Telltale Signs When To Hire Or Fire Employees

When you signed on as a manager, you knew it might get tough. If you’ve been a manager for a while, you know how tough it can be. While a manager has many challenges each day, the toughest might be deciding when to hire and when to fire employees.

If you hire the wrong person, your company will lose money until you fire them. If you fire for the wrong reason, you’ve ruined someone’s career and now have to go through the hassle of finding a replacement.

Noticing When It’s Time for a Change

When doctor’s make a diagnosis, they usually have to identify what symptoms the patient has. The same approach can be used when deciding when to hire and when to fire.

What signs should you look for when hiring or firing?

Let’s go over 10 signs for each side of the coin:

10 Signs it’s Time to Hire

As a business grows, it becomes harder to keep up with the work. Still, despite this rather obvious sign, a manager may need a few more signs to admit that it’s necessary to divide revenue and responsibilities with a few more people.

Here are 10 signs you need to hire someone:

  1. When people are staying longer at work to finish up their jobs because if they don’t clear their projects today, they will start falling behind tomorrow.
  2. When the rate of business growth slows down because overall productivity has dropped and almost everything appears to be increasingly inefficient.
  3. When new opportunities show up but everyone is reluctant to assume responsibility for seizing it.
  4. When fatigue and overwhelm become the rule rather than the exception.
  5. When the company starts losing money because of an increasing number of unnecessary workplace mistakes that are beginning to undermine the corporate culture. These are often symptoms of stress and overwhelm.
  6. When the emphasis has switched from innovation to maintenance.
  7. When people are taking on work they have no idea how to do. Since they don’t know what to do, they turn in poor quality work.
  8. When the top people in an organization are doing grunt work because there is no one else to do it. Meanwhile, their high-value, profit-producing work does not get done at all.
  9. When the boss is trying to do everything himself. As a result, the ship has no captain, just another deck hand.
  10. When it has become difficult to evaluate employee progress because there is not enough time to pay attention to the big picture.

If more than half of these 10 signs can be seen, it shows an urgent need to hire more people. Unfortunately, in a technology-based company, the traditional hiring process may take too long to save the business. When things get too critical, it’s important to fix the problem quickly. One solution is to use a staffing solutions company who has already vetted the right candidates. Companies like Extreme Technologies Inc can tap into a database of hundreds of subject matter experts (SMEs) to quickly provide a workplace with seasoned professionals.

10 Signs Its Time to Fire

Firing employees is never easy, but sometimes it’s necessary to restore the corporate culture or save the company from hemorrhaging money.

Here are 10 signs when it’s time to let someone go.

  1. The employee shows obvious signs of workplace dissatisfaction. He or she, for example, remains persistently negative and apathetic. He or she doesn’t do much work and appears to discourage others without even saying a word. Just their attitude is contagious.
  2. The employee often disappears from their desks. They might show up late to take on assignments, take longer breaks, drag out field assignments, or leave work early.
  3. The employee likes to argue and become disagreeable for reasons that don’t make much sense. It’s possible that someone argues because they envision a better way a task can be done, but arguing for no clear reason indicates a lot of suppressed agitation and aggression.
  4. The employee’s productivity is at an all-time low. They appear to be much slower at doing tasks that they previously performed quickly and well. They only pretend to be busy when a supervisor is in sight.
  5. The employee has begun to gossip about colleagues and complain about management policies.
  6. The employee appears to be working on getting another job. They are gradually moving their personal effects out of their cubicle and spend a lot of time on non-work related phone calls. They also call in sick more frequently than usual.
  7. The employee has been overheard mocking the way the company runs its business.
  8. The employee appears to be baiting management to fire him or her by making unreasonable demands.
  9. The employee has not been able to keep pace with the knowledge and skills required to do his or her job properly. He or she is rapidly becoming redundant.
  10. The employee does not do the work asked, but has numerous excuses why it was not done.

Tough Decisions to Make

It’s never easy to figure out when to hire or fire because both ends of the spectrum have manifold consequences. However, it’s difficult to create a positive work culture when people are either overwhelmed or dissatisfied and it’s important to figure out the underlying reason for their behavior before taking action. Going through this brief list of signs will help identify what to look for when either hiring or firing.

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Six simple tips for superb Presentation Delivery

So you have prepared your presentation, your speech, your pitch and are happy with your content.  How do you deliver it so that you make the maximum impact?  Here are 6 tips to help you deliver superbly!

1.    Apply the 3-S’s to Start Superbly

When you stand up to speak it is important to make a super impact from the get go.  Before you open your mouth – your listeners are already sizing you up.

The first of our three S’s relates to standing up Straight – it’s a really simple but effective way to make you look and feel more confident.  The second S is to Settle yourself, take time to settle yourself into position, move anything that may be in your way and become comfortable in your own space.  The final S is to Smile – plenty of reasons for smiling!  It makes you look happy and people like happy people.  It also releases endorphins, which are a great antidote to nerves and signals to your audience that you are looking forward to speaking with them.  Caveat – if you are delivering bad news, best leave out the smiling.

2.    Speech Rate

The fastest speaker in the world is Steve Woodmore from the UK who can speak at 637 words per minute (wpm).  Needless to say this is not to be recommended when presenting!  An average speed of 120 wpm is slow enough for your audience to understand your message.  However, if you speak at the same rate all the time it is very b-o-r-i-n-g.  For added impact, it’s a good idea to speed up occasionally and then slow right down.

3.    SOS it’s music to the ear

The Sound Of Silence.  Occasionally just stop speaking ….… this lets your mouth catch up with your brain and your listeners catch up with your message.

4.    Gesture to add impact

It is obvious – isn’t it!  Yet, so many people talk with their hands clasped together, or even behind their back.  Use your hands as you would if you were chatting to friends or family.  Watch the gestures you use in your normal habitat and try to include them in your presentation.  When you are practising your presentation out loud, look for opportunities to add gestures that match what you are saying.  Interesting research recently by the Science of People on TED Talks, found that the more hand gestures in a TED talk, the more views that the talk received.

So, do include plenty of gestures but a word of caution – do not “act” out your presentation with carefully crafted gestures.  People will spot immediately if you are trying to be someone you are not.

5.    Eye contact

If you look at one person and talk to them for a few seconds, it is going to make you feel less intimidated.  Talking to one person is a lot more comfortable for most people, than talking to a big group.  Look at their eyebrows if you find looking into their eyes too intimidating.

Having great eye contact makes your listeners feel important (which they absolutely are) and also makes you go into a more conversational tone.

6.    Use your face

We have over 80 muscles in our face and boy are we great at using them when watching a great match on the TV, describing a delicious meal or even talking about a hilarious incident.

Why is it then, that when we get up to speak we leave our facial gestures in our seats?  Using your face makes you feel more ‘normal’ – because that is what we do in normal conversation.

 

So the next time you get on your feet, do try to use at least some of the tips above.  You never know, they could help you to deliver a super presentation!

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How to Set up an LLC

Starting out in business can be an exciting but terrifying time – you’ll need to take calculated risks but not ones that could put your personal assets at risk if the worst should happen. Setting up a limited liability company (LLC) could be the way forward.

Advantages of setting up an LLC

There are many advantages to setting up a limited liability company, here are some of the main ones:

  • Limited risk – shareholders have limited or capped liability for the debts of the business. This gives you more freedom to take those calculated risks without the risk of losing your personal assets if things don’t go according to plan.If, on the other hand, you are a sole trader or a partnership you may have unlimited personal liability which means you could potentially lose everything, including your house.
  • Identity – the business will have its own legal identity, meaning third parties deal with the ‘company’ as opposed to individuals and shareholders. This not only means the company can outlive its owners, but over time it can have a succession directors and shareholders if necessary. And this can offer a better feeling of job security for employees than other structures.
  • Simple set-up – setting up an LLC is no longer a matter of waiting weeks while Companies House processes the paperwork as the whole thing can now be done online in a couple of hours.
  • Tax benefits – whereas sole traders and partnerships pay income tax, companies pay Corporation Tax, which is usually set at a lower rate. A company can also pay dividends to its shareholders and so you can choose the most cost-effective mix of salary and dividends.
    Similarly, the company can make pension contributions for employees, in which case it can gain Corporation Tax relief against these contributions. Always take professional tax advice before choosing which route to go down.
  • Entry and exit strategy – an LLC can be set up even if it’s not yet trading, which can be a good option if you’ve a business idea you want to name and register before you have the capital to set it up. And registering the business as an LLC can also make it easier to sell on in the future. You may also be able to claim entrepreneur’s relief against capital gains tax when you come to sell up.

How to set up an LLC

If this sounds like a good fit for your business, you’ll want to know how to set up as an LLC. Here’s how to do just that in two simple steps…

  • Choose a name – once you’ve got your business plan in place, it’s time to think of a company name, and there are a few ground rules you’ll need to consider:
    • The name can’t be too similar to or the same as another company name.
    • It can’t be offensive or contain a sensitive word or expression unless permission is given.
    • It mustn’t suggest a link to any government or local authority.
    • You can find out more on company names at UK.
  • Form the company – With the name all sorted, it’s time to set up and register it. To do this you’ll need an address, at least one director, at least one shareholder, and details of the company’s shares and the rights attached to them, also known as a ‘statement of capital’.Furthermore, you’ll need the agreement of all the initial shareholders to set up the company, this is known as a ‘memorandum of association’, and written rules of how the company is run, known as ‘articles of association’.With all this in place, you can then register online with Companies House and you’ll need to register for Corporation Tax within three months of starting up.

With this all sorted, it’s advisable to appoint a qualified accountant or solicitor who understands the intricacies of HMRC and PAYE to look after the books and the payroll. Once that’s in place, it’s over to you to make a success of things. Good luck!

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Jim’s Blog: Entrepreneurs need to build teams

Jim Duffy is founder and CEO of E-Spark. Soon to be opening in Belfast too. You can still apply for a place here.

Building teams

We’ve heard it all before, “Investors want a great team,” “Investors will back the team ahead of the idea,” “Investors want to ensure that if someone falls under a bus, then the other members of the team can still rock on!”

So, why do so many early stage entrepreneurs still not have a team or consider a team important? – Don’t tell me it’s because you don’t have any cash.

There are a huge number of great people out there, lining up to join start-ups and scale-ups, knowing that the wages will be paltry and the chances of not making it are high, so I don’t think this is the issue. The issue is that early stage entrepreneurs don’t know how to on-board great talent and keep them on board as the proposition develops, the company takes shape and all the plates are being spun 24 hours a day.

Essentially, entrepreneurs like to do a lot on their own. When we get started, that’s usually all we have – one woman and her dog. However, the passion and vision for what we do then attracts others to our camp. If the attraction is strong enough, then they will come and want to stay – regardless of initial remuneration. But, how do ‘work alone’ entrepreneurs ensure they on-board people and develop them into the business?

Here is the problem…

Imagine a start-up is like a roundabout – you know, the kind that we played on when we were young. This roundabout is spinning fast, so fast in fact that the best place to be is the middle. It’s safe in the middle, because there, the entrepreneur knows the pain point, how she is going to solve it, the intuition for who will buy the product, how she believes the business model will work and all the hours of thinking, cogitation, debate and ideation around the market etc. A place of safety for the entrepreneur, but peril and danger for anyone else trying to get in and get on.

At the edges of this roundabout, the world is a different place. It is spinning so fast that just looking at it is terrifying. Then there is the judgement needed to work out how and when to grab hold. It’s a balancing act to leap onto the roundabout at the right time and not get hurt as it throws you off. Then, if you do get a firm hold, the centrifugal force is trying to spin you off, as the entrepreneur in the middle is moving so fast. Eventually, you may pull yourself in toward the centre and get to grips with the start-up and what is going on in the entrepreneur’s head. But, for some reason, it takes you what feels like an eternity to get into the middle with the entrepreneur, which is where you can start to really make an impact.

This is what it can be like for a new team member jumping on board a start-up, and perhaps why so many entrepreneurs fail to attract and keep good talent early on. So, it’s up to you as entrepreneurial leaders to make the jump on board less dangerous, while still challenging. If an entrepreneur keeps spinning off talent then no proper team can form and the business will not get going to its full potential.

Entrepreneurs – think this one through. It’s a mind-set and a skillset we have to develop… and it’s what investors are looking for in the medium- to long-term. That aside, if you don’t support and encourage people on your team, then they don’t know what going on inside your head and it makes it difficult for them to help you achieve your vision.

The world record for the men’s 400 metres is 43.18 seconds, as held by Michael Johnson.

Astonishingly, the world record for the men’s 400 metres relay is 36.84 seconds.

Kind of says it all…!

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Bru Brewery at “I Believe” in CHQ

As part of “I believe“, Ulster Bank has given a stand to their clients to sample the Christmas atmosphere, sell and make the public aware of their offerings.

Over the next weeks you can visit them at the Food and Craft market. On Saturday 12 December it is the turn of Bru Brewery

Brú Brewery

In ancient times many a great Warrior, High King and Goddess ruled over the Boyne Valley and it is these legends that inspire Brú today. Taking their name from the magnificent Brú Na Boinne Neolithic site (Newgrange) they hope to brew a few legends of their own. Hand brewed with passion on the lush, fertile banks of the Boyne all their beers are brewed using local and natural ingredients and are 100% fluoride, chemical and preservative free.

Inspired by legends… Irish in the making

Visit them at the fair or visit their website.

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A Few New Year Marketing Resolutions to Ensure 2016 Outperforms 2015

When it comes to marketing for the New Year, companies forget they need to take a step back in order to take a few steps forward. What does this mean? It means businesses must be able to critically examine their work from years past before they’re able to make good marketing resolutions for the future.

Many businesses are in the money making zone; they forget what it’s like to be a consumer. Think critically as your customer… What would you improve about your business? What do you want to see from marketing strategies (more coupons, more contests, less direct mailers)? If this is difficult for you, consider surveying your customers. Ask your customers directly because their responses are going to help you paint a clear picture of the resolutions you should make in 2016. Engaging your customer is the purpose of any marketing strategy.

Here’s some ideas for a New Year in marketing, many of which can help ensure 2016 is your best year to date:

Be Memorable with Eye-Catching Packaging

Okay, so brown boxes are inexpensive and cost efficiency is a good thing; however, imagine if a small investment into creative packaging could cause repeat business? Your bottom line would increase, and the small investment would be worth it. Look to companies specializing in creative packaging, such as custom made boxes by Custom Boxes Now, to save money and ensure the packaging is memorable.

Here’s an idea: make your packaging holiday or seasonal. Around the holidays, especially, this packaging will be impactful and memorable. Being memorable is a priceless commodity, and ensures repeat business. It helps to create a brand, and once you’ve established a known brand you can almost guarantee ongoing success.

Renew Your Target Audience

You’re thinking, but, I already built my target audience. No. Stop. You should renew your target audience the same way you renew resolutions – Every. Single. Year.

Go over last year’s data. Notice any patterns? These patterns paint a picture of who your customer is, and should provide you with information about who to target. If the outcome is the same as last year, great. If it’s different, you’ll need to change your strategy. Either way, you should review your target audience year after year. You can’t build a successful marketing campaign without knowing your customer first.

Send Mailers that Won’t End Up in the Trash

People hate junk mail, so the secret to a successful direct mail campaign is to send mailers people want to hold onto. This could include a valuable coupon or offer. In general, you should use the information you have on them (target audience data) to create a mailer that grabs their attention, and connects with them on their level.

Be creative, colorful, and add seasonal cheer, such as holiday themes and colors. Be bright, bold, and fun. A bland, dreary, plainly colored mailer isn’t going to grab anyone’s attention; nor will boring language. You need a talented copywriter to push sales and motivate readers. If you want consumer attention, you should have something to offer, and also be willing to get silly or funny. Give them a reason to shop with you (coupons, promos, etc.), and give them a reason to not forget you (be funny).

Branch Out on Social Media

So, you’ve already got a Facebook and Twitter. Why not make 2016 the year you embrace another social media channel, such as Snapchat? Interacting directly with your customers is a great way to get attention.

Take part in your community (whether in person or online). It’s a great way to market your business, how what you have to offer, and build personal relationships. No matter your demographic, reaching out with photos and commentary builds a network of loyal customers.

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First Ireland Spirits at “I Believe” in CHQ

As part of “I believe“, Ulster Bank has given a stand to their clients to sample the Christmas atmosphere, sell and make the public aware of their offerings.

Over the next weeks you can visit them at the Food and Craft market. On Friday 11 December it is the turn of First Ireland Spirits.

First Ireland Spirits

Nestled in the heartland of Ireland’s green and pure landscape, First Ireland Spirts have been crafting Irish creams, liqueurs and spirits for over 20 years. Working with local farmers and producers, the team have perfected the art of Irish Cream Liqueur with 24 hours from dairy to distillery, unique Irish liqueurs with crafted local ingredients, and more recently Irish Whiskey and spirits, creating award winning brands

Visit them at the fair or visit their website.

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Fireside chat with RBS/Ulster Bank skunk team

Working with Ulster Bank is a pleasure. We get paid to be helpful to small businesses, we are housed in Dogpatchlab and we get to work on some cool projects.

RBS distinguished engineers

It also means an opportunity to meet some very cool people. This week Ulster Bank hosted a fire side chat in Dogpatch with the RBS distinguished engineers, a RBS skunk team that fly around the world solving problems, innovating, developing prototypes in spikes of less then a week. This week they were in Dublin.

The topics of discussion

The discussion points were around the future of fintech, bitcoin and blockchain. Convergence, faster banks, slower fintech, surviving digital, customer experience, trust actors, digital assets, the role of operating systems, compliance, regulators, Kenya and Ireland, bit torrent, Ripple, etc. A very rich vain of conversation and discussion.

I learned a lot

I learned that banks now move 30% of the UK economy (salaries) at the end every month in 10 seconds. That banks are the most regulated sector in the world. That fintech companies that want to scale will eventually have to deal with the same regulators, which is no picnic.   

That in the middle ages stealing would get you killed, but forging would get you boiled in oil. That banking as a term is protected in Ireland and the UK and that I still can’t explain bitcoin to my mum (but I am getting there). I now also know that half of the bitcoin stock is hold by only a 1000 people and we don’t know who they are.

Innovation in Ireland

There was an interesting view on the innovation eco system in Ireland. It was compared to Kenya and that was meant as a compliment. Kenya was the birthing ground of Mpesa. We can do the same.

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Fireside chat with RBS/Ulster Bank skunk team

Working with Ulster Bank is a pleasure. We get paid to be helpful to small businesses, we are housed in Dogpatchlab and we get to work on some cool projects.

RBS distinguished engineers

It also means an opportunity to meet some very cool people. This week Ulster Bank hosted a fire side chat in Dogpatch with the RBS distinguished engineers, a RBS skunk team that fly around the world solving problems, innovating, developing prototypes in spikes of less then a week. This week they were in Dublin.

The topics of discussion

The discussion points were around the future of fintech, bitcoin and blockchain. Convergence, faster banks, slower fintech, surviving digital, customer experience, trust actors, digital assets, the role of operating systems, compliance, regulators, Kenya and Ireland, bit torrent, Ripple, etc. A very rich vain of conversation and discussion.

I learned a lot

I learned that banks now move 30% of the UK economy (salaries) at the end every month in 10 seconds. That banks are the most regulated sector in the world. That fintech companies that want to scale will eventually have to deal with the same regulators, which is no picnic.   

That in the middle ages stealing would get you killed, but forging would get you boiled in oil. That banking as a term is protected in Ireland and the UK and that I still can’t explain bitcoin to my mum (but I am getting there). I now also know that half of the bitcoin stock is hold by only a 1000 people and we don’t know who they are.

Innovation in Ireland

There was an interesting view on the innovation eco system in Ireland. It was compared to Kenya and that was meant as a compliment. Kenya was the birthing ground of Mpesa. We can do the same.

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The Hackathon Returns to Ulster Bank!

What’s happening:

This January Ulster Bank, together with the Open Bank Project and Dogpatch Labs, will host the next edition of the Hack (Make!) the Bank series of global fintech hackathons in the newly redeveloped Dogpatch Labs Vaults at the heart of the Silicon Docks in Dublin.

Last year Ulster Bank was the first bank to host a hackathon in Ireland, with some tremendous feedback from all involved. If you missed the events you can check out the highlight video.

Robin Marshall, Ulster Bank CIO

“My overarching reflection on the two hackathons is one of encouragement at the amount of ideas we collectively have as to how we can make banking better for our customers… Everyone can contribute to and participate in a Hackathon, you don’t need to be an engineer, a designer or a marketeer, if you have an opinion and an imagination, you have all the tools you need.”

Alan Lockhart, RBS Principal Architect

“The challenge for RBS today is, how do we CHANGE the way we work, so that we encourage, adopt and embrace open innovation? In a hackathon there are no silos. Business, Designers and Coders, all of necessity, collaborate closely to produce a solution … Hackathons (are) an opportunity for our staff to dive in and experience agile working in a totally safe environment”

This edition promises to be even better than last years, with a fantastic new location, new challenges, and of course, great prizes!

How can I get involved?

Hackathons are open to all, you don’t need to be technically minded to participate. A hackathon is a team event, and each team needs a mix of skills if they want to succeed.  If you have an idea you would like to pitch, if you enjoy working as part of a team, or if you have a good eye for presentations or designs then you’d make a welcome addition to any hack team.

Event Details

Date: Friday 29 January 18.00 – Sunday 31 January 18.00

Location: Dogpatch Labs, CHQ Building, Custom House Quay, Dublin Docklands, Dublin 1

Whether you are planning to attend the full event, or just popping in to see what the fuss is all about, you can register using the link here

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