All Work and No Play Makes Jack and the Workplace more than dull

Back in the day when I first entered the labor force, work was a serious matter that needed to be taken, well…seriously.  When we were taught how to do something, it was done that way or the highway.  Socializing too often at the proverbial watercooler was frowned upon and kept to a minimum. If not you risked being labeled as the office slacker. And the idea of having fun while at work was pretty much unheard of. Why? Because the prevailing thought was that if you were visiting with a coworker or having fun you weren’t working.  Working and having fun were mutually exclusive.

Fast-forward many decades (ouch!) and company culture is all the buzz. It’s no wonder, since a company’s culture is in essence its (collective) personality.  Thankfully, today, a lot of organizations understand the philosophy behind a strict hard-nosed work environment is not only antiquated, but the belief that workers having fun aren’t productive couldn’t be further from the truth. In fact, research published in the book 301 Ways to Have Fun at Work by Dave Hemsath has shown that when employees enjoy themselves at work they are typically: more productive, more creative, experience greater job satisfaction, have more loyalty to their employers, and lower levels of absenteeism.

Another study published in the Journal of Vocational Behavior revealed a link between having fun and informal learning (a common way employees acquire new skills that improve their job performance).  According to one of the study’s authors, Michael Tewes, it isn’t necessarily the fun activities that teaches the new skills, it’s the fun atmosphere that creates a better learning environment. Fun in the workplace can also bring co-workers together to create a cohesive team of workers that are able to get to know each other better, build greater trust, and are more apt to help each other.

Of course, like everything, there are pros and cons to a fun-loving company culture.  Moderation is, of course, important—it can’t be just a free-for-all. Common sense will tell you too much fun does have the potential to hurt productivity, plus there are those, especially older workers from my Baby Boomer generation that still haven’t embraced the new philosophy.  Like with everything in life balance is key.

At A. Alliance we understand the seriousness of our industry needs to be mitigated from time to time with some fun.  We have an activities committee that comes up with fun events and incentives that not only bring a little frivolity to our workplace, but also helps build a stronger and closer team.

A. Alliance Collection Agency, Inc. is a full service, licensed accounts receivable management and debt collection agency providing highly effective, customized one on one management and recovery solutions for our business partners.  Founded in northern Illinois in 2005, we have been proudly improving the bottom-line on behalf of our business partners in and around Chicagoland for over 13 years.

Good Debt or Bad? Is there a Difference and Does it Matter?

“I can get no remedy against this consumption of the purse: borrowing only lingers and lingers it out, but the disease is incurable.” —Falstaff from Henry IV (pt 2); William Shakespeare.

A. Alliance is in the business of collecting ‘bad’ debt on behalf of our clients.  In fact we have become very good at it.  That is certainly making something good out of something bad.

In most cases, however, collecting a ‘bad debt’ from a customer of one of our clients is not a singular event.  In fact, a single debt we may collect is often only a small part of the larger piece of the ‘bad’ debt a person may owe to many other companies.  Thus the importance of credit scores as a bellwether of a person’s credit worthiness.  While increasingly under scrutiny, credit scoring is still an important tool for businesses to use when granting credit.  For all of us it is also very important that we understand what affects our credit score and how we can maintain a good one.

Importantly, debt in and of itself is not a bad thing.  Virtually all of us carry some debt, and those that don’t may not be managing their financial lives very well.  Debt is a financial tool. When used properly, and with intelligence, it can be a very powerful tool to build a very good life. Yet, every day we see the aftermath of ‘debt gone wild’ and the financial and personal carnage it can leave behind.

Writing for CNBC, Deborah Nason, in an article entitled “Plenty of confusion about good debt vs. bad debt” discusses key differences between the two.  Understanding the ins and outs of debt are critical to our financial health, and she points to the 2015 study by NerdWallet which reports the average U.S. household carries …” $15,310 in credit card debt and $132,086 in total debt.” And that is an AVERAGE household.

Many times debt problems are simply the result of consumers not understanding the cost of borrowing and how their borrowing costs can change unexpectedly over time.  For that matter many of us lack a basic understanding of the things that impact our credit score and good credit standing.

One goal she suggests is that we all strive to clearly understand what goes into our credit score and what we can do to optimize it.  One thing, in particular, is to know our credit limits.

Nason quotes certified financial planner Kathryn Hauer of Wilson David Investment Advisors as suggesting consumers keep their debt ratios (that is, debt to total available credit) to under 30 percent.  Even if you pay off your credit card debt each month, more than that can start to adversely affect your credit score.

She also quoted Shawn Tydlaska, CFP, founder and CEO of Ballast Point Financial Planning regarding some common misconceptions about what impacts our credit scores (quoting now):

  • Myth: You need to carry a balance on your credit card. The balance does not affect a credit score, but a healthy payment history does.
  • Myth: Checking your credit score will hurt your score. It is only the “hard” inquiries [e.g., applying for a new line of credit] that affect credit scores.
  • Myth: Your income affects your credit score. Income affects the ability to obtain a new line of credit or a favorable interest rate, not the FICO score.
  • Myth: Your spouse has good credit, so you don’t need to worry about yours. It is important to improve one’s own score, especially when applying for loans where both spouses’ credit is considered.
  • Myth: You don’t need a credit card. By not having a credit card, you don’t have any credit payment history.

So, ideally we should all maintain a healthy amount of ‘good’ debt and minimize the bad if for no other reason than it can help and even improve our financial health. However, poor or negligent understanding of credit limits, terms and conditions can lead to serious financial consequences.

Every day A. Alliance helps our clients maximize their financial health. Can we help you too?

A. Alliance Collection Agency, Inc. is a full service, licensed accounts receivable management and debt collection agency providing highly effective, customized one on one management and recovery solutions for our business partners.  Founded in northern Illinois in 2005, we have been proudly improving the bottom-line on behalf of our business partners in and around Chicagoland for over 13 years.

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