Worcester Business Journal

wbjournal.com | August 17, 2020 | Worcester Business Journal 43 10) Change may not be a choice, but how we respond is. Crisis can make us feel helpless, when we're not. We control how we respond by bringing objectivity, the right mindset, and an eye for opportunity. 9) Emotion and action do not need to align. Separating what we need to do from how we feel about it is a superpower that moves mountains. 8) If we focus exclusively on the problem, we miss the opportunity. It's easy to get caught up in the momentum of a problem. When we consciously take several steps back to gain a bigger perspective, we're able to see possibility and abundant opportunities. 7) Vulnerability is a game-changer. Conversations go sideways when we insist on keeping up facades, refusing to be transparent about fears, concerns, and needs. When we break down walls between us and others, we invite respect, creativity, and co-creation of solutions. 6) Outcome is largely determined by mindset. When we adopt an empowered mindset and work on giving ourselves the proper care, respect, downtime and positive energy we need as humans, we're better equipped overall. 5) We don't need to have all the answers. We invite possibility when we don't focus on answers, but on questions. Questions enhance our abilities, our networks, our communication strategies, and invite expansion into how we do business. 4) Stupid ideas can lead to good ones. Brainstorming should never include editing or filtering. When solving problems and working our way through crises, all ideas are fair game to start. Only when brainstorming is complete should we begin to review. 3) People crave realness. Crises push us to be on our best behavior, when what others really want is a real conversation with value and substance. Trite, politically correct, perfect communication is devoid of humanity and can come across as tone-deaf. The best customers a business can have will be the ones whose values align, which is revealed when we get real with people, even when it's messy or imperfect. 2) Mistakes aren't the end. We are not perfect, and don't need to be. We need to genuinely care. The way back from a mistake is through sincere acknowledgement of it. 1) Marketing is more than we think. Marketing and branding include how we exist in the world, and how we treat others. During a crisis, outrage and fear run high. People remember how we conduct ourselves and how they felt because of it. K N O W H O W Creative strategies to generate liquidity 10 1: S ome Central Massachusetts companies have been hiring employees remotely – with the application, interview and onboarding process done online – all along. COVID-19 has prompted many more to take up the practice. Here are some things to keep mind for business owners who are considering or looking to refine their virtual hiring habits. An organized candidate pipeline maximizes efficiency. WeWorkRemotely.com's Guide to Hiring Remote notes virtual hiring can bring in hundreds of applicants. A big candidate pool is a plus, but going through those applications takes time and long waits can cause good candidates to lose patience and look elsewhere. Structured roles, with a designated hiring manager to oversee the process; team members to evaluate culture fit; senior manager to do a final interview; human-resources manager to prepare contracts; and recruiter to support the hiring manager are part of this organized approach. Believe in the benefits. Going virtual helps standardize hiring, Ryan Holmes, founder of social-media- management soware Hootsuite tells Inc.com. Virtual hiring, with the same set of questions, in the same order each time, has been a better predictor of job performance, according to studies, he says. "With everything taking place through a screen, there's consistency and control over the interview process. Social and situational variables can largely be minimized or eliminated … with little or no time for small talk or extraneous impressions to be formed." Invest in your company's virtual interviews. Without an in-person visit, the on-screen experience is all your company has in terms of making a good impression on a candidate, and it matters, says Meghan M. Biro at Forbes. "Mediocre, awkward, tedious interviews will transmit the message that the work culture at this prospective employer is likely lacking," she writes. She recommends upgrading technology and testing it in advance; and scripting and choreographing interviews, especially if they involve multiple people. 1 0 T H I NG S I know about... ...Leadership in a crisis BY RYAN M. KITTREDGE Special to the Worcester Business Journal T his year has brought a sharp slowdown in business revenue and record unemployment claims from systemic layoffs. Many individuals are experiencing a sudden cashflow squeeze, and while some anticipate these being temporary challenges as their business begins to pick back up or they seek new employment, everyone impacted needs a plan in the meantime to bridge this income shortfall. Government stimulus has provided a short-term cash boost in the form of Paycheck Protection Program loans to small businesses, stimulus checks, and enhanced unemployment benefits. is relief is coming to an end, and while there is movement toward a second round extension of these subsidies, it is likely the next round will be to a smaller degree, and is unlikely to be a longer-term solution to your challenge. You can follow the basic financial wisdom of evaluating expenses to see where cuts can be made, such as cancelling the cable bill or suspending the daily trip through Starbucks. e reality, however, is many people do not have the luxury of cutting their expenses enough to have a meaningful impact, and the majority of folks still in their working years don't have enough cash on hand to replace their income for several months. In these cases, you need to get a little creative with strategies to generate liquidity. Use your home as a back-up emergency fund. Aer emergency savings have been exhausted, or when they get below a critical level, a home equity line of credit can be used to borrow against to cover expenses or replenish your emergency savings. ese loans provide you the ability to draw on a pool of equity, make interest-only payments for 10 years, and then the loan amortizes the principal and interest payments over another 10 years. e closing costs are typically only an appraisal fee, which may be waived in some instances. Enhanced 401(k) loans. Financial gurus warn against borrowing from your retirement account, but it can be a valuable option if you weigh the risks and benefits. Due to the CARES Act, if you or a family member have been financially impacted by the virus such as a job loss or illness, you can borrow up to 100% (up to $100,000) if your employer plan allows for it with the option to delay repayment for up to one year. While the money you borrow ceases to be invested in the market, the interest on the loan is paid back into your own account. Tax-smart portfolio distributions. If your need for liquidity is likely to be longer in duration, and you have exhausted your other available options, liquidating your retirement portfolio may be necessary. If you have an af- ter-tax non-qualified account, you may want to start there as the capital gains tax rates are more favorable than or- dinary income. As an alternative, your investment company may offer the ability to establish a securities-based line of credit, which allows you to use your investment portfolio as collateral to borrow money, without the tax bill and potential opportunity cost of liq- uidating your investment holdings. If an IRA is your only option, the CARES Act has temporarily waived the 10% early distribution penalty. With any financial and tax strategy, you should consult with your profes- sional advisors prior to making any decisions. Make sure to take a com- prehensive overview of your situation and evaluate all available options to optimize a plan best suited for your unique circumstances. Ryan M. Kittredge is a partner and financial advisor with Carr Financial Group in Worcester and can be reached at ryan@ carrfinancial.net BY SUSAN SHALHOUB Special to the Worcester Business Journal By Laura DiBenedetto Laura DiBenedetto is the CEO of Vision Advertising in Westborough, author of "The Six Habits" and a TEDx speaker. Learn more at www.vision- advertising.com and www. thesixhabits.com. W W V I R T U A L H I R I N G W

• Cover