.
Get references.
Ask your friends, relatives and co-workers who they use for their taxes, and if they’re satisfied with this person. Avoid preparers who promise “big refunds.” No reputable tax preparer can guarantee you a big refund - or any refund - before looking at your taxes. Stay away from these people. Also, avoid tax preparers who base their fee on a percentage of the amount of the refund. While refunds are nice, you don’t want one that might invite serious questions, or an audit, from the IRS.
shoebox full of receipts, investment statements and pay stubs at your preparer and then wait for your return?
It’s not that easy.
Even if you use a tax preparer, you’re going to have to do some work, too. Try to be as organized as possible with your documentation. For example, you may want one envelope devoted solely to investment information, one to earnings, one to charitable gifts, one to other deductions, and so on. The more organized you are, the easier it will be for your tax professional to complete your return in the most favorable manner possible. However, don’t assume that what you’re giving to your preparer is sufficient. If you have sold shares of stock, make sure you’ve got the cost-basis of those shares available. If this information is not printed on your statements, call your investment professional to get it. Here’s one final tip: See your tax preparer as soon as possible. Once the tax season gets into late March, you’ll find few people anywhere as harassed and harried as tax preparers - so give them the time they need to help you.
WIL ADAMS is a financial advisor with Edward Jones. He can be reached at (318) 549-9155.
PERSPECTIVE
Welcome to Tax Season FROM THE BOSSIER CHAMBER
Well, we survived the “fiscal cliff” or so they tell us. There are so many new provisions that must be considered as we begin 2013 and start tax planEMILY LEAHY ning for the upcoming year. On New Year’s Day, The American Taxpayer Relief Act of 2012 was passed by both the House of Representatives and the Senate. This act not only includes changes going forward for 2013 but also makes changes to a few items retroactively for 2012. Also, don’t forget the Healthcare Law that was passed a few years back. Various items in this bill are beginning to roll into effect, two of them being the .9% and 3.8% Medicare taxes. A few of items from both laws are discussed below.
2012 AMT
Each year we keep our fingers crossed that Congress will “patch”
Opinion
2013 Income Tax Rates
The 2012 individual income tax rates will be retained for 2013 (10%, 15%, 25%, 28%, 33%, & 35%). Wealthy, according to Congress, is now being defined by earning more than $400,000 (single filers) and $450,000 (married filing joint). A new rate of 39.6% was created for taxpayers with income over these amounts. Long term capital gain and qualifying dividend rates will increase to 20% for those over the above mentioned thresholds. The 15% capital gain rate will still be available for taxpayers under these thresholds.
2013 Phase-Outs
We have been lucky the last few years being able to deduct all of our personal exemptions and itemized deductions but once again in 2013 they will be subject to phase out if your adjusted gross income gets too high. You will begin to lose both of these when your adjusted gross income gets above $250,000 (single) or $300,000 (married filing joint). The personal exemption can be totally wiped out; however your itemized deductions cannot be reduced by more than 80%.
the alternative minimum tax problem. Once again at the last moment included in this bill is permanent AMT relief by increasing the exemption amounts. The 2012 exemptions are $50,600 (single) and $78,750 (married filing joint). These amounts will be indexed for inflation going forward.
2012 Depreciation
One of the 2012 changes included in this legislation is the retroactive increase to the Section 179 depreciation limitations. Before this law was passed, the maximum amount of 2012 Section 179 depreciation that could be taken was $139,000. This was increased to $500,000 with the passing of this law. This is one of the important business provisions that were included.
2013 Depreciation
Not only will a business be able to deduct $500,000 in Section 179 depreciation again for 2013, the 50% bonus depreciation was extended. This bonus depreciation allows you to deduct 50% of the purchase price of qualifying new property that was purchased in 2013. This provision was scheduled to expire at the end of 2012 but was extended for an additional year.
2013 .9% Medicare Tax-Earned Income
See, Taxes, Page 13
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n
Fat Tuesday = Big Business
PERSPECTIVE TOURISM
Mardi Gras’ Economic Impact Felt Throughout Shreveport-Bossier DONECIA PEA When Mardi Gras season rolls around to Shreveport-Bossier each year, parade-goers aren’t the only ones filled with excitement. In fact, for Comfort Inn Bossier General Manager Sunny Shah, it’s one of their hotel’s busiest times of year, next to New Year’s Eve and Independence Day. “We get all of these people from throughout the state and surrounding states. And the moment they come, they get their room keys and just go straight to the parade,” Shah said. “They enjoy the parades, take the beads, dance, rejoice and hang out everywhere.” The festivities surrounding Carnival season bring in more than 400,000 parade-goers and generate an annual economic impact totaling more than $17 million in direct revenue from out-of-town visitors, many of whom stay overnight, according to a study titled “The
Opinion
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Economic Impact of the 2007 Centaur and Gemini Mardi Gras Parades” conducted by the LSUS Center for Business and Economic Research. “Mardi Gras is such a fun, festive season and greatly helps our local businesses. From King Cakes to ball gowns, our revelers spend quite a bit of money for parties and festivities and I couldn’t be happier about the impact it has on our
local economy,” Bossier Chamber of Commerce President/CEO Lisa Johnson said. Bossier City is home to the Krewe of Gemini, the area’s oldest parading Mardi Gras krewe founded in 1989. They, along with the Krewe of Centaur, are the area’s two largest parading krewes. This year’s Krewe of Gemini parade kicks off at 4:30 p.m., Saturday, Feb. 9 with the theme “Gemini Loves Television.” The parade will feature floats decorated to represent classic TV show favorites, such as “Gilligan’s
Island,” “Love Boat,” “Happy Days” and more. “We have some people who miss the (Krewe of Centaur) parade and come for the Krewe of Gemini parade. Or we have some who come for both weekends because they love it so much,” Shah said. “It’s a great success for the year and every year it grows more and more.” Last year’s Krewe of Aesclepius parade drew more
See, Pea, Page 13
Taxes: Many Changes Took Effect This Year Continued from Page 11
For years after 12/31/12, earned income (wages and self-employment income) will be subject to an additional .9% employee portion Medicare tax. This will be for those taxpayers that have more than $200,000 (single) or $250,000 (married filing joint) of earned income. Only the excess of this threshold will be subject to this tax. Employers will be responsible for withholding this tax if an employee is over the $200,000 single threshold. To the extent the employer didn’t withhold, the employee is responsible. This additional tax will need to be considered when calculating your quarterly estimated tax payments.
2013 3.8% Medicare Tax-Unearned Income
For years after 12/31/12, unearned income or “investment” income will be subject to an additional 3.8% Medicare tax. Investment income includes interest, dividend, capital gains, royalties, rents and passive investments.
This tax is not only for individuals but also for estates and trusts. For an individual, the tax is 3.8% of the lesser of net investment income or modified adjusted gross income less a certain threshold amount. The thresholds for this tax $200,000 (single) or $250,000 (married filing joint). Active investments are not subject to this tax.
Conclusion
These are just a few of the changes in the new laws. Each item is complex with its own rules and thresholds. You should definitely make extra time this tax season to meet with your CPA to be sure you are taking full advantage of every tax provision. Even though most of the changes apply to 2013, next tax season will be too late for any planning opportunities. The sooner you get a game plan, the better. EMILY LEAHY of Heard, McElroy & Vestal is a member of the Board of Directors of the Bossier Chamber of Commerce.
Pea: Learn More About All the Krewes Online Continued from Page 12
than 10,000 parade-goers to Pierre Bossier Mall where the parade is held. The krewe returns to the locale for a third year, this time with the theme “Wild Blue Yonder, The Evolution of Air Travel.” The parade will feature floats, marching bands, “and we plan to have actual pilots, navigators and military there in their tanks,” Aesclepius Krewe President Brandi Brooks said. Meanwhile, all stores inside the mall will remain open throughout the duration of the parade. Visit the Krewe of Aesclepius on Facebook to learn more about this year’s parade. Visit the Krewe of Gemini website at www.kreweofgemini.com for more information about their parade.
For a complete listing of all Mardi Gras events scheduled to take place in Shreveport-Bossier, including information on parade routes, visit www.shreveportbossierfunguide.com and click “Mardi Gras in the Ark-La-Tex.” To keep up with photos, video, and live reports from Mardi Gras in Shreveport-Bossier, follow the Shreveport-Bossier Convention and Tourist Bureau on Twitter at @sbctb. More information on things to see and do in Shreveport-Bossier can be found on-line at www.shreveport-bossier.org or by calling (888) 45-VISIT. DONECIA PEA works with media relations at the Shreveport-Bossier Convention and Tourist Bureau. BUSINESS MONTHLY| February 2013 | 13
PERSPECTIVE
WIN WIN POWER TOOLS
Keep Looking for the Right ‘Fit’
As I look back on my management career, I see myself guessing time after time on who to hire. I looked for skills, degrees and experience that qualified the applicant. In some cases, I lucked out and hired some wonderful people who have since excelled and moved up in the business world. On many other occasions, I guessed incorrectly and set myself and my company back. The emphasis was on “guessing”. Envision if you will, this manager under pressure to hire and pushing on the puzzle piece to make it fit the open space. I became really good at believing that I could make the round peg fit the square hole. What a gigantic waste of time and money. It was also stressful for me and my employees. What do you think my clients thought? I wasn’t alone. Fortunately, I worked for an outstanding company that could see on all levels that this was a major and costly problem. They hired several research companies to help us managers understand that we needed to slow down and learn more about what we want from the employee and then, what each candidate brought to the table. We needed to ask more well thought out questions
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JERRY FRENTRESS
Opinion
that would help us understand the applicant’s personality, motivation and goals. They urged us to listen more and talk less. Did I say personality? Yes, you need to examine the candidates’ personality and yours. I’ve heard it said many times that businesses take on the personality of the person at the top. So, before you start interviewing, examine your company personality and who you will work with best. What are your “core values”? What values do you want in an employee? What’s your style? How do you manage? What about skills, degrees and experience? Obviously, many positions require these. However, many skills can be taught. One research piece I read reported that employers are now putting more emphasis
on hiring “soft” skills than “hard” skills. Employers want employees who will fit in, get along, communicate, learn and want to be a part of the team. “I hire for attitude. Skills can be learned. I’ll take attitude any day over a good skill set.” G.J. Hart, CEO of California Pizza Kitchen, as quoted in the New York Times
Another one of my favorite quotes is “We’re all in sales and selling all of the time. Our #1 product is us.” In most cases, BOTH the employer and the candidate are selling. Usually, the interviewer talks too much as they sell the virtues of the company. Most employers are highly motivated to get the position filled and can be sold on someone whom they like in the interview. They can be sold by the candidate. How many times have you heard employers say they went with their gut? What to do? Get back to the basics! Prepare a job description and cover everything. Be candid. Detail what you expect from the employee? Do your best to eliminate the response “I didn’t know
that!” Plan, prepare and practice your hiring process. Invest in the process at the beginning. A bad hire has more costs, delays and stresses than you can imagine. Back in the 80’s, FRAM oil filters aired a TV commercial with a mechanic standing in front of a smoking car with its hood up. He was holding a FRAM filter. His famous line was “You can pay me now or you can pay me later.” It’s great advice for both your car and your hiring process. Full disclosure: I learned from my errors and discovered a better way. I interview both the employer and the potential applicant. Since I don’t have a horse in the race, I offer an unbiased and revealing video interview. I search for the “FIT” factors. It’s the way to eliminate square pegs forced into round holes and the resulting wasted time and money. JERRY FRENTRESS — Speaker & Coach, Win-Win Power(ful) Tools for Sales, Service and Employee Interviewing. Website: www.WinWinPowerTools.com. Business Facebook: www.Facebook.com/WinWinPowerTools . 742-0009
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