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While we tend to think
of corporate vision as ‘looking ahead’, it’s
equally important to watch what’s happening on
your flanks. Marketing professor George Day of
Wharton enumerates five (5) ingredients necessary
for a business to avoid being blindsided by the
unexpected. In summary these elements for success
are:
- Leadership: Vigilance, sensitivity to
trends.
- Strategy.: Focused on the right
things.
- Culture: Attuned to listening.
- Knowledge: Questioning and
interpreting data correctly.
- Structure: Organized for interaction.
According to Professor Day, about
20% of the companies he studied had these critical
capabilities. For current business examples of how
these factors determine success or failure and
what to do to build peripheral vision in your
organization click MORE
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According to Ventana
Research, the majority of the Global 2000 and
fully two-thirds of mid-sized companies are still
using basic spreadsheets to build and report their
budgetary plans. This approach is efficient in its
simplicity but it doesn’t enable the business to
realize the true benefits of integrated
performance based planning. Ventana suggests five
(5) levels of budgetary sophistication starting
with the basic spreadsheet and culminating in
adaptive planning with frequent performance
monitoring. This final stage also replaces the
annual plan with re-planning for ‘rolling
quarters’. Moving to integrated operational
performance management usually requires a change
in the mindset of management over several years.
To determine where your company’s planning process
fits in the Ventana hierarchy click MORE
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The top complaint filed
with the Federal
Trade Commission (FTC) is now identity theft
and more than 20 million people have been victims
of this growing crime. This problem is
increasingly a concern of business. A 2002 study
by TransUnion the large credit service company
found that the theft of employer records was its
leading cause. The FTC has now announced a
nationwide campaign to educate individuals and
businesses on ways to protect against this
crime. The campaign will provide a comprehensive
kit to advocacy organizations and others. To
access information from the FTC click MORE
|
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Are your employees
adequately planning for the rising cost of
healthcare that they will face upon retirement?
Only 30% of retirees currently have healthcare
provided by their former employer and most
employers are reducing or eliminating these
programs in the future. McKinsey estimates that
retirees will face an average annual out-of-pocket
cost of $3,600 for regular needs by 2014 even
after Medicare. Prescription drugs will account
for almost 60% of this cost. Retirees experiencing
a catastrophic illness can expect to pay an
average of almost $50,000 per year. This kind of
exposure requires new products from insurers and
accessible advisory services for future retirees.
Employers need to consider ways to help their
workforce prepare for this major retirement cost
factor. One way might be to establish a working
relationship with their current healthcare insurer
to provide on-site assistance for employees to
help them include these costs in their retirement
planning. For a comprehensive analysis of the
costs for which retirees must plan and their
implications for the insurance industry click
MORE
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The labor market is
tightening as the economy continues to grow and
workers are feeling more confident about their
jobs. Right Associates, Inc. reports that eighty
percent (80%) of those contacted in a recent poll
said that they felt secure in their current
position for the coming year. Average hourly pay
has jumped 3.8% from the prior year and the
unemployment rate remains low at 4.7% further
evidencing the shift to a strong labor market.
Competition for talent is also causing some
employers to return to offering signing bonuses.
MORE
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| Downstate
Healthcare Cost Control and Tax
Seminars |
| The Chamber is hosting
two important seminars that members don’t want to
miss. Approaches to controlling healthcare costs
will be the subject of an all day session for
employers on June 2. Then on June 23rd a major Tax
Update seminar will be sponsored and presented by
Grant
Thornton LLP. A discounted registration fee is
available to Chamber members for each of these
events. Click on the seminar entries below for a
full agenda and registration information.
|
| |
| Current
Economic Indicators |
| Illinois
Chamber HELPLINE |
| Knowing what you can and
can't do will help you prevent costly mistakes.
Call Howard Parker, our Chamber HR expert. He will
help you deal with problems safely and avoid
disputes. You can reach the Helpline toll-free at
800-322-4722. |
| |
SAVE 20% OR MORE ON YOUR
PAYROLL PROCESSING!
The
Illinois Chamber is offering an exclusive benefit
to Chamber members only! TruPay Corporation,
America's fastest growing payroll service now
offers its award-winning services to members of
the Illinois Chamber at special discounted rates
that could save you 20% or more. Click
here for more about this exciting new
opportunity.
Check out some of our other
programs and see how your membership pays with the
Illinois Chamber:
Learn more about these
programs and how they benefit your company when
you Join
the Leaders! |
| |
 The Chamber urges
all Illinois employers to recognize their Guard
and Reserve employees by signing and displaying
the ESGR Statement of Support. To get yours,
simply complete
an online form and you will receive a
personalized certificate that demonstrates your
support. Also visit the SBA Veteran's Business
Development web site for assistance to small
business owners that have employees activated in
the Guard or Reserves. Click MORE
|
The Exec
Report - Wood S.
McComb, Editor
Copyright © 2006 The Illinois
Chamber
|
