Pros and Cons of Being an Independent Contractor

Pros and Cons of Being an Independent ContractorPros and Cons of Being an Independent ContractorIf youre the adventurous, entrepreneurial type, then working as an independent contractor might be a greatcareer choice for you. Independent contractors are sometimes called ICs, consultants, freelancers, free agents or just contractors. Regardless of the label, all are self-employed for tax purposes in the U.S. and are essentially the same in practice.? Regarding taxes, the Internal Revenue Service has only two distinctions independent contractor or employee. More about that follows. Pros As an independent contractor, you are your own boss. Thats the main reason why people decide to set up their own shop. If youre a contractor, you might work shoulder-to-shoulder with employees of the company you work with. But unterstellung folks are not your supervisors, they are your clients. As such, they may not direct your work as they might direct that of an employee. Your clients can, however, require certain results in return for the fees they pay you. But you get to decide when, where and how the work is done. According to the Common Law Rules enforced by the IRS and the Fair Labor Standards Act issued by the Department of Labor, the difference between an employee and acontractor largely hinges on the degree of control and independence granted by the client. Independent contractors typically provide their own tools. If your clients provide the tools, then one of the enforcing agencies might penalize them for misclassifying you as an independent contractor when you should have been classified as an employee. As an independent contractor, youll usually make more money than if you were an employee. Companies are willing to pay more for independent contractors because they dont have the enter into expensive, long-term commitments or pay any extras, such as health benefits, unemployment compensation, and Social Security and Medicare taxes. Independent contractors also may d educt more business expenses than employees typically can claim. Unlike employees, independent contractors are required to withhold theirown federal, state, and local taxes. Cons In most cases, contractors arent eligible for state unemployment benefits, because theyre self-employed, and they must fund their own retirement accounts. Health and liability insurance rates for self-employed individuals are usually higher than the group rates employers can secure for their employees. Some clients may require you to carry liability insurance. Companies generally cant reimburse independent contractors for out-of-pocket expenses, so you should factor in those expenses when determining your rates. Because of the issues that can arise around whether a worker is an employee or a contractor, some skittish employers wont hire contractors who use their social security numbers as taxpayer IDs. If an employer reports the earnings of a contractor under that individuals social security number, it can trigger a red flag to the IRS, which might undertake an audit under the suspicion that the employer is misclassifying employees as independent contractors to avoid withholding taxes and providing benefits. To beipass the problem, obtain a federal employer identification number (EIN) and submit that in place of your social security number. A state taxpayer ID (if required) can save you money by allowing you to buy items at wholesale and free of sales tax, provided you intend to resell the merchandise. Your local Small Business Administration Office can help you get started with this and other business matters too, for free. Tips for Being a Successful Independent Contractor To help you network, gain expertise and receive discounts on insurance and other self-employment expenses, consider joining professional organizations such as the National Association for the Self-Employed. Youll also find a bevy of resources at the U.S. Small Business Administrations website. When youre starting out, apply to agencies that can connect you with contract work. Remember, though, that these agencies may withhold taxes and collect other deductions from your paychecks, depending on your working relationship with the firm. Agencies may also charge you acommission, which will reduce your compensation (although you can deduct it on your tax returns). Setting up your own business as an independent contractor requires an investment of time and energy, but the risk can pay off handsomely. For those with a creative and entrepreneurial spirit, the rewards will be more than just monetary.

What happens if you dont want to retire early

What happens if you dont want to retire earlyWhat happens if you dont want to retire earlySometimes in the personal finance community, we fall over ourselves preaching the virtues of early retirement. Especially after weactually do it. Its our new way of life, and because its working out so well for us, its going to work out well for everyone.And therefore, everyone should pursue early retirement as well. Why would they bedrngnis? Its working out so great for meFollow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreBut heres the thing Yes, early retirement has been wonderful, but it also wont work the same way for everyone. Im leid here to sell you on early retirement. Its not necessarily the best thing since sliced bread. Why?Enjoyable jobs can provide ahealthy purposeSome mayneedto work to support family and loved onesMany wouldnt know what to do with themselves without a jobWe get so hung up on the shittiness of jobsthat we relentlessly attack their very nature. Ive done this, too.Ive made it no secret that I hate corporate America. I worked for 14 years and made good money, but I didnt enjoy it. Alfruchtwein ever. I could not fathom another 30 years doing that stuff. It just didnt work for me and I needed out.Early retirement worked for me. My wife and I are proud of what we accomplished and make no apologies to society for bailing from the grind in our 30s.But, what if it doesnt work for you? Are you somehownot doing it right?What if early retirement doesnt work for you?First, dont feel bad. Just because you dont want to retire early (or cant), that doesnt mean youre a bad person. It simply means youre different than me. And, different from a lot of otherFIRE bloggers.We are FIRE bloggers because we arent finding fulfillment in our full-time jobs. But, thats not to say that jobs dont provide a whole hell of a lot of value for a lot of people. They do.Jobs provide purpose. So mething to do with our time. An opportunity for us to get out of the house and meet people. Build a network of friends. Solve interesting challenges and do new things.All that stuff is good. HoweverLet me digress for just a moment.I do believe that finding a purpose in lifeoutside of your jobis chock-full of wisdom, too. There is nothing wrong with loving your job, but theres a risk inherent in that, too. Bare with me for a few moments.The problem with loving your jobFor fruchtwein of us, our jobs are nothing more than a means to an end. Our jobenables our work. It puts into action the thing that we love doing.But, jobs also come and go. And, they can seriously suck sometimes.Right now, you might love your job. Love everything that you do. You have an awesome boss who genuinely cares about you as a person. He or she gives you theautonomy to do your jobin the best way that you know how.They dont care about status reports or performance reviews.Everythings awesome. You love it.But, wh at happens if your company gets bought out by another much larger entity and strips out that layer of wickedly-cool management and replaces it with a collection of mindless automatons whose sole focus is the bottom line?Suddenly, weekly status reports are the norm. Youre having 1-on-1 meetings every week with your boss instead of doing the things you enjoy.Oh, and those raises that youve enjoyed the past five years? Theyre gone or at the very least, reduced. They are tied directly to an arbitrary 1 to 5number on your yearly performance review that would make the most bureaucratic manager extremely proud. You get what you get. And, youre no longer permitted to leave at 3 pm on Friday afternoons, either.The workday ends at 5 pm, pal. Bet you wish that youprepared for a job lossa little more aggressively now, eh?In other words,jobs change. If you are like most of us, youll probably move around within your industry, too (in fact, thats howsignificant pay increases tend to happen). Jobs come and go.Love your work not necessarily your job. But I digress.If you love what you do so much that you have no intention of ever retiring much less retiring before 65, then heres the next best thingFinancial Independence. What if you have no intention of retiring early? Then set your sights on something thatsalways beneficial.Financial Independenceis more important than early retirementEarly retirement gets attentionin the mediabecause thats a popular buzzword that generates clicks. And, I get it. People are naturally interested in early retirement because its way different. It goes against the norm.And because of that, its also super controversial.But,its the financial independence part thats the more important elementof this whole retirement business,andthereasonisverysimple.Financial independence means weve accumulated enough money in our savings, investments and things like home equity to live out the remainder of our lives with a reasonable chance of never running out of money.NoteA lot of us use theTrinity studyas the foundation for figuring out when financial independence has been achieved.When we achieve financial independence, we no longer have to work a traditional job though we leise can if we choose to. We are no longer required to maintaina consistentcash flow to fund our lifestyle.Early retirement, on the other hand,impliesthe financial independence part. After all, we cant quit our jobs (for good) without having enough cash to live. But, it also means weve gone that extra step and quit our jobs.In ER, we quit our jobsafterachieving financial independence.But make no mistake about itFinancial Independence is much more important than Early Retirement, and most retirees value the FI part more than the ER part.though, it may not seem that way sometimes.Financial independence provides the freedom and flexibilityto do anything.YOUbecome the ultimate ruler of your life rather than your full-time job. You pick and choose your schedule. You decide your lifes work from that point on.Its not about earning a ton of cash, ornot having kids, winning thelottery, or lucking out in the stock market with investments.This FI/RE movement is about happiness. Nothing more, nothing less.The gritty details of incomes, cash flow, and net worths arent what is most important in this conversation. Those details matter, but they also dont tell the whole story of why.This is the story of what makes us smile and its going to be different for each and every one of us. We travel. Others hate to travel. Some might want to live in a high cost-of-living area while others prefer something different. Vanlife. House-sitting.Minimalism.FatFire.LeanFire.Guys and gals, it doesnt fing matter.Whats the difference between financial independence and early retirement?These two concepts are mutually exclusive, and its important to note that while there is incrediblewisdom in achieving FI, the ER part is 100% optional.Financial Independencemeans that you have enou gh money to sustain your lifestyle without unternehmensverbund down a job or a significant means of cash flow. Theres nothing to say that you cant continue to work a full-time job even after achieving financial independence.Early Retirementmeans youve quit the rat race. Youre no longer working a full-time job even though youmight be earning moneyin one of your passion pursuits (blogging,woodworking, etc). Early retirementimpliesthat youre financially independent.Sometimes, youll hear these two concepts referred to as FIRE or FI/RE. Though, other derivatives exist, like FIOR and FFLC.If youre looking for a bunch ofcompletely meaningless buzzwords and acronyms, I got ya covered.Important bottom line Whether you like your job or not or plan to retire early or not, the instant that financial independence is achieved,your life changes. Your ability to quit your job and dosomething else becomes simple. Layoffs becomemeaningless. Your confidence to try new things and exert yourself almost becomesautomatic.Early retirement is not a magic pillIf theres one thing that you take from this article, let it be thisDont let anybody sell you on the idea that early retirement is going to fix all of your problems, or that if you just pay some money and sign up for such-and-such course, or read this or that book, youll surely retire early and fall ass-backward in money, fame, and happiness.Reality doesnt work that way, and there are too many who are selling the idea of happiness. But as we all know, happiness is very rarely bought.Dont try to buy it.This article first appeared on Thinksaveretire.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people

3 ways to stop panicking when you have a high-stress boss

3 ways to stop panicking when you have a high-stress boss 3 ways to stop panicking when you have a high-stress boss We’ve all been there: your manager walks by and you panic. Your manager intimidates your while giving feedback…and you want to sink into the floor. You hope you don’t have to make small talk with them in an elevator on your way out.Here’s how to build up your armor so you can avoid emotionally crumbling around your intimidating, and/or high-maintenance boss.Show that you can do great workThis can go a long way.Ashley Stahl, a career coach and former national security professional, writes about overcoming your fear of your boss in The Muse. One of her tips is to “be irreplaceable.”“Great employees pay attention to their boss’ priorities and pain points, and they constantly offer to take on side projects- projects that the boss may not have initially thought about- to improve a process or ease the workload,” she writes. “How? In order to come up with projects that truly make his or her heart sing, you must anticipate circumstances or projects that may present challe nges in the near future. What are your boss’ goals, priorities, and- most importantly- problems? Your ability to identify mitigate issues before they arise is key to becoming an irreplaceable employee.”Use this method when your boss is selfishCharles Purdy, currently a the Managing Editor of Adobe Create Magazine  and former Monster Senior Editor, features advice from Lynn Taylor, author and CEO of Lynn Taylor Consulting, on Monster.com.  Purdy writes about how to deal with different types of managers, based on pop culture- this one is “The Narcissistic Boss (e.g., Miranda Priestly, The Devil Wears Prada).”“…Taylor recommends using what she calls the “CALM” method (Communicate, Anticipate, Laugh and Manage Up) with these bosses,” he writes. “‘Communicate frequently, honestly and regularly with aggressive bosses, so you understand what’s behind all the blustering,’ she says. ‘Anticipate problems before they occur or become more stressful [and don’t enco urage a tantrum with bad timing, either]. Taylor also suggests laughter. ‘A little levity goes a long way when tensions are running high,'”she says. ‘Manage up by being a role model of good behavior, using positive and negative reinforcement as you would with a child.'”Don’t forget to focus on self-careAlan Henry, current editor of Smarter Living and former Editor-in-Chief of Lifehacker, writes on Lifehacker that you should “understand what stress does to you and how to fight it” as a way to work with a manager you don’t like.“…If your boss stresses you out and makes you angry, you might benefit from simple office-friendly stress relief tricks like meditation, deep breathing for 10 seconds, or taking a walk to calm yourself before responding,” he writes. “If your boss is right in front of you and you’re getting angry, try to intercept your emotional response and let them know you’ll respond appropriately later. Whatever you do, separate the content of the message from its delivery. Focusing on the former is useful; focusing on the latter is a recipe for trouble.”

9 Habits That Will Make You Happier in the Office

9 Habits That Will Make You Happier in the Office 9 Habits That Will Make You Happier in the Office 9 Habits That Will Make You Happier in the Office Who wouldn’t want to take steps towards daily happiness? Habits are invisible yet surprisingly powerful. According to research done by Charles Duhigg, 4045 percent of what we do every day may feel like decisions, but are really habits done on autopilot. Those small choices, from what you eat for breakfast to the route you take to get to your office, define your daily experience. Successful professionals are deliberate about their work habits, and that intentionality can make a difference during the workday. Having good workplace habits is one of many ways to be happy at work. Can habits really make you happier in the office? We believe they can. Think of it as programming your autopilot in a way that sets you up for having more energy, creativity, and focus. While rewiring habits can take time, it's a worthwhile effort. 1. Get enough sleep Yes, that's right. Sleep is one of the ways to be happy at work. Based on data from the CDC, more than a third of U.S. adults aren't getting enough sleep. National Sleep Foundation research echoes those findings: About 40 percent of Americans are so drowsy and tired during the day that it interferes with their daily activities. Getting less than seven hours of sleep a night has been linked to a variety of health risks and diseases regardless of the effect it has on productivity. Companies are taking the lead on encouraging employees to get a full night's sleep with some even paying out a bonus for seven hours of sleep a night. Whether you're lucky to work for a company that will pay you to sleep or not, getting plenty of rest will set you up for a better day at the office. For many of us, that is easier said than done. Between the distractions of social media, favorite shows, and stress, many of us have difficulty getting to sleep on time. Experts recommend turning off digital devices and establishing a bedtime ritual to cue your mind and body for better sleep. Click here for more nighttime rituals you can do at home for deep, restful sleep. 2. Pay attention to nutrition and hydration The fuel that you put in your body will determine the quality of your energy during the day. Is it any wonder that starting a day with a coffee and a donut will result in feeling sluggish within an hour? Much has been written about structuring nutrition for optimal performance. The reality is that you don't need an elaborate or restrictive diet to be at your best. Be sure to get a blend of slow-burning carbs, proteins, and fats in every meal or snack. Pay attention to how different foods make you feel if a pasta lunch makes you better suited for a nap under your desk than a client presentation, look at other options. Be sure to drink plenty of water during the day not just the kind that has been filtered through coffee beans. Limit your intake of sodas and remember that the vending machine is not your friend. Those easy nutrition swaps can go a long way and are an easy way to be happy at work. 3. Cut out the mental clutter Mental clarity is a precious commodity these days. Our brains process thousands of pieces of information, and if you're not careful, it's easy to become overwhelmed and ineffective. The answer? Short of going away on an island retreat, become deliberate about the information that you allow in. Your brain on social media is not in its most productive and creative state, so resist the temptation to check out Instagram or Twitter on your break and take a walk instead. It's not only a good work habit, but it's a great way to be more active. You may also consider adding a brief meditation practice to your daily routines. Many high performers, from Digg founder Kevin Rose to Twitter CEO Jack Dorsey, credit their daily meditation practice with helping them achieve their potential, manage stress, and improve productivity. As with nutrition, you will find that starting simple is the best way to keep making progress. A 10 or 15-minute daily practice is sufficient to create results, and there are many apps including Headspace and Calm that can help you get started. 4. Keep your space organized Are you greeted every morning with precarious stacks of mail and reports on your desk? Are there piles of paperwork on the floor that require a GPS to navigate a safe path to the file cabinet? The physical clutter may be making it difficult for you to concentrate and be productive. If your office looks like a paper factory just exploded inside, set aside a block of time to get it straightened out. File paperwork away for future reference and toss what is no longer relevant (if in doubt, scan it first). Create a system for dealing with incoming mail, emails, and reports so that you don't find yourself drowning in paperwork a month later. It's a good work habit to start now that will benefit you in the long run. Related: 10 Apps to Get You Organized to Boost Your Job Search 5. Take movement breaks Human bodies are not made to sit at a computer for 10 hours straight. Getting active during your work day is a great work habit to implement in your day-to-day. Taking the time to physically move around can make a tremendous difference in your fatigue levels, boost your creativity, and minimize the aches and pains that are associated with office work. On the same note, if you're feeling frustrated or stuck, try stretching, going for a walk, or even jumping. Your mind is affected by what is happening with your body, explored in this article from Tony Robbins. 6. Make a plan An intentional day feels very different from one where you spend your time chasing the latest fire drill. I recommend making an action list the day before it can do wonders for focusing your attention as you arrive in the morning. In an effort to limit procrastination, consider starting the day with the most challenging or demanding tasks. If something stays on your to-do list for months at a time and you never seem to find the time to address it, consider eliminating or delegating that task. 7. Get a big picture No matter where you work and what your daily responsibilities are, you chose this job for a reason. Maybe you believe in the company's mission and want to make a difference. Maybe you want to get the experience you need to move to the next stage in your career. Maybe you just want to pay the bills. No matter what your reason is, remember it. Staying focused on the big picture will put smaller bumps and inconveniences in proper perspective and give you the motivation to keep going. By the same token, if your reason is no longer speaking to you, consider that a cue to reflect on your next move. In my experience, it is better to leave an employer before you become so unmotivated and grudging that your attitude colors the experience and negatively impacts your options going forward. 8. Take charge of your money No matter what reasons you had for choosing this job, chances are money played some role in your decision. That reasoning does not make you greedy. The paycheck allows you to have your needs met and creates a safety net for the future. Be smart about money and you will be happier at work. There is an immense relief and a sense of accomplishment when the use of your paycheck is deeply intentional. Covering your immediate living expenses like paying rent and food bills is good, but think about future-oriented tools like IRAs, 401k accounts, healthcare plans, and savings as well. 9. Steer away from toxic people The last point on the list is one of the most important ways to be happy at work. Toxic people can make life at the office intolerable. If you can structure your days to minimize your interaction with people who thrive on confrontation, negativity, and bullying, do so. If you are reporting to one of those people, consider the long-term effect on your health and well-being and think through your options. In closing, pay attention to your happiness level at work. No position is without its challenges and tough days, so take the focus away from any one day and instead track how you feel over the course of several weeks. Good work habits like a positive attitude and a healthy lifestyle can do a lot towards being more productive and having a better experience at work, but they won't overwrite a toxic work environment or a dead-end job. Misery in the office is optional, and if you sense that your excitement is waning and you are dreading going to work, it may be time to reassess what is happening. Click on the following link for more advice on how to get ahead. Thinking about looking for a new job? Start the process with a free resume review! Recommended Reading: 5 Habits That Can Harm Your Career Moving Through the Challenges of Perfectionism at Work 3 Unmistakable Signs It's Time to Find A New Job

The ultimate pre-vacation checklist

The ultimate pre-vacation checklist The ultimate pre-vacation checklist As the President of the United States heads out on his vacation, you’re probably thinking about yours too. Whether it’s a beach or an incredible new city to explore, you’re picturing all the relaxation you’ll do an all the email you’ll ignore. But before you walk out the door, there are a few critical things you need to do so you can actually enjoy your vacation while also not stressing out when you get back to the office.Here are six steps to take before you head out for that perfect vacation.Delegate work to othersIt’s tempting to fall into the work-martyr dream of letting your colleagues see what it’s like to function without you. But if you are even the least bit useful in your job, it will create utter chaos if no one at all does the tasks you usually do. Things will get backed up, people will get stressed, and they’ll get mad at you for taking a vacation when they need you. They may also track you down wherever you are and force you to do that work anyway. So if you don’t want to handle a last-minute client project while you’re trying to soak up the rays, it’s crucial to be practical and delegate work to your various team members before you go anywhere.In the days leading up to your vacation, meet with your co-workers and clearly explain any responsibilities you’ll need them to take on while you’re away and how their own roles may be affected by your absence. Hand over any information that’s necessary to get those tasks done (for instance, account login information), and don’t forget to factor in the day or two it’ll take you to get back into the swing of things when you return and may need extra help.Set up a detailed email autoresponder and/or voicemailWhile you can always add a little personality into your email autoresponder (“I’m away on a tropical beach somewhere!”), the best autoresponders include the following information: How long you’ll be gone. When the person emailing you can expect a reply or actionThe name and contact information of the person on your team who can be contacted if it’s an urgent matterIf you’re completely out of ideas, here is the perfect out-of-office email response, from one of the most brilliant executives we know.If you have your own phone line at your office and are going to be gone for a significant amount of time, remember to also record a new voicemail message.Clean up and organize your office spaceWhile we want to just up and leave everything to embrace the relief of vacation, set aside 30 minutes to organize your desk a little.  Coming back to a clear desk and an empty trash can is a beautiful thing and will significantly reduce your , so take the extra five minutes before you go to file away any papers, throw away takeout containers and wipe down your desk and computer.Another pro tip: If there’s any important information your team may need access to while you’re away (like client contracts or account passwords, for example), leave out a sticky note with that info to avoid a frantic “What’s the login for our Twitter account?!?!” email.Set clear expectations and boundariesHow much time will it take you to respond to any urgent work emails? Is there a specific time of day when you may be online to chat for a bit? Is it okay for colleagues to go into your filing cabinet while you’re away to look for something? These are the types of questions you need to answer for your team before you pack up and leave.And while expectations are important, it’s also critical to set boundaries pre-vacation. If you’re going to unplug during your entire vacation or will only respond to emails at specific times, let your team know.Plan for work emergenciesIf your team has no other choice but to go for the nuclear option when you’re not there, what should they do? Give specific and action-oriented instructions for what to do in the event of a major problem. Most importantly, set very clear expectations of what constitutes an “emergency,” and keep the list of emergencies short. You don’t want colleagues calling you panicked over an arbitrary Excel typo.Look ahead before you leaveWe’re all guilty of getting so caught up in the pre-vacation fervor that we forget that we eventually have to come back from vacation at some point. If you don’t want to be crying at your desk upon arrival, address your post-vacay to-do list before you head out.Check your calendar for any important deadlines that come up right after you come back to work. Is there anything you can do in advance to ease your workload in the future? Are there deliverables that need to be taken care of while you’re away?If you want to make your vacation a truly relaxing and enjoyable experience, take the extra time at work to get your ducks in a row. Your future self will thank you.

The Benefits of Adopting the COSO 2013 Framework Management Resources

The Benefits of Adopting the COSO 2013 Framework Management Resources The Benefits of Adopting the COSO 2013 Framework Management Resources “Should we transition to the COSO 2013 framework?” Even for companies not mandated to adopt it, this has become an increasingly common question throughout the business world since May 2013, when the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the much-discussed update to its internal controls framework.* COSO’s original version, released in 1992, was accepted by the U.S. Securities and Exchange Commission (SEC) as a framework for verifying internal control over financial reporting (ICFR). However, the updated framework takes into account major global shifts that have occurred in the past two decades, including the explosion of the Internet and the passage of the  Sarbanes-Oxley Act of 2002. Should your company adopt the COSO 2013 framework? Although small private businesses are not typically required to adopt, embracing the updated framework can create valuable benefits for companies of all sizes. Consider these four benefits your business could experience by making the transition. Benefit #1: Improved internal controls Over the past 20 years, countless organizations have failed because of ineffective risk management and related internal controls. According to the COSO board, the updated framework offers companies more effective internal controls, which will allow organizations to better mitigate risks and have the data necessary to support sound decision-making. As an executive, you could tap into the 2013 framework to evaluate how to improve the effectiveness of your internal controls as well as your company’s overall efficiency. Benefit #2: Enhanced cybersecurity In today’s digital age, companies face an onslaught of fraudulent activity,  cybersecurity threats  and other  risks. “There is growing concern at all levels of industry about the challenges posed by cybercrime,”  said Bob Hirth, COSO chairman and senior managing director for  Protiviti. “This new [framework] helps put organizations on the right path toward confronting and managing the frightening number of cyberattacks.” Benefit #3: Major cost savings In a  benchmarking study  from Robert Half and  Financial Executives Research Foundation, the research affiliate of  Financial Executives International (FEI), more than 95 percent of executives in the United States and Canada who were surveyed said they expect their organization’s  regulatory compliance costs to rise  or stay the same over time. According to COSO, if organizations implement the 2013 framework correctly, it will allow them to streamline processes, establish more effective  internal controls  and manage  compliance costs. Benefit #4: More (positive) attention from investors Investors are scrutinizing the performance of public companies more than ever before. If your company adopts the 2013 COSO framework, you’ll have a more effective set of risk management controls in place, making your organization more attractive to potential investors  and  better prepared for an IPO. A COSO  report  notes: “For a public company, stronger corporate governance should translate into stronger business results and increased shareowner value.” When organizations transition to the 2013 framework, they can tout their commitment to integrity and ethical values and effective internal control to potential investors. *COSO, a joint initiative of five private sector organizations, develops frameworks and guidance on enterprise risk management, regulatory compliance, internal control and fraud deterrence. This blog post is for informational purposes only. Please consult a professional for advice about your particular company.  

Important Digital Marketing Skills That Employers Value

Important Digital Marketing Skills That Employers Value Important Digital Marketing Skills That Employers Value Digital marketing is a broad field that encompasses a variety of career titles, from social media managers, to media planners, to ad buyers, and many more. What all these positions have in common is the use of digital media, either web or mobile, to reach out to customers or collect data about them- or both. Because of data mining and increased research on consumer behavior, digital marketing will only become more important in the 21st  Century. Traditional forms of marketing, such as direct mail and TV commercials are already dwindling in effectiveness unless they are complemented with strong digital marketing. As such, digital marketing has a bright career outlook. What Are Digital Marketing Skills? The best digital marketers are in tune with customer behavior online in their respective industries. They watch their customers closely online and seek to meet them where they are with paid digital ads and website content. Within digital marketing, marketers frequently manage both paid digital media (digital advertisements) and owned digital media (company websites and social media pages). Although the  technical skills  and  soft skills  will vary depending on the position, there is a core skill set valued by all. Digital marketing, in general, requires expertise  with web platforms, strategy, and design, though the field also demands the oral and written communication skills used in traditional marketing. Types of Digital Marketing Skills AnalyticsUsing electronic media makes it possible to collect huge amounts of information, but these data are useless if not properly analyzed. While you need not perform these analyses yourself, you do need to understand how they work and how to interpret the results. This information is key to creating and implementing effective campaigns - and you can use these numbers to demonstrate to clients exactly how much difference your services make in terms of your bottom line. Assessing the Effectiveness of Digital Marketing CampaignsAttention to DetailCompiling Target Lists for Email Marketing CampaignsControlling Costs Per Lead GeneratedEvaluating New Technology Tools for Digital MarketingFollowing Emerging Trends in Digital MarketingGenerating Reports for Management Regarding Digital Marketing ActivityAnalytics SoftwareNegotiating Digital Media PackagesProject ManagementIndustry ResearchSelecting the Optimal Online Media for CampaignsTailoring Marketing Pitches Towards Target Demographics Tracking Consumer Reactions and Conversations within Social Media SEO (Search Engine Optimization) SEO refers to various ways that you can make web content more appealing to search engines, such as Google and Yahoo. Many people find the companies they do business with through Internet searches, and most choose the company whose website comes up at or near the top of the first page of search results. At the top of the list is where you want your client to be. Because search engine algorithms are continually changing, SEO must constantly change, too. Companies that can afford to do so will hire SEO experts in addition to more generalized marketing staff. But even if you are not that expert, you should still know the basics of SEO, so you can understand what your teammates are doing. Developing Online Marketing StrategyGoogle AnalyticsSearch Engine Marketing (SEM)Search Engine Results Pages (SERPs)Keyword ResearchRecognizing Seasonal, Daily and Monthly Trends in Viewer TrafficPage AuthorityDomain AuthorityBacklink Strategy Website Development Just as not all marketers need to be experts in SEO, not all need to be able to do the digital design work necessary to create a visual ad, website, coupon, or other element. But it pays to have a basic understanding of web and graphic design coding and software. At a marketing agency, you will usually be able to lean on experienced developers to handle the complicated work. But you do need to have a basic understanding of how these images are created, and you should be able to discuss visual design ideas in order to participate in the work of the team. The same goes for coding. You must at least be familiar with HTML, so that you can discuss ideas with your teammates fluently. Adobe Creative SuiteCreativityCSSHTMLJavaScriptStructuring Test or Beta Digital Marketing InitiativesSupervising Creative StaffWebsite TestingWebsite Responsiveness Content Creation In digital marketing, content may be text-based, image-based, video, or even audio, as in podcasts. Your job will be to make sure that content is engaging, professional quality, and on-message. Most marketers specialize, so you may or may not be a writer or a video director yourself, but you do need to understand what professionalism means in all media. Know your way around WordPress, and other content management systems. Understand video editing and know which medium will make your message stand out. Composing Company Releases to Stimulate Blogger ActivityComposing Email Marketing PiecesCountering Damaging Brand References in Social MediaCultivating Relationships with BloggersEditing ContentPitching Digital Marketing Proposals to Internal or External StakeholdersPlanting Stories within Social MediaProducing Promotional VideosStorytellingContent Management Systems (CMS)Writing Copy for Ads More Digital Marketing Skills Google AdsGoogle AdsenseCustomer SegmentationDifferentiationAbility to Meet DeadlinesAdaptabilityCollaborationConducting MeetingsDecision MakingMultitaskingOrganizationalPresentationProblem SolvingTaking InitiativeTeamworkThriving in a Results Driven RoleTime ManagementVerbal CommunicationWorking IndependentlyOmnichannel MarketingWordPressHubSpotMoz ProSEMrushMailChimpSynupYextDirectory ListingsPPC Bidding Key Takeaways Add Relevant Skills to Your Resume: Many employers now use  applicant tracking systems  to rank the resumes they receive, and so it’s important to incorporate as many job-related and industry-related keywords on your resume as possible.Highlight Skills in Your Cover Letter: Use your  cover letter  to further highlight some of your relevant skills, but be prepared to give examples of times you embodied these abilities.Use Skill Words in Your Job Interview: In your  interview, employers want to hear how you’ve used these skills in your past work performance.