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Cal Wilson / May 18, 2022

Promoting resilience in the workplace.

Burnout, physical illness, and waves of employee resignations continue to be one of the major issues impacting employers in North America. As an employer, resilience needs to be a priority not only for your staff, but for yourself.  

In this issue of the Pulse, we take a look at resilience; what it is, and how you can promote it in your workplace.  

What is resilience? 

Resilience is essentially the ability to recover from adversity. How quickly and how well can you bounce back? Resilience doesn’t mean we aren’t hurt or don’t struggle – but that we can move through it and adjust over time.  

Psychologist Susan Kobasa says there are three elements essential to resilience: 

  • Challenge – resilient people are more likely to view difficulty as a challenge, not as completely devastating. They take failures and mistakes as opportunities for growth instead of a negative reflection on their self-worth.  
  • Commitment – resilient people can make commitments to goals, ambitions, relationships, causes, and other things they care about, and follow through on those commitments.  
  • Personal control – resilient people spend time and energy on situations/aspects of their life that are within their control, rather than focusing on uncontrollable events. 

The past few years have certainly been a test of resilience for many of us, adjusting to new ways of living and likely significant changes at work.  

Resilience can be built.  

As explained by the American Psychological Association (APA), “resilience isn’t necessarily a personality trait that only some people possess. On the contrary, resilience involves behaviors, thoughts, and actions that anyone can learn and develop. The ability to learn resilience is one reason research has shown that resilience is ordinary, not extraordinary.” 

While it can be learned, it takes time and intent to do so – and it may just be a worthy effort to commit to if you find yourself struggling with different workplace or personal challenges.  

Resilience is a part of our mental health.  

Since our capacity for resilience isn’t fixed, it’s natural that our mental wellbeing will impact it. If you’ve ever felt like you just can’t weather things the way you used to, that’s normal. And it’s not necessarily always going to be that way, either. Sometimes, we’re in a great place to roll with the punches, and other times, the slightest gust can knock us over.  

This is because our resilience is connected to our mental health. This goes to say, if employers want their employees to be resilient and avoid burnout or illness through challenging times, they must prioritize their employees’ mental health.  

Action is necessary.  

While adopting a mental health-conscious mindset is good, action is also needed. In fact, there seems to be a disconnect between these two concepts.  

Data from 2021 found that 86% of employers see mental health, stress, and burnout as a top priority — yet only 25% have implemented a wellbeing strategy. 

So, whether you’re an employer in the process of developing a strategy or an employee in a workplace without a concrete plan in place to protect your mental health, working on building your own resilience may be necessary for your wellbeing and success.  

Strategies to build resilience.  

While this list is by no means exhaustive, it includes some helpful practices you can adopt to build your resilience: 

  • Slow down – spend intentional time relaxing, working on your sleep routine, and practicing body and mind wellness activities like meditation or deep breathing.  
  • Take care of your body – according to the APA, “stress is just as much physical as it is emotional. Promoting positive lifestyle factors like proper nutrition, ample sleep, hydration, and regular exercise can strengthen your body to adapt to stress and reduce the toll of emotions like anxiety or depression.” 
  • Practice thought awareness – a key quality of resilient people is that they “don’t let negative thoughts derail their efforts.” Instead they have agency over their thoughts and are able to reframe them. These are the kinds of thoughts to be aware of: 
    • Permanent – thoughts that see the effects of bad events as permanent rather than temporary.  
    • Pervasive – thoughts that let setbacks or bad events affect other unrelated areas of life.  
    • Personalized – thoughts of self-blame or self-hate in relation to a difficulty or challenge experienced.  
  • Learn from mistakes and failures – every time you fail, there is likely a lesson. Take the opportunity to learn and adjust your strategies, rather than internalizing the failure.   
  • Choose your responses – practice strategies that allow you to react calmly and logically during challenging times. This isn’t inherent to everyone, but is a skill that can be worked on.  
  • Maintain perspective – although a situation or crisis may seem overwhelming in the moment, part of resilience is having a proportional reaction to its long-term impact.  
  • Set goals – setting smart, effective personal goals that align with your values can help you build successes and learn from your experiences.  
  • Work on building your self confidence – according to Mind Tools, when you “develop confidence and a strong sense of self, you have the strength to keep moving forward, and to take the risks you need to get ahead.” 
  • Focus on strong relationships – in the workplace as in all walks of life, those with strong connections that can survive stress find themselves happier and more resilient.  
  • Join a group – you may need to look to a specific group outside of your regular activities to help build those connections. Whether hobby-based, faith-based, or around a common interest such as volunteering, these are all great ways to find and foster strong relationships.  
  • Be flexible – rigidly adhering to plans and expectations can cause undue stress when those plans need to be amended or scrapped altogether.  

In conclusion… 

Resilience is needed to adjust to and overcome adversity in the workplace, or any walk of life. While resilience isn’t a fixed quality, and can be reflective of our mental health, it’s important to remember that there are steps and strategies we can take to improve it.  

Cal Wilson / May 3, 2022

A consistent routine is an asset to your success

Some people are more routine-oriented than others. Life also has a habit of forcing us into routines, from your job schedule, kids’ extracurriculars, or general day-to-day responsibilities. Routine may sound boring or unpleasant, but there’s science behind why routines can help foster success in your work and personal life. In this issue of the Pulse, we explore the science of routines.  

Routines are powerful tools. 

According to Megan Edgelow , Assistant Professor in Health Sciences at Queen’s University in Ontario, routines “can support cognitive function, boost health and provide meaningful activities and social opportunities.” 

That’s why, at the beginning of the pandemic, when everyone’s routines were being completely thrown off, many pointed to the value of developing and sticking to a new daily routine. Now, with hybrid work becoming the new normal, and new norms beginning to form in how we move about our daily lives, it may be time to craft a more permanent routine for ourselves once again.  

Here’s why.  

Your cognitive function will thank you.  

Mental cognition is the brain function responsible for attention, knowledge acquisition, memory formation, memory storage, and the ability to reason. Edgelow explains that routine being built into “regular work processes allows workers to spend less cognitive energy on recurring tasks, which can support focus and creativity for more complex tasks.” 

The belief here is that the little parts of your daily routines, such as small rituals, help set you up for a productive day.  

“If taking medications at the same time and putting the keys in their spot is part of a daily routine, less energy will be spent looking for lost objects and worrying about maintaining one’s health, freeing up time for other things people want to do in their day,” Edgelow says.  

Likewise, adding certain behaviors into your regular routine can improve cognition, research finds. The biggest benefits come from adding regular meditation, physical activity, and sleep to your routine. Likewise, adding these behaviors, particularly sleep and physical activity, will also promote better health.  

How do you build a routine? 

As previously stated, some people just come by routines more naturally than others. If you’re not one of them, how do you get in the habit of following a routine? How do you make routine routine? 

Here are some practices that Edgelow recommends: 

  • Use a planner, either physical or on an application, to organize your daily activities and to-do list into a comprehensive schedule. 
  • Choose a regular time to wake up and to go to bed and try to stick to it most days of the week. 
  • Keep an eye out for meaningful activities that may be popping back up in your community, like a book club at the library or a social walking group. 
  • Be sure to make space for important personal fulfillment activities, like exercise and hobbies.  

In conclusion… 

It’s never too late to become a person with a routine. If you do, you may find yourself feeling more creative, more ready to take on complex tasks, and with more energy for things you love to do, outside of your responsibilities.  

Cal Wilson / April 19, 2022

Are you suffering from ‘hurry sickness’?

Though not an airborne pathogen, hurry sickness might be spreading around your workplace if you’re not taking measures to protect against it.  

In this issue of The Pulse, we take a look at the phenomenon that is ‘hurry sickness’ – what it is, how it can hurt your work and personal life, and how to take steps to overcome and avoid it.  

What is ‘hurry sickness’? 

Don’t worry  – it’s not an actual illness. However, it is a psychological phenomenon that might concern you, your colleagues, or others in your life.  

Hurry sickness was first described by cardiologists Meyer Friedman and Ray Rosenman and popularized in their 1974 book, Type A Behavior And Your Heart. They, and later research from other scholars, have found that “hurry sickness” can accompany the broader Type A personality complex.  

It can be characterized by a pressing need to hurry through tasks, use every moment productively, and an overwhelming, persistent sense of urgency.  

Here are two definitions that can be particularly helpful when understanding this phenomenon: 

  1. A behavior pattern characterized by continual rushing and anxiousness. 
  2. A malaise in which a person feels chronically short of time and so tends to multi-task to the point of forgetting one of the tasks.  

How do you know if you have it? 

If you’re more of a Type A individual who feels a persistent need to get things done, it can be easy to mistake general business with hurry sickness. So, what are some signs to look out for? 

Although hurry sickness is clearly a symptom of anxiety, whether chronic or episodic, it doesn’t always present in the way you might expect anxiety to look like. This is partially because hurry sickness often leads to results or a ‘grind’ that our society has come to celebrate, despite its negative impact on our overall health.  

Here are some signs to watch out for: 

  • Irritability  
  • Hypersensitivity 
  • Restlessness 
  • Workaholism or nonstop activity 
  • Emotional numbness 
  • Trouble prioritizing the activities/values that matter most 
  • Lack of care for your body 
  • Escapist behavior 
  • Isolation 
  • Rushing through activities, whether that be speeding while driving, eating quickly, etc.  
  • Making mistakes while during work or household tasks because you were hurrying through them. 
  • Frequently trying to fit more into your schedule.  
  • Endlessly running through your to-do list in your head.  

By itself, one or two of these symptoms may not mean much. However, when you put many or all of them all together, look at your work-life balance and current stressors, it might tell you that you’re dealing with hurry sickness.  

Is it that bad? 

You might be thinking, “so what? I get a lot done.”  

Maybe that’s true. Still, there are some emotional and physical consequences to pushing through hurry sickness.  

From the constant, nagging worry that you’re running out of time, to heightened anxiety, tearfulness, feelings of guilt, and trouble concentrating and relaxing, hurry sickness can take a big toll on your mental health. Long term, this can result in lowered self-esteem, increased feelings and outbursts of anger towards yourself and others, as well as general difficulties making and maintaining meaningful relationships.  

The physical effects of hurry sickness often stem from a lack of time devoted to self-care. As Healthline states, “relaxation and alone time might be the first ‘unnecessary’ activities you scrap when you feel busy, but many people with hurry sickness also start to ignore things like hydration, balanced meals, physical activity, or sleep.” 

This can result in: 

  • Trouble sleeping 
  • Changes in appetite 
  • Fatigue 
  • Headaches 
  • Stomach issues 
  • Decreased immune health 
  • Potential heart health issues 

How to overcome hurry sickness? 

The obvious answer to combatting ‘hurrying’ is to slow down – but that’s easier said than done. Here are some strategies Forbes suggests: 

  • In the morning, wake up with enough time to have a set breakfast.  
  • Plan to arrive places five minutes in advanced, so you never feel late, and you have time to take a breather.  
  • Count to five before answering your phone.  
  • Cross out the lowest priority item on your daily to-do list.  

Other strategies include: 

  • Taking a daily walk. 
  • Make use of mindfulness apps and videos.  
  • Prioritize self-care and relaxation – even if it’s only for fifteen extra minutes a day at first.  
  • Learn your limits, set boundaries, and respect them.  
  • Ask for support.  

In conclusion… 

The psychological phenomenon “hurry sickness” is a combination of anxiety mixed with the hustle mentality of our working culture. It tends to affect those we would consider as having Type A personalities.  

Although these individuals tend to be high achievers and producers, the long-term impact of working through this feeling can be detrimental.  

Slow down and be patient with yourselves. For leaders, identifying which of your team members may be struggling with this is also important.  

Cal Wilson / April 5, 2022

Authenticity in the workplace – the key to business success?

We hear the word ‘authentic’ thrown around a lot, often regarding what people, or rather consumers, want when interacting with a business. So, what does it mean to be authentic in business? In this article of The Pulse, we revisit a topic we first looked at all the way back in 2007.  

What is authenticity? 

The word authentic has several accepted definitions. These include: 

  • Worthy of acceptance or belief, as conforming to or based on fact.  
  • Conforming to an original, so as to reproduce essential features, or made or done the same way as an original.  
  • Not false or imitation.  
  • True to one’s own personality, spirit, or character.  

Regarding business, we can assume that we are looking at primarily the latter two meanings when it comes to how we represent ourselves, and perhaps the first two when it comes to our products and services.  

How can we apply this meaning to business today? In 2007, our article about authenticity stated, “as reality is qualified, altered, and commercialized, consumers respond to what is engaging, personal, memorable – and above all, authentic. If customers don’t view your offerings as real, you’ll be branded inauthentic – fake! – and risk losing credibility, customers, and ultimately the sale.” 

Does this hold up in 2022? 

Fifteen years later, is this still what consumers are looking for? According to experts, yes. According to Forbes, “burgeoning research on authenticity has documented its many benefits, including greater levels of well-being and life satisfaction” and “many organizations encourage employees to bring their true selves to work to spark proactivity, creativity, and effectiveness.” 

Why is authenticity important? 

As Forbes suggests, authenticity in business has a lot of benefits, from how your employees work and relate to each other, to how your customers see your brand.  

Here are some of the benefits of authenticity for your employees: 

  • It allows them to make a more informed decision about where they want to work, and whether they’ll be a good fit.       
  • Allows for better collaboration and trust between staff.  
  • Fewer interpersonal conflicts. 
  • Higher job performance. 
  • OfficeVibe says that authenticity leads to a sense of ‘psychological safety’ among staff. 
  • Employees will feel safe to provide better feedback and suggest newer, more innovative ideas.  

Likewise, the benefits for your customers: 

  • Allows customers to make decisions about where they get their goods/services based on an understanding of shared values and priorities, such as environmentally friendly initiatives, or inclusive, safe spaces.  
  • Happier and more confident employees will deliver better, more satisfying results for customers, which can lead to longer relationships, repeat customers, and recommendations and testimonials for your business.  

Do employees feel safe to be authentic in the workplace? 

It’s easy to say authenticity is welcome, but it’s another to make staff and clients believe it. At least ten percent of American employees feel they cannot be their authentic selves in the workplace, believing it could be detrimental to their job. However, 72% said they feel they are authentic at work.  

Forbes says, “when a person shares the values, priorities, and beliefs of the organization, their true self will be celebrated and appreciated by others.” 

In other words, if your business can demonstrate that its values and beliefs are in line with those of your ideal workers and customers, you’ll find that both will be able to be more authentic with you. Part of doing this means that managers and executives have a duty to authenticity, as well.  

How can leaders foster authenticity? 

Creating a workplace where staff can be authentic, and where customers trust in that authenticity, is going to be a top-down process. It starts with the leadership.  

As a business owner, manager, or leader in your workplace, there are specific ways to model authenticity that you can begin practicing if you don’t already: 

  • Don’t be afraid to be yourself – you don’t have to put on an act to get respect from your team. Instead, trust them and allow yourself to build those stronger connections.  
  • Model making mistakes and being resilient – you’re only human, and that’s okay. It’s okay to make errors and mistakes, and turn those into opportunities for positive growth. There’s nothing less believable than an infallible person, right? 
  • Start and encourage productive discussions with your team. Did you know, as much as 24% of employees don’t feel like their peers welcome different opinions?  
  • Create opportunities to get to know your team authentically, and for them to get to know each other the same way.  

In conclusion… 

In 2007, we said that authenticity mattered in the workplace. That is just as true in 2022. In order to have the happiest employees and customers alike, fostering authenticity in the workplace is a must.  

Cal Wilson / March 22, 2022

How play can spark new ideas for your business.

In an ever-changing world where businesses need to constantly re-imagine themselves in order to maintain a competitive edge, Martin Reeves recommends play and imagination for business executives.  

Instead of all work and no play, Reeves talks about how the right play can lead to more successful work and companies with more longevity.  

For more information, watch Reeve’s Ted Talk: How play can spark new ideas for your business. 

Cal Wilson / March 8, 2022

How can businesses find and keep great talent?

In our last issue of The Pulse, we talked about the consequences of the declining rate of students enrolling in post-secondary studies. One of the impacts was that employers will continue to struggle to find qualified applicants to fill open positions. That means employee retention is more important now than ever. Business owners and managers would be wise to focus on giving their talent a reason to stay long term, where possible.  

In this issue of the Pulse, we look at what employees want, what some managers might be getting wrong, and how to foster a workplace culture that promotes longevity.  

It’s harder than ever to recruit qualified talent.  

You’ve probably heard that statement a lot lately, and there is some truth behind it. Following what has been dubbed the Great Resignation last year, a lot of jobs are open, and business owners are desperate to fill them. However, that’s not because talented job seekers don’t exist.  

According to Slate, many job seekers are unhappy with company policies, and many workers can accurately identify why recruitment is unsuccessful. In fact, it’s oftentimes the same policies that drive employees to leave.  

Let’s take a look.  

The price isn’t right? 

Slate found that businesses looking for new talent aren’t doing enough to make themselves competitive. In fact, they’re often asking for too much experience for entry-level jobs while “still operating on a model of underpaying and overworking at a time when workers have much better options.”  

Likewise, many of the employers aren’t changing their compensation policies to better match today’s realities. Examples workers gave to Slate include: 

  • Inadequate salaries to cover the cost of working in-person in expensive cities.  
  • Limited personal days with no room for negotiation.  
  • No COVID-related sick-time.  
  • Unreasonable experience expectations.  
  • Positions that are too demanding.  
  • Extremely slow hiring processes that can take weeks if not a month.  

No matter what your personal perspective on these issues is, this is the point of view of many workers in today’s world. And with a shortage of workers and abundance of jobs, companies are going to need to start meeting those demands if they want to recruit new talent and, more importantly, to hold onto existing employees.  

They key is adapting to the here and now.  

One of the big concerns should be, as an employer, do your employees have better options elsewhere, and could they leave you struggling to fill a role? What can you do to make your business more attractive to job seekers, but also to those you hope will stick around into the foreseeable future?  

Slate’s advice is to ditch the resistance to adapting to new conditions, and meet workers where they’re at, when possible.  

This is in your financial interest, too.  

Putting the extra effort into hiring the right people from the start, as well as keeping them around, is worth making some changes for. 

Research has found turnover costs companies $15,000 USD per worker. Likewise, stats from the Bureau of Labor Statistics found 31% of American workers will leave a new job before the six-month mark.  

So why do employees leave? 

According to Connect Team, some of the common reasons listed in exit interviews and offboarding are: 

  • Low salary 
  • Poor benefits 
  • Lack of room for growth or career advancement 
  • Feeling of being overworked, lacking recognition, lacking challenge or motivation, etc.  
  • Dissatisfaction with management 
  • Poor work-life balance or company culture 
  • Inflexible scheduling and lack of remote options 

What will make them stay? 

If you want to avoid the cost of turnover, here are some strategies you can take: 

  • Begin early with a thorough onboarding process that includes establishing goals for their first week, month, three months, year, and so on. Give every new hire the opportunity to raise questions and concerns in a safe way.  
  • Pair newer hires with seasoned employees to act as a kind of mentor while they adjust to the workplace.  
  • Make sure your employee has all the tools they need to succeed in the role.  
  • Establish a healthy line of communication between newer hires and their managers/supervisors.  
  • Celebrate wins and milestones. 
  • Build a workplace culture that prioritizes professionalism without stress or tension. This includes promoting a healthy work-life balance for all employees, and yourself, and making respect a primary value in the workplace,  
  • Ask for feedback and act on it. 
  • Practice team-building activities or outings. 
  • Offer additional training and professional development opportunities. 
  • Work to earn your employees’ trust and honor it.  
  • Challenge your employees in a positive way that promotes their growth.  
  • Offer flexibility with schedules and hybrid working models, if applicable to your business. This is especially important when research has found, as of 2021, 74% of the U.S. workforce would be willing to quit their job for the opportunity to work from home.  
  • Don’t make sudden changes to your employees’ routine/role – change is good, but not if it’s going to give your employees whiplash.  

At the end of the day, the important thing is to listen to your employees and treat them with the consideration they need to do good work for your business.  

In conclusion… 

The labor market is always in flux. Sometimes there are fewer jobs than seekers, but right now it’s the inverse. Employers will have to make changes and amendments to their set habits and policies in order to attract new workers and encourage them to stay.  

Cal Wilson / February 22, 2022

Are fewer young people planning on attending post-secondary education?

In 2021, following what has been dubbed the “Great Resignation,” many businesses found themselves in the troubling position of having positions to fill but not enough qualified applicants to fill them.  

Among other things, 2021 highlighted a shortage in skilled workers. Likewise, new data shows that this may continue to be an issue in the future as fewer and fewer young adults enroll in post-secondary education with every passing year.  

In this issue of The Pulse, we look at this phenomenon and how it might impact businesses in the future.  

2021 saw a concerning drop in post-secondary students. 

Data released in January found that there are currently one million fewer students enrolled in American colleges and universities in comparison to pre-pandemic numbers. In the fall semester of 2021 alone, institutions saw 500,000 fewer undergraduate students.  

According to the National Student Clearinghouse research center: 

  • Enrollment has fallen 6.6% in total since fall semester of 2019. 
  • This represents the largest two-year decline in over 50 years.  
  • Community colleges have seen a 13% decline from pre-pandemic enrollment.  
  • Roughly half the shrinkage comes from four-year programs.  

Is this representing a cultural shift?  

While the consequences of the pandemic have accelerated this trend, enrollment has been declining steadily over the past decade 

These young adults aren’t just doing nothing. In fact, unemployment is down, and many businesses are struggling to find workers. Instead, many who might have streamlined to college before the pandemic, are now out working, as the wages for unskilled or low-skilled positions continue to increase. And of course, everything else is on the rise too; rent, gas, groceries. The choice between work and school might not be much of a choice at all. 

What does this mean for businesses? 

While this might have long-terms impact on some of the individuals who are choosing to postpone or forgo post-secondary education, it will also certainly hurt the economy.  

Tony Carnevale, director of Georgetown University’s Center on Education and the Workforce, explained the impact to NPR 

“The direct loss to the economy is the workers themselves. If they were trained and ready, they would get higher-wage jobs and they would add more to GDP, making us all richer and increasing taxes, reducing welfare costs, crime costs, on and on. When you hire the crane operator, the crane operator goes and buys groceries. So the grocery clerk has a job.” 

Now more than ever, many jobs require some level of post-secondary training. Meaning, workers with anything after grade twelve are increasingly needed.  

A drop in post-secondary enrollment means that the future could find even more jobs sitting empty, and a continued skills gap in the labor market. This will leave many businesses struggling to run, leading to issues like decreased tax revenue, inflated prices, production delays, and supply chain issues.  

What can be done? 

The problem here is not the students – or lack of students – themselves. It’s not even the educational institutions who are to blame. While universities and colleges across the continent are ramping up enrollment incentives and advertising campaigns, it’s going to take a lot more than good marketing to fix this issue.  

Pandemic closures and increased cost of living are doing more to deter students than colleges can advertise around.  

In conclusion… 

In the coming years, businesses across North America may see struggles to recruit and maintain qualified staff, as post-secondary enrollment is at a 500,000 decrease in undergraduate students.  

While there isn’t much that can be done, on an individual level, to remedy the larger problem, businesses can focus on management strategies and workplace culture to maintain the talent they already have. 

Cal Wilson / February 14, 2022

What is surcharging and should your business do it?

If you accept any kind of credit card payment, you may have heard of surcharging. It’s the practice of adding an additional charge to a customer’s purchase to cover the fees a payment processor requires for processing credit cards.

While it may seem like a win for you, the merchant, it’s not a completely problem-free practice.

In this article, we take a look at this practice. Should your business consider it? What are the pros and cons?

Why do some merchants surcharge?

Every time a customer swipes their Visa, Mastercard, American Express, or other kind of credit card, you incur a processing fee. These are called interchange fees. According to Quickbooks, the following variables impact a merchant’s interchange fees:

  • The credit card company
  • The type of card being used – i.e., whether it’s a rewards card, a business card, etc.
  • How the transaction is processed – POS, over the phone, or online.
  • The price of the product or service.
  • The type of business of the merchant.
  • Whether the transaction is domestic or international.

Likewise, rates change twice a year, in April and October.

Interchange fees are just one of the many fees merchants are charged to be able to accept credit card payments.

How does surcharging work?

Without surcharging, that fee lies squarely on the merchant.

If you’re looking to pass that expense onto the customer, you have two kinds of surcharging options; brand or product surcharging. Brand surcharging adds a charge every time a customer uses a card from a specific credit card provider; some merchants may add a surcharge, for example, on Visa purchases, but not Discover purchases. Surcharging on the product level, however, only adds surcharges on certain types of cards under a specific brand. Merchants may choose one option, but not both.

Surcharging is subject to different laws in different regions.

As you can imagine, in order to protect the consumer, surcharging is heavily regulated. In some places, it is not legal at all.

In fact, in the United States, surcharging is illegal in Connecticut, Maine, and Massachusetts. In Canada, service fees can only be added on certain kinds of transactions.

For the regions where surcharging is a legal practice, merchant are beholden to a surcharging cap. These vary by area, but often fall around 4%. The caps are put in place to prevent merchants from making profit from surcharges.

No matter where you are, if you surcharge, your business is subject to rules of disclosure. Merchants must disclose their intention to surcharge ahead of a transaction, and at multiple touchpoints while a customer is in the store. This includes such notices as a sign notifying the business’ surcharging practice at the store entrance, as well as at the point-of-sale. The surcharge dollar amount should also be clearly visible on the customer’s receipt.

While these practices keep surcharging ethical, they can also be off-putting to some customers, who only see the addition of a fee they might not completely understand.

Does surcharging save your business money?

There is no simple answer to this question. It can, but it depends on your business and your customers.

According to Evolve Payment, “[i]f your industry is a ‘race to the bottom’ where the lowest price wins, then surcharging is likely to hurt more than it helps. This is especially true in B2B industries with corporate contracts.”

For some businesses, adding fees like surcharges is going to be more common practice and expected by the customer. In other industries, it might hurt your chance of making a sale.

Fortunately, there are other strategies.

So your credit card processing fees are eating into your revenue, but you don’t think surcharging is the right move for your business. Not to worry – there are other things you can do to ease the expenses.

For example, instead of surcharging, many businesses offer cash discounting.  In this practice, merchants discount the price of purchase if the customer pays with anything other than a credit card. And, while surcharging isn’t legal continent-wide, cash discounting is.

Cash discounting is only possible if you have a certain amount of wiggle room on your markup pricing. However, when it is an option, it certainly is a bonus for customer experience.

Another tactic is setting a minimum for credit card payments. Depending on your rates, it may not be profitable to offer credit card payments under a certain dollar amount.

Another strategy is working to reduce your overall merchant services spend. Part of this is exploring what options are available to you among multiple vendors, knowing rates are fair, and how to negotiate for the best price. A cost reduction professional who specializes in merchant services might be your best asset if you take this route.

In conclusion…

As Evolve Payment says, “surcharging is, at the end of the day, passing business expenses onto your customers.”

While it has the potential of saving you money on your variable expenses, it’s not always a great strategy optically. Offering cash payment incentives, working to reduce your overall merchant services fees, and ensuring you’re paying the correct rates, are alternative strategies to reduce your spend while keeping customers happy

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Cal Wilson / February 9, 2022

Is sleeping well the key to workplace success?

Oftentimes, our working culture suggests that the key to success is putting in long hours, sacrificing sleep and wellness for the ‘grind.’ But is that really the way to get ahead? Some experts don’t believe so.  

In this issue of the Pulse, we are exploring sleep. How much do we need? What priority should it take? And how can we use it to counter workplace stress and manifest success?  

What is the 42% rule? 

How much sleep do we really need in order to be well-rested and ready to tackle work? One school of thought promotes the 42% rule to foster mental health and reduce work stress.  

This means that 42% of your time over a given period – whether it be a day, a week, or a month – should be dedicated to rest. That’s an average of 10 hours per 24 hour period, if you choose to break it into days. This is the ratio your body needs to function at its best.  

Think about times in the past where you’ve needed to ‘catch up on sleep.’ Maybe after you came home from a trip, or couldn’t sleep on a long flight. Maybe after you put in extra hours on a big project. If, afterwards, it felt like your battery was completely drained and you needed more rest than usual to get back to normal, this is likely because you were missing your 42%.  

Rest doesn’t have to be sleep.  

Although it may seem utopian to imagine sleeping for ten hours every day, your 42% doesn’t have to be solely comprised of sleep. Restful activities can also include: 

  • Relaxing/connecting conversations with loved ones
  • Eating
  • Certain kinds of exercise 
  • Activities or hobbies that help you destress

Essentially, if you’re using more than fourteen hours a day – or the equivalent ratio in a given period – on work or other strenuous, productive activities, your body might demand you catchup on rest some other time.  

How do sleep and rest impact your stress levels?  

Stress is more than just an emotional state. It’s physiological as well, impacting everything from your immune system to your digestion. Likewise, stress is connected to how much we allow ourselves to rest.  

  • Irritability 
  • Trouble focusing 
  • Poor memory 
  • Muscle strain 
  • Increased risk of several chronic illnesses  

All these things, especially irritability, memory, and focus issues in the short term, can have a significant impact on workplace stress and performance. In fact, according to the American Psychological Association (APA), “most Americans would be happier, healthier and safer if they were to sleep an extra 60 to 90 minutes per night.” 

The APA has also found that stress levels are higher in individuals who sleep fewer than eight hours a night.  

How does stress impact your work performance? 

While a certain amount of stress can keep you on your toes – some people work best under pressure, after all – in general, stress can have an extremely negative impact on your work life. The long term affects of stress on your job may include: 

  • Strained relations with your coworkers and supervisors 
  • Diminished self-esteem and confidence in your performance 
  • Lack of focus 
  • Trouble processing new information 
  • Increased likelihood of errors during both analytical and physical tasks
  • Poorer overall health

In conclusion… 

Sleep is incredibly important to our bodies, our minds, and every aspect of our lives. In order to be our best selves both at work and at home, it’s important to prioritize sleep and rest in our daily schedules.  

Despite the pressures of a culture that celebrates all-nighters and overtime, one of the best things you can do for your career success is build healthy sleep schedules into your life and respect your body’s needs. 

Cal Wilson / January 31, 2022

Construction companies – how can you keep expenses low when prices are on the rise?

2022 is looking to be a year of careful balance for construction companies. On the one hand, demand for projects is up, increasing job opportunities across the industry. On the other, ongoing supply chain issues, among other causes, are seeing the cost of doing business steadily increasing.  

In this article, we’ll examine the current climate for the construction industry, and share some advice on how contractors can keep certain expenses low to protect their bottom line and make the most of growing demand.  

Industry demand is on the rise in Q1 of 2022.  

A recent survey conducted by Associated General Contractors (AGC) and Sage found an overall optimism looking ahead into 2022 across construction contractors.  

Specifically, the survey found that contractors expect to see a high demand for the following kinds of projects: 

  • Highway and bridge  
  • Transit and rail  
  • Airports 
  • Water and sewage
  • Power infrastructure
  • Private sector
  • Healthcare facilities
  • Residential
  • Educational facilities
  • Manufacturing facilities

According to AGC and Sage, the only areas in which construction companies are unlikely to see an increase in business are in retail and private office projects.  

Many companies are looking to expand.  

These positive projections are leading many businesses to expand. In fact, 74% of the firms AGC and Sage surveyed responded they looked to increase their headcount in 2022, compared to only 9% looking to downsize.  

However, with continentwide labor shortages impacting all industries, many construction companies looking to expand are having trouble doing so. Not only does this prevent the companies’ desired growth, but also limits the projects they can take and turnaround time of completing said projects. 

The supply chain is also an issue. 

Labor shortages have only been made harder by supply chain delays inflating the price and availability of materials. The majority of contractors have found that projects are taking longer and costing more.   

According to international property and construction consultancy firm Rider Levett Bucknall (RLB) construction costs in Canada and the United States are up an average of 7.42% from pre-pandemic rates.  

So what do construction companies do to stay profitable? 

Even in difficult economic situations, there are strategies businesses can take to remain profitable.  

With the supply chain crisis, certain expenses are inevitably going to increase. Materials, for example, are an area where it is difficult to make concessions based on price, considering their necessity in finishing any job. So while the prices of materials and their delivery may be on the rise, cost management in other areas can go a long way in helping your bottom line.  

One such expense is fuel.  

Fuel is a big spend for many contractors.  

Every contractor goes through some degree of motor fuel, and that spend will vary from project to project. It is difficult to dedicate the time to sourcing the most cost-effective and dependable fuel supplier. However, optimizing fuel costs can hugely benefit your business’ bottom line.  

According to industry publication Construction Business Owner,  some areas where contractors struggle with their fuel spends include: 

  • Knowing how and when to purchase fuel at optimal levels.  
  • Ensuring accurate fuel inventories.  
  • Implementing tank monitoring and fuel-control systems, which “can drive greater business value through access to real-time fuel usage and cost data”. 
  • Auditing transportation and fuel related expenses to implement savings strategies and keener financial management.  

“No matter the size of the company, there can be a lack of coordination and communication between its various expenses,” Construction Business Owner warns. “This can result in additional, often unnecessary fuel-inventory reporting processes that can lead to disruptive runouts or inefficient refueling needs, with any mistakes potentially leading to higher fuel costs or prohibitive equipment downtime.” 

Depending on your location, some of your fuel expenses might be tax deductible.  

One solution to saving on fuel expenses is by understanding which of them are tax deductible. Quickbooks advises that construction businesses, you can’t deduct the commute between your home and the jobsite, but you can deduct trips between multiple job sites, as well as those made for business-related trips throughout the day. 

On top of the price of gasoline, various other transportation related expenses can generally be deducted on your yearly taxes. These include: 

  • Lease payments 
  • Insurance
  • Maintenance and repairs
  • Vehicle registration
  • Parking and tolls

Come tax season, make sure to work with your bookkeeper to be thorough and use deductibles to your business’ advantage.  

Work with professionals.  

There are software and technology that assist in monitoring and alerting managers to best fuel practices. Likewise, working with cost reduction professionals can save the time and hassle in auditing fuel spend, researching market insights, and finding and implementing solutions. 

In conclusion..  

With the construction industry looking forward to a prosperous year of growth and new projects, economic issues such as labor and supply shortages. 2022 will be a year of balancing opportunity with expense, and as such, there is no better time than the present to optimize fuel expenses.