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Technology

From a Distance

By Sean Hogan

Hogan

Sean Hogan

COVID-19 has changed the way we all do business. The remote workforce, which was embraced by a few, is now the new norm and embraced by almost all businesses. The question lingers, though: will this revert when there is a vaccine and we go back to the normal, non-pandemic lifestyle?

Many believe that remote workforce is here to stay, and these numbers seem to be growing with each week and month. But to do that, we need to understand how to manage our remote workforce and embrace technology to support our staff.

To do this effectively, managers need to manage the technology, the people, and the culture. Let’s take them in order.

Managing Technology

Our company, Hogan Technology, has sold and configured videoconferencing and collaboration systems for 25 years. We would set up conference rooms with audio and video so clients could establish videoconferences with employees and customers.

In the past, we saw most of this technology gather dust; at first, a client would embrace video collaboration, but it would quickly be disregarded. The older video and collaboration technology platforms were clumsy and difficult to navigate. Staff would quickly give up trying to learn how to use the tech.

Today’s collaboration tools are extremely easy to use, especially for the younger generation that grew up on smartphones. COVID-19 has promoted the skyrocking popularity of services like Zoom and Microsoft Teams. These tools can be used to enhance your company communications and productivity, but we need to know how to use these tools.

Hogan has had remote employees for more than seven years; the challenge has been including those employees in the day-to-day interaction at the office. Pre-COVID, we rarely had video meetings; now, we meet several times a day via video to collaborate and share data.

“Many of my clients have been quickly thrust into the remote workforce with little or no experience with online collaboration. They have quickly learned how to host and manage online collaboration.”

Meanwhile, many of my clients have been quickly thrust into the remote workforce with little or no experience with online collaboration. They have quickly learned how to host and manage online collaboration. Hogan has adopted a platform for the security and simplicity of the service. We host several Hogan Teams meetings per week. We have fixed meetings and ad hoc meetings. Our fixed meetings are administered by our staff; we create the team, invite the necessary personnel, and share all pertinent data to the Teams site for ease of retrieval. Teams has a smartphone app, desktop app, and browser login.

We have noticed that our video meetings are more focused than our traditional conference room meetings, our data is consolidated, and our agendas are clear.

I must admit that, at first, I was resistant to host sales and client meetings through video collaboration. It took some time and some failures — I completely failed on my first large Zoom conference, but eventually, I embraced the meetings. Throughout the pandemic, all introductory sales meetings have been on Teams, and to my shock they have gone well. We print fewer documents, we save on travel expense, and we can host more meetings per day than before. If we are looking for bright spots during this COVID-19 madness, then this would be one.

Oddly enough, because meetings are so easy, we tend to meet more and share more. We understand that the end game is improving communications; whenever we have a management meeting, we are stressing the need to communicate better, internally and externally. COVID has forced us to communicate better, faster, and more efficiently.

Managing People

We have had many clients request analytics or reports so they can better track the performance of remote employees. There are several ways to track productivity, such as call-volume reports, CRM usage reports, presence activity reports, internet-usage reports, and so on. Personally, I manage my staff to their individual goals; if I have an employee who is exceeding his or her goals, then I don’t need to be very granular with activity reporting. I will use their analytics to compare to other personnel; this helps me determine where I need to focus my attention.

It is critical to protect your company’s endpoints no matter where they reside. If an employee uses a business machine at home, that machine needs to have updated anti-virus, malware protection, multi-factor authentication, and end-point detection and response.

Managing the Culture

Culture is a critical piece in all businesses. Corporate culture refers to the beliefs and behaviors that determine how a company’s employees and management interact. Often, corporate culture is implied, not expressly defined, and develops organically over time. It can be a challenge to maintain your culture while working with a remote workforce.

We have found that we need to engage our employees through collaboration. Our meetings are not just management telling staff what needs to be done and how to do it. The meetings must engage all the personnel — they need to be part of the solution, and we as managers need to stop talking and start listening. This helps cement our team culture.

The key is that we listen to everyone, and other businesses should embrace this mindset. You need to sit back and ask, ‘what is our culture?’ ‘Who are we?’ ‘What matters to our clients?’ and ‘How do we support our community?’

It’s critical to know your culture and even more critical to defend your culture. Make sure your team knows what matters.

In this time when more and more people are working remotely, it’s important to manage the technology. But it’s equally important to manage people and culture.

Sean Hogan is president of Hogan Technology; (413) 585-9950.

Estate Planning

Retirement-income Planning

By Greg Sheehan

Most working Americans have only one source of steady income before they retire: Their jobs. But when you retire, your income will likely come from a number of sources, such as retirement accounts, Social Security benefits, pensions, and part-time work.

When deciding how to manage your various assets to ensure a steady retirement-income stream, there are two main strategies to consider: the total-return approach and the investment pool — or bucket — approach.

The Total-return Approach

With the total-return approach, you invest your assets in a diversified portfolio of investments with varying potential for growth, stability, and liquidity. The percentage you allot to each type of investment depends on your asset allocation plan, time horizon, risk tolerance, need for income, and other goals you may have.

The objective of your investment portfolio generally changes over time, depending on how close you are to retirement.

• Accumulation phase: During this phase, your portfolio’s objective is to increase in value as much as possible, focusing on investments with growth potential.

• Approaching retirement-age phase: As you near retirement, your portfolio becomes more conservative, moving toward more stable and liquid assets in order to help preserve your earnings.

• Retirement phase: Once you retire, the idea is to withdraw from your portfolio at an even rate that allows you to enjoy a sustainable lifestyle.

A widely quoted withdrawal rate for the first year of retirement has usually been 4%. Ideally, that 4% should be equal to the amount left over after you subtract your yearly retirement income (e.g., pensions, Social Security) from your total cost of living, including investment-management fees. Each year, you will most likely increase your withdrawal percentage to keep up with inflation. Keep in mind, however, that the appropriate withdrawal rate for you will depend on your personal situation as well as the current economic environment.

The Bucket Approach

The bucket approach also begins with a diversified portfolio, following the total-return approach throughout most of the accumulation period. Then, as retirement approaches, you divide your assets into several smaller portfolios (or buckets), each with different time horizons, to target specific needs.

There is no ‘right’ number of buckets, but three is fairly common.

• The first bucket would cover the three years leading up to retirement and the two years following retirement, providing income for near-term spending. It would likely include investments that historically have been relatively stable, such as short-term bonds, CDs, money-market funds, and cash.

• The second bucket would be used in years three through nine of retirement. Designed to preserve some capital while generating retirement income, it would include more assets with growth potential, such as certain mutual funds and dividend-paying stocks.

• The third bucket, designated to provide income in year 10 and beyond, would contain investments that have the most potential for growth, such as equities, commodities, real estate, and alternatives. Although the risk profile of this bucket is typically higher than the other two, its longer time horizon can help provide a buffer for short-term volatility.

As you enter the distribution phase, you draw from these buckets sequentially, using a withdrawal rate based on your specific lifestyle goals in a particular year.

The Big Picture

Many people are familiar with the total-return approach, but the bucket approach has been gaining popularity, thanks in large part to its simplicity. It also accounts for different time periods during retirement, potentially allowing you to allocate money more effectively based on your personal situation.

Perhaps the greatest benefit of the bucket approach is that it can help provide a buffer during times of market volatility. If the value of the investments in buckets two and three fluctuates due to market conditions, your immediate cash income is coming from bucket one, which is likely to be less volatile. This may also alleviate the need to sell investments that have lost money in order to generate retirement income.

While the bucket approach has its advantages, some investors feel more comfortable using the total-return approach. The best strategy for your retirement is unique to you and your personal preferences and needs. However you choose to pursue your retirement dreams, it’s important to work with a financial professional who can help you create the most appropriate strategy based on your goals and situation.

Note that diversification does not assure against market loss, and there is no guarantee that a diversified portfolio will outperform a non-diversified portfolio. 

Greg Sheehan is an accredited investment fiduciary and partner at the Wealth Transition Collective, a Northampton-based financial-advisory and planning firm. The firm offer securities and advisory services as a registered representative and investment adviser representative of Commonwealth Financial Network, Member FINRA/SIPC, a registered investment adviser; (413) 584-1805; [email protected]

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