Scale up community OneEleven is expanding. The expansion will make the Toronto location of the global scaleup hub one of the largest in the world.
This September, OneEleven will expand its 325 Front. St. West location by taking over another floor in the building, bringing its total Toronto footprint to 100,000 sq. ft. The expansion will allow OneEleven to support more deserving scaleups in the region.
Room to scale
35 of the city’s fastest-growing technology companies currently use OneEleven’s space. The added 50,000 sq. ft. of space will allows for an additional 13 offices, to accommodate teams ranging between 30 to 50 people, along with open plan seating for smaller companies.
In a press release, OneEleven founding partner and CEO of OMERS Ventures John Ruffolo spoke to the benefits of the added space at the Toronto location:
“There are few alternatives available to companies in this phase of growth beyond mentorship, word of mouth, and experience. We believe that OneEleven is well-positioned to build the number one scaleup ecosystem in the world by expanding its existing Toronto footprint and replicating the success of its headquarters in the world’s top startup ecosystems.”
As well as expanding in Toronto, OneEleven is opening a space Ottawa in July and is looking to expand into Vancouver, London, Berlin, Boston, and beyond. Companies interested in joining the OneEleven community of scaleups can apply at http://www.oneeleven.com/apply/.
What does OneEleven bring to the table?
OneEleven focusses on providing support and community resources to high-growth tech companies when they most need it. Scaling up is never easy, and getting help during the crucial transition from the Seed Stage to Series A funding can be crucial. That’s why OneEleven brings together first-time and repeat entrepreneurs with a ‘pay-it-forward’ mindset to help scale their high-growth tech companies together.
The scaleup hub focuses on providing a highly-connected global network and tailored resources including access to expert advice, world-class workspaces, technology, and specially-designed services to support sustainable growth. With the support of corporate partners like Royal Bank of Canada, OneEleven has helped 60 rapid-growth technology companies and is on track to support 100+ by the end of 2018.
“What is unique about OneEleven, and why we are seeing so much demand in Toronto, is that we focus entirely on the unique needs of scaleups,” said Dean Hopkins, Chief Growth Officer at OneEleven in a press release. “Our ecosystem partners have done such a great job of supporting startups that many Toronto ventures are now transitioning to scaling. This is where we come in.”
Recently, OneEleven and DXJournal launched #ScaleStrategy, a co-developed editorial series to deliver insights for entrepreneurs and intrapreneurs. The ongoing series will cover the kind of innovative and disruptive advice that scaleups can expect from the OneEleven community.
10 tips for managing payroll for small business owners
It’s essential to closely manage company payroll in a way that best suits your specific business needs and supports your employees. Given the complexities of state and federal taxes and the importance of paying your staff on time, keeping good records sets you up for success as your business grows—whether you’re bootstrapping a startup or managing a team.
Buddy Punch leveraged a collection of expert sources to compile a list of ways small business owners can create and maintain a bulletproof payroll system. Central to these insights is the goal of building a secure and accessible payroll system that protects data and allows employees to access their personal information.
Small businesses may have to outsource specific parts of their payroll systems to experienced professionals to ensure compliance, while smaller companies can delegate these tasks to an individual. Keep reading to learn more about wise management of payroll systems, from picking the right software to staying in compliance.
Kaspars Grinvalds // Shutterstock
Select appropriate payroll software
Payroll software is far from one-size-fits-all, and there are several factors at play to keep in mind while shopping around.
From the ease of use and features to integrations and support, there are plenty of options to choose from. It’s wise to start by considering the number of employees at play before making a decision. Will you or your team be able to keep up with the demand for updating employee records? Remember that if you have remote employees, you’ll be responsible for their state and local taxes.
In addition to the number of employees, small business owners should consider what benefits are offered, when payroll will be executed, and who will administer it. Other factors—including the payroll budget itself—are worth keeping in mind to ensure the system you select will be right for your company.
Rawpixel.com // Shutterstock
Create a payroll calendar
No matter which kind you use, calendars are part of our daily lives—and there’s no exception for a small business. A payroll calendar considers the pay periods and can track important IRS tax filings. Knowing what is due at a particular time allows payroll managers to plan and schedule payments to the government promptly and effectively.
Using a payroll calendar also helps a business manage available funds for payroll each pay period. If you decide to DIY your payroll calendar, consider using a template to organize employee pay and tax filings.
Rostislav_Sedlacek // Shutterstock
Hire a payroll administrator
While some small businesses can get by managing their own payroll, there are times when outsourcing or hiring a payroll specialist or administrator may be necessary. A payroll administrator will keep the business up to date on tax regulations and employee changes and updates.
When hiring for this role, look for people knowledgeable about payroll laws, regulations, and taxes. Knowing when to hire a payroll administrator will depend on how many employees you have and if you support remote workers. Whether you decide to outsource or do it yourself, you’ll need someone to provide quality checks on your processes.
Natee Meepian // Shutterstock
Keep payroll and operating expenses in separate accounts
The adage “Don’t put all your eggs in one basket” applies to managing payroll for your small business. Keep your bank account for payroll separate from your general operating expenses. Doing so will help your accountant track transactions and keep records updated.
See if your current bank can add another account for payroll with no added costs. While it may appear easier to keep all of the accounts connected, you’ll have more to manage as your business grows. Start out with a payroll clearing account to maintain financial security and allocation.
mavo // Shutterstock
Never dip into payroll tax funds
There are huge implications with the IRS for not paying payroll taxes. Although some businesses may need the money to take care of other business expenses, it’s never a good idea to borrow from your business’s tax funds. One option that small business owners may consider is taking out a loan to cover miscellaneous expenses rather than using payroll funds and risk missing important tax payments.
If your company uses payroll tax funds to pay for other operations, it may be time for a business audit. Consider creating a rainy day fund for your business to discourage any payroll account dipping.
docstockmedia // Shutterstock
Document your payroll process
Sweat the small stuff. No matter the size of your small business, keeping good records will serve your business well in the long run.
From one employee to multiple, it’s critical to keep meticulous records. The IRS expects you to maintain payroll records for at least three years. A well-documented process will help your business comply with tax laws and keep track of your employees’ pay and updates.
If you are the sole employee of your business, make it a habit to record everything: This process will allow you to see the overall health of your business and allow for future planning.
RAGMA IMAGES // Shutterstock
Develop a thorough timekeeping system
Setting up a good digital system to track your employees’ time is crucial in making your business more efficient. Accurate timekeeping will help with accounting and payroll records—and there are plenty of resources that make the process easier.
Some low-cost options work with other business tools to streamline the process of payroll compliance. Consider outsourcing payroll timekeeping to meet the demands of your growing workforce.
Andrey_Popov // Shutterstock
Talk to employees about what works and what doesn’t
For young businesses, polling employee preferences can help settle certain payroll options. Some workers prefer biweekly pay periods, but others—often hourly employees—may prefer to be paid weekly. Take the opportunity to ask your employees what works for them and structure your system accordingly.
NIKCOA // Shutterstock
Keep employee info well-organized and secure
Protecting small-business payroll data is just as important as protecting data files, and secure systems will do both. Employees can access their payroll system to update records and view pay stubs, which should be made available through payroll system training. Ensure the integrity of your business by protecting your employees’ data. Implementing a strong payroll system includes limiting who has access to sensitive employee data.
JIM WATSON // Getty Images
Keep up with state, local, and federal payroll rules
Staying updated on payroll rules can keep your business running smoothly without the stress of audits or fines. Payroll systems will manage this for you.
For a business without the capacity or expertise to track local and federal changes, business owners should consider outsourcing this work to a contractor who can. Subscribing to local and federal mailing lists may be useful to stay abreast of new updates.
This story originally appeared on Buddy Punch and was produced and
distributed in partnership with Stacker Studio.
Are the days of ‘Big Tech’ on their way out?
“These are cost-cutting measures, but if you talk to people in tech, they’re sort of emotional, cultural resets as well,” explains tech reporter Peter Kafka in podcast.
Silicon Valley is having a bit of a rough go lately.
Layoffs at some of the biggest tech companies — 10,000 at Amazon and 11,000 at Meta for starters — have hit the sector hard, and there’s an air of downsizing all around. This means that in addition to letting staff go, even all those perks that many startups and long-established companies alike have used to lure top tech talent — think offices with stocked fridges, gyms, and shuttle services — have been reined in.
A recent episode of Vox’s podcast Today, Explained dove into what’s happening in the tech world, speaking to Peter Kafka, a tech reporter at Recode.
Here are three highlights from the conversation:
On the current landscape as an “existential shift”
I think most people who are working in tech have only been there during boom times. The last real deflation in tech was all the way back in 2000, 2001. There’s almost no one working in tech now who was around for that. So if you’ve been working in tech, you’ve only known things going up and to the right. You got paid a lot. There were always companies who wanted to hire you away from the company you were at, so you got paid even more. You knew that you could leave Facebook or Google and go to a startup, and if that startup didn’t work, maybe it would get bought by Facebook or Google.
And all of that comes to a record-scratch stop this year.
On the lack of growth in the sector
Yes. There’s a bigger story that goes back a couple of decades. These tech companies, Google, Facebook, Amazon, and Apple all had crazy, crazy, crazy growth. They were selling tons of ads. They were selling tons of iPhones. They reflected a big change in the way the world used technology. They were at the front of that. They got rewarded for that.
But those companies aren’t growing at the same rate anymore. Many of them are pretty old now — or their main product is pretty old. The iPhone is 15 years old. Google’s main search ad business is 20 years old. YouTube is 15 years old, more or less.
On the “fable and myth” of Silicon Valley
Yeah. I don’t want to be pollyannaish about this because people are losing jobs. And people are going to have a harder time paying rent or mortgages or feeding their families. But it’s part real and part fable of Silicon Valley to have this creative destruction where old things get taken down. New, cool things get built in their place. It’s part of the fable and myth of Silicon Valley that has a great deal of truth to it as well.
And so there’s lots of folks saying, “All right, we’re going to go make something new. By the way, we made a bunch of money in the last couple of years, the last 10 years. We can afford to not be working at a Big Tech company for a while. Let’s go cast around for a new idea.”
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
Jobs where you’re most likely to be single at 40
Ever felt like your job was holding you back from meeting that special someone? You may be right.
To determine jobs where you’re most likely to be single at 40, Stacker analyzed data from the 2021 American Community Survey, powered by the Census Bureau. The percentage of never-married respondents was calculated by dividing the number of respondents who had never been married by the total respondents for a given occupation; this metric ranks the list.
Similarly, the percentage of single respondents was calculated by dividing the sum of the respondents who reported they were never married, widowed, divorced, or separated into the total respondents for a given occupation. Inevitably, there is overlap between those who said they were never married and those who are considered “single.”
Perhaps not surprisingly, many of these occupations are in the service industry, likely because employees in the service industry work long hours, evenings, and weekends and may not have time outside of work to find a partner. However, some blue-collar jobs also made the list.
The reality is that more people than ever are choosing to remain single longer, regardless of occupation. The Centers for Disease Control and Prevention found that the marriage rate fell from 8.2 marriages per 1,000 people in 2000 to 5.1 marriages per 1,000 people in 2020. People delay marriage for numerous, wide-ranging reasons, from feeling unprepared financially to not wanting to settle down.
Meanwhile, the number of unpartnered people continues to grow. The Pew Research Center found in 2019 that nearly 1 in 3 adults between 40-54 were unpartnered, compared to 1990 (almost 1 in 4).
Keep reading to discover the jobs where you’re most likely to be single at 40.
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– Percent never married: 56.96%
– Percent single: 70.45%
#29. Food servers, nonrestaurant
– Percent never married: 57.27%
– Percent single: 70.38%
– Percent never married: 57.5%
– Percent single: 73.1%
#27. Tour And travel guides
– Percent never married: 58.19%
– Percent single: 66.59%
Olena Yakobchuk // Shutterstock
#26. Transportation service attendants
– Percent never married: 58.91%
– Percent single: 69.92%
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#25. Cleaners of vehicles and equipment
– Percent never married: 59.14%
– Percent single: 71.05%
Yevhen H // Shutterstock
#24. Parking attendants
– Percent never married: 59.37%
– Percent single: 70.06%
Jacob Lund // Shutterstock
#23. Stockers and order fillers
– Percent never married: 60.3%
– Percent single: 71.93%
#22. Veterinary assistants and laboratory animal caretakers
– Percent never married: 60.84%
– Percent single: 67.19%
Tyler Olson // Shutterstock
#21. Ushers, lobby attendants, and ticket takers
– Percent never married: 61.38%
– Percent single: 73.53%
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– Percent never married: 61.45%
– Percent single: 74.78%
ephyr_p // Shutterstock
#19. Helpers, construction trades
– Percent never married: 62.48%
– Percent single: 70.51%
DenisProduction.com // Shutterstock
#18. Food preparation workers
– Percent never married: 62.52%
– Percent single: 75.17%
Bumble Dee // Shutterstock
#17. Military-enlisted tactical operations and air/weapons specialists and crew Members
– Percent never married: 62.8%
– Percent single: 67.08%
#16. Food preparation and serving-related workers, all other
– Percent never married: 63.76%
– Percent single: 70.03%
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– Percent never married: 65.88%
– Percent single: 78.08%
#14. Recreation workers
– Percent never married: 66.2%
– Percent single: 75.92%
#13. Dining room and cafeteria attendants and bartender helpers
– Percent never married: 66.83%
– Percent single: 77.07%
#12. Solar photovoltaic installers
– Percent never married: 67.%
– Percent single: 76.26%
– Percent never married: 67.04%
– Percent single: 72.93%
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Mangostar // Shutterstock
#10. Unemployed, with no work experience in at the last 5 years or more
– Percent never married: 68.88%
– Percent single: 79.78%
Note: This refers to those unemployed with no work experience in the last five years or earlier or those who never worked
#9. Waiters And waitresses
– Percent never married: 69.95%
– Percent single: 79.64%
Evgeniy Kalinovskiy // Shutterstock
#8. Dancers And choreographers
– Percent never married: 70.63%
– Percent single: 78.34%
– Percent never married: 70.95%
– Percent single: 81.66%
Oleksandr Nagaiets // Shutterstock
#6. Other entertainment attendants and related workers
– Percent never married: 71.16%
– Percent single: 79.38%
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#5. Umpires, referees, and other sports officials
– Percent never married: 71.62%
– Percent single: 77.28%
FXQuadro // Shutterstock
#4. Residential advisors
– Percent never married: 80.53%
– Percent single: 87.76%
#3. Fast food and counter workers
– Percent never married: 82.68%
– Percent single: 87.63%
#2. Hosts And hostesses, restaurant, lounge, and coffee shop
– Percent never married: 83.88%
– Percent single: 89.06%
Bigflick // Shutterstock
Protective service workers
– Percent never married: 90.1%
– Percent single: 92.13%
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