Structured Settlement Annuity Companies & Buyers

Who Buys Structured Settlements?
If you’re inquisitive about promoting the proper to your future annuity or based settlement payments, a business known as a factoring organisation may be interested in shopping for it in alternate for a lump sum of cash. Factoring organizations and individual buyers who buy your structured agreement form the secondary marketplace, which is pretty regulated because the industry is so aggressive. Sellers ought to take into account several factors, such as the quote presented and customer service report of a employer, earlier than deciding on a employer to buy their structured agreement.

How Do You Find the Best Company?
A easy search on the Internet will reveal numerous annuity or dependent settlement customers. There are many factors you must don't forget to select the proper one.

High-first-class, sincere firms you don't forget ought to:

Provide useful customer service representatives and a couple of ways to get in touch
Make a competitive provide
Present options for a right away coins increase
Be licensed and comply with suitable regulations
Have a nice score from the Better Business Bureau
Offer a clear timeline for whilst you may acquire cash
Have a demonstrated file of client delight
Demonstrate entire familiarity with kingdom laws
Provide transparent disclosure of settlement information
Recommend you to speak with a attorney or accountant earlier than you decide
Have superb purchaser evaluations on-line or with their neighborhood Chamber of Commerce
Have a low denial charge
Show balance and monetary fitness, as evidenced with the aid of a massive variety of established price purchases
You ought to never experience rushed, careworn or taken benefit of at some stage in the promoting procedure. If you do, it is able to be a red flag which you need to no longer paintings with a positive factoring employer.

Hiring a broking may additionally help you through this technique. Similar to a realtor’s role while you sell a home, a dealer will help you promote your annuity for the great charge, advocate annuity buyers they’ve labored with previously, and provide an explanation for and entire paperwork in your behalf. If making a decision to lease an annuity broking, make sure to ask about their brokerage rate and affirm they are licensed and certified.

Finding the Best Structured Settlement Quote
A key a part of selecting a consumer on your annuity is how much they provide to pay you for the proper to acquire your destiny payments. Getting a quote is loose and might without difficulty be dealt with over the smartphone. When you promote your annuity, it's miles challenge to a reduction price, or the quantity you are willing to discount your total annuity well worth by means of with a view to get cash now.

How do Buyers Develop Structured Settlement Quotes?
Buyers compare a set of ever-converting factors to give you a quote, consisting of:

How tons money is on your annuity
When your annuity bills are due
The quantity of bills you need to sell
Current marketplace rates
The score of the insurance company that issued your annuity
Cost of prices or greater expenses the coverage organisation might also price to provoke a switch
What is the Process of Getting a Structured Settlement Quote?
Getting a structured settlement quote is a bit like applying for a vehicle mortgage. For a mortgage, you provide a bank or creditor with economic facts and get an interest charge tailor-made on your state of affairs along side a charge plan.

The system for buying a quote is very comparable:

First, you offer the factoring company with your annuity facts. This can be performed via telephone or on-line form. Annuity.Org also has a calculator to help you decide the fee of your annuity.
Let them know how a whole lot of your annuity or what number of bills you’re interested in selling.
The factoring enterprise will write you an offer based on the monetary information attached on your annuity contract and modern-day marketplace prices.
High-nice based agreement consumers can also offer you a certain sum of money up the front.
Questions to Ask a Buyer
When you start to vet structured settlement clients, don’t be afraid to interview them. These questions will assist become aware of their expertise and capability to handle your case:

With what agencies are you licensed and licensed?
When does my unfastened quote expire?
How a whole lot do you provide in coins advances?
How lengthy have you ever been in commercial enterprise?
What costs are related to your buy of my annuity?
How lengthy will the selling technique take?
Will your legal professionals deal with the selling technique?
Let Us Help
We always recommend you do your personal research when investigating buyers of structured settlements or annuities. But in case you’re feeling crushed or are searching out a tried-and-genuine idea that’s already been vetted by means of enterprise professionals, we recommend our partners. Together, we’ve helped heaps of humans sell their periodic bills to get cash rapid.

If you have any more questions on how the procedure works, our pro economic professionals are usually geared up to take your call at the Annuity.Org hotline. We’re glad that will help you examine your desires and give an explanation for nuances of the annuity enterprise in greater element. If you’re seeking to get a quote over the cellphone, we are able to provide that too.

5 ways thieves steal credit card information

Thieves need simplest a minute, on occasion only a second, to pilfer your credit score card data.

“Back inside the starting, they were given the imprint of credit playing cards from the carbon copies they dug out of the trash,” says William Noonan, a U.S. Secret Service special agent previously in charge of the company’s cyber operations branch. “Technology has modified matters.”

The massive statistics breach at Equifax in advance this yr, and the 2016 breach of experience-hailing carrier Uber, which did not come to light until November 2017, are current examples of how criminals have hacked, phished and skimmed their manner into records structures, compromising the credit card records of millions of clients.

But not all credit card schemes are complicated; many are less complicated than you’d consider. Here are the maximum commonplace approaches thieves thieve your credit score card information.

Monitoring your credit file for suspicious activity is a superb dependancy. Get your credit record for free at myBankrate.Com.

1. Scheme: The restaurant ruse
How it really works: A waitress whisks away your credit card and swipes it through the restaurant’s credit score card terminal, which is out of sight. She then pulls out a skimmer, a tool about the size of an ice cube, and swipes your card thru it.

While you had been scraping the remaining of the chocolate frosting off your plate, your credit score card statistics became being stolen. The waitress returns your card with a grin. She plays that same magic trick on dozens of credit cards in every week.

The waitress may moonlight as a bartender or a retail income clerk — any region where she will take your credit score card out of sight.

2. Scheme: Duped and distracted
How it really works: Sally, Simon and Bud stroll right into a toy shop. Sally and Simon roam the aisles, at the same time as Bud waits in line to check out. When Bud is at the register, Simon comes running up to the clerk, screaming that his spouse has fainted. As Sally and Simon distract the sales clerk, Bud switches the credit card reader on the sign up with a modified certainly one of his very own. The sales clerk unwittingly collects credit card information at the modified reader. Later, the trio returns, takes back the modified reader and restores the original card reader.

This trio likely will hit different retailers and eating places. Sometimes, thieves work in pairs or by myself.

3. Scheme: The gas lass
How it really works: The fuel lass parks her automobile at a fuel station off the interstate. It’s overdue and there’s no person around except a sleepy attendant on the sign up interior. The gas lass attaches a skimmer over the credit score card reader at the pump. It’s a skimmer that emits a Bluetooth signal to a computer nearby, says Noonan of the Secret Service. The gas lass will pay, then heads to a place nearby where she can installation her laptop to retrieve the information from the compromised pump.

The gas lass installs skimmers over ATMs, parking meters, vending machines — any area with unmanned credit score card readers.

Four. Scheme: The malware masters
How it really works: Harry installs malware, a kind of software program that damages or infiltrates a computer or community, onto a legitimate website with low security. The malware instantly downloads onto your pc when you go to the website and allows Harry to access your records.

In every other state of affairs, Harry places malware on public computers and gathers the statistics you proportion with the ones computers, says Mike Urban, FICO’s former senior director of fraud product control.

Harry additionally infiltrates the computer structures of banks, outlets and different groups, and steals private account records, Noonan says.

Phil uses malware to go after your pc or pill. He sends emails with attachments that promise dancing kittens or some other bait. When the consumer opens the attachment, malware instantly downloads onto the pc and leaves private records susceptible. Phil additionally sends emails from a “familiar” sender with a link to a infected website that installs malware onto your computer. Some malware, known as adware, allows Phil to seize each keystroke, which includes passwords for your financial money owed.

5. Scheme: Data at a discount
How it works: When credit score card records finally ends up in crook fingers, it receives bought. The skimming waitress, the distraction trio and the fuel lass promote your credit card records for as little as $10 to $20, according to Dell SecureWorks.

The person who buys the statistics verifies it and then sells it to a person who creates fraudulent credit score playing cards along with your account statistics attached to it. The card maker then sells it to different criminals who purchase goods inclusive of stereos or toddler formula and promote them to normal customers.

What you can do
Set up cellular banking indicators on your telephone. That way, you could be notified of uncommon credit card interest as soon as possible.
Regularly monitor your debts on line, so that you can become aware of fraudulent transactions quicker.
Avoid public computers. Don’t go browsing to your e-mail in case your financial institution corresponds with you there. Urban suggests putting in an e-mail account only for your finances and checking it from safe places.
Avoid doing commercial enterprise with strange online providers, Noonan says. Stick to mounted merchants and websites.
If your statistics has been compromised, notify your financial establishments and nearby regulation enforcement. Ask the major credit score bureaus — Experian, Equifax and TransUnion — to installation a fraud alert for your credit reviews.

5 tips to investing in and buying gold coins

When world economies shiver and shake, gold flourishes.

Gold bullion coins, which promote within the millions weekly, faucet into the attraction of investing in gold. American Eagle and Canadian Maple Leaf gold cash have high gold purity and are effortlessly bought and bought through precious metals sellers.

Following the monetary disaster, a few investors grew to become to gold change-traded budget, or ETFs, to cash in on gold’s upward thrust. But in recent years, human beings were shifting far from them, says Barry Stuppler, founder and president of Mint State Gold, a treasured metals dealer in Woodland, California.

Why? Some ETFs don’t very own the bodily gold, rather buying and selling in a gold index. For example, the CBOE Gold Index tracks the price of gold-mining corporations. Gold ETFs can also even trade in gold futures contracts, making them risky investments, says Paul Mladjenovic, creator of “Precious Metals Investing For Dummies.”

That’s why Mladjenovic prefers gold bullion cash. The charge of the 1-ounce, 24-karat Maple Leaf approximately suits gold’s spot price and loved a meteoric upward push between 2005 and 2011, whilst the charge of gold greater than quadrupled. But what is going up occasionally comes down: The rate of gold cash has tracked the latest decline inside the fee of gold, as properly.

The disadvantage of gold cash
Before plunking down hard cash, understand that investing in gold coins may have its downside. Prices differ wildly, Mladjenovic says. “Gold coins aren’t meant for trading,” he says. “Hold them not less than three years.”

In addition, dealers generally don’t take credit score cards for gold purchases, Stuppler says. They might not receive orders unless they have got the coins in hand first. “So, you must use a bank cord or cashier’s check to pay for the coins,” he says.

Selling cash also means laboriously delivery them returned to dealers through packing them in coin protectors wrapped in bubble wrap. To music the package, ship it thru registered mail or Express Mail, or use a provider which include FedEx or UPS. The cash have to additionally be insured for his or her complete fee.

Tips on gold coins
Stick with North American coins. The Canadian Maple Leaf and American Eagle gold bullion coins are the very best to buy and sell. Outside the U.S., the 24-karat Maple Leaf regulations; internal, the 22-karat Eagle. “And the Eagle’s gold content material and purity is assured by using the U.S. Mint,” Mladjenovic says.

Indeed, American Eagle cash may even be placed into person retirement debts, or IRAs, Stuppler says.

Widely used gold cash also are easier to sell, in contrast to the South African Krugerrand and the Austrian Vienna Philharmonic gold cash. These cash are commonly sold and bought outdoor the U.S.

To compete with the purer Maple Leaf, the U.S. Mint delivered a brand new gold bullion coin, the American Buffalo, in 2006. Its 24 karats represent the purest coin ever supplied by using the U.S. Mint. But it’s now not offered and sold as often as the American Eagle, and it’s extra highly-priced. “In standard, most of the people don’t recognise approximately the American Buffalo,” Mladjenovic says.

Gold bars are even more expensive. They commonly trade in 10-ounce amounts, however promoting may be a chore. These bars may be costly to deliver lower back to the supplier.

If you buy gold coins, shop your American Eagles or Canadian Maple Leafs in a protection deposit box or a home safe instead of with a dealer. Physical possession is great to keep away from provider scams, Mladjenovic says.

Compare provider prices. Aside from the proof version, the U.S. Mint doesn’t promote American Eagle gold cash at once. But there's a supplier location tool on the Mint’s internet site. Comparing fees amongst dealers is straightforward, too, because coins promote at a top rate above gold’s spot fee, or its transport rate as a commodity. You can discover the spot fee on valuable metals trade web sites which include Monex.Com or Kitco.Com.

Paying more than 5 percent premiums for gold bullion cash doesn’t make experience, Mladjenovic says. “Aim for the bottom rate,” he says. And, avoid shopping for gold on eBay due to the fact you can get stuck in a bidding warfare.

Buy 1-ounce cash. American Eagle coins are issued in four denominations: 1-ounce, 1/2-ounce, one-zone ounce and one-tenth ounce. But the fractional cash convey higher rates above spot expenses than the 1-ounce versions, says Mladjenovic. So, it’s fine to stay with 1-ounce cash.

Avoid uncommon cash. Rare cash require extra diligence and understanding when buying them, Mladjenovic says. Two cash can also look alike but have completely exclusive grades. This distinction can upload as much as heaps of dollars. You need to lease a professional grading service and get a certificate of authenticity whilst shopping for uncommon coins — a hassle for most investors.

These expert grading services choose a coin’s bodily condition, assigning it a grade. “Buying uncommon cash is extra like an art,” Mladjenovic says.

Uncover supplier buyback rules. While thinking about gold bullion coins, discover what a dealer expenses to sell them. “Every supplier is different, and some may not price a top class,” Mladjenovic says. It pays to name and discover the coverage.

Final caution: All that glitters isn’t gold. There are many scams out there, Stuppler says. Some red flags include dealers presenting loose garage or delayed transport.

“And don’t buy from telemarketers because they price considerably better commissions,” Stuppler says.

Essential things to know when cashing old checks

Poor Nana. All she wanted to do became provide her grandson a bit spending money for his birthday every yr.

But the ones birthday exams sat in a drawer for years, forgotten and off. What’s a grandmother—and a grandson—to do whilst cashing antique tests?

Every year, untold thousands and thousands of greenbacks’ worth of exams go uncashed. It’s a commonplace enough problem that it’s been the plot of TV suggests like “Seinfeld” and “King of Queens.”

Check out the exceptional checking account charges at Bankrate.

“People placed (a take a look at) in a drawer or a stack somewhere. Then, the next day the mail comes and it gets placed on pinnacle, and it just gets lost,” says Walter Graham, leader of unclaimed assets at the Florida Department of Financial Services.

A patron who comes throughout the sort of uncashed tests faces a conundrum. While it can be feasible to coins a check that’s more than six months to a yr vintage, there are several things consumers want to recall earlier than heading to the bank with Nana’s vintage checks.

It’s as much as the bank
First things first: There isn't any tough-and-fast rule about while a test turns into expired.

The Uniform Commercial Code, that's a general set of commercial enterprise laws that governs financial contracts and has been adopted via maximum states, says that a bank does not should take delivery of a test greater than six months vintage.

Similarly, the Federal Reserve’s Regulation CC says a financial institution does now not need to deposit a take a look at if it has reasonable doubt—such as if the check is old—as to whether or not the paying financial institution can pay the money.

However, a bank can pick to go in advance and coins that check if it feels the take a look at is being provided “in top faith.”

“The statute says you’re not required to clear an item. It doesn’t suggest you received’t,” says Rob Delaney, president and CEO of Gold Coast Federal Credit Union in West Palm Beach, Florida. He says Gold Coast commonly doesn’t receive a personal check dated greater than 6 months in the past, however provides: “There’s wiggle room. If it’s some days (after the 6-month cutoff), we’ll take delivery of that.”

Not so null and void
Even expiration dates written on checks, such as “void after 90 days,” may be not noted on the financial institution’s discretion. “There is no UCC provision that specifically addresses validity of take a look at expiration dates,” says Mike Townsend, spokesman for the American Bankers Association.

Graham says many people mistakenly take those “void after” dates as cut-off dates which can be strictly carried out whilst cashing vintage checks.

“Some people believe, ‘Oh, my Lord, I waited one week too long and now I lost out on that cash,'” Graham says. “Just due to the fact I have a test that asserts ‘void’ after a sure amount of days, that money continues to be owed to me.”

Cash at your peril
However, gambling on whether a bank will be given an antique test is a unstable sport. Consider this: Is it really worth risking a capability price if the $15 birthday check from Grandma bounces?

Many banks price a “deposit item back” charge to consumers who try and deposit checks that leap. That price varies; consumers may want to pay a few bucks or $30 or greater, depending at the account and the financial institution. The banks’ reason is that the customers receiving the exams are within the nice function to know whether or not a test is good.

Before trying to deposit an old check, do not forget wherein it comes from and the way likely you think the check is to bounce or that the giver has put a stop-fee order on it. Is that bank account of your neighbor in all likelihood to still be open or have enough money to cover the take a look at? What approximately that test you bought from a business enterprise in your freelancing work?

If you’re no longer positive whether the take a look at may be cashed, it’s regularly better to move returned to the take a look at creator and ask that a brand new test be written.

Find checking bills with the very best yields at Bankrate.Com.

Check-cashing etiquette
There are also crucial etiquette questions in relation to cashing old assessments, says Jacqueline Whitmore, an etiquette expert and founder of The Protocol School of Palm Beach in Palm Beach, Florida.

By delaying cashing a check, the giver can be struggling to stability an account, she says. Or, perhaps the giver has forgotten about the take a look at and no longer has sufficient money in the account to cowl the test. Cashing it with out telling the giver could suggest overdrawing that man or woman’s account and forcing her or him to pay overdraft expenses.

That’s what occurs in a single “Seinfeld” episode. Poor Nana’s checking account receives overdrawn whilst Jerry makes a decision to cash all the antique birthday assessments he’s obtained from her through the years.

Whitmore says it’s first-rate to contact the person that wrote the test “and say some thing like, ‘I found a take a look at you gave me six months in the past. It must are becoming misplaced within the shuffle. Is it too overdue to cash it? I make an apology for the inconvenience,'” Whitmore says.

It can also feel awkward to make that call, however honesty is the first-class policy, Delaney says. “A lot of times, the individual that wrote the check is thinking why you didn’t cash it,” he says. “People might also get indignant at you due to the fact you haven’t cashed a take a look at, love it’s insignificant (to you).”

Whitmore says that it’s also all proper for the giver to name a test recipient and ask whether he or she obtained a test if there’s a put off in the recipient cashing it. She indicates ready no extra than ninety days to make that name.

How to become a millionaire in 7 easy

You might imagine you’ll never get rich unless you hit the lottery, win large in Las Vegas or come right into a huge chew of family money.

But turning into a millionaire is inside reach for people who start young and develop the proper behavior. And all and sundry at any age can increase the trends that growth wealth and reduce debt.

7 steps to turning into a millionaire:
Develop a written monetary plan.
Save, store, shop.
Live beneath your method.
Lay off the credit.
Make your cash be just right for you.
Start your own commercial enterprise.
Get expert advice.
“Debt holds people back,” says Jason Flurry, Certified Financial Planner expert and the founder and president of Legacy Partners Financial Group in Woodstock, Georgia. “They purchase liabilities and that they make those payments forever.”

Here’s his quick advice for putting your self on a course in the direction of a seven-figure internet well worth: Spend less than you make, live a modest lifestyle and don’t let every enhance push you up the way of life ladder.

It’s a matter of choices
That doesn’t imply you ought to beautify your property with cheap plastic lawn fixtures, forgo cable TV and dine on mac and cheese each night time.

But do you actually need to buy a car that’s so pricey, or do you have to have that 60-inch, high-definition TV right now?

Many folks that pick out wealth over stuff wouldn’t remember spending money on the “modern and greatest” because they recognize their cash can be put to better use some place else.

Buying a “liability” would possibly motive them strain due to the fact they’d instead buy an asset — something a good way to respect over the years and supply them a return on their funding.

Flurry says he has a tough time getting a number of his older customers to spend their cash.

“They’ve been savers all their lives and the notion of spending $5,000 or $10,000 on a holiday is ridiculous,” he says. “It doesn’t count that they’re worth $three million.”

With help from folks who propose humans already at or over the million mark, we’ve give you these seven steps to becoming rich.

1. Develop a written economic plan
Saying you need to be wealthy isn’t exact enough. You need to provide you with a attainable plan and positioned it on paper.

“The written plan forces you to do some thing,” says Stewart Welch of The Welch Group in Birmingham, Alabama.

“Calculate what you want to earn and the way to invest. The plan isn’t just the purpose, it’s the whole thing — the dream, the goals, the alternatives.”

The alternatives, he adds, are “state of affairs making plans” — all of the methods you may do so goal, together with starting a Roth IRA or contributing to a 401(ok).

2. Save, store, save
The give up result of your monetary plan have to be systematic investment. Get inside the addiction of saving cash. Build an emergency fund in a cash marketplace account so you don’t should raid the relaxation of your financial savings and investments whilst an sudden main expense arises.

Make a point of saving at least 1/2 of each pay increase.

3. Live beneath your approach
Don’t be a taking walks billboard for overpriced dressmaker clothes, footwear, sun shades or jewelry.

And, don’t permit your property or vehicle bills to be price range-busters. Use Bankrate’s mortgage calculator to determine how a great deal residence you could really manage to pay for.

Four. Lay off the credit
Some humans say that if you could consume it or put on it, don’t positioned it for your credit score card. That’s exact recommendation, however take it in addition. Try not to put whatever on your playing cards that you can’t pay off in  or 3 months.

You want simplest one or two credit score cards. If you've got a fistful, pay them off. Remember, debt holds you back.

“It reduces coins drift for different things, such as investing,” Welch says. “If no one gave you cash to borrow, you’d be better off.”

5. Make your cash give you the results you want
It takes money to make cash, but that doesn’t imply you want a lot to make investments.

Open an account with a mutual fund agency that has no-load finances and occasional fee ratios. Build a various portfolio, and you could moderately count on to earn eight percentage to 10 percentage annually to your investments over the lengthy haul.

6. Start your personal business
In their book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” authors Thomas Stanley and William Danko say that -thirds of millionaires are self-hired, and that marketers represent the general public of that organization. The rest are experts, which includes medical doctors and accountants.

Entrepreneurs create maximum of the u . S . A .’s wealth. Most millionaires within the making — eight out of 10 — earned or extended their assets on their very own, a survey by way of Fidelity Investments found. That holds authentic for real millionaires as properly.

7. Get expert recommendation
A good monetary planner can help you fill your portfolio with the right investments and sell off the incorrect ones. You don’t need to relinquish manage, however you do need to shape an awesome courting with an professional on this complicated area.

According to every other Fidelity survey, extra than 6 out of 10 millionaire traders use economic advisers to assist manipulate and guard their wealth.

Maybe locating the proper adviser should tip the scales closer to the seven-discern milestone. If you can’t have enough money to have a financial planner manage your money, many will assessment your portfolio and make recommendations for a one-time charge.

Bankrate’s “Save 1,000,000 greenbacks calculator” can show how long it's going to take with a purpose to attain your massive aim.
Are Your Company Departments At War With Each Other?

Are Your Company Departments At War With Each Other?

Company is a mechanism - even if separate parts work well, it doesn’t guarantee the organization as a whole functions efficiently. Today we will discuss one of the most common issues that can be potentially holding your business back. As soon as any company has more than 2 employees, cross-department or cross-functional conflicts are inevitable. The bigger the company, the more strained cross-department relations hamper its growth.

In this article we prepared the most common causes of interdepartmental conflicts and strategies to prevent them.

Break system barriers 
As if human communication is not complicated enough, business operating systems might create barriers that don’t let the team collaborate efficiently. Competing goals, vague roles or broken business processes are typical examples of possible system barriers.

A business process refers to a wide range of structured activities that are implemented to accomplish an organizational goal. As business processes can be manual or automated, involve several people or even departments, challenges are pretty predictable. For example, your designer didn’t make the graphics on time and the whole team failed to meet deadlines, your development team didn’t release necessary updates and your sales dropped or you lost a big contract as a result of a silly logistic mistake. Sounds familiar, right? According to the article in such bottlenecks in your business processes cause low morale of your team (59,5%), missed deadlines (53,7%), angry customers (42,6%), and lost revenue (36,3%).


Broken business processes usually stem from inefficient labor or scarce resources. But it’s not so easy to see where exactly your business process slows down and the root causes of these issues. A proper Business Process Management (BPM) software can help you make your business processes transparent, you will be able to see the bottlenecks and eliminate them.

Fight tunnel vision 

When you work in a startup with 2-3 colleagues, you are well-aware of their roles and functions in the company. But the more people you work with, the vaguer is your understanding of what your colleagues are actually responsible for. Too many departments, too many people… Employees fail to see the big picture, management becomes more and more formal. All in all, it creates a silo mentality – each department knows only their own role in the company, but they are reluctant to share information with other departments or not really willing to listen to their suggestions on how to improve. As a result, the whole company suffers from poor communication, employees have no idea what their colleagues in other departments do and how much time one or another task might take.


Cross-department boundaries are difficult to breach. Besides general strategies to keep your team motivated and engaged, there are new HR practices, such as cross-training, job-shadowing and job rotation. Cross-training provides employees with possibilities to learn new skills outside their usual duties. Alongside improved morale, increased employee flexibility and productivity, cross-training enables your team see the aspects of work their colleagues do. Job-shadowing is not only a career-exploration activity, it is a popular on-the-job learning technique. Your employees see the challenges their colleagues have to deal with every day. Job rotation is a method used in some companies to keep their employees motivated, make them learn new skills and see the bigger picture. All in all, these techniques help employees breach cross-department boundaries and improve the collaboration in the company.

Improve interpersonal relationships

No matter how good your business processes are, you can forget about efficient collaboration if your employees don’t like each other. You might say that it is difficult to control interpersonal relationships in a team. However, you can do a lot to facilitate the communications and make your employees “more likeable”.


Apart from system barriers, there are physical barriers which don’t allow your team to collaborate. Make sure that your working space has some break rooms where people can communicate without fear of disturbing their colleagues. Surprisingly, break rooms increase productivity and creativity, not speaking about improved health and wellbeing of your employees. Team members have a chance to get to know each other outside their professional duties and it greatly improves their tolerance and readiness to collaborate with each other. It’s also very useful to hold regular teambuilding events and encourage your staff to spend some time together out of work hours. Finally, yet importantly, consider your company culture every time you hire a new person. Diversity is great, but your new hires should share your company values and be on the same wavelength with the rest of the team.

Building strong relationships across departments takes time and effort. But once you manage to achieve it, your efforts will be rewarded by enhanced collaboration, greater efficiency and smoother business processes.

Bitrix24 is a free Business Process Management (BPM) software with a set of standard business processes (leave requests, business trips, expenses, purchases, general requests, internal helpdesk). Use promo code TIP10 when registering your free Bitrix24 account to get extra 10GB. 
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