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Tag: Hiring Employees

  • What Is ‘Quiet Hiring’? And How You Can Use It To Your Advantage.

    What Is ‘Quiet Hiring’? And How You Can Use It To Your Advantage.

    2022 came with a slew of new workplace lingo: quiet quitting, quiet firing and fast quitting. However, a new trend is likely to dominate the hiring space in 2023: “quiet hiring.”

    The concept of quiet hiring hinges on the idea that a business can add new skills and fill gaps without actually hiring full-time employees. Gartner research expert Emily Rose McRae told CNBC that quiet hiring often comes in two different forms: internal and external.

    Internal quiet hiring means current employees might temporarily move to other roles or take on different assignments within the organization. External quiet hiring means hiring short-term contractors to keep the business running without taking on more full-time employees.

    “The reality for the next year is — whether or not we go into a recession — everyone’s a little nervous,” McRae said, per CNBC. “In a lot of cases, organizations are not necessarily doing a hiring freeze or layoffs but maybe slowing down a little bit on their hiring.”

    Although quiet hiring might be the ideal solution for employers to ensure workplace efficiency without causing financial strain, its success or failure could hinge on one factor: communication.

    Related: Google’s ‘Quiet Hiring’ Method Is Excellent for Employers, But Dangerous for Employees Who ‘Quiet Quit’

    McRae warns that without adequate transparency about the reasoning behind the decision to implement quiet hiring, some employees might take the shift from their current role into another one as a signal they aren’t needed and therefore begin looking for other opportunities.

    McRae told CNBC that employers should be clear about what the move means for workers and assure them of the importance.

    “If you’re asking a bunch of people to make this move, you should be able to articulate: What does this mean for them?” McRae told the outlet.

    Employers should reiterate how the move not only helps the organization but also the individual’s strengths and career trajectory.

    McRae encourages employees to think about leveraging quiet hiring as a way to advance their careers and current positions. If the company shares its plans to restructure, employees should consider how the pivot might actually help them in the long run and even position them for a promotion.

    “This is a really good chance for employees to sit down and say to their managers, their HR people and to the company as a whole, ‘Yeah, I’m willing to do this. Let’s talk about what this means for my career,’” she said, per CNBC.

    Related: ‘Quiet Quitters’ Might Not Have the Upper Hand for Much Longer. Here’s Why.

    Madeline Garfinkle

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  • 5 Ways You Can Build a Strong Leadership Team

    5 Ways You Can Build a Strong Leadership Team

    Opinions expressed by Entrepreneur contributors are their own.

    Laying the foundation for a powerful leadership team starts with a business assessment and a self-assessment. What does the business need to achieve, and how can our leadership teams get us there?

    I tend to look at things globally, but while I can see things in a micro way to determine the next steps, I like to lean on my teams to dig down into the details as they come up with a knock-out marketing and sales strategy, stellar creative, rock-solid and accurate financials and innovative thinking that are all informed by five guiding tips.

    Related: 22 Qualities That Make a Great Leader

    1. Determine what goals and priorities the business needs to focus on

    When determining the base needs of the business, you have to look at who’s already on your team. Here’s a good example. I have a person in a manager’s seat right now, but I’m mentoring him to be a director because what I’ve identified in him are many of the key personality qualities that a leader and a leadership team need.

    Intelligence is key. I refer not only to business intelligence but also to emotional intelligence. This includes understanding how to interact with people and the business requirements. They are two different things, but both are required of a leader. You need to be organized, and you need to have really good communication skills.

    You also need to be able to say no. I want my leadership team to be strong enough to know the difference between what we should say yes to and what we should say no to because I’m relying on them to run their parts of the business and then report to me. Therefore, I need to have trust that they understand what it means to say no — and they can only know that if they understand the business as a complete operation.

    For example, if there’s a need for someone to jump in the warehouse and pack boxes, then so be it. The fact that my warehouse leader was packing orders on a Monday shows the rest of his team and me that he’s not going to ask anyone to do something that he’s not willing to do himself.

    Related: Setting Measurable Goals Is Critical to Your Strategic Plan (and Your Success). Here’s Why.

    2. Never forget the importance of “right people, right seats.”

    Do they get it? Do they want it? Do they have the capacity to do it? And then there are measurables that give us an idea if they are meeting those criteria. We’re a little obsessed about this, but it’s important.

    One thing that guides a strong leadership team foundation is the establishment of core values. What does the business stand for, and what are those values?

    In our business, one of the things that we really believe in is customer relationships built on trust. Another one is minding the small details. Little things matter. This can be the little nuances of contract manufacturing or providing more service to our customers.

    You want to go out and find a leadership team that lives the core values every minute of every day that they are in the building, hybrid or remote — because it is through their leadership, their belief in those values, and how they exemplify them that provides the blueprint of how an employee should act.

    Remember that every employee, not just leaders, builds a company’s reputation and goodwill.

    Related: As a Leader: Never Compromise Your Core Values

    3. Leaders should be able to pivot, make adjustments and change course

    If you’re going to be in business and think things are going to stay the same, you’re not in the right field and should do something else. There’s an excellent quote that I read recently from Jeff Bezos, where he said that “every day needs to be day one.”

    He said that day one is when you’re entirely customer-obsessed and constantly looking to grow the business. On day one of a business, you’re asking what we can do to wow our customers. How can we provide value? You never want to leave day one because, once it becomes day two, it’s now on a path to stagnation.

    I agree with that. Part of day one thinking is understanding that things change. It’s being resilient enough to change course, evaluating things on the fly, knowing what’s working and rapidly driving resources to what’s working.

    How do you bring the best out in your teams? In baseball, it’s catchers that have a unique perspective. They’re managing the pitcher and see the game from a perspective only they can see.

    They’re watching the game unfold in front of them. Nine innings, 162 games a year for 20 years, or however long they’re behind the plate. They’re great leaders in the sport because they understand the game at a level that other players can’t.

    I think that that’s a big part of when you’re looking to develop a quality leadership team. Those are the kind of skills that you want to see.

    Be like a catcher.

    4. Knowing that honest mistakes, smart risk and bold action are often needed

    What I believe in is that you want to give people smart authority. You want to let them understand the guardrails within their sphere and encourage people to own things. You give people a chance to accept responsibility, take full responsibility for something and give them goals for what you want them to accomplish. Then set them free to go out and do it.

    When they make mistakes, they learn something. It’s through honest mistakes that real learning happens. We grow up in a culture where everything has to be mistake-free and perfect. In reality, however, the best and most successful entrepreneurs are founded out of risk. If you remove the risk from your business as you’re operating it, how can you ever grow? How can you ever move to the next level?

    You want to allow your team and leaders to grow and make what I call “smart mistakes” — honest mistakes that are not due to carelessness or recklessness. It’s okay to make a mistake when you’ve gone through the process of making a good decision.

    I also believe in “smart risk,” — where you think more outside the box. Smart risk is, for example, taking a reasonable chance on a well-thought-out opportunity.

    In marketing, there’s the whole theory of test and rest. Try something, give it a time frame, and look at the results. Did it work? Yes, then throw more at it. If not, what did we learn, why didn’t it work and what could we tweak?

    Related: 7 Mistakes Leaders Make When Managing a Remote Team

    5. Blending diverse talents can create a force multiplier effect

    The best example that I can give is a hockey team. There are usually four lines on a hockey team, and traditionally, you have the top six that score. You have two lines of forwards that go out there, and their job is to generate offense and control the puck in the other team’s zone. But if you have four lines like that, then who’s playing defense?

    So, you complement those lines with somebody who’s maybe a bit more physical, somebody who likes to agitate. While you certainly need to score goals, you also need the passers, the players who keep the team spirits up, and the enforcers where necessary.

    Same thing in business. You have to have a leadership team that’s not an echo chamber. In echo chambers, there are no divergent views or solutions. When you look at things like marketing and sales, you want different opinions so you have the best chance to make a decision that helps the business move forward.

    Related: Ensuring Diversity Is Not a Distraction to Leaders

    While values can be shared, talents should be unique. People should be able to work together and respect each other’s aptitudes and viewpoints because I believe that creates a high tide in which all boats can float.

    My feedback about our vice president of sales from her employees is that “She is the best manager I ever worked for because she empowers me to own things and do the best job I can.”

    That’s what I call great leadership.

    Vincent Tricarico

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  • 7 Ways to Retain Employees

    7 Ways to Retain Employees

    Opinions expressed by Entrepreneur contributors are their own.

    Employees are the backbone of any successful business. Replacing an employee can be a painful experience, especially for small businesses and entrepreneurs that have small teams. Employee turnover can result in the loss of valuable knowledge and expertise, damage customer relationships and cost thousands of dollars to find and train a replacement. The cost to hire and train a single mid-level manager is nearly $30,000. Each year, employee turnover costs U.S. businesses about $1 trillion. Here are some ways businesses can reduce turnover rates and improve employee retention.

    1. Start with compensation and benefits

    Employees expect to be compensated well for the work they perform. Companies that fail to remain competitive will struggle to retain their top talent. Although wages and bonuses are important factors in compensation, businesses should also explore opportunities to enhance other forms of compensation such as health insurance, life insurance, vacation policies and 401k contributions. Even non-monetary perks such as having an on-site gym or time off for volunteer activities can boost employee satisfaction and retention.

    Related Article: 7 Tips for Making Quality Business Decisions

    2. Employee recognition and praise

    Employees want to be recognized for their contributions. Business owners should take the time to reward and recognize the members of their team who are bringing their best. Different forms of recognition are effective, from sending a personalized note thanking them for their work on a special project or giving a gift card for helping another department. Public praise can also be effective such as giving out awards during a company meeting.

    3. Provide career development opportunities

    Career development is a critical part of employee retention. Employees who consistently feel challenged will be more likely to stay with a company. Find ways to give your top performers stretch assignments and promotions. Training such as educational courses and mentorship programs can provide an opportunity to enhance your existing staff while preparing them for their next opportunity.

    Related: This Is How to Boost Employee Retention With Lifelong Learning

    4. Provide the right resources and tools

    Employers are responsible for making sure that their employees have everything they need to be successful in their jobs. Skimping on these resources can leave employees feeling underappreciated, burned out and frustrated. Resources come in many forms, from hiring the appropriate number of employees to support the work to updating technology and improving processes.

    5. Promote healthy work-life balance

    Work-life balance is extremely important to most employees and can impact turnover. According to the Pew Research Center, 45% of employees left their jobs because of not enough flexibility in their work schedule, and 39% left because they were working too many hours. Giving employees the ability to balance work and their home lives reduces stress and allows them to take care of personal issues that would otherwise distract them from their work.

    Businesses can help support healthier work-life balance by permitting employees to work remotely (either full-time or part-time), create flexible work schedules and have more sick or personal time available.

    Related Article: How to Regain Work-Life Balance

    6. Hire the right people the first time

    Although this might seem like common sense, this is easier said than done. Rapid changes in the economy and workforce can leave companies desperate to fill open positions. It might be tempting to just hire any halfway qualified candidate. Unfortunately, this can increase turnover for both new and existing employees. New employees may leave quickly when they aren’t able to keep up with the demands of the job. Existing employees may also become burned out from constantly training new hires over and over.

    Instead, try to hold out for the best possible candidate for your open position. Also, being clear about expectations upfront can help reduce the number of employees who accept the position only to quit shortly after because the job wasn’t what they were expecting.

    Related Article: How Entrepreneurs Can Find Great Talent Despite a Labor Shortage

    7. Get feedback from your team

    Employees leave companies for a wide variety of reasons. One of the best ways to reduce turnover is by getting feedback directly from employees on how they feel about working for the company. Too many companies gather this type of information in exit interviews. Unfortunately, this doesn’t help because the employee has already chosen to leave. Instead, conduct stay interviews with top performers to find out what would keep them from looking outside the company for new opportunities. Anonymous employee satisfaction surveys can also provide a wealth of information to help business owners make retention decisions.

    Nicholas Leighton

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  • The Value of Digital Credentials vs. Degree Programs

    The Value of Digital Credentials vs. Degree Programs

    Opinions expressed by Entrepreneur contributors are their own.

    Pre-pandemic trends have shown S&P organizations losing standing to new disruptive market competitors, making it difficult to continue doing business the same way for long periods of time. Disruption is here to stay. For employees, the challenge becomes adapting to new processes and techniques faster than ever before to remain relevant. Lifelong learning is not just a quotable personal pursuit, but a requirement of the working world.

    In 2022, the median tenure for salaried employees is just 4.1 years. When combining employee tenure with the average S&P 500 company tenure on the list trending down to just 12 years, it’s clear that the same experts and expertise your business relies on today are unlikely to be there tomorrow.

    To stay at the top, great organizations will innovate to capture the market, while simultaneously acquiring new skills to execute in the next market. Designing and delivery of great training is a coveted core competency.

    Related: 5 Innovative Ways to Create Growth Opportunities for Your Employees

    Resisting change

    Becoming comfortable with the discomfort of change is a core competency managers and employees will also need to embrace. Our natural inclination is to not change, even when we know changing our behavior will have lasting positive effects. A few of the most common fears and anxieties associated with change include:

    • Losing control

    • Removal of safety and certainty

    • Peers no longer viewing you as the expert

    • Dreading the extra effort to learn something new

    Our experiences shape our beliefs. For managers in charge of change initiatives, there are two levels of beliefs to focus in on:

    1. Everyone is wary of change. Past changes have undoubtedly been painful for every employee, whether at work or in their personal lives. No matter what, there will be an existing level of resistance amongst your team.

    2. Success or failure in the first change initiative you manage will build important beliefs for the second change initiative. Successful teams will thrive during consecutive change initiatives, building the belief they can tackle any change together.

    Related: 3 Keys to Successful Change Management

    Driving business outcomes with digital credentials

    Digital credentials provide a verifiable means to honor individual skills acquisition and to measure both the organization’s and the market’s investment in change. In years past, an employee’s journey through prescribed training has been owned and kept secret in the employer’s learning management system. Ownership of acquired skills is valuable to both organizations and individuals. In vogue, skills have real market value. Things like statistical process control, Lean/Six Sigma, account-based marketing, value selling, scrum and servant leadership are not just owned by the organization — they’re owned by the employee as well.

    For business leaders, using digital credentials to track internal competency levels and/or market penetration of your brand skills training provides extraordinary value:

    • Certifying third-party technicians gives customers confidence in hiring service providers and broadens the marketing reach of a brand name.

    • Certifying contractors gives employers the flexibility to keep 1099 talent sticky to a brand, while also managing the ebbs and flows of business.

    • Certifying employees on future in-demand skills provides motivation for employee tenure as they master new skills. They become interested in recruiting new potential employees who also value professional development opportunities from employers.

    • Certifying employees on today’s in-demand skills motivates employees to increase their value at the organization and embrace change head-on.

    Related: What Business Leaders Can Offer to Keep and Develop Employees

    Digital credentials are an HR hiring manager’s best friend

    As organizations observe tenures of employees shrinking, it’s easy to believe that many stakeholders will still view training as a cost center. The alternative view is that training, no matter what organization has delivered it, is valuable. Using a digital credentialing strategy allows an organization to track not only course completion but skill trends internally and externally.

    Look no further than the immense value HR hiring managers gain from digital credentials. Unlike CVs of the past, with just a few clicks, stakeholders can see when, where and how an individual gained new skills. Using platforms, like Pearson’s Credly, gives hiring managers a searchable database of individuals with key skills. Earners who have added or shared their digital credentials on LinkedIn provide a transparent record of verifiable skills.

    Digital credentials, especially when tied to professional development or industry certification, can show an individual’s growth over shorter periods of time than a diploma. Moreover, when stacked together over time, they may well be indicating an individual has become comfortable with adapting to change in general. As businesses are faced with the need to innovate at a faster pace, why wouldn’t candidates who demonstrate a commitment to lifelong learning, comfort with change and willingness to invest in themselves provide the greatest organizational value?

    Christopher Allen

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  • 5 Team Management Secrets From a Serial Entrepreneur

    5 Team Management Secrets From a Serial Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    I have built several businesses in my life, and my foremost task has always been to assemble a primary team to set the foundation for the main business processes. Skilled professionals that care about what they are doing and are dedicated to ensuring the success of whatever venture you’re undertaking. After all, 80-90% of your business success depends on having the right people with you.

    Related: 10 Time-Tested Secrets of Serial Entrepreneurs

    Role delegation

    My first task when launching a new business is finding the “right” people so the team can scale in size and skill. My second order of business is to find someone who can handle the bulk of management for me. After that is taken care of, I can step aside and only get involved in strategic development as a founder. I went through this model several times in my life, and it has proved itself invaluable.

    Scaling a business from 20-30 employees to 50-100 is a massive milestone in the career of all entrepreneurs. For big and medium-sized businesses, management delegation is essential. Instead of trying to control everything to the last detail, better results can be obtained by finding a team of competent professionals that can provide in-depth focus on specific tasks and branches of the company.

    Related: 7 Rules for Entrepreneurs to Delegate Effectively

    More brain power

    In any organization, there will always be contrasting views and opinions, and the task of a wise CEO is to put together a creative team that can generate the best ideas. Business models shouldn’t be set in stone but should shift and change based on the circumstances in which a company operates. The world is constantly evolving, so blindly following a rigid business model risks leading a company to bankruptcy.

    Paying attention to the team’s ideas is needed to maintain a creative spirit and dynamic business model. When a rational, well-reasoned idea is proposed that does not radically contradict the company values, a good founder has no reason to oppose its implementation.

    Effective crisis management

    When the business is running stable, and profits are going up, founders can take a step back and provide general guidance for the company in its growth while leaving the management details to subordinates. However, during a crisis, founders should return their focus to overseeing company operations directly and dedicating themselves to solving the situation.

    I experienced this firsthand: before I started Crypterium, which is now Choise.com, I was CEO of a company engaged in the processing business. At one point, it became apparent that this market did not have excellent prospects, so we needed to reorganize and find a new direction to develop in. My idea was to build a business in the crypto space.

    Together with the team, we applied our expertise and evolved into a crypto bank. A lot of effort went in, and the process was not easy, but thanks to the combined effort, we were successful and have significantly developed.

    Related: 7 Outdated Habits That Will Paralyze Your Business

    Diversity is a virtue

    Diversity is a virtue in business. Regardless of what type of business we’re talking about, there should always be a mix of different competencies. This is especially true for startups in emerging spaces such as fintech. This market often moves so fast and unpredictably that a diverse team is needed to always stay on top of the newest changes.

    Successful teams combine different competencies and skills to develop the company’s potential most efficiently. It is essential that each position suits the team members’ characters, for example, reliable and responsible lawyers, honest financiers, daring marketers, creative designers, proactive sales managers, and so on.

    Related: Be Intentional About Diversity

    An inclusive workspace

    Our team has always been open to people with different backgrounds and views. It is essential that team members feel comfortable at work to avoid a toxic environment that is detrimental to the company’s goals.

    However, a set of shared values is needed to unite a diverse team of different characters, nationalities, and viewpoints. That’s where corporate culture steps in, combining very different mentalities with values common to the whole company

    To summarize

    Some founders often make the error of being too much of a perfectionist and always wanting to have everything under direct control, no matter how unsustainable the workload is. However, effective team management is a must-have for any entrepreneur on a quest to scale his business. Building a team of target-focus professionals is essential for any entrepreneur with a substantially big company. Remember, no one can do it alone.

    Vladimir Gorbunov

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  • 3 Difficult Personalities That Are Great Hires

    3 Difficult Personalities That Are Great Hires

    Opinions expressed by Entrepreneur contributors are their own.

    The concept of personality types, temperaments and working styles has been foundational in organizational behavior for years. As entrepreneurs or managers, we frequently assess personality to determine ideal team composition and workflows. While toxic personalities certainly exist, many others that seem difficult can offer severe advantages to start-up organizations. Oppositionality, non-conformity, perfectionism and the fickleness that often accompanies abstract thinking should not be deal-breaking traits.

    As a founder, I tend to have strong opinions about the working styles and personalities of those I consider creative, resourceful and hard-working people. At the same time, certain characters tend to clash within small teams, creating a challenging work environment. However, hiring managers can quickly write off people who are “difficult” as toxic — which can cost a startup its competitive edge. I, for one, appreciate the contributions that seemingly “difficult” people make. Here are three challenging personalities that frequently make great hires and give startup teams the edge they wouldn’t have without them.

    Related: Smart Advice for Networking With These 4 Personality Types

    1. Demanding yet artistically brilliant

    Just about any founder or CEO would appreciate a genius as part of their team, yet these rare outside-the-box thinkers can be notoriously difficult employees. They can be prickly, fiercely individualistic, anti-team players and have fragile personal lives.

    At my former design retail business, a set stylist we worked with fit the bill perfectly. Not only did he demand twice the market rate, but he also wanted my constant attention and would not allow anyone else on the team to address his concerns. That said, he successfully delivered the most beautiful sets in the most unlikely and underwhelming locations: he could turn a cave into a castle for the camera.

    In today’s ultra-competitive consumer product market, where hundreds of versions of every item are available, the differentiation of brilliant design can make or break your brand.

    Despite the obstacles, hiring a category-defying genius paid off for us. The key is to manage these individuals with empathy, awareness and appreciation for their unique contributions — while still setting the requisite boundaries for your sanity. Set your expectations that these hires will be individual contributors — not necessarily team players — and budget your time accordingly.

    Related: Are You Asking for Employee Feedback? If Not, Good Luck With Retention.

    2. Absent-minded abstract thinker

    For rational, linear thinkers who prioritize planning and organization, absent-mindedness can drive you crazy. Yet the same mental process that leads to fickleness can fuel fresh ideas and uncharted solutions.

    According to a study published in Psychological Science, mind-wandering spurs what neuroscientists call “creative incubation,” allowing a disjointed train of thought to make unlikely and uncommon connections that yield unique and creative solutions.

    Although one of the most inspired web developers I worked with often didn’t know what day of the week it was or where to find the printer he used every day, he figured out how to fashion a basic Shopify ecommerce system to deliver a fully custom site with sophisticated and unique UX features, flexible navigation and a robust backend–the likes of which even enterprise-level systems don’t often offer.

    The key to working with these absent-minded gems is to pair them with a colleague who can provide extra operational support.

    3. Problem-finding contrarian

    While working with someone forever finding problems can be discouraging and morale-crushing, a team that enthusiastically supports an unrealistic product idea is headed for failure. The right balance is hiring that smart contrarian: “Someone who looks for business practices that don’t make sense, who’s not too reliant on a small group of like-minded people, who can embrace diversity, and who’s happier on the sidelines.”

    A founder I mentored shared with me that she only hired people who showed extreme enthusiasm for her product — a scheduling app. She wanted to avoid negativity. As a result, no one on her team paused the beta launch to address a known glitch, and her app experienced a significant feature failure.

    Having that smart contrarian to call out real concerns at the right time, even if it’s not the popular or politically correct move, can help ensure problems are addressed before too many resources are invested, or larger issues ensue. While contrarians can be frustrating, they spot critical gaps others might fear speaking out about. To work effectively with contrarian personalities, practice prioritizing their observations and be prepared to translate unsolicited criticism into better ideas and more innovative solutions.

    Related: 5 Ways to Make Your Company’s Hiring Process More Fair

    The final decision

    Ultimately, you’ll need to weigh the costs and benefits of working with challenging personalities in your organization. While many demand special accommodation, buffering and hand-holding, I have found that their contributions are worth the investment.

    Marina Glazman

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  • How Crypto Can Be Used to Attract and Retain Top Talent

    How Crypto Can Be Used to Attract and Retain Top Talent

    Opinions expressed by Entrepreneur contributors are their own.

    In April 2020, unemployment in the U.S. was at “the highest level on record,” followed by nearly record-low unemployment in 2022. There’s also a record high of two open jobs for every unemployed person, which is driving fierce competition for talent. Some firms are turning to cryptocurrencies to sweeten the pot.

    Offering salaries in cryptocurrency isn’t new, but it’s becoming more common as companies attempt to lure top talent. In 2017, Japanese internet company, GMO, announced that it would pay part of its employees’ salaries in bitcoin, and it is joined by the likes of SC5, Fairlay and io.

    Related: 3 Ways to Stay Competitive in the War for Talent

    Why offering crypto payroll is a meaningful perk

    A tremendous 56% of American adults (around 145 million people) own or have previously owned crypto. To offer salaries denominated in cryptocurrency is to appeal to a much wider swath of the population. What’s more, young people are particularly bullish on crypto. A recent survey found that buyers in the Gen Z and millennials buckets make up nearly 94% of all crypto buyers.

    Offering cryptocurrency as a payroll option is a way for companies to tap into this enthusiasm and signal that they’re forward-thinking when it comes to new technologies. It’s also a way to attract employees who might be interested in working for a company that is comfortable with and supportive of cryptocurrency.

    Paying salaries in cryptocurrency comes with some risks, of course. The value of digital assets can be volatile, and so a worker who is paid in crypto could see his or her earnings fluctuate wildly from month to month. For this reason, it’s important for companies to consider whether they’re prepared to offer salary protection in the form of cash top-ups or other benefits if the value of crypto falls.

    Employees may want to get paid in crypto for a number of reasons, from the potential for appreciation to the simple fact that it’s a more convenient way to hold and use digital assets. But regardless of the reasons, companies that want to stay ahead of the curve would do well to consider offering crypto payroll options. It could be the key to attracting and retaining top talent in today’s competitive landscape.

    Related: The Complete Guide to Crypto, Bitcoin, ApeCoin and Blockchain Technology

    Crypto payroll is beneficial for employers, too

    In addition to the ability to attract top talent, there are a number of reasons why paying salaries in cryptocurrency could be beneficial for employers.

    For one, it can help companies save on costs. Cryptocurrency transaction fees are generally lower than those associated with traditional payment methods like wire transfers or credit cards, particularly for cross-border payments.

    In addition, crypto payroll can help firms hedge against currency risk. If a company pays its employees in a foreign currency, it is exposed to the risk that the value of that currency will decline relative to the company’s home currency. By paying salaries in cryptocurrency or stablecoins like USDT, companies can hedge against this risk. For example, the value of the Japanese Yen dropped over 20% against the U.S. dollar (or the stablecoin equivalent, USDT) this year.

    Last but not least, crypto payroll can give companies a competitive edge when it comes to speed and efficiency. Cryptocurrency transactions are generally much faster than traditional payments, which means employees can get access to their earnings more quickly. And because digital assets can be stored and used electronically, there’s no need for paper records or checks (which can often get lost or delayed in the mail) — everything is stored securely on the blockchain.

    Related: The Future Of Banking: How Blockchain Technology Can Merge Crypto and Traditional Banking

    How to offer crypto payroll

    If you’re interested in offering crypto payroll to your employees, there are a few things you need to consider.

    First, you’ll need to decide which cryptocurrency or cryptocurrencies you want to use. There are thousands of different digital assets in existence, so it’s important to do your research and consider what makes the most sense for your company.

    For example, if you want to offer employees the ability to hold and use their earnings easily, you might want to consider a major cryptocurrency like bitcoin or Ethereum. If you’re more interested in hedging against currency risk, a stablecoin like USDT could be a good choice.

    Once you’ve selected a cryptocurrency, you’ll need to set up a way to pay salaries in that currency. The naive approach would be to simply ask employees to provide you with their cryptocurrency wallet address and manually transfer the appropriate amount each month. But this is time-consuming and exposes you to the risk of human error.

    Another option is to use a crypto payroll service. This not only saves you time and reduces the risk of error, but it also makes it easy for employees to receive their earnings directly into their own wallets or exchange them for other currencies if they so choose.

    Ultimately, offering crypto payroll is a way to stay ahead of the curve and attract top talent. If you’re interested in doing so, there are a number of things you need to consider. But with the right preparation, it could be a major competitive advantage for your business.

    Frederik Bussler

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  • Need Workers? Employers Are Realizing The Untapped Talent of These People.

    Need Workers? Employers Are Realizing The Untapped Talent of These People.

    Opinions expressed by Entrepreneur contributors are their own.

    If you give any leader the opportunity to increase their talent pool of potential employees by 15% — with all these new hires belonging to an underrepresented minority — they’d jump at the chance, especially given tight labor markets and CEO desires to increase headcount. Yet too few leaders realize that, according to the U.S. government, people with disabilities are the largest minority group in this country, with 50 million — 15% of the population — living with disabilities.

    Sure, many executives feel concerned by the extra investments involved in providing accommodations for people with disabilities. Yet these accommodations might not involve anything besides full-time remote work, according to a new study by the Economic Innovation Group think tank. The study found that the employment rate for people with disabilities did not simply reach the pre-pandemic level by mid-2022, but rose far past it, to the highest rate in over a decade. Remote work, combined with a tight labor market, explains this high rate, according to the researcher’s analysis.

    Related: 5 Ways Employees With Disabilities Help Maximize a Company’s Growth

    A bit of history: Employment rates among people with disabilities dropped, along with the rest of the labor market, early in the pandemic. However, they recovered quickly. People with disabilities aged 25 to 54, the prime working age, are 3.5 percentage points more likely to be employed in Q2 2022 than they were pre-pandemic. What about non-disabled individuals? They are still 1.1 percentage points less likely to be employed!

    That means the labor market recovery for those with disabilities was substantially faster than for those without disabilities. We know that both those with disabilities and those without faced a similar conditions of a tight labor market. Given that, remote work appears to offer the major differentiator that enabled those with disabilities an opportunity to join the workforce.

    These statistics align with expert statements. For example, according to Thomas Foley, executive director of the National Disability Institute (NDI), workers with disabilities had been asking to work remotely for decades before the pandemic and had consistently heard companies say “no.” During the pandemic, he said that when “we all realized that … many of us could work remotely … that was disproportionately positive for people with disabilities.”

    Related: How Entrepreneurs Can Find Great Talent Despite a Labor Shortage

    The benefits of remote work for people with disabilities are particularly relevant due to the impact of long Covid. The Centers for Disease Control and Prevention reports that about 19% of those who had Covid-19 developed long Covid. Recent Census Bureau data indicates that 16 million working-age Americans suffer from it, with economic costs reaching $3.7 trillion according to a recent estimate.

    Certainly, many of these so-called long-haulers experience relatively mild symptoms — such as loss of a sense of smell — which, while troublesome, are not disabling. But others experience symptoms serious enough that they have become disabled.

    According to a recent study from the Federal Reserve Bank of Minneapolis, about a quarter of those with long Covid changed their employment status or working hours. That means long Covid was serious enough to interfere with work for 4 million people. For many, this interference was serious enough to qualify them as disabled.

    Indeed, the Federal Reserve Bank of New York found in a just-released study that the number of disabled persons in the U.S. grew by 1.7 million. That growth stemmed mainly from long Covid conditions such as fatigue and brain fog, meaning difficulties with concentration or memory, with 1.3 million people reporting an increase in brain fog since mid-2020.

    Many had to drop out of the labor force due to the intensity of their long Covid. Yet about 900,000 newly disabled people have been able to continue working. Without remote work, they might not have.

    In fact, the author of the Federal Reserve Bank of New York study notes that long Covid can be considered a disability under the Americans with Disability Act, depending on the specifics of the condition. That means the law can require private employers with fifteen or more staff, as well as government agencies, to make reasonable accommodations for those with long Covid. The author notes that “telework and flexible scheduling are two accommodations that can be particularly beneficial for workers dealing with fatigue and brain fog.”

    Related: The Labor Shortage Is Only Getting Worse. What’s Causing It and How Can I Avoid Losing Staff?

    But companies shouldn’t need to worry about legal regulations. It simply makes dollars and sense to expand their talent pool by 15% of an underrepresented minority. After all, extensive research shows that improving diversity boosts both decision-making and financial performance.

    Companies that are offering more flexible work options have already gained significant benefits in terms of diverse hires. In its efforts to adapt to the post-pandemic environment, Meta Platforms, the owner of Facebook and Instagram, decided to offer permanent fully remote work options to its current employees and new job applicants. And according to Meta chief diversity and inclusion officer Maxine Williams, the candidates who accepted job offers for remote positions were “substantially more likely” to come from diverse communities: people with disabilities, Black, Hispanic, Alaskan Native, Native American, veterans, and women. The numbers bear out these claims: people with disabilities increased from 4.7% to 6.2% of Meta’s employees.

    Having consulted for 21 companies to help them transition to hybrid work arrangements, I can confirm that Meta’s numbers aren’t a fluke. The more my clients proved willing to offer remote work, the more disabled staff they recruited — and retained. That includes more obvious employees, such as those with long Covid symptoms and mobility challenges. But it also includes employees with invisible disabilities, such as immunocompromised people who feel reluctant to put themselves at risk of getting Covid-19 by coming into the office.

    Unfortunately, many leaders fail to see the benefits of remote work for underrepresented groups, such as those with disabilities. Some even claim the opposite: thus, JP Morgan CEO Jamie Dimon claimed that returning to the office will aid diversity. What explains this poor executive decision-making?

    One part of the answer comes from a mental blindspot called the in-group bias. Our minds tend to favor and pay attention to the concerns of those we perceive to be part of our in-group. Dimon and other executives who lack disabilities don’t perceive people with disabilities to be part of their in-group. They thus are blind to the concerns of those with disabilities, which leads to the kind of jaw-dropping statements made by Dimon that returning to the office will aid diversity.

    In-group bias is one of many dangerous judgment errors known as cognitive biases. These mental blindspots impact decision-making in all life areas, ranging from the future of work to mental fitness.

    Another relevant cognitive bias is the empathy gap. This term refers to our difficulty empathizing with those who aren’t part of our in-group. The lack of empathy combines with the blindness from the in-group bias, causing executives to ignore the feelings of disabled employees and prospective hires.

    Omission bias also plays a role. This dangerous judgment error causes us to perceive failure to act as less problematic than acting. Consequently, executives perceive a failure to support the needs and interests of those with disabilities as a minor matter.

    The failure to empower people with disabilities will prove costly to the bottom lines of companies that don’t offer remote work options to those who would benefit from such accommodations. They are limiting their talent pool by 15%. Moreover, they’re harming their ability to recruit and retain diverse candidates. And as their lawyers and HR departments will tell them, they are putting themselves in legal jeopardy for violating the ADA.

    By contrast, companies like Meta that offer remote work opportunities are seizing a competitive advantage by recruiting these underrepresented candidates and expanding their talent pool by 15%. They’re lowering costs of labor while increasing diversity. The future belongs to the savvy companies that offer the flexibility that disabled people need.

    Gleb Tsipursky

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  • 3 Strategies for Hiring Promotable Entry-Level Talent

    3 Strategies for Hiring Promotable Entry-Level Talent

    Opinions expressed by Entrepreneur contributors are their own.

    Beating a tough labor market is easier when you can promote from within. And the easiest way to have a promotable workforce is by setting up a pipeline of eager, entry-level workers.

    Companies that hire from within do better than those that focus on promoting outsiders. Case in point: A University of Massachusetts Global deep dive shows that internal hires cost about 18% less than their external counterparts. They require limited sourcing efforts, too, which can lead to more savings. But that doesn’t mean you can just pull from the rank and file and start filling positions. Being able to hire from within starts with a consistently replenished entry-level talent pool pipeline. If you’re not being strategic about bringing in high-performing, entry-level newcomers, you can’t get the benefits of internal hiring.

    A 2021 Joblist survey showed just how much of an advantage it could be to promote current employees when possible. Out of the 1,000 workers asked, nearly two-thirds said they’d rather be led by someone from within the company. Seven out of 10 felt the practice was important for their employer’s growth potential. More than 55% said it led to heightened morale and lowered training costs.

    LinkedIn’s 2020 Global Talent Trends report reflected similar findings. The report found a 41% uptick in how long workers stuck around at companies that hired from within. Plus, it reveals that almost three-quarters of hiring professionals are in favor of inside recruiting.

    Related: 7 Ways to Make Sure Your Employee Knows How to Get Promoted

    The message is clear: Internal promotions can accelerate employee engagement, trim onboarding timeframes and attack attrition. And the simplest way to have internal job candidates is to bring rising talent into the fold. By regularly pulling in strong, entry-level employees, you can create a funnel that pushes future leaders up the corporate ladder.

    The following strategies will help you attract eager entry-level applicants to your organization. That way, you can choose the right ones to start constructing an enviable — and internally promotable — workforce.

    1. Interview for both hard and soft skills

    Most jobs require some type of basic technical know-how, even if it’s just being comfortable with general word processing or spreadsheets. However, employers are discovering more often that it’s soft skills that make certain employees stand out. And a stand-out employee is one who may be interested in moving around the company.

    According to recent data gathered by a High Point University poll in 2022, companies put a higher value on soft skills than hard ones. The poll of 500 leaders from enterprise-size organizations identified employee motivation and coachability as markers of future success. Three-quarters of poll participants said it was easier to teach technical aptitude than motivation. Seven out of 10 felt the same way about technical expertise versus the ability to accept constructive feedback.

    How can you determine someone’s soft skills based on resumes or initial conversations? One method is to ask candidates to answer situational “What would you do if…?” questions. Another is to have prospective workers talk about challenges and failures and how they faced them. Just be sure you’re asking the same questions to all applicants. You’ll reduce interviewing bias and be able to compare interviewees’ soft-skill responses objectively.

    Related: Why Soft Skills Are More Important Than Hard Cash for Your Acquisition’s Long-Term Growth

    2. Make career pathing part of your onboarding and ongoing training

    Career pathing involves helping your employees create roadmaps to move through your organization. For example, a career path will show the routes an employee can take to get from job A to job B to job C, and so on. Most entry-level workers haven’t been in the workforce long enough to understand how to construct career paths. You can assist them by introducing them to career pathing during onboarding and making it part of their employee experience.

    Having a group of employees who have constructed realistic, doable career paths can improve your internal hiring. Deloitte’s Talent 2020 report notes that 42% of employees looking for different employment are leaving because they’re not using their talents. 37% said they were unsatisfied with their career progress. Dynamic professional development support and career pathing can ease those challenges.

    Remember that you can’t just set up career paths and let them gather dust. Teach supervisors how to encourage their team members to identify training areas using their career paths as guides. Be sure to set aside resources for upskilling, too.

    Related: 4 Reasons Employees See a Bleak Career Path and Quit

    3. Treat your internship programs as feeder opportunities

    Information culled in 2020 by Chegg Internship suggests that around 70% of all internships turn into job offers. Of those interns offered a position, 80% accept. This means that for every 10 interns you bring into your organization, you could end up with around five or six new employees. Those employees would already be familiar with your culture — and buoyed by a chance to start working.

    Even if you have an internship program in place, take a harder look at it. See how you might be able to make it more of a feeder into a bigger succession plan. For instance, should you be broadening your current pipeline and accepting interns from more disciplines? Could you use interns in more departments than you normally do? These are all questions worth asking.

    Interns who feel their time with your company was well-spent may become members of your C-suite someday. At the very least, they’ll be more likely to join your company if you extend a job offer after they graduate. So look for ways to boost the real and perceived value of your internships. Don’t be afraid to survey current and past internships so you can continuously improve your internship experiences.

    The Great Resignation has shown how tough it can be for employers to find candidates. When you can hire from within, you have more choices. You also reduce downtime associated with empty seats. So start (and keep) bringing entry-level workers into the fold. They’ll become your competitive advantage.

    Rashan Dixon

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  • 4 Tips for Choosing a Staffing Agency

    4 Tips for Choosing a Staffing Agency

    Opinions expressed by Entrepreneur contributors are their own.

    The current health crisis, combined with the labor shortage, has caused companies worldwide to rethink how and where to source their talent and establish their teams, with many turning to staffing agencies. This article addresses what you need to know before choosing a staffing agency to ensure it is the correct agency for your business.

    Offshoring as a business strategy is nothing new; it has been used for decades. What has changed, however, is the what, why, and who of offshoring technology. At the beginning of the offshoring trend, the answer to the “what” question was the manufacturing process; the answer to “why” was to reduce cost by taking advantage of a cheap labor force; and the answer to “who” was big companies that could open their manufacturing facility overseas.

    Today, with all the technological advances that have been made to provide remote work alongside the current situation, the answers to these questions have favorably shifted. Businesses are offshoring all sorts of functions and jobs: from administrative, virtual assistant, customer service and finance to digital design and Information Technology. Lower costs are less relevant as gaining access to a global talent pool has become the priority and is no longer exclusive to big companies.

    Related: Need to Hire? The Benefits of Using a Staffing Agency.

    Outsourcing versus offshoring

    Before itemizing the key practices to implement when choosing a staffing agency, it is essential to clarify the distinction between outsourcing and offshoring to avoid misconceptions.

    Outsourcing or business process outsourcing (BPO): Outsourcing occurs when a company outsources its entire process, giving control of the employees and the outsourced process to a third party. In short, the company is paying for a process to be completed.

    Offshore and nearshore staffing: Offshoring occurs when a company turns to another country to recruit staff. In this case, the company is paying for an agency to hire and manage every aspect of staffing (employee records, law compliance, payroll), but the staff reports directly to the company; the process is not outsourced. The difference between offshore and nearshore staffing is that the former involves an overseas company, whereas the latter involves a neighboring country.

    Design, for example, is an important function that can be outsourced, assuming your company does not specialize in the design and does not have enough workload to justify hiring a full-time employee. However, if you are a design or marketing company, you would do better to use a staffing firm to build and run a remote team of designers working directly under your supervision by company guidelines, training and policies. In this situation, outsourcing design is not an advisable option.

    What to consider when looking for the right nearshore or offshore staffing agency

    As you can see, there are multiple ways to grow your team. In our company, Remote Team Solutions, we have seen many success stories: from a business that started with a single employee and grew into more than ten team members in less than two years to a business that was initially outsourcing its call center and now has its entire call center in Mexico working remotely. Our company has identified four practices that are game changers when choosing the right nearshore or offshore staffing agency. These practices are listed below.

    1. Be ready and prepared

    Working remotely is not the same as having your employees in the office. When employing a staffing agency, you need to be prepared, have tools, processes and job descriptions in place, and know precisely what you expect from your employees abroad. Be clear on what is better for the company: offshoring or nearshoring. Do you need your employees to work in your time zone? Do you need them close so you can go to where they are and train them in person or fly one of the leaders to your headquarters?

    2. Look at the staffing agency as a partner

    You need to choose the staffing agency the same way you would a business partner. As you grow, you will need more staff and support from your staffing agency. Their work culture and values should match those of your company. Make sure they can provide the positions and staff you will require as you grow. I always suggest asking for references and looking at an agency’s employee turnover rate.

    Related: How to Recruit Talent That Has the ‘Agency Bug’

    3. Never delegate employee selection

    The team determines the company’s success. The staffing agency may be the expert in hiring and filtering, but no one knows your business and culture better than you; therefore, ensure you can interview all the candidates and have the last word on who to hire.

    4. Communicate with your team

    This is critical in ensuring the success of your remote team. You must see your nearshore team as an extension of your company, make them feel part of it and gain their loyalty. A sense of belonging is vital. Make sure you have direct communication with your team, ensure the team knows exactly what you expect from them and have daily meetings and remote events to integrate everyone within the team.

    Conclusion

    I encourage entrepreneurs and businesses everywhere to observe the changes that have taken place in remote working and consider how they can benefit the most from them. Non-core functions, such as bookkeeping and legal procedures, can be outsourced, leaving you to focus on the tasks and processes that bring value to your company and clients. You can obtain the full benefit of a staffing company for these functions, which should not be outsourced. In my personal experience, I have seen many companies grow, using the strategies identified here but remember, like everything in business, you must do it right. Put in the time required and choose the right agency for your business.

    Pedro A. Barboglio Murra

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  • How to Avoid Nightmare Employers and Job Scams

    How to Avoid Nightmare Employers and Job Scams

    Lexey Watson, an art director based in New York, thought she found her dream job after graduating. Experienced in advertising but just out of college, Watson felt like this company offered the quintessential “good opportunity” she needed to boost her resume. Aside from promises to work with big-name brands and a client she’d long been interested in, the office itself was hard to pass up: free snacks, comfy couches, natural lighting — who doesn’t love the lax atmosphere of a startup?

    After applying for a full-time art director position — and being offered it — Watson ecstatically agreed.

    Then, things got weird.

    “When I opened my offer letter, it said I was being hired for an internship position, which was never communicated to me before,” Watson says. “I was told it was full-time.”

    Thinking it was a mistake, Watson brought it up to her soon-to-be bosses, who said it was “normal” and that “they were working on it.” They said she’d have a full-time position within six to eight weeks.

    “I wanted to give them the benefit of the doubt, and they worked with so many brands that I loved, so I felt like it was legit,” she says.

    That client she was promised to work with? Not even signed with the company — and wait — it gets weirder. All of the big-name brands it worked with were only in niche overseas markets.

    “I was like, ‘Oh, these are great brands, and I’d love to work on those accounts,’ and then it wasn’t even for the U.S. market at all,” Watson says.

    Related: 13 Startup Red Flags to Avoid

    Aside from being paid minimum wage in her “temporary” intern position — which lasted far longer than the communicated eight weeks, despite Watson’s nudging — she also had to run errands for one of her higher-ups, told it was “something all the interns do” and “not to feel bad.”

    The task? Bring an envelope of cash to a psychiatrist on the Upper East Side to fill an Adderall prescription under the table.

    “I literally had to sit there like I was a patient. I’d go in, exchange the money and then leave,” Watson recalls. “It was the sketchiest thing ever.”

    After a few months, Watson knew she needed out and started actively applying elsewhere — something she didn’t exactly keep a secret from others in the office. Watson recalls a day her bosses asked her to stay late, and she was honest about needing to leave for an interview.

    “I made them feel extremely awkward, but I really didn’t have a choice,” she says. “I didn’t want to be sitting in that meeting when I could be out getting a real job.”

    The next day, Watson’s boss told her that if she got the job she should “make sure to tell them that you had the role we hired you for” in an attempt to cover his tracks.

    It’s been about four years since Watson left that company, and she has found far better opportunities since. Still, the experience holds weight through its sheer layers of misconception — and unfortunately, Watson isn’t alone.

    Aaron Aceves, a writer and teacher based in Texas, was recruited on LinkedIn in 2020 by an independently run college prep company under the assumption that he’d be editing and consulting clients on their applications. Once he was on board, though, his boss insisted he essentially write the application essays for the clients, which made him feel both uncomfortable and blindsided. When he finally quit, his boss charged him a “quitting fee,” which led to months of fighting for the money he was owed.

    Related: A Financial Checklist for Quitting Your Job

    Then there’s David Jacobowitz, who joined a startup whose product he was a fan of in 2016. He was told the company was thriving, only to receive news of mass layoffs just three months later. Higher-ups informed the entire staff, floor by floor, they might not have a job in two weeks. The company had been sinking for far longer than Jacobowitz was led on.

    The list goes on.

    In an age when it doesn’t take much for someone’s digital footprint to seem legitimate, we’re all vulnerable to falling for jobs that trap us in a bait-and-switch situation.

    The people recruiting you are charming and witty, and they have the data (or so it seems) to steer you in their direction. Perhaps you hate your current job, don’t have one or are generally mesmerized by what a new opportunity brings. But when things seem too good to be true, they usually are.

    Still, there’s a way to avoid these nightmares and prevent yourself from getting trapped in something you didn’t sign up for. Using Watson, Aceves, Jacobowitz’s — and my own — real-life job catfish experiences, I applied my journalistic skills to vetting employers — going through the motions of a job search as if it were an ongoing investigation to see if these warning signs could be identified and avoided before joining the company.

    Related: The New Job-Hunting Checklist

    We all know Glassdoor, and although it can be helpful, it can also serve as a vehicle for catfish employers to mask their motives with fake reviews — let alone smaller companies that might not even have a profile or enough data to provide an accurate assessment. If you want to job search like a reporter, you’re going to have to dig a little deeper. Here’s what I found:

    Take note of red flags

    Take notes during your job hunt, both before the interview and throughout the hiring process. By consciously writing down any findings that seem questionable, you’ll have something to reference if you get the offer but still have concerns.

    • Turnover trends: Do some research on previous employees on LinkedIn. See if there are any patterns — how long do people normally stay at the company? When they leave, is there a trend regarding where they go?
    • Diversity: Check if there’s a pattern regarding the age, race or ethnicity of people who work there. Aceves recalls various instances where his former employer made off-handed and problematic remarks about Asian employees and clients. Sure enough, all the employees listed on the company’s LinkedIn page appeared to be the same race as his former boss. Diversity is crucial, especially if you’re already on the fence.
    • Professionalism: During the interview, pay attention to how the employer talks about current employees and, if applicable, whoever you are replacing. A surefire red flag is if they talk poorly about a former employee. Sure, things happen, and relationships turn sour. But professionalism is still absolutely crucial during the hiring process, so take note of any time it begins to waver.
    • Inconsistencies: Take note of any inconsistencies between the job description and what’s discussed in the interview. If either one is vague or seems contradictory to the other, it likely means that the employer or company isn’t clear about what the position entails, which means you might end up doing something you didn’t sign up for.
    • Urgency: If an employer is being overly aggressive or pushing you to make a quick decision after sending an offer letter, it’s wise to run in the other direction. Stable companies that value you will give you a reasonable amount of time to make your decision after you’ve been offered the job.

    Related: When My Company Had High Turnover of New Employees, I Realized the Problem Was Me

    Vetting the hirers

    First, do an extensive search on any information readily available online — their job history, social media and presentation on company websites. If it seems like there are gaps, take note of any questions you have for them, or ones that could be answered by doing more in-depth research.

    • TruthFinder: Use online resources to do a more extensive background check. Websites like TruthFinder let you do a public record search, where you can see court history, criminal records and other information scoured from the web. Fair warning: It does take upwards of 15 minutes, so be patient, and it costs about $30 a month — but it does deliver what it promises (in painstaking detail). Pro tip: If you’re really in the throes of your job hunt, it has a slightly cheaper version that’s only one month, but you get unlimited searches.
    • PACER: As far as free resources, there’s PACER, which lets you search court records by state. This one is a bit trickier to navigate, but if you have a hunch and know the employer’s business address, you can search by the city of jurisdiction and see if they’ve ever filed for bankruptcy or been sued.

    Vetting the company

    If you’re in the early stages of applying, an easy way to spot “ghost jobs” is to take note of how long the job has been posted and when it was last updated. If it’s been more than a month, it’s wise to run in the other direction, because companies attempt to feign growth by keeping up postings for positions that have either been filled or don’t exist at all.

    Related: Employers Are Posting ‘Ghost Jobs’ But Not Really Hiring — And Annoying Job Seekers Along the Way

    Next, spend a good amount of time on the company site. How legitimate are the testimonials, if there are any? Does the company have a clear mission and values? Here’s an easy test: If it seems like the company’s mission statement or “about” page could apply to a multitude of services or work, it’s likely not very cohesive in its values. You don’t want to work somewhere with a flimsy mission that lacks clarity. When it comes to researching a company, focus on specificity and nuance, not a groovy-looking landing page.

    It’s easy to create fake addresses and phone numbers, so if you want to check the legitimacy of a business, contact the local chamber of commerce associated with the company to ensure it exists.

    When it comes to financials, if the company is publicly traded, quarterly reports are available through an easy Google search — this will give you a window into how well the company is performing. If this is new to you, Investopedia has a killer guide to decoding an earnings report.

    Related: Red Flags You Should Look for in Quarterly Earnings Reports

    If the company is privately owned, financial health is a bit more difficult to suss out, given the company is not required to share financial reports like publicly traded companies. However, there are a few alternatives to gauge a private company’s stability.

    • Investors: Many privately owned companies are backed by investors, especially startups. Do some deep research on the company to see if there’s been any press releases or news regarding any investors backing the company, and see what other businesses they’ve supported in the past.
    • CB Insights: This is a great resource to check financials for both private and public companies. The database itself is huge, so chances are likely that the company you’re applying to will be listed. CB Insights gives you detailed transaction history of funding, investors, board members and even a window into the company’s web traffic. You can sign up for a seven-day free trial with unlimited searches.
    • Don’t be afraid to ask: If you move far enough along in the interview process and haven’t successfully gauged the company’s financial state, don’t be shy about asking how their last quarter was, and if there are any reports or projections for growth they can share.

    Interview those from inside

    Although the internet has myriad resources to vet possible employers and companies, the best — and cheapest — source is a direct one.

    Reach out to former employees if their information is available on LinkedIn or the company site. Although you can ask questions during the interview process, catfish employers are unlikely to show their true colors, and you’re going to want to ensure you speak to someone who will be honest about the culture and work environment. Don’t be shy about making an introduction and asking for more information. Here’s an easy message template:

    Hey, X,

    I saw you have experience working with Y. I’m on the job hunt right now and weighing my options, I was wondering if you’d be open to answering a few questions I have about Y and the work culture before I make my decision.

    Best,

    Z

    It can seem daunting, but the truth is most people are kind and willing to help. Of all the individuals I interviewed, the number one thing they wish they could have done before taking their positions was to talk to former employees, and they stated they’d be more than willing to warn others in the future. Anyone who has ever been in a nightmare employment situation will not be shy about steering you in the right direction.

    Madeline Garfinkle

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