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May 30, 2013

For years HR professionals have been measuring employee satisfaction as a tool for gaining insight into the workforce and determining what actions need to be taken in order to maintain a positive and productive environment. Job satisfaction has remained a constant concern in employee surveys, a subject all too familiar to those in the human relations industry.

However, focus has shifted from the metric of employee satisfaction to the level of employee engagement within organizations and knowing why could be the difference in retaining your employees and losing them to your competition. According to ADP Research Institute's White Paper Report the two terms are defined as the following:

  • Employee Satisfaction: A measurement of an employee's "happiness" with current job and conditions; it does not measure how much effort the employee is willing to expend
  • Employee Engagement: A measurement of an employee's emotional commitment to an organization; it takes into account the amount of discretionary effort an employee expends on behalf of the organization

The Society for Human Resource Management (SHRM) 2012 Employee Satisfaction and Engagement Report shows a unique difference in the contributing factors to both measurements. Similar to the definitions above, what employees need to feel engaged is on a deeper level an "emotional commitment" rather than a feeling of "happiness," and includes personal contribution to a company, aside from just being content. The SHRM report has only been measuring employee engagement for two years, but 4 of the 5 top contributing aspects to this metric have remained the same and all have been rated highly by 70% or above of the employees surveyed:

- I am determined to accomplish my work goals and confident I can meet them - Relationship with co-workers - Opportunities to use skills/abilities - Contribution of work to organization's business goals - Relationship with immediate supervisor

What employees need to feel engaged comes in the form of personal relationships and playing a role in larger business decisions.  In short, the vision of your leadership team and an opportunity to contribute to that vision is important to your employees. Workers have the opportunity for advancement through becoming more engaged in their work, and in return will help the overall success of your company. The benefits of engagement show an increase in workforce productivity and retention, results invaluable to your business. Living in a fluctuating economy that sometimes does not allow for advancement of employees, community involvement and corporate philanthropy remain a positive and effective way for employees to feel engaged and contribute to a larger cause.

This blog post was written by Moira House, Director of HR for our Memphis office. Contact her by phone: (901) 685.5575 or email, mhouse@cbiz.com. Moira manages all aspects of HR including strategic planning, compliance, employee relations, performance management, recruiting and day-to-day administration.




May 28, 2013

New tangible property regulations were issued in late December 2011 by the IRS to guide taxpayers on how to account for amounts paid to acquire, produce or improve tangible property. Originally scheduled to be effective for tax years beginning on, or after, January 1, 2012, mandatory compliance with the new regulations has been delayed to tax years beginning on, or after, January 1, 2014.

The new tangible property regulations are designed to change the way each taxpayer treats capital assets. The regulations are also intended to provide guidance for taxpayers when deciding to expense versus capitalize an item. Some of the more likely changes in the way taxpayers do business relate to:

  • Repairs & Maintenance/De Minimus Rule
  • Materials & Supplies
  • Depreciation/Unit of Property
  • General Asset Accounts

Here are 5 questions to determine whether early adoption is right for your company:

1. Own a building?

2. Have any recently completed renovation or expansion projects to your buildings?

3. Acquire many small dollar fixed assets on an annual basis?

4. Accumulate large expenditures to maintain equipment?

5. Incur a large annual cost for materials and supplies?

If you would like more information regarding the Tangible Property Regulations contact Mark Baricos: 
(901) 685.5575 | mbaricos@cbiz.com

Mark has more than 10 years of public accounting experience. He specializes in tax engagements for large privately-held and publicly-held companies. These engagements include planning tax strategies, accounting for income taxes (ASC 740), supervising the preparation of federal and state income tax returns and coordinating federal and state examinations. His industry experience includes distribution, manufacturing and service companies.





May 23, 2013

Nominations are now open for The Memphis Business Journal's 4th annual CFO of the Year Awards. These awards are designed to honor financial professionals in Memphis and the Mid-South for outstanding performance in their roles as corporate financial stewards.

Nominees must be a Chief Financial Officer or hold an equivalent position at a local company or organization. Award categories include:

  • Private Company (less than $100 million annual revenue)
  • Private Company (more than $100 million annual revenue)
  • Non-Profit Organization (less than $30 million annual revenue)
  • Non-Profit Organization (more than $30 million annual revenue)
  • Public Company (any size)
  • Lifetime Achievement Award

Who do you think should be CFO of the Year? 

Click here to nominate a CFO. 

Finalists will be featured in a special publication in the October 11th issue of the Memphis Business Journal, and will be recognized at a special awards breakfast on Thursday, October 17, 2013 at the Holiday Inn University of Memphis.

To see the winners of the 2012 CFO of the Year Awards  click here.




May 21, 2013

Presbyterian Anesthesia Associates out of Charlotte, North Carolina reported a data breach of their company website this past week. A hacker targeted a security flaw in their system, retrieving accesss to a database containing 9,988 customer's personal information including credit card numbers.

"No medical information was comprised," the practice said. They are now working to build a more secure website and have enlisted the help of the FBI to investigate the breach. This security issue is just one of many that have occurred in the area:

"Data breaches have become increasingly common as more financial transactions migrate online. More than 1,500 separate instances involving 4.8 million people in North Carolina have been reported since 2005, according to the N.C. Department of Justice." - Charlotte Observer

CBIZ Security & Advisory Services, LLC is working to eliminate data breaches before they occur. Having a secure website is only one part of data breach preparation. If you are having trouble deciding whether you meet data security standards, use this quick PCI Assessment tool to evaluate your payment card industry compliance.

Click here to read the full report from the Charlotte Observer. Visit www.cbiz.com/pci for more information regarding CBIZ Security & Advisory Services, LLC and contact Karen Cassella (kcassella@cbiz.com), Executive Vice President, CBIZ SAS at (901) 685-5575 or email the CBIZ SAS team at pci@cbiz.com.



May 16, 2013

A crowd of over 80 CFOs and Controllers attended the CBIZ MHM Memphis CFO/Controller Conference hosted at the Fogelman Center on the University of Memphis campus Tuesday morning.

The half-day conference focused on providing direction on how to address current challenges within their respective organizations. Topics included:

  • Business Lending: Navigating Today's Regulatory & Economic Challenges;
  • Anatomy of a Data Breach;
  • How to create 'A' Players Throughout Your Organization; and
  • An Affordable Care Act Update.

Edward Gentry, EVP & Chief Lending Officer of Triumph Bank kicked off the event, with Karen Cassella & Brenda Brigman, Executive VPs of CBIZ Security & Advisory Services LLC following. Michael Synk, Strategic Executive Coach of In-Synk, and Kim Agah, Vice President of CBIZ Benefits & Insurance Services, provided the last two presentations with lunch served during the last of the four sessions. 

Twitter Tabletop If you missed the event, you can follow along with the conversation on Twitter using #CFOController. Interested in attending one of our upcoming events? Have suggestions for future topics or speakers at our next CFO/Controller Conference? Contact Megan Murdock (mmurdock@cbiz.com) with any further questions.




May 14, 2013

Mapco, one of the largest company-operated convenience chains in America, has released information regarding a security breach by third-party hackers of certain customers credit and/or debit card data:

"Third-party hackers used malware to access the payment card processing systems in our stores between March 19-25, April 14-15, and April 20-21, 2013. These systems transmit card information needed for the approval of transactions.  The hackers may have stolen information that could potentially be used to initiate fraudulent credit and debit card transactions."

Stores affected by the breach include MAPCO Express®, MAPCO Mart®, East Coast®, Discount Food Mart™, Fast Food and Fuel™, Delta Express®, and Favorite Markets® with locations in Tennessee, northern and central Alabama, Arkansas, northern Georgia, Kentucky, northern Mississippi, and Virginia.

According to the Verizon Data Breach Investigations Report, there were over 47,000 data breach incidents reported in 2012 and 69% of those reported were discovered by someone outside of the targeted company. In a technology-driven economy, businesses accepting credit cards continue to rise and so do the reports of crime against those business' data processing systems. CBIZ Security & Advisory Services, LLC (CBIZ SAS) works with companies on a daily basis to combat attacks and to prevent breaches from occurring in the first place.

Preparation is key in the payment card industry. CBIZ SAS Executive Vice President, Brenda Brigman emphasizes, "You should adopt the mentality of 'not if but when' a data breach will affect you or your customers." If you are having trouble deciding whether you meet data security standards, use this quick PCI Assessment tool to evaluate your payment card industry compliance.

To read the full Mapco press release click here. Visit www.cbiz.com/pci for more information regarding CBIZ Security & Advisory Services, LLC and contact Karen Cassella (kcassella@cbiz.com), Executive Vice President, CBIZ SAS at (901) 685-5575 or email the CBIZ SAS team at pci@cbiz.com.




May 7, 2013

It's time to submit your nominations for the 2nd Annual Super Women in Business event hosted by the Memphis Business Journal and sponsored by CBIZ MHM. These awards honor the Mid-South's most influential women who have achieved success through leadership in business and community contribution. Nominations are open for women who have succeeded at the highest level of business and who are key decision-makers in their respective businesses. Success also will be judged by an individual's level of community reinvestment in terms of involvement in nonprofit and community organizations.

Twenty-five women will be honored at a luncheon August 29, 2013 at the Hilton of Memphis. The winners will be announced in the July 5th print edition of the MBJ and online.

Learn more about last year's Super Women in Business finalists here.

Do you know a 'Super Woman' in Memphis? 

Nominate her today. Deadline: June 21,2013.




May 2, 2013
Ice Cream SundaeWith the final April 30th deadline past us, it is officially post-busy season at the CBIZ MHM Memphis office. An accountant's job is quite taxing during the first quarter, but we thought we'd share a small glimpse into what keeps our staff alert and moving during a time typically spent at an office desk. 

 

1. Food- The ultimate necessity for any office during busy season. Our weekly fruit deliveries were balanced with a chips & dip snack day, ice cream sundae bar and fun holiday goodies. 

We like to switch things up at our office and bring unique snack options as well. A fan favorite was our Smoothie Bar courtesy of Panini Catering

Smoothie Bar 2. Raffles - Our 'Tuesday Giveaways' included giftcards to favorite restuarants and shops around town. A true 'luck of the draw' competition is easy and allows each employee a chance at winning without having to participate in a set activity. 

3. Competitions - A new competition added to our office this year was our Busy Season Pedometer Challenge. Pedometers were given out free of cost to those wanting to participate in the 10-week step challenge. Prizes including health magazine subscriptions, a spa day and personal training lessons served as incentives to get people moving during a usually static time of year. Other competitions included a March Madness bracket challenge and an Oscar's ballot challenge. 

Massage on the Go4. Massages- Sometimes you just need a little R & R. We scheduled ten minute massage breaks through Massage on the Go for our staff working through the weekend.  

What does your office do during busy season? How do you stay active while busy at work? Leave us a comment below and let us know!





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