Month: September 2022

2022-09-21T12:01:00

(BPT) – The pandemic has forever changed how, where and why we work. As a result, employers and employees alike are re-evaluating workplace benefits, including family-building benefits like parental leave and fertility treatments. Yet, recent data from the Society for Human Resource Management reveals that the number of employers offering benefits like paid maternity, paternity and adoption leave has actually decreased from 2020 to 2022, indicating a shift backward — despite leave benefits remaining among the top-ranked benefits employers felt organizations should offer.

If companies are serious about centering their workplace around employee needs to help attract and retain the best talent, they should focus on supporting employees by offering benefits they need — and deeply appreciate.

Employers should set a higher standard for family support

Providing employees with expanded paid family leave packages is one way companies can offer meaningful support and encourage employees to stay with a company.

For example, Ferring Pharmaceuticals, which develops treatments in areas that include reproductive medicine and maternal health, has launched an initiative called “Building Families at Ferring,” which puts family-building at the forefront of their employee benefits package. All of the company’s global and U.S. employees are now eligible for 26 weeks of paid parental leave — for both birthing and non-birthing parents. The company is also providing unlimited financial support for employees on the fertility journey.

“It’s so important that companies look at what kind of support they are providing for employees on their family-building journey and ask themselves, ‘is this enough, could we do more?’,” said Purvi Tailor, Vice President of Human Resources at Ferring Pharmaceuticals, U.S. “Companies can get started by first listening to what their people need, and finding a trusted benefits management partner who can help ask the right questions and put a program in place.”

Employees should look for these benefits

If you are an employee or looking for a job, pay attention to the variety of family building benefits offered by companies. As there is currently no minimum standard for paid leave in the U.S., it’s important to understand what employers are offering.

For example, does the company have policies regarding fertility treatments or adoption? Infertility impacts 1 in 8 couples in the U.S. and unfortunately, this has repercussions beyond the physical. In fact, 60% of people being treated for infertility believe the diagnosis and treatment of infertility has negatively impacted their mental health, causing their relationships to suffer and/or emotional strain.

“I know these challenges all too well, as I struggled with infertility. Thankfully, I have a beautiful daughter that my husband and I welcomed via gestational surrogacy after four years of fertility treatments and trying to carry the baby on my own,” Tailor continued.

And because there are many ways to build a family, look for policies that apply to all employees regardless of gender, sexual orientation, relationship status or how they choose to parent. Look for policies that support the variety of time, financial and emotional strains that often accompany the family building journey. So, it’s important to consider benefits like:

• Financial support for fertility, adoption and surrogacy processes
• Extra time off for fertility treatments, appointments and adoption proceedings as part of their benefits package
• Support for pregnancy loss, including miscarriage or stillbirth

Employee responses

Tailor found that Ferring employees responded to their new family-friendly policies at first with surprise, then joy.

“Some people said they didn’t think they could build their families before, but now with this support, they feel like they can move forward,” added Tailor. “I had a very long journey from the fertility perspective. While I’m so grateful for how it ended, this amazing set of benefits would have been a game changer as my partner and I went through our journey.”

Benefits packages that go beyond to support family-building, along with an employee’s emotional needs, demonstrate how much a company values each employee as an individual – giving them the tools and support they need to be great employees and feel good about themselves and their lives.

“Moving forward, more progressive family-building benefits must be the norm,” Tailor continued. “I’m thrilled that we’re able to provide these benefits to our people, and I hope we will be an example for other companies to follow as they develop and build on their own policies.”

Learn more about the Building Families initiative at FerringUSA.com.

2022-09-21T07:01:00

(BPT) – Fall is approaching quickly, bringing a flurry of activities and preparations for the changing of the seasons. However, this season can also bring some unexpected dangers for your four-legged family member.

To help you prepare and keep your pet safe this winter, here are three safety tips for pet parents from MetLife Pet Insurance.

1. Pet allergies need a quick response

Just like their pet parents, dogs and cats are prone to seasonal allergies. MetLife’s data from last fall (Sept. – Nov. 2021) found atopy, commonly known as pet environmental allergies, was the most common pet insurance claim during this season — implying heightened veterinary visits and prescriptions needed.

Prevention is key. Look out for common, fast-emerging allergy symptoms such as sneezing, watery nose or eyes, skin irritation and inflammation. On the surface, these symptoms may not seem like a big deal. But when left untreated, they can easily lead to larger issues such as inflamed and irritated skin, hot spots (for dogs) or even hair loss and bleeding in more severe cases. If your dog or cat has allergies, try to identify allergy triggers and visit a veterinarian for proper treatment.

2. Dress for success

As the weather shifts to cooler temperatures and you start bringing out your sweaters, it’s a good time to take stock of what clothing your pet may also need. This is especially important if you live in a cold climate or your furry friend shivers outdoors. Check your local pet stores for jackets, rain jackets or sweaters for your dog or cat to wear to keep them warm during the colder months.

Halloween is also quickly approaching. When picking out your pet’s cute costume this year, make sure it’s also cozy and safe! Look for costumes and outfits that fit properly and don’t restrict their movement, hearing or breathing. Make sure to steer clear of dangling pieces or extra parts, which can pose a choking hazard or cause a throat blockage if ingested.

3. Prevent accidental escapes

Fall is a busy season, between children heading back to school and the holiday season just around the corner. People are constantly coming in and out of the house as a result, so it’s particularly important to keep a close eye on your pet’s whereabouts to prevent an accidental escape and injury. Some key spots to consider are your front door, garage door and backyard — especially if it isn’t gated.

To ensure your pet isn’t lingering by an exit point as you and your guests come and go, designate a safe, comfortable play space for them to go to, along with some of their favorite toys for distraction. A pet or baby gate may also be helpful to prevent these accidental escapes. Additionally, don’t forget to inform your guests about your pet so they can be more cautious when arriving and leaving.

While some of the preventative measures of protecting your pet this fall can be costly, you can consider taking measures to help offset some of the costs of health issues such as allergies or accidental injuries. Pet parents: if you want to invest in your pet’s safety and health this fall and beyond, consider getting a pet insurance policy — to help keep you and your pet prepared. To learn more, visit MetLifePetInsurance.com.

2022-09-20T09:01:00

(BPT) – Successful small businesses are the ones that remain adaptable, forward-thinking, and leverage the right resources. As we enter the fall, there’s never been a better time to explore new opportunities to take your business to the next level. Read on for a few expert tips on how to help your business venture grow.

Optimize tools to track and maximize your spending

No matter how big or small, every business owner knows they will have to spend money to make a profit. It’s important to budget for and diligently track every expense to prevent overspending. Whether it’s for travel, paying a vendor, or purchasing supplies or inventory, these expenses should be recorded and tracked. One of the best ways to do this is by acquiring a business credit card.

A business rewards card allows you to organize your expenses and earn rewards by accumulating redeemable points that can be used in the future toward travel costs. In addition, every business credit card comes with its own perks and opportunities for Cardmembers to earn more rewards. For example, new Southwest^® Rapid Rewards^® Performance Business Credit Cardmembers can earn 80,000 Rapid Rewards points after spending $5,000 on purchases in the first three months from account opening and 9,000 anniversary bonus points each Cardmember anniversary year.

Be resourceful

Successful small business owners know which tools are worth incorporating into their businesses to save time (and money!). Various tools are available to help provide accounting, invoicing, and payroll services for a fraction of the cost of outsourcing the work. Others can help you build and schedule your social calendar to get the word out about your business with ease. Many of these services even offer a 30-day free trial for users to familiarize themselves with the platform and decide if they want to continue using it.

Some business credit cards even offer opportunities to earn on purchases for your business. For example, Southwest Rapid Rewards Performance Business Credit Cardmembers earn 2 points per dollar spent on social media and search engine advertising, internet, cable, and phone services.

Grow your network

Every person that you meet in a professional setting has the potential to be a customer, partner or advisor. In a world that revolves around social media, joining Facebook and LinkedIn groups that are relevant to your industry is one of the easiest ways to start building your network.

When possible, also try to identify conferences or in-person meet-ups that can connect you with other like-minded professionals or potential clients. Purchasing travel with the right credit card, like the Southwest Rapid Rewards Performance Business Credit Card, can help you maximize every trip for points toward future travel.

For example, Southwest Rapid Rewards Performance Business Credit Cardmembers can earn 4 points per $1 spent on Southwest Airlines^® purchases; 3 points per $1 on Rapid Rewards hotel and car rental partner purchases; 2 points per $1 spent on local transit and commuting purchases, including rideshare services, tolls, parking lots, and parking garages. Cardmembers can also enjoy the benefit of up to $100 statement credit every 4 years for Global Entry or TSA Pre-Check and can travel more comfortably and efficiently thanks to perks like 4 Upgraded Boardings every year, when available.

As a small business owner, it can sometimes feel intimidating to incorporate new tools or strategies — but many are quick to implement and can save time and money in the long run. Now is a great time to take stock of your business and assess where some of these tips can make an impact.

Accounts subject to credit approval. Restrictions and limitations apply. Offer subject to change. Cards are issued by JPMorgan Chase Bank, N.A. Member FDIC.

2022-09-20T20:01:00

(BPT) – By Lee Hyang-eun, managing director of the Customer Experience Innovation Division at LG Electronics

We are living in the era of the ‘experience economy’ where the ability to offer customers memorable experiences has become key to brand reputation and indispensable for business growth.

Within this context, companies need to shed the description of ‘manufacturer’ or ‘provider of goods and services’ and, instead, transform their identity into that of ‘partner for a better life.’ This, however, can only be achieved by building solid, sustainable relationships with customers through the realization of differentiated experiences that offer unexpected value and gratification. In today’s environment, producing quality goods is, by itself, no longer enough to guarantee customer loyalty.

Customer loyalty is now viewed by many as an outdated term, especially where the MZ Generation (a widely used term in South Korea that encompasses millennials and Gen Z) is concerned. One of the most powerful consumer groups, MZ Generation take a more case-by-case approach to purchasing, rather than sticking with a particular brand out of any sense of loyalty. They typically seek out solutions that fit with their lifestyle, while also looking at financial cost, environmental impact and whether or not the item in question delivers an element of ‘emotional satisfaction.’ On this last point, companies are now using the power of data to help them quantify and categorize the constituent parts of ‘satisfaction’ and develop seamless, hassle-free experiences that offer practical and ‘emotional’ benefits to customers.

Attached and Connected: A New Standard for Brand Power

To gain a competitive edge in the era of the experience economy, establishing an emotional connection with customers has never been more vital. More and more companies are recognizing this fact, and, to this end, are making every effort to improve the customer experience (CX). Fostering a connection in this way can result in a deep relationship between customer and company that grows stronger over time and runs deeper than those based on the former model of customer loyalty.

Unlike physical goods, experiences don’t depreciate in value. Rather, companies can increase the value of the experiences they offer by constantly refining and evolving them which, in turn, may lead to better company-customer relationships and business outcomes. Ultimately, how expertly a company can develop and innovate in all areas of the CX will be a determining factor in their market performance and brand value — not just in the short-term, but in the medium- and long-term as well.

Transformed Retail Spaces to Attractions

With the ubiquity of online shopping, consumers are less likely to spend time going to offline stores — unless, that is, they offer something genuinely exciting or intriguing. Creating unique, in-store experiences or customer zones that offer a relaxing, inviting atmosphere that one wouldn’t typically associate with a traditional retail space is a necessity for retailers looking to lure the MZ Generation away from their favorite online stores. Such activities also come under the umbrella of CX and represent an important touch point for establishing a greater rapport with and understanding of target customer groups.

Marketing is another arena where brands can connect directly with consumers to actively communicate their values and philosophy, but catching the attention of people who encounter more than 3,000 advertising messages a day is no simple feat. In this climate, spatial marketing — which is conducted through sites such as flagship stores and pop-ups — is an excellent solution for standing out, and a great way of delivering one’s unique identity and messaging. A physical space can ‘embody’ what a brand stands for on multiple levels — from décor and design decisions, to location choice and the way on-site interactions are directed or guided. Add in a curated selection of products and personalized demonstrations tailored to the audience, and a brand can provide a versatile experience that customers will likely remember and resonate with.

‘Retail technology’ — the integration of information and communications technology (ICT) in retail settings — further enhances the ability of spatial marketing to stimulate an emotional response, one that can draw potential customers to a brand, or solidify the affinity that existing customers have for a brand.

Spaces are where our lives unfold. They are where we make memories and form opinions and relationships that can last a lifetime, and this is where the true power of spatial marketing resides. Through cutting-edge technologies, the empathetic consideration of space and a thorough understanding of what consumers value, LG continues to deliver original, unique experiences to millions of customers worldwide. Around 800 of the company’s expert designers are currently hard at work developing customized products based on comprehensive and ongoing analyses of today’s diverse consumer lifestyles.

At Milan Design Week 2022, executives from LG’s Home Entertainment and Home Appliance & Air Solution companies introduced LG’s ‘CX innovation’ management strategy and vision for the future. The company is continuously launching special spaces in Korea and various overseas markets, enabling consumers to see, feel and experience LG’s unique CX for themselves.

To read the full Executive Corner piece and learn more about CX, visit lgnewsroom.com.

2022-09-20T11:47:00

(BPT) – By Kevin Bearley, Next Gen business strategist at Pinion, formerly KCoe Isom

You’ve worked hard to build your business, pouring your heart and soul into its success. You’ve had to tackle complex problems and sometimes make tough decisions. It’s not always clear which choices are best when running a business, but there is one thing you know for sure: thoughtful planning always pays off.

The same is true when it comes to the legacy of your business.

Whether you are a few years or a few decades away from stepping down, it’s essential to plan ahead. You want to leave your business on your terms and achieve the outcomes you desire, which is why succession planning shouldn’t be delayed. A formal exit strategy ensures your wishes are followed, whether that be family transfer, sale, employee buyout or another path.

You may have thought about succession planning, but because you’re busy, you’ve put it off or simply don’t know where to begin. You are not alone. More than 70% of business owners fail to put a strategic, written plan into place.

The truth is no one knows when the day will come that they can no longer run their business. Delaying the critical task of succession planning typically leaves the burden to the family, who may be unprepared and therefore make uninformed decisions that impact the business and your legacy. Essentially, if you fail to plan, you plan to fail.

At Pinion, we have seen firsthand the costly damage caused by lack of planning, including undervaluing assets, misappropriating funds and excessive tax implications. These are all examples of costly financial implications, but what can be even more devastating can’t be boiled down to a number, such as when brand reputations are damaged, employee relations are diminished and family trust is destroyed.

Succession planning is primarily for when you plan to exit the business, but it can be an important legal tool at any time. One of the most memorable moments of my career was advocating for a $30 million family business serving as an expert witness in a case stopping the former son-in-law from taking a large share of family assets. The judge ruled in favor of the family because of the particularly clear terms in the succession-plan strategy the family created.

Planning now matters