Worcester Business Journal

26 Worcester Business Journal | October 16, 2023 | wbjournal.com By Amy Mosher Berry Amy Mosher Berry started Marlborough-based Visions Internships in 2020 to bridge the growing gap between young professionals seeking meaningful real-world experience and social impact organizations in need of project support. If you represent an organization looking to hire motivated and reliable young professionals, here are five steps you can take. 1. Provide a paycheck with a purpose. A 2019 study showed 80% of U.S. college graduates are intentionally seeking work where they can actively help people and/or our planet, resulting in a purpose gap, a trend continuing to increase since COVID. Now is the time to look at what your company is doing to benefit the greater good. What are you doing in the corporate social responsibility space? Is your brand inspiring, authentic, and innovative? 2. Be clear and supportive. Young people tend to thrive when they are given specific direction and the ongoing support to succeed at their job. Do not assume they will know what you want by just telling them. Show young hires exactly what you want and why, encourage them to ask questions, and exercise elevated patience, all of which will pay off in the long run. 3. Use consistent systems. When you and your team employ standard procedures to onboard and train new staff members, including interns, it shows you have taken the time to invest in the people and processes shaping your company culture. One day this summer, take an extended lunch break with a colleague and review your current onboarding and training systems to address any gaps in the hiring cycle. 4. Initiate regular communication. Everyone wins when supervisors are frequently in touch with their team members. Young people are especially hungry for feedback and recognition for their work-related performance. Try implementing daily standup meetings at the beginning of every workday as a quick and easy way to share key updates and check-in with the team. 5. Offer fair compensation with growth. While most young people expect to earn a reasonable living wage, they are often even more motivated by employers encouraging ongoing learning and offering impactful advancement opportunities. Determine specific KPIs and incorporate customized, performance-based incentives into employee growth plans and staff review meetings. K N O W H O W How Mass. tax relief impacts your estate plans BY SUSAN SHALHOUB Special to WBJ W e have all been assigned proj- ects where the scope of work and perhaps the goal itself is unclear. Poorly defined projects are the worst. We have a tough time visualizing how they will look overall, so therefore, a tough time getting started with that first step. But procrastination can creep into any task. Here are some ways to get started, get motivated, and get going with items unfinished for way too long Set accountability mechanisms. Har- vard Business Review's Dorie Clark calls this creating forcing functions. Willpow- er may not be enough to motivate, she says. But you can set up a system where there is built-in compliance. It's just like signing up with a personal trainer, says Clark. It would be rude to simply not show up. Or you can choose to virtu- ally co-work with others on a project, announce to them what you'll be doing, and report back at the end of the day. "You can also create your own rules to keep you moving forward … When I've been on deadline, I would occasionally hole up at a café (so that being hungry or thirsty was no excuse) and wouldn't permit myself to leave until I'd finished," writes Clark. Curb your perfectionism. Anxiety about doing tasks perfectly on the first try can cause us to set unrealistic expec- tations and procrastinate, says Bryan Robinson in Forbes. "Permitting your- self to perform a task imperfectly tricks the emotional brain and reduces any resistance to completing the task. When you permit yourself to make a mistake, the finished product usually turns out better than you had imagined,"Robinson says. Create timelines. en, follow them. It breaks the tasks down and attaches a timestamp to each project section, according to Indeed: "Meeting small deadlines as you complete steps can motivate you to keep working." 5 THINGS I know about... ... Attracting and retaining young professionals T A S K M A S T E R I N G Matthew Erskine is managing partner for Worcester law firm Erskine & Erskine. Reach him at (508) 753-7100. BY MATTHEW ERSKINE Special to WBJ O n Sept. 26, Massachusetts legislators introduced a comprehensive tax relief package worth $1 billion. Gov. Maura Healey signed this legislation into law on Oct. 4. The bill encompasses a range of tax proposals aimed at providing relief to families, businesses, and individuals throughout the state. Notably, it has a significant impact on existing estate plans, particularly concerning the estate tax. Let's delve into the details of the tax relief bill and its implications for estate planning in Massachusetts. Key highlights of the tax relief bill The $1-billion tax relief bill includes several provisions impacting estate planning in Massachusetts. The most noteworthy changes are: 1. Increased estate tax threshold. The bill raises the threshold at which the estate tax applies from $1 million to $2 million. Consequently, estates valued at less than $2 million will not be subject to the estate tax. 2. Uniform estate tax credit. The bill introduces a uniform estate tax credit of $99,600, effectively doubling the threshold at which the estate tax levy applies from $1 million to $2 million. This credit aims to mitigate the impact on estates just above the threshold, eliminating the so-called cliff effect. Implications for existing estate plans The $1-billion tax relief bill will significantly impact existing estate plans in Massachusetts. Consider the following key points: 1. Tax benefits for heirs. With the increased estate tax threshold and the introduction of the uniform estate tax credit, more estates will be exempt from the estate tax. This translates to potential tax savings for heirs. If your estate is valued above the proposed $2-million threshold, you can expect savings of approximately $99,600 due to the uniform credit. 2. Reevaluation of estate planning strategies: The changes in estate tax laws necessitate a reevaluation of existing estate plans. If your estate was previously subject to the estate tax but now falls below the new threshold, you may need to update your plan to align with the current tax landscape. 3. Consideration of other tax implications: While the tax relief bill primarily focuses on the estate tax, it is crucial to consider its broader impact on overall tax planning. Consult a trusted estate planning attorney or tax professional to understand how these changes may affect your specific situation. The $1-billion tax relief bill introduces significant changes to the estate tax, including an increased threshold of $2 million, and the introduction of a uniform estate tax credit. These changes will have a substantial impact on existing estate plans, potentially resulting in tax savings for heirs and necessitating a reevaluation of estate planning strategies. As always, consult a qualified professional to ensure your estate plan aligns with the current tax laws and your specific financial goals. W W W

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