Category

Privately Held

August 2018 Newsletter: Essential HR Practices for your Business

By | Family Businesses, Human Resources, Privately Held

Protecting your most Important Investment: Essential HR Practices for your Business

As a small business owner, you are keenly aware that even if you worked 24/7 there still would not be enough time to get everything done. Being an effective manager requires knowing the critical elements to lead your team. We, at Warren Whitney, strive to inform you of the essentials to run your business. To help get you started with your HR program, Beth Williams, Director of Human Resources at Warren Whitney, has provided guidelines for a sensible and practical HR program. Included in these guidelines are three basic requirements:

  • Creation and maintenance of three specific employee files
  • Publication of an employee guidebook with specific policies
  • Posting of required state and federal notices

EMPLOYEE GUIDELINES

Beth Williams advises that every employee have 3 separate files; Employee Payroll File, Employee HR File, Employee Medical/Benefit File.

  1. Employee Payroll File. This file should include: Direct Deposit Form, W-4, VA-4 and other withholding forms, and the offer letter. The file may be shared with the payroll or finance department (Note: The file may be kept with the finance department).
  2. Employee HR File. This confidential file will have general employment information on the employee and include his/her: Resume, Employment Application, Offer Letter, Contract or Agreement, Performance Evaluation, Awards, Disciplinary Documents and finally termination or exit interview information.
  3. Employee Medical/Benefit File. A separate, confidential medical/benefit file for health and medical issues on each of your employees should include: Applications for insurance, notes from a doctor excusing a person from work, medical examination results, information related to a disability, beneficiary forms, open enrollment forms and any other benefit related documents.

EMPLOYEE GUIDEBOOK

Next on the list is the Employee Guidebook. “A good employee Guidebook should contain several key sections and information on your company culture, policies, and procedures” Beth explains. Listed below are must-haves for the guidebook:

  1. An introductory statement to explain the purpose of the handbook and at will employment.
  2. The guidebook should list the following company policies:

·        Equal Opportunity Statement

·        Onboarding Information ·        Harassment and Discrimination
·        Open Door Statement ·        Confidentiality ·        Employment at Will
·        Social Media ·        Computer Use ·        Alcohol and Drug
·        Personal Appearance ·        Solicitation ·        Immigration Law
·        Disclaimer Statement ·        Business / Work Hours ·        Company Property
·        Ethics Policy

·        Standards of Conduct

3. Below are some remaining key topics that may be included based on your business and industry:

Timekeeping and Payroll: Timekeeping Procedures, Paydays, Pay deductions, Time Off

Work Conditions: Violence in the Workplace, Workplace Safety, Drug Free Workplace Policy, Employee Standard of Conduct and Disciplinary Policy, Office and Facility Information

Benefits: Sick Leave, Personal Leave, Vacation, Holidays, Bereavement Leave, Jury Duty Leave, Military Leave, Maternity/Paternity Leave, Group Insurance, Worker’s Compensation Insurance, Healthcare Continuation, 401K, Business Expense Reimbursement

POSTING OF REQUIRED NOTICES

To make your life easier, Beth suggests buying a combined state and federal poster that keeps you in compliance with posting regulations. If you have more than one office, you will need to post this in each location. While there are many sources, this recommended version costs less than $20.00:

http://www.allinoneposters.com/Virginia-Federal-Combo.html

Strategic Planning

By | Privately Held, Strategy

A family-owned business-to-consumer (B2C) company, was going through a transition in leadership. The company was not operating with the guidance of a strategic plan, and the incoming president thought this would be an opportune time to develop a new strategic plan. A planning process also was an ideal way to begin to change the culture of the organization to make decision making more inclusive and collaborative at the management team level. The client engaged Warren Whitney’s Katherine Whitney and Scott Warren to work as a team through this process.

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Operational Analysis

By | Finance & Accounting, Privately Held

The client was a professional services firm that provided accessibility testing and training for businesses and organizations. The client had realized that they were not getting the management information that they needed to manage the business properly, and that they were not able to provide their bank with the specific information that it needed. In addition, the client did not know the exact profitability of each position/employee. As a result, they engaged Warren Whitney’s Scott Warren to conduct an operational review of the company’s accounting and informational functions.

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Sales and Marketing

By | Privately Held

The employee that was promoted to the sales manager position at a financial services company was talented at selling, but he stretched his time too thinly between continuing to sell to his contacts, taking on more strategic responsibilities, business travel, and managing more and more of the company. The organization needed additional sales management assistance, but was not ready to hire a full-time employee.

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Interim CFO

By | Finance & Accounting, Privately Held

A privately held manufacturing company had grown rapidly without adequate accounting systems and controls. When Cyndy Lowery, an owner and director of Warren Whitney, was engaged to work with the company, the president was not receiving timely financial statements, information was not being entered accurately into a newly created job cost database, and the bank had issued strong warnings that its relationship with the company was at risk. The bank ultimately demanded a change in banking relationships.

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Chief Financial Officer

By | Finance & Accounting, Privately Held

As this company grew to five locations, the owner realized the need for executive level accounting and financial management. He needed someone with CFO-level knowledge, but realized that the company still did not require a full-time CFO position. The client engaged Warren Whitney to fill the need for a part-time CFO. Rique Flato served as the primary professional working one or two days per week and providing oversight of the client’s bookkeeper and the preparation of financial statements.

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