Signs of labor shortages are everywhere. Restaurants have cut their hours, warehouses pile up with products that wait for truck drivers to deliver them and construction projects stretch out for weeks and months longer than expected. And if it were only about finding help. An estimated 4.3 million U.S. workers quit their jobs in August, or about nearly 3 out of 100 workers, according to the U.S. Bureau of Labor Statistics. The game for employers has shifted from not only recruiting candidates but retaining the workers they have and keeping new hires for the long haul. “We have been in business a long time, 110 years. Hiring for these positions is nothing new for us. What is new is the approach we are taking to the labor challenges that everyone is experiencing right now,” said Irma Lockridge, chief people and systems officer at CoorsTek in Golden, which has developed a program called CoorsTek Academy. CoorsTek saw demand for its ceramic products surge as the economy rebounded, …
Watch: How Black Business Leaders Can Prepare to Meet Future Challenges
In the wake of the pandemic and the social upheaval of 2020, Black business owners have a stronger sense of community and more opportunities than ever. That's according to a panel of small-business experts who spoke at an Inc. National Small Business Town Hall streaming event, moderated by Inc. contributing editor Teneshia Carr on Thursday. "We're seeing a greater spirit of sharing and camaraderie amongst people and really looking to grow collectively, not just individually," says Kathey Porter, CEO and principal of Porter Brown Associates, a training and professional services consulting firm. She was joined on the panel by Malla Haridat, an entrepreneurship coach and founder of New Designs for Life Training Company, and Damon Henry, founder and managing partner of marketing technology company Kortx . Black-owned businesses have been hit especially hard in the past year, but entrepreneurs can build resiliency by growing their networks, taking advantage of new resources, …
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Twitter Debuts New Ad Features…And Other Small Business Tech News This Week
Share to Twitter Share to Linkedin Here are five things in technology that happened this past week and how they affect your business. Did you miss them? 1 —Twitter debuts new ad features and a revamped its algorithm ahead of an ecommerce push. Twitter announced this past week that it has overhauled the algorithm that impacts the advertisements that people see and updated its ad features. The changes come as the social media giant work to set the foundation to create new ecommerce functions in the future. Twitter also shared that it is in the process of developing tools to help businesses use ads to locate customers who are predicted to make more purchases directly in the app. (Source: Reuters ) Why this is important for your business: Is Twitter the right place for your business? Maybe so. The company is taking big steps to outreach to small businesses by making advertising easier and more competitive as well as doing its best to tone down some of …
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3 Lessons from Small Business Owners on Successfully Pivoting in a Crisis
The economic fallout of the coronavirus has hit small businesses hard. As of June, one in five had closed temporarily or permanently. Those that are surviving have one thing in common: They are pivoting . To get perspective from the trenches, I recently connected with Gusto COO Lexi Reese to learn more about the inspiring pivots she's fseen and what other small-business owners can learn from them. Gusto serves 100,000 small businesses across the country, so Reese has a front-row seat to the extraordinary leadership it takes to make these pivots work. The stories also feel personal to her. "I've pivoted many times throughout my career, shifting from documentary filmmaking in Nicaragua to working in the sex crimes unit of the Manhattan DA's office to working with small businesses at Amex, Google, and now Gusto," she told me. "One question drove all these changes: How can I do the right thing for those I want to support?" 3 lessons from small-business …
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Don’t Buy MercadoLibre for Its E-Commerce Business, Buy It for This Instead
E-commerce giant MercadoLibre ( NASDAQ:MELI ) has spent two decades steadily building its e-commerce marketplace and logistics network to become the leading retailer in Latin America. The stock has rewarded investors with a 2,500% gain over the past decade. The company's growth runway remains intact for its e-commerce business, but it's no longer the only star of the show. Its fintech business could be what drives returns on the stock in the future; here are two reasons. Image Source: Getty Images 1. Banking infrastructure is lacking in Latin America The financial infrastructure in Latin America is underdeveloped compared to more mature markets like the United States. While roughly 95% of U.S. households have banking services, countries throughout Latin America still lack banking access. Banking penetration rates are under 90% throughout the region, led by Brazil at 88%, but countries like Argentina, Columbia, and Mexico lag far behind. MercadoLibre's Mercado Pago …
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Here’s the Most Exciting Part of MercadoLibre’s Business
Often referred to as the " Amazon ( NASDAQ:AMZN ) of Latin America," MercadoLibre ( NASDAQ:MELI ) operates an e-commerce marketplace that has a dominant presence in several key markets. However, in this Fool Live video clip, recorded on Sept. 29 , Fool.com contributor Matt Frankel, CFP, discusses why the financial technology side of MercadoLibre's business is where the most exciting growth opportunities lie. Brian Withers: I look at MercadoLibre's history, and they have, over time, have quietly bought a bunch of small tuck-in acquisitions across logistics, across marketplace platforms, and across tech companies where they look at maybe a tech company who's building fintech tools or payment services or e-commerce operations and starts to work with them on specific projects, outsources a specific project, and they like what they see, they try and buy, and then they bought a number of these over the years. They've really built up a very strong tech-focused …
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15 Key Factors That Can Make Or Break A Business Deal
Share to Twitter Share to Linkedin Forming the right partnerships and making a good investment can be a tricky situation if you’re not 100% certain and comfortable about the decisions you make. When you’re ready to expand your business reach in the global marketplace, how do you find the right fit? Before you rush into any long-term commitments, here are 15 tips from members of Forbes Business Development Council that will help you choose whether to move forward with the deal or quickly step away from negotiation. 1. Assess The Contingency Factors When the capacity required to fulfill the order is questionable, the quality of product or service is doubtful or the statutory compliance is not achievable. The price point is an important factor compounded by the capital expenses playing a vital role, for example, the Robinson-Patman Act and other fair pricing legislation. Contingency factors may also include unreasonable penalty clauses for consequential …
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Startup failure? In the business called life there’s always a new bus to board
Chronic stress causes exaggerated levels of cortisol, and this is 'toxic' to the brain. This is particularly important in the context of ‘burnout’. Content warning, trigger warning: This article contains mentions of suicidal thoughts and suicide. One small crack does not mean that you are broken, it means that you were put to the test and you didn’t fall apart - Linda Poindexter What would it be like to start a rock band without a lead singer or lead guitarist? That’s how a 40-year-old bootstrapped entrepreneur felt when his co-founders left the business, leaving him stranded. His mobile payments and e-commerce startup was facing financial stress and the founder, without any technology background, was the lone figure on the stage, facing a storm. “You can’t run a band, if all you know is how to write passable lyrics,” says the founder who wants to remain anonymous, as he is still looking to raise funds. The company made two stinging errors, by his own admission. “We …
Texas businesses stuck between federal and state vaccine rules
American Airlines said it will defer to federal law over the Texas state law on employer vaccine mandates WASHINGTON - American Airlines and Southwest Airlines said Tuesday they will continue requiring employees to be vaccinated against Covid-19, deferring to federal regulations as Texas and the White House square off over vaccine mandates. The clash comes as the Republican governor of Texas, Gregg Abbott, signed an order Monday banning all vaccine mandates in his state, including those coming from private companies. But that state rule is in direct contradiction with a regulation announced by President Joe Biden last month, which would require all companies with more than 100 employees to ensure their workers are vaccinated against the coronavirus. White House spokeswoman Jen Psaki said Tuesday the new Texas law does not change the federal government's vaccine mandate plans, which could cover some 100 million US workers. "We know that federal law overrides state law," Psaki …
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Trump Campaign Distances Itself From Rogue ‘Patriot Party’
Share to Twitter Share to Linkedin Topline A day after former President Donald Trump reportedly backed off the idea to establish a new political party, members of his inner circle made clear Monday the 45th president was not affiliated with a new “Patriot Party” PAC established last week by a Georgia man. Key Facts In paperwork filed with the Federal Election Commision on January 22, Michael Joseph Gaul of Georgia falsely stated the PAC had entered into a joint fundraising agreement with the Trump campaign. Donald J. Trump for President Inc., the president’s still-active campaign committee, submitted a notice to the FEC on Monday disavowing the PAC. Trump “has no affiliation with Patriot Party,” the filing said. Over the weekend, Trump backed away from the idea to create a new political party—which the former president had discussed calling the “Patriot Party”—after advisers talked him down from making the leap, according to the New …
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