Michael Saltzstein

  Michael Saltzstein observes that the recent pandemic emphasized the importance of business continuity strategies. One hundred thousand brick-and-mortar businesses shut down in 2020. However, startups in relevant sectors like MaaS, food delivery, medicine, and eCommerce made billions in revenue in the past years. Adapting to a crisis could spell the difference between bankruptcy and prosperity.   Despite the importance of business continuity, entrepreneurs rarely focus on it. They would rather allocate their resources to money-making projects like business expansion and mass production. Also, planning for failure can come off as eerie.   Does your company also have trouble planning for crises? To help you with your business continuity plan, Michael Saltzstein shares some crucial, straightforward crisis leadership tactics. Communicate with the Team Keep your team in the loop. Be transparent with the company’s current situation and update them beforehand if you...

How companies handle workers’ compensation issues is often seen as a reflection of their culture and ethics. Workers’ compensation claims are time-sensitive and must be handled promptly. If an employee fails to receive the benefits they are entitled to, this could result in a costly lawsuit and undoubtedly garner negative press for you and your company.   Michael Saltzstein advises creating standard operating procedures (SOP) to guarantee swift claims processing. Work with your HR admins to address common barriers, such as thorough documentation and detailed correspondence with parties involved in the incident.   In this article, Michael Saltzstein offers tips for accurate and efficient handling of workers’ compensation claims.   Complete Incident Reports Draft a complete incident report as soon as your employee reports an on-the-job injury. Include all details relevant to the incident, their ongoing medical expenses, the physician selected, and your company...

Even in the best of circumstances, navigating change can be difficult. Shocks in the financial world have a way of causing unanticipated problems in the world at large. As a result, CEOs must always be alert while still being influential leaders, informs Michael Saltzstein.   Many CEOs mistakenly believe that because financial teams are more analytical than marketing teams, they can make changes without fully understanding the consequences. Though this seems a reasonable assumption, it could not be further from the truth. Here are some best practices for navigating financial change.   Identify the Area of Change Some aspects of your organization will change organically, while others require an administrated change for your company meets its objectives. For example, when you're scaling up, having cash flow management issues, or if your current CFO is leaving.   Evaluate Your Resources Michael Saltzstein does not believe the time-honored adage that when you ...

Michael Saltzstein believes the ever-changing and ever-expanding needs of a business necessitate a thorough rethinking of the risk management process. A recent update to the COSO's enterprise risk management (ERM) framework offers new ideas on how companies can preserve their business's value, if not enhance it, by incorporating and examining risks from the strategy formulation stage.   This approach elevates ERM from an operational- and compliance-focused information-gathering and reporting model to a strategy-focused model that can add value to organizations. However, implementing the change is a challenge in and of itself, as organizations, particularly larger ones, are hesitant to redefine their existing ERM process without a precise cost/benefit analysis that demonstrates added value.   As Michael Saltzstein indicates, it’s important to address how risk management professionals can persuade decision-makers to incorporate risk management insights identified through...

Michael Saltzstein believes risk management is critical to both successful business practices and successful military operations during a time of conflict between nations. Although the danger is inherent in many military duties, planning for operational contingencies can reduce risks and save lives. Moreover, mitigating risk in a coalition environment is even more critical because the scenarios that planners must consider are complicated by various policies, equipment, training, and security procedures.   According to Forrester Research, Inc. analysts, the ramifications of the Russia-Ukraine friction are reverberating in global markets. Risk management leaders worldwide are already, or will soon be, dealing with the impact of the conflict and sanctions. AM Best reported that the industry's indirect exposure could be significant.   First Steps Toward Loss Prevention According to Michael Saltzstein, the first step for commercial policyholders with business units expose...

Like other management professionals, Michael Saltzstein has seen how the COVID-19 pandemic has thrown global businesses into complete meltdown, causing significant economic upheavals. This, compared to anything else, is the best example of how crisis management is one of the essential aspects to have in any company’s contingency plans.   Crisis management coverage Crisis management extends not just to IT troubles or internal problems. The concept of crisis management includes external factors such as cyber-attacks, pandemics, and PR problems. In the same way that not having a backup of data can cause untold financial damage to a company, not having a contingency plan in case of a crisis can cause a business to shutter entirely. For Michael Saltzstein, any sudden or unexpected event that causes widespread unrest throughout an enterprise can be classified as a crisis. From here, management professionals must take action and find a way to bring solutions. This is best done by ...

  Workplace harassment is a serious concern for any HR team, and Michael Saltzstein has seen many HR departments place strict sanctions against it. Even a single major scandal could be catastrophic to a company ’ s image and completely goes against HR ’ s role in helping to protect employees. With more sexual harassment cases coming to light, coming from companies large and small, the social climate requires HR departments to take a more active role in identifying and halting such instances.   Standing Against Harassment HR departments must make a public, clear stance against it. This doesn ’ t just mean drawing up guidelines and restrictions in employee handbooks. It also means taking active measures to ensure that employees understand what sexual harassment is and why it should not tolerated in the workplace.   Michael Saltzstein has seen that HR departments must implement programs teaching employees to identify these situations. And beyond just identifying th...