I don’t know about you, but I sit down and analyze my staffing for my Newtown Square, PA tax accountant firm when I get to the holiday season.
It’s felt like the right time to evaluate their productivity, my need for more or less hours, etc. Obviously, I would NEVER release an employee or contractor immediately before the holidays (and think those Newtown Square, PA-area companies that do so are heartless), but I do sometimes like to time a raise or a promotion of sorts to being around the holidays. Just makes the season that much brighter for everyone involved, IMO.
So, I have a little “Stephen Venuti” checklist (surprised?) that I run through — mentally, at the minimum — before I land on offering a promotion. Thought you’d like to see it.
Before I go there, I do want to remind you that we have only a limited number of tax planning slots available before year-end. This year, Newtown Square, PA business owners simply MUST get ahead of the game, and understand how their AGI affects both their tax bill, but also influences healthcare subsidies, deductions, etc. (Short summary: there are mammoth implications.)
And this doesn’t even mention all of the expiring deductions and credits (which I alluded to last week).
So call us: 610-353-0686 and snap up one of those few remaining spots, before it’s too late.
Stephen Venuti’s Pre-Promotion Checklist
“Tell me and I forget. Teach me and I remember. Involve me and I learn.” — L.M. Montgomery
You’ve got an employee in your Newtown Square, PA-area small business with promise, but you don’t want to promote him or her prematurely. These are the primary considerations I’d think through before settling them into a new position …
• Is the person prepared for the new job? Managers often reward hard work and enthusiasm by placing someone in a job without the proper training. I’ve seen that too often in my Newtown Square, PA accounting clients’ businesses. On-the-job training is part of every new position, but there are important steps for most of my positions BEFORE they rise to new places.
• Does the person even want the job? Some workers like to submit ideas but don’t want to be responsible for carrying them out. Others will jump at the chance to move up the ladder. Obviously, I like to promote the latter kind.
• What do your fellow managers/partners think? Get some feedback on your possible promotion before you act. Your colleagues may ask questions you haven’t raised and likely see things clearly.
• What does the employee want in a career? Some want to advance for the money, others because they’re seeking additional responsibility. Know the reasons why people want to move into new positions.
Having been there, I can confidently tell you that there’s not much worse than promoting someone to a job when they aren’t ready for it — then attempting to return to the way things were before the promotion. Think through these issues and you’ll avoid my mistakes.
And don’t forget — we’re right here for you, if you need us: 610-353-0686
I would ask that you forward this article to a Newtown Square, PA business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Stephen Venuti
610-353-0686
