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Personnel File
Accounting Brookfield-based Vrakas CPAs + Advisors promoted Dave Canedo, Chris Marks and Goran Vukovic to senior accountants. Advertising &...
The industrial Internet
The Internet of Things has seen extraordinary growth over the past few years as a result of low-cost electronics and standard protocols. The price of connected devices has plummeted, which is why Cisco confidently states that 50 billion devices will come online by 2025!
Although the technology is fascinating in its own right, the value created by this technology is even more astounding. Consulting firm McKinsy & Co. estimates that the IoT “offers a potential economic impact of $4 trillion to $11 trillion a year in 2025.”
Although the technology is fascinating in its own right, the value created by this technology is even more astounding. Consulting firm McKinsy & Co. estimates that the IoT “offers a potential economic impact of $4 trillion to $11 trillion a year in 2025.”
Why should I work here?: Attracting the right talent
What makes good companies great is their ability to attract and retain the right people. Employees who are excited to come to work get the right work done, and are far more creative, productive and committed. Their passion infects both clients and colleagues, in the most positive way.
Business leaders want more of these employees, but few understand what makes candidates want to say, “Yes!” to the opportunity.
Attracting top talent has become a strategic priority for many companies. Too often, however, the direction is to focus on talent management incentives – increasing health care benefits, compensation, vacation time and training or offering flex work programs – rather than what makes the company a special place to work.
Research shows that people make employment decisions depending upon the role work plays in their life. In a study called “A Job by Any Other Name,” researchers Tamara Erickson, Ken Sychtewald and Bob Morison categorized workers into six segments on the basis of the role work plays in a person’s life and the factors that contributed to high engagement. Here’s what they found:
Business leaders want more of these employees, but few understand what makes candidates want to say, “Yes!” to the opportunity.
Attracting top talent has become a strategic priority for many companies. Too often, however, the direction is to focus on talent management incentives – increasing health care benefits, compensation, vacation time and training or offering flex work programs – rather than what makes the company a special place to work.
Research shows that people make employment decisions depending upon the role work plays in their life. In a study called “A Job by Any Other Name,” researchers Tamara Erickson, Ken Sychtewald and Bob Morison categorized workers into six segments on the basis of the role work plays in a person’s life and the factors that contributed to high engagement. Here’s what they found:
Planning with a purpose: A brief daily huddle with your team can help produce results
Greetings from 32,000 feet above Salt Lake City, Utah. Today, I visited a factory with one of my clients...
Businesses feel urgency to comply with Obamacare
Given the recent U.S. Supreme Court ruling on the Affordable Care Act and the many failed attempts in Congress to repeal it, Quarles & Brady LLP attorney Amy Ciepluch believes the law, often referred to as Obamacare, is not going anywhere.
“I would say that employers can put to rest any hope that the Affordable Care Act will go away,” Ciepluch said. “For the last five years, I've been barraged with the 'Is this going to go away?' 'Will this be repealed?' type questions, and at this point…we should assume it's here to stay and operate based on that assumption.”
With that in mind, area health insurance experts say employers need to be prepared for several key upcoming changes.
“I would say that employers can put to rest any hope that the Affordable Care Act will go away,” Ciepluch said. “For the last five years, I've been barraged with the 'Is this going to go away?' 'Will this be repealed?' type questions, and at this point…we should assume it's here to stay and operate based on that assumption.”
With that in mind, area health insurance experts say employers need to be prepared for several key upcoming changes.
News Breifs
Water Council gets funding for pilot program The Water Council has announced it has received an influx of cash...
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Birthright should not equal ownership: Consider the children’s merits when passing company to next generation
Tommy has personal problems. He denies anything is wrong but is frequently late for board meetings for the family business. His brother Jake is frustrated with his dad, the owner of the family business, because his dad doesn’t seem to mind Tommy’s absence. Besides, Jake is picking up the slack left by Tommy’s late arrivals and early departures, so as long as the work gets done, Dad is content. And Mom has made it clear that both boys will inherit the company equally.
This modern day prodigal son story plays out every day in family businesses. The failure rate of family businesses is staggering. Imagine a transition to Tommy and Jake’s leadership? If Tommy does not get the support he needs, this firm is ill-fated. Further, the parents choosing not to see the problems inherent in this transition, or worse, believing that both boys deserve an equal stake in the firm just due to birthright, is a disaster.
Legacy turns to legality, and brother is pitted against brother.
This modern day prodigal son story plays out every day in family businesses. The failure rate of family businesses is staggering. Imagine a transition to Tommy and Jake’s leadership? If Tommy does not get the support he needs, this firm is ill-fated. Further, the parents choosing not to see the problems inherent in this transition, or worse, believing that both boys deserve an equal stake in the firm just due to birthright, is a disaster.
Legacy turns to legality, and brother is pitted against brother.
Creating a family business: Bringing the second generation on board can be challenging
John Burke, who founded Milwaukee property development firm Burke Properties in 1968, never intended to turn it into a family business.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
Mediation can help divorced couples make business decisions
Divorce is a problem to be solved, not a battle to be won, according to Sue Hansen, a family lawyer, child advocate, mediator and collaborative practitioner at Milwaukee-based Hansen & Hildebrand S.C.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
News
BizTimes adds Hess as reporter BizTimes Milwaukee recently added reporter Corrinne Hess to its staff. Hess previously worked for...
