Tips For Hiring An Independent Contractor

by Lesley Pyle, MSc., founder of HireMyMom.com 

Independent contractors can change the way your business operates. The right contractor can help you take your business to a new level by letting you ta[ a pro who otherwise might not fit into your budget. It’s also a desirable situation for many workers, including parents with childcare needs, recent retirees looking for more freedom while staying engaged, and those looking to build additional skills or pursue passions that aren’t part of their regular 9 to 5.

Moreover, COVID-19 has added to the list of reasons people seek independent contractor work. Many professionals have stepped out of the workforce to facilitate e-learning or hybrid school schedules until schools resume normal operations.

According to the Gig Economy Data Hub, the exact size of the independent contractor workforce is difficult to pinpoint. More than a quarter of workers participate in independent contracting in some form, and about 10 percent of workers rely on it for their primary income. For small business owners, this adds up to many opportunities to round out staff, manage business surges, and leverage expertise for specific situations.

It’s easy to find and hire an independent contractor. Think of the process as two distinct phases:

• Phase 1: Defining your needs and finding resources.

• Phase 2: Completing the required paperwork and other processing.

Phase 1: Defining Your Needs and Finding a Resource.

Define the Scope of Work.

The first step is to determine the work you want to be done by the contractor. This thinking creates a scope of work and helps clarify what you’d like to have completed, outlines the timeframe, and estimates the number of hours needed to complete the project. Be sure to include things like:

• Primary responsibilities (e.g. draft Facebook ad copy).

• Any follow-ups (e.g. make two rounds of edits).

• What the final product looks like (e.g. Ads posted on our Facebook feed three times in 30 days).

Verify an Independent Contractor is the Right Fit.

Once you assess the scope of work, make sure that an independent contractor is the right fit for your needs. Any person or business you hire to do work on your behalf, but not as an employee, is an independent contractor. As a rule of thumb:

• You pay independent contractors for the result of their work. You don’t have control over how, when, or where they do the job.

• You pay employees for the result of the work and the ability to control how the job is done.

Usually, independent contractors are in a different business than your own. For example, freelancers, like artists, editors, and writers, are often independent contractors. Independent contractors can also include outside companies doing work for you on an ongoing basis. Think of a cleaning service, an attorney, or a tax prep person. The Internal Revenue Service (IRS) has set guidelines for determining if someone is an employee or an independent contractor.

Find the Right Resource.

With your scope of work in mind and your decision to hire an independent contractor, it’s time to find the right person for your needs. Using a niche platform like HireMyMom.com is a great way to source qualified candidates specifically looking for remote or contract work. You can save time and money by turning to a site dedicated to connecting driven professionals with small businesses. (Note: At Hire My Mom, our professionals are independent and not employed by Hire My Mom. We do not charge any commissions to the job seeker or employer.)

Phase 2: Paperwork and Processing.

Once you’ve identified a contractor and agreed on a scope of work, there are a few more steps to complete before the two of you get to work.

Collect the Right Forms.

Collecting the correct forms from independent contractors is an often overlooked step that offers essential benefits for your business and the contractor you are hiring. Securing the proper documents at the beginning of your relationship can set you up for greater success in the future. Collecting the forms early gives you peace of mind that you’ve checked all the boxes with your independent contractor. According to The Balance Small Business, there are several forms to collect and keep on file:

A completed W-9 tax form. This form and directions to complete it are available online at irs.gov and should be on file before paying the contractor. Once you collect the W-9 Form, hold on to it for your files if you need to share it with an auditor. (You don’t need to send it to the IRS.)

When you hire an independent contractor, you aren’t required to withhold federal or state taxes or Social Security and Medicare taxes (collectively known as payroll taxes) from their pay. Independent contractors are self-employed/owners of their own business and are responsible for reporting their income and paying the associated taxes. (You can learn more from irs.gov.)

• While you don’t need to withhold payroll taxes from an independent contractor, you are responsible for issuing them at 1099-NEC Form for Non-Employee Compensation at the end of each calendar year.

• Independent contractors use the 1099-NEC Form to report their business income to the IRS.

A contract. When you start a new relationship with an independent contractor, establish the terms of your engagement with a written agreement. The contact should:

• Outline that the person you are hiring is an independent contractor and not an employee. The person you are hiring should understand that you will not be withholding payroll taxes because he/she is not an employee.

• Stipulate who owns the finished work product. (This is especially important for creative services such as artwork or design.)

• Outline the scope of work to be performed.

• Document billing rates, invoicing, payment processing, and timing. Settling on this at the beginning of the project can make for a more productive relationship.

• A resume and reference information. You know why you hired this person to do work on your behalf, but keeping a resume and reference information on file makes it easier for others to review if needed. You may even have your contractors complete an application so you can easily access pertinent information about them in the future.

Additional Forms to Consider.

According to The Balance Small Business, your business may dictate the need for additional forms in addition to the items outlined above. For example:

• A non-disclosure agreement (NDA). Sometimes called a confidentiality agreement, this gives you confidence that your independent contractor is not sharing your business plans or trade secrets with competitors or other businesses.

• A non-compete agreement puts restrictions on the contractor’s ability to take your customers or clients to a competitor. These documents tend to outline specific actions and timeframes where the conditions apply.

• A non-solicitation agreement keeps an independent contractor from working for your competition while also doing work for you. This can be tricky because sometimes you want a contractor with expertise in your industry, which means he/she also works for other similar businesses.

Consult a lawyer if you are considering asking your contractor to sign any of these items. State laws vary considerably. Working with an attorney can help ensure that any steps you’re considering are legal and advisable based on your state, objectives, and situation.

Start a File for Each Contractor.

Once work begins, create a file for each independent contractor that includes all pre-employment forms, project overviews and feedback you share, and contact information. Having this file will make future engagements easier and lets you quickly pull information if you are ever audited.

Bring in a Pro to Answer Any Questions.

Issues around employment status and taxes can be thorny. The IRS offers some guidelines for making this determination. An attorney or accountant can help with specific questions or advice when hiring people or businesses to work on your behalf.

 

Lesley Pyle is the founder of HireMyMom.com, a boutique service connecting Small Businesses with Virtual Professionals across the country. She began her work-at-home career in 1996 with the launch of her first website: Home-Based Working Moms. Pyle was named one of “50 Women Entrepreneurs Who Inspire Us” by Self-Made magazine and has been featured in numerous publications including Forbes, Entrepreneur, Wall Street Journal, USA Today and many others. Follow Lesley on LinkedIn, Twitter  and FB.

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How To Launch A Successful Marketing Company

If you have the gift of the gab and the desire to help other businesses achieve their goals, it could prove to be the ideal time to set up your own marketing business. However, as you will already probably be aware, this is a highly competitive field and not one that you can achieve success in easily. Therefore, you need to make a special effort to get your business right from the start.

Here are a few tips that could prove to be useful for you.

Focus on a Specific Area.

There are plenty of marketing companies out there that offer general services, but there are fewer businesses that target a particular niche. Your area of focus could be a particular region or area of business. Using this more targeted approach can help you to get the clients that you are looking for. Over time, you may find that you are able to diversify in your approach, but initially, it is a good idea to be focused.

Network.

The business of marketing is all about who you know. When people trust you personally, they are more likely to put their faith in your business as well. Therefore, you need to hit the ground running. When you create a strong network, you also help to create word of mouth marketing, which can be invaluable in developing the level of trust that you are looking to create. The more trust potential clients have in you, the more likely they are to procure your services.

Enlist Partner Support.

While you are bound to have your own areas of expertise, this doesn’t mean that you know everything. As well as saving you time, it can also help you to get a more expert level of service if you want the help of a white label SEO reseller, for example. This can be particularly important when you are first getting started and you don’t have all the time in the world to channel into the various different areas of your business.

Choose Your Clients.

While it may be tempting to take on board anyone who wants your help, this isn’t always the most effective strategy when you are building a marketing business. You are much better off having a few reliable clients rather than a lot of unreliable ones. After all, you want to make sure that you actually get paid and if you are constantly having to chase up invoices, this can represent a huge chunk of time that could have been better spent on other pursuits.

Retain Your Customers.

Once you have these few reliable clients, you want to do everything that you can to hold onto them. In the first instance, this means being reliable and delivering on your promises. You also need to clearly demonstrate that you are adding value to the businesses that you work alongside.

Following these five guiding principles can end up going a long way towards ensuring that you run a successful marketing business that achieves real results for your clients and a positive reputation all-round.

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How On-Premise Collaboration Software Helps Federal Agencies To Manage Massive Data And Communication Challenges

Before the invention of remote chat apps, most of the federal communication happened via emails, letters, and phone calls. 

However, with the growing need for better efficiency, productivity, and a secure work platform, federal agencies are now considering installing an on-premise collaboration software that can be scaled as required. 

But what is on-premise software installation, how is it different from cloud computing, and why federal agencies should prefer on-premise over cloud installation?

We’ll get to all of that below! Read on to get the lowdown on on-premise collaboration software, why you need an on-premise collaboration software, and finally, the best on-premise collaboration software federal and team chatting.

What is a Team Collaboration Software?

Team collaboration software, at its core, is a platform or tool that allows teams to interact, exchange files or documents, and collaborate on them in real-time. These software replicate the need of a one-on-one conversation or face-to-face meeting with team members (like those meetings you’ve in the office).

What is On-Premise Software Installation?

On-premise software is installed on the premises or computer of the organisation using the software. This type of software installation setup requires the company to have their in-house server.  

Hence, in an on-premise software installation method, organisations retain all their data (in the servers owned by them) and hence, they are in complete control of what happens to it. 

Enterprises or agencies operating in highly regulated or data-sensitive industries opt for this type of software installation because they have extra privacy concerns.

A popular alternative to on-premise implementation is cloud deployment. In a cloud computing deployment, the data is hosted and owned by the third-party service provider. A client may be able to access those data or files, but they don’t own them. Since they don’t servers, it allows them to scale up or down as required and pay on an as-required basis. 

On-Premise Vs. Cloud Deployment of Collaboration Software.

1. Cloud Deployment.

With the changing work landscape, now we have, in the market, hundreds of office chat apps or remote collaboration tools – where most tools offer cloud deployment, and some others, on-premise installation. 

Many leading cloud computing solutions like Microsoft teams, Slack, Webex Chat, Google Chat, already have millions of active users who use these apps for their business communication or collaboration. 

However, one of the biggest concerns for a lot of organisations is privacy and security. A wide range of businesses have dealt with security breach issues on office chat apps – where a company’s data was stolen and corrupted – causing the organisation huge operational and financial loss. Hackers, in the past, have been able to gain unauthorised access why  and peruse collaboration software’s central database. 

Security breach possibilities on cloud servers might not be a major problem for some of the organisations. However, companies that operate in an extra-sensitive environment or have sensitive data, such as federal agencies or banking industries require a certain level of privacy and security that a cloud server might not provide. 

Despite all the security measures and promises, security remains the biggest concern to a cloud computing deployment. There have been several publicised cloud data breaches, and thus the IT departments across the world are still working to make it full-proof. 

But as of now, the security threats are real – from personal data theft of employees and customers to admins login credentials, and loss of intellectual property – it has all happened in the past. 

2. On-Premise Installation of Collaboration Software.

As explained before, in an on-premise software installation, all resources and data centres and located within an enterprise’s IT infrastructure. With all the control in the hands, and custom data center, company’s get an edge in terms of security. 

On-Premise servers, basically air gapped servers, also facilitate companies to have easy access to data. Since there’s an internal network, data is accessible anytime, despite the internet connectivity. Furthermore, on-premise solutions offer companies compliance facilities as well. 

Compliance-minded companies operate under regulatory control – especially the federal agencies or similar enterprises that have to follow industry or government regulations. For such companies that are subjected to GDPR, HIPAA, FERPA regulations, it is imperative that they stay compliant by knowing about their data all the time. 

This is made possible through On-premise installation. In short, on-premise installation of collaboration software enables companies to get benefits in terms of security, feasibility, data, control, and also compliance.

Why On-Premise Collaboration Software is better for Federal Chat?

Online communication and virtual collaboration has become routine as the morning coffee. And collaboration software, thanks to their feature-rich capabilities, have become a preferred way for businesses and team members to stay in touch, irrespective of physical distance. 

Today, virtual collaboration and instant messaging technology is widely used both by government agencies, non-government organisations, private businesses – streaming meetings and conferences online, sharing data, and helping people work from home more efficiently.

As special government organisations, the federal agencies have special purposes such as national security tasks, financial oversight, management of resources, and more. All of these job roles require the agencies to maintain privacy and security, and ensure data is accessed only by internal team members. 

Any unauthorised data access by external team members or hackers can cause rift between teams or federal departments, and in the worst case scenario, cause major security or financial issues for the state or national government. 

While many businesses and enterprises immediately opt for cloud deployment, a federal agency has a lot more security, privacy, and data control checkpoints to consider. Apart from security, below are seven more reasons for federal teams to opt for on-premise deployment:

1. Data Control.

With On-premise collaboration software deployment, the company stays in complete control of their data. A team chat software handles confidential business data of all types – accounting, expenses, project cost, employee personal details, business intelligence, and similar information that have significant value to intruders.  

When federal agencies (or any company for that matter) host their collaboration software on-premise, they are in control of everything, from data storage servers to security measures that can be deployed. These enterprises are not at risk because the cloud-based servers of service providers are insecure. 

2. Less Dependency on the Service Provider.

While the SaaS or cloud based models are hailed to be highly flexible, most of the technological decisions about the software and data are made entirely by the service provider. So, if a vendor decides anything that’s not feasible for your business,  you’ll need to do a lot of scrambling to make things work again. 

This type of deployment is not suitable for federal agencies who are required to take actions as per situations, and without relying on the service provider. On-Premise Collaboration software thus removes the service-provider dependency so the company is free to change aspects of the system as required. 

3. Customisation Option.

With On-premise installation option, businesses get easier customisation features as well. Cloud solutions certainly offer easy integration with third-party apps or software, they don’t provide enough customization options. On the other hand, the on-premise collaboration software allows businesses to customise app features according to their workflow. 

4. Reduced On-Going Cost. 

Yes, the initial investment or the up-front cost of on-cloud deployment is more than cloud computing. However, the total cost of ownership turns out to be lower. You don’t have to pay the recurring subscription based fee or per user fee. The only ongoing cost your organisation will be paying is IT maintenance fee and energy bills.

Other Benefits of Using a Collaboration Software.

1. Instant Messaging.

Real-time messaging is the heart of any office collaboration tool. Without this feature, a team collaboration app is pointless. Instant messaging across groups and departments was how Slack and HipChat introduced to the world an efficient style of team collaboration. 

Messaging in these collaboration apps come in the form of one-on-one conversations, private channels, and group chats. 

2. Real-Time Screen Sharing.

One of the features that makes collaboration software highly efficient for remote work is screen-sharing. Through screen sharing feature admins or team members can give presentations, display a technical process, explain documentations, and do a lot more than the regular video call. 

Screen sharing brings more context to virtual interactions since people can display screens, documents, presentations, videos, audios, and all kinds of files on the host’s screen. 

3. Secure File Sharing.

Another important feature of any collaboration tool is secure file sharing. In order for remote teams to work effectively, they need to frequently share files, documents, and collaborate on them – without worrying about the possibility of shared data falling in wrong hands. 

An ideal collaboration app facilities just that – so files can be shared securely in real-time, irrespective of format, size, or storage location. All in all, this feature allows teams to work together simultaneously on tasks.

Troop Messenger for Federal Communication.

At its core, Troop Messenger is an internal office chat app that helps teams communicate in real-time, share files securely, and store data in the server of their choice. 

Known as one of the most secure collaboration tools, Troop Messenger is specially designed for mission-critical communication, where every text, file, or audio message is encrypted – both at rest and in transit. 

And when it comes to federal communication, here’s how Troop Messenger helps:

Benefits of On-Premise Installation of Collaboration Software for Federal agencies:

• Store your data on machines you own and control
• Adhere to your security and compliance requirements
• Leverage your corporate security infrastructure
• Easy deployment using an industry-standard virtual machine
• Fully supported regular product updates and enhancements

• Use your own custom logo, colors, and subdomain link to ensure you always present a professional appearance. 
• Customize guest access and which integrations your teams can use in Conceptboard.

Conclusion.

Online communication and virtual collaboration has become routine as the morning coffee. And collaboration software, thanks to their feature-rich capabilities, have become a preferred way for businesses and team members to stay in touch, irrespective of physical distance. 

Today, virtual collaboration and instant messaging technology is widely used both by government agencies, non-government organisations, private businesses – streaming meetings and conferences online, sharing data, and helping people work from home more efficiently.

Companies are using these software to privately and securely communicate between specific groups or individuals or share information and updates across different departments or organisations. 

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Why Startups Are Ready For A Reboot

The pandemic has caused a severe downturn in global economies. Yet despite the overarching negative outlook, startups seem to be weathering the storm. Quartz mentions that startups seem to be dealing with the pressures of the pandemic far more effectively than larger businesses and conglomerates. Much of this success is due to the flexibility of startups and their ability to adapt. Even a simple Florida start-up could adjust to the changing tides if they knew how to approach the problem.

However, the biggest hurdle is yet to come. A recovering world economy is likely to have different market forces post-pandemic than it had before the outbreak. Because of this reality, it may be time to consider rebooting the idea of a startup.

Startup Survival Tactics During the Pandemic.

The most evident and present danger that startups face amid the pandemic is decreasing investment. Venture capital firms have become more discerning where they put their limited funds to use, and banks have always been anti-startup in their business dealings. Most startups have been competent in managing their cash burn by determining how they spend and utilizing government subsidies to meet their goals. With the pandemic, however, many of these incentives dried up, as well as the funding from typical sources. Businesses have had to look for more creative means for funding their success. Some have resorted to aiming to be self-sufficient. Companies that have managed to do this have a distinct advantage over those dependent on financing from external sources.

Shelter-in-place orders have left many startups lacking ways to interact with customers. However, finding the solution to that problem is simple. Many startups are already tech-based, and the tech they use can help them connect with consumers and make sales online. Other infrastructure, such as delivery, may bite into their limited capital but are necessary for dealing with a world that can’t physically look at goods anymore. These adaptations are required, given the small volume of resources that startups traditionally have to work with.

Larger Companies Responses.

Larger businesses have run into the same problems as smaller businesses but have been slower to respond. The upside of having a massive, scaled business is that the profit potential is unmatched. The downside is that in a massive economic disaster, these businesses can’t adapt quickly. NBC News points out several companies that filed for bankruptcy during the later months of the crisis. These larger companies that have closed their doors were unable to adapt to the situation fast enough. Still, others have leaped to take their place.

Most larger businesses with a high enough reserve can weather the crisis without resorting to closures. Some outlets will inevitably be shut, but the company itself will survive, if with a reduced presence around the country. The New York Times has noted that several investors are already betting on a post-pandemic world being dominated by massive companies who have weathered the crisis and come out on the other side. All of this depends on the post-pandemic economy having the same impetus to growth as the pre-pandemic world. All signs point to this assumption being a miscalculation.

A Different Post-Pandemic Market.

A disaster of this size has forced many businesses to take stock of how they conduct their enterprises. Some companies that shut down the earliest didn’t have fallback measures in place in a massive disaster. Many of these businesses operated on shoestring budgets and tiny margins, which the pandemic’s challenges all but obliterated. Even giant companies with long supply chains and enough time and money to deal with shortages faced problems during lockdowns. Before the pandemic, being a massive business might have been the key to success, but the pandemic has taught business a few lessons. Chief among those is that the size of an enterprise doesn’t guarantee its success in a disaster.

Instead, the success of a post-pandemic business will be based on its ability to adapt and pivot. Founders Institute defines pivoting as shifting the business to encompass a new strategy that may entail changing how the entire company functions. Pivoting is how many smaller firms could avoid the crushing issues that the pandemic laid on the doorsteps of the massive companies. Pivoting only works if a business is small and agile and can shift its operations quickly and flawlessly in a different direction.

Adaptability goes hand in hand with speed. Businesses that need to adapt to a changing economy need to quickly or get caught up in the collapsing wave of bankruptcy. Again, smaller companies are the best suited to do so, but larger businesses can also benefit from being adaptable. One of the most potent examples of adaptability in the current climate is how quickly and effectively businesses switched to remote working. Several larger companies already had infrastructure and security protocols to enable a quick switch.

In contrast, others had to retool their business protocols to deal with the new demands of a remote office. It would be increasingly difficult to get employees back into an office after getting used to the remote-work paradigm. Businesses post-pandemic may have to consider this as they move forward. Is it worth losing an experienced hire over remote working arrangements? This question is one that companies need to answer if they want to compete in a post-pandemic world.

Rebooting The Startup Post-Pandemic.

What has the pandemic taught the business world? Some might say it has taught us that some businesses are too big to fail, but the truth may be a bit more nuanced than that. Several mega-sized corporations collapsed in the fallout of the pandemic’s economic contraction, and a few more may yet file for bankruptcy in the coming downturn. What we should have learned is that businesses need to be more agile in their construction. They must be able to pivot and to adapt to changing market conditions. They should be able to aim for self-sufficiency early on.

In a post-pandemic world, a startup shouldn’t have scalability as its most important trait. It should have speed, adaptability, and the ability to switch gears quickly as part of its success metric.

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How To Market Your Independent Store During Covid-19

Independent stores have been hit hard by the pandemic. Lockdown restrictions and social distancing guidelines have led to a loss of customers. However, some stores have found creative ways to get around this, including adopting new marketing strategies.

Below are just some of the most effective ways to market your independent store during the pandemic.

Focus more attention online.

If people aren’t coming into your physical store, consider whether you can refocus sales online. Now has never been a more important time to have a website – many physical stores have also started operating as online stores, allowing them to take in business during lockdown. To encourage people to visit your online store, you’ll need to invest some time and money into digital marketing. Some of the most effective online marketing tactics include:

• SEO (search engine optimization)
• Social media marketing
• Email marketing
• PPC advertising

You can click here to read some useful tips on small business online marketing. While you may be able to do some DIY marketing, it’s likely you’ll want to hire a marketing agency for tactics such as SEO. 

Create an app for your store.

A lot of independent stores have started creating their own app to help with online sales. An app can not only offer an easy platform for people to make mobile purchases, but it can also ensure that customers are constantly reminded of your business every time they open their phone (which could lead to an increase in return customers). 

Developing an app has become a lot cheaper in recent years and there are many easy ways to build an app yourself without any programming knowledge. Just like your website, you’ll need to market your app to encourage customers to download it – this could be done by advertising your app on your website and social media pages, providing signage in your store and by telling customers in person about your app.

Sell branded hand sanitizer/face masks.

Face masks and hand sanitizer have become an essential item during the pandemic. On top of increasing sales by stocking these items, why not take the chance to increase brand awareness by creating your own branded versions. There are companies that can put your logo on hand sanitizer and companies that can produce branded face masks. You could even give these out to people as they enter your store. 

Use QR codes in print marketing.

Many of us have become more familiar with QR codes as a result of the pandemic. A lot of restaurants have started using QR codes to open digital menus as an alternative to using physical menus, which could help spread the virus. It’s worth taking advantage of this newfound familiarity with QR codes within your print marketing – by printing a QR code on flyers, business cards and posters, you can make it easier for people to open your website or visit your social media pages instead of manually typing in your web address. It could even be a way of generating extra sales through your website.

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5 Things You Need To Know To Successfully Manage A Remote Team

by Matt Martin, Co-Founder and CEO of Clockwise

Morale has dipped during COVID-19. We’re separated from our friends, families, and colleagues but busier than ever. The majority of workers are reporting higher stress, greater anxiety, and emotional exhaustion. Employers have a responsibility to help workers get through this.

Here are five ways to successfully manage a remote team.

A No Meeting Day can improve focus and productivity .

Companies from Shopify to Facebook to Asana have embraced the “No Meeting Day.” Setting aside one day per week to focus on heads-down work without being interrupted by meetings can increase productivity and reduce stress.

Eight hours of uninterrupted Focus Time means less context switching. Context switching is deadly for focus and productivity. When you switch tasks, part of your brain is still thinking about the previous task. It takes some time for those thoughts to quiet down so you can concentrate fully on the task at hand. In the meantime, your performance suffers. Researchers call this “attention residue.” It takes 25 minutes and 26 seconds on average to get back to the level of efficiency you were at before an interruption. This means task shifting, even briefly, can cost as much as 40% of your productive time. Harvard Business Review found that context switching cost one large software company more than 450 hours per year, per manager.

The other big benefit to a No Meeting Day is that it can help cut down on the number of meetings. The average worker attends 62 meetings per month and considers half of those meetings a waste of time.

Heads-down work time really needs to be scheduled.

Every calendar needs long blocks of uninterrupted time for heads-down, focused work. Proactively setting aside time for deeply focused, proactive work prevents you from saying yes to too many reactive requests from others.

Set aside at 15-20 minutes at the start of your week to proactively plan what you want to accomplish before the end of the week and 15-20 minutes at the end of each week to journal what you accomplished and what got in your way. In the first sit-down, write down what you want and need to accomplish.

People who write down a specific place, date, and time for a task are more likely to complete it than those who just think about it. You don’t need to think of every possible task. Just pull together a list of everything you might want to do in the next week.

Then prioritize that list. You could use the Eisenhower Method, for example. You can also look at your annual goals and ask yourself what tasks would help you achieve them.

Once you have your prioritized list of tasks, estimate how much time each task will require. If the task will take more than one session, try breaking it into micro-tasks. Or, decide how long you’d like to spend on each session and how many sessions it will take.

Avoid the Planning Fallacy by doubling or tripling your initial estimates. It’s much more fun to finish a task early and take a break or get started on the next task than it is to have to push everything out.

Last, create calendar events and name them after the task you want to accomplish during that time. Creating calendar events with start and stop times for each task helps you battle perfectionism by deciding ahead of time when you need to wrap up a project. Putting your tasks on your calendar forces you to reckon with the finitude of time. Every block is a zero-sum game, which makes it easier to say “no” to lower value commitments. Plus, scheduling your tasks on your calendar means your colleagues won’t schedule over them.

Your workers need mental health resources.

COVID-19 is taking a massive toll on workers’ mental health, with 86% of Americans worried about Coronavirus. Workers are busier than ever, especially working mothers. In an April study, 67% of workers reported higher stress, 57% greater anxiety, and 53% more emotional exhaustion. Other studies show higher rates of depression, PTSD, domestic violence, and substance abuse. For 69% of employees in one survey this is the most stressful time of their career while 88% experienced moderate to extreme stress over the past four to six weeks.

It’s heartening to see that over the past two months many companies have deepened and broadened their mental health and well-being benefits. In fact, just over half of employers in one survey said they’d recently introduced new or improved existing emotional and mental health programs.

Benefits you could offer for free or at a large discount:

• Online counseling sessions
• Online meditation classes
• Meditation apps
• Mental health apps
• Remote fitness/yoga classes
• Coping and stress management virtual classes
• Well-being coaching sessions
• Monthly stipend for mental or physical health

Providers include Sleepio, Wellbeats, Modern Health, Thriving Mind, Plum Village’s Zen Meditation app, and Daylight. Making resources available isn’t enough. According to one study, nearly half of workers haven’t heard from their companies about what’s on offer. Workers whose companies have told them are 60% more likely to agree with the statement that their company cares about their wellbeing.

Mental health events and check-ins keep morale high.

In an April study, 75% of workers reported more social isolation since the pandemic started. Nearly a third of employees said they haven’t had any informal contact with their team while working remotely. And socially isolated workers are 19% more likely to say their mental health has declined recently.

Companies have an opportunity to create spaces to bring employees together for socialization.

At Clockwise we do Trivia every Tuesday to connect over something that isn’t work. We’ve also experimented with Drawful and other online games. Some companies are holding online events for employees’ kids as well. Whether it’s virtual happy hours or games, it’s important to get employees talking to each other and having fun regularly to boost morale and mental health.

Regular check-ins are also essential. Nearly 40% of workers say that no one at their company has asked them how they’re doing since the pandemic began. Not shockingly, these workers are 38% more likely to agree that their mental health has declined since they went remote.

And they shouldn’t just be about status updates and projects. They should also be about the worker and how they’re doing. And the person to reach out should be the manager, not HR.

In a Qualtrics survey, people listed HR last among those they’re willing to talk to about mental health concerns, after manager, peers, subordinates, and company executives. Employees with a manager who they say is bad at communicating are nearly a quarter more likely to see their mental health decline.

Workers may need mandatory PTO.

Clockwise, along with other companies, is implementing mandatory PTO. Most workers are working more hours than ever, and with nowhere to go, they’re less likely than ever to want to take time off. But overwork leads to burnout and depression. Making the time off mandatory and companywide removes any pressure or incentive to work anyway and gives people some much needed rest while also sending a signal that long-term employee well-being is more important than short-term objectives.

We also use Clockwise Slack sync, which adds a symbol next to your teammates’ names in Slack to indicate whether they’re available, in Focus Time, or in a meeting. It’s great for OOO and after hours, especially if teammates are in different time zones.

If you’re out-of-office or otherwise unavailable, it will also automatically turn on Do Not Disturb. Clockwise for Slack will send you a daily forecast of your meetings to help you prepare for your day. And Clockwise will notify you via Slack when your meetings change. 

 

Matt Martin is the Co-Founder and CEO Of Clockwise, an intelligent calendar assistant that frees up your time so you can focus on what matters. It uses AI to understand your work and life commitments and automatically organize your calendar to help you focus on your priorities. Clockwise makes your calendar work for you. For more information, visit getclockwise.com.

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Are Silver Backed Stablecoins A Safe Investment?

A stablecoin backed by silver offers unique opportunities for investors looking to diversify their portfolios. Because of the unique attributes of stablecoins combined with the long history of Silver as an important metal and safe haven asset, a stablecoin that is pegged to silver can provide a new layer of security when investing today.

This year, just like during previous economic downturns, interest in silver investments has grown significantly. In fact, silver’s spot price has jumped over $38% since Jan 1, 2020. But why the sudden interest in silver and how can a stablecoin with silver reserves backing it up give investors additional protections from market instability?

This article delves into the reasons why a silver backed stablecoin such as SilverCoin expands on the meaning of both stablecoins and safe havens to provide a new investment vehicle that is in tune with modern markets.

What is a Silver-Backed Stablecoin?

A stablecoin that is backed by silver is a digital asset that resides on a blockchain and enables global, peer-to-peer transactions that are encrypted for security. When you buy a silver backed stablecoin, the value that you own is backed 1:1 with a reserve of physical silver.

Because stablecoins are produced and available on blockchain ledgers, the transactional data is immutable, meaning it can’t be manipulated or changed without the entire network knowing about it and without a severe monetary penalty.

This type of stablecoin enables investors to enter the crypto trading markets without the volatility of investing in cryptos that do not have an underlying hard asset like silver to back them up. Stablecoins historically have added legitimacy and liquidity to crypto markets as a whole. Putting a valuable hard asset like silver to the stablecoin mix furthers this progression towards a more mature crypto investment landscape.

Why Using Silver as a Reserve Asset Increases Security.

A silver backed stablecoin is different from other stable assets, so let’s do a comparison with three of the most popular reserve assets that are now being used to back up different stablecoins.

Silver Backed Stablecoin vs. Fiat.

Fiat has for a number of years been used for stablecoins like Tether as the reserve asset. For decades, the global reserve currency has been America’s USD. This year, however, has called into question the USD’s long term validity as a global reserve asset, since in 2020 alone, $9 trillion has been added to the Fed’s coffers, and quantitative easing seems to have no end in sight.

This is worrisome to many people, especially those with cash savings, CDs, and other types of cash investments. Fiat used to be backed itself by gold, but that ended many years ago. By investing in a silver backed stablecoin instead of a fiat-backed stablecoin like USDT, the chances of inflation are much lower because silver cannot be reproduced and disseminated the way USD can. In addition to silver’s scarcity as an asset, demand is rising due to its use in manufacturing cell phones and the digitization of emerging markets.

Silver Backed Stablecoin vs. Bitcoin.

If you back a stablecoin with Bitcoin, you have more exposure to crypto’s most important coin. With the most powerful computer network in the world behind it, Bitcoin seems to have a very long and potent future. But as a relatively small market when compared with fiat or gold, sweeping price fluctuations are still inherent when investing in Bitcoin. While it has been the best performing asset in the last decade, the common, volatile price swings make it less appealing as a store of value than a stablecoin that is backed with a hard asset like silver. Additionally, Bitcoin price, more often than not, correlates to traditional markets, while silver is often a reverse-correlated commodity.

Silver Backed Stablecoin vs. Basket of Assets.

Normally a basket of assets helps the investor hedge their investment by spreading out the risk among multiple fiat currencies (such as USD and the Yuan) and some of the major cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

By investing in a stablecoin that is backed by a basket of assets, however, you are vulnerable to the market movements of each asset, none of which have a hard asset like silver to back them up.

Conclusion.

Investing in a silver backed stablecoin provides many potential protections to today’s investor. From shielding them from volatile cryptocurrencies to helping them store their wealth while they weather the storms of economic disruptions, having Silver as a hard asset backing up your cryptocurrencies gives investors the best of both worlds.

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