Business Up Front - February 2001

Business Up Front

Does the IRS Owe You Money?

The Internal Revenue Service is looking for more than 1,100 Nevadans whose federal refund checks were returned as undeliverable. These checks total more than $1 million, with the average refund being about $868. Refunds ranging from $1 to over $66,000 are waiting to be claimed. The IRS reports that most undeliverable tax refunds are the result of people failing to notify the government when they move. Others cannot be delivered due to incorrect or incomplete addresses. James Walsh, director of field assistance for the Nevada area, advises taxpayers to request that their refunds be directly deposited to a bank account to ensure that they will not be lost in the mail. If you are due a refund and have not received it, call the IRS at 1-800-829-1040.

Let’s Do Lunch

The power lunch is alive and well, according to a recent survey of chief financial officers (CFOs). Nearly half of the executives polled said their most successful business meeting outside the office was conducted over a meal. The survey also found that nearly one in 10 CFOs has landed a successful deal on the golf course, while trade shows and conferences ranked third. The survey, developed by staffing firm Robert Half International, includes responses from 1,400 CFOs from a random sample of companies.

"Other than the office, what was the location of your most successful business meeting ever?"

Restaurant 49%

Golf course 9%

Trade show or conference 7%

Car 5%

Sporting event 3%

Airplane 2%

Other 10%

Don’t know/no answer 15%

"Restaurants offer a neutral, more relaxed environment, often with fewer distractions than the office," said Max Messmer, chairman and CEO of Robert Half International. "Whenever possible, choose a place where you dine frequently, so that you know what to expect in terms of noise level, food quality and service."

What Does Generation X Want?

Twenty-somethings are flooding the job market and are being choosy about what positions they accept, according to The Eastridge Group of staffing companies. A survey of generation X’ers, those between 18 and 28, found they want the following characteristics in a job:

Interesting work – Constant and timely feedback, frequent reviews and the potential for new responsibility.

Opportunity to learn new things – They want to be challenged and to keep up with new technology.

Entrepreneurial endeavors – They want to make their mark in the corporate world through self-directed projects.

Flextime – The independence of choosing their own hours.

Self-fulfillment – They need to accomplish personal goals as well as company goals.

Fun at work – They value creativity and like incentive programs and competitions.

Time spent with leaders and managers – The opportunity to learn and absorb useful information without being directed.

Strong, ethical leaders – They want a manager to lead by example and to be fair.

A mentor program – They want the ability to choose mentors for wisdom and guidance, and to have them readily available and interested in helping.

Rewards, recognition and praise – They want positive feedback and rewards for a job well done.

Getting Your Beauty Sleep

Getting a good night’s sleep is the most important thing people around the world do to look their best, according to marketing research firm Roper Starch Worldwide. Seventy-two percent of consumers in 30 countries surveyed say getting enough sleep is the key to looking good – well ahead of wearing the right clothes, eating the right foods or exercising regularly. However, although 71 percent of Americans agree that sleep is important to a healthy appearance, most of them are not getting a good night’s sleep. Roper’s report says one out of three adults did not get enough sleep the previous night, and more than half (52 percent) report that lack of sleep contributes to their overall stress levels.

Compassionate Capitalism Alive and Well

A survey conducted by the National Foundation for Women Business Owners (NFWBO) found that business owners surpass the general population in their level of involvement in philanthropy, both in terms of money donated and time volunteered. Nine out of 10 business owners contribute money to charities, compared to 70 percent of all U.S. households, according to the report, and approximately 14 percent contribute $10,000 or more annually. Business owners are also establishing programs to encourage volunteerism by their employees, including unpaid leave for volunteer activities, paid hours for community service and extended leave for charitable activities. Entrepreneurs are also active volunteers with charitable organizations, with 70 percent of those surveyed volunteering at least once a month. Women business owners are more likely than men to use that volunteer time in leadership positions by heading charitable organizations, serving on boards and chairing fundraisers .

Insurance Industry Contributes to U.S. Economy

The insurance industry contributes almost $200 billion to the U.S. gross national product each year, approximately 2.4 percent of the total GNP, according to a study compiled by the Alliance of American Insurers. The insurance industry directly employs 2.5 million people, with a total payroll of approximately $100 billion. Of the total employment figure, 700,000 are employed by property/casualty insurers, 1 million employed by life/health insurers and 800,000 employed either as agents, brokers, or in other directly-related service industries. "In fact, if all insurance employees gathered in one place, they would create a metropolitan area larger than Pittsburgh," according to Roger Kenney, the study’s author. In 1999, insurance companies held more than $2.5 trillion in corporate stocks and bonds, over $400 billion in U.S. government bonds and $227 billion in state and local bonds. The insurance industry contributes substantially to state economies through premium taxes, which totaled $9.2 billion in 1998.