Recently Mazur & Associates had two of our staff members attend the Annual NJCPA Convention in Atlantic City from June 15th -16th, 2017. Our CPA’s came back to our office saying that one of the most informational and timely sessions they participated in was conducted by Mr. Gene Marks about how technology, the millennial generation, and the Trump Administration are going to effect the cash flow of small businesses.
A bit of background on Gene Marks: He is a columnist, author, and small business owner. Gene also earned his Certified Public Accountant credential and once worked at KPMG as a senior manager. He writes for numerous publications including the Washington Post, Forbes Magazine, and Huffington Post website. He has written five books on business management and has been featured as a keynote speaker on multiple occasions. He also owns Mark Group PC, a technology consulting firm geared towards small and medium sized businesses.
At the conference, our staff members heard Mr. Marks speak about keeping an eye on technology, tax changes under the Trump Administration, and attracting millennials to your workplace.
On technology: Mr. Marks stressed that keeping up to date with human resource campaigns and platforms is imperative for a small business. He suggested using accounts payable automation and making sure you back up your information in the could using up to date systems and software. “The smart business leaders are thinking about 2018 and 2019 right now,” Mr. Marks stated.
On the Trump Administration: In order to prepare for any tax-related changes made by the new administration, Marks suggested that companies make sure they are being paid the proper amounts on time by looking through and managing their accounts receivable ledgers. Another tip given was that, to save money, companies should take a look at the research and development tax credit again.
On millennials: Marks gave a few statistics on millennials that may come as a shock to some business owners.
• Millennials represent about half of the workforce in the United States, which means statistically, a large portion of your potential workforce will be from this generation. In order to build your staff, you will need to know how to attract and accommodate them as employees.
• 72% of millennials look for jobs that offer flexible work schedules and 68% look for work from home options. Firms that offer perks and amenities such as educational opportunities, generous paid time off and good healthcare benefits are the most competitive when it comes to attracting millennials.
• Two thirds (2/3) of millennials prefer socially conscious organizations in the workplace and rank independence/flexibility over compensation. This generation is considered to be the most tech savvy generation ever, with the largest percent of immigrants since the early 1900’s. Keeping up to date on both social progression and technological advancement will be key components for businesses targeting the millennial market.
• Millennials seem to be very focused on healthcare benefits; it is their top requested benefit. Marks suggests that a level funded healthcare plan (a hybrid plan with both group insurance and self-insurance) may be a good fit for both businesses and potential millennial employees. He also notes that health saving accounts (HSAs) are growing in popularity, making that another option to consider when revising and potentially revising one’s employee benefit plan.