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8 PRINCIPLES OF EFFECTIVE RISK (OVERSIGHT) MANAGEMENT

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While risk management has always been an important component of the board’s agenda, the devastating financial crisis taught everyone just how critical it is. In recent years, several boards have taken a hard look at their membership, how they operate, and whether their activities and the information to which they have access are conducive to effective risk oversight.

This article suggests concepts to help boards improve their monitoring of the company’s risk management.

1. Recognize the company’s key success factors.

Understanding the business and industry, what drives value creation, how the business model works, and the significant concerns affecting the organization are essential for an effective risk management strategy.

2. Evaluate the risks associated with the company’s strategy.

This concept and the one preceding it are linked since they both focus on understanding the corporate strategy and the risks that come with it. This understanding gives a context for distinguishing the ordinary, continuing hazards of business management to identify the risks that truly matter.

3. Define the risk oversight role of the full board and its standing committees.

This is an important notion for directors to remember as they work together to explain risk supervision responsibilities for the full board and the various standing committees.

4. Determine whether the company’s risk management system, which includes people and processes, is appropriate and has adequate resources.

Risk is frequently an afterthought in planning, and risk management is an afterthought or “side activity” in performance management. This principle tackles concerns such as appropriately positioning the chief risk officer or an analogous executive to support the board’s oversight activities. It considers the sufficiency of various aspects of risk management, such as sourcing, measuring, mitigating, and monitoring risk through suitable policies, processes, people, reporting, techniques, systems, and data.

5. Collaborate with management to understand and agree on the types of risk information required by the board.

This principle is still a source of contention for many boards. Directors suffering from information overload must focus more intently on actionable data. Whether or whether quantitative models are used, reporting should provide many viewpoints on a given risk.

6. Keep a close eye on potential threats to the company’s culture and incentive structure.

This theory also leads to another financial crisis lesson: a company’s culture and incentive compensation structure can potentially influence risk-taking behaviors, decisions, and attitudes.

Because they reflect the shared values, goals, practices, and reinforcement mechanisms that embed risk into an organization’s decision-making processes and risk management into its operating processes, culture and incentives serve as the glue that holds all elements of the risk management infrastructure together.

7. Keep track of critical strategy, risk, controls, compliance, incentives, and people alignments.

This principle emphasizes the need of aligning important pieces to get everyone and everything on the same page—people, processes, and the organization. Without alignment, there is a possibility of a gap between a company’s strategy and its execution, which can be costly and harmful.

8. Evaluate the board’s risk oversight processes regularly:

Do they enable the board to meet its risk oversight objectives? The last principle calls for the risk oversight process to incorporate the best practice of periodic board self-evaluations.

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6 STEPS TO CREATING A PAYROLL SYSTEM

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It is difficult to administer the payroll management system as compliance laws and regulations change. Startups and small firms, in particular, face significant difficulties in documenting and processing payroll. However, you must be familiar with payroll operations. Here is a step-by-step guide to developing a payroll administration system for your small business.

Select the best payroll software.

To begin, select the best payroll software that meets your payroll requirements. How do you pick the best payroll software?

  1. Make a list of your non-negotiable requirements.
  2. Look for the type of payroll system you require (based on your industry).
  3. Examine the market’s price plan alternatives.
  4. Request a FREE trial of some prospective payroll software.
  5. Choose the best one.

Choosing a payroll software solution can also help you keep an orderly record of all the data.

  • Compile payroll information

Following that, you choose the best payroll software, containing all of the information your payroll system requires.

Set up your payroll using the following information:

  1. Make an employee identification number (EIN)
  2. Obtain a state tax ID number for your employee’s location.
  3. Plan the payroll procedure (monthly, weekly).
  4. Calculate employee working hours using a time tracker.
  5. Create a business bank account to handle salary reconciliation.
  6. Gather your employees’ banking information.
  • Determine the gross and net pay

Now that you have all of the information needed to execute payroll, you can start calculating paychecks. Collect timesheet data, including overtime, and determine whether or not your payroll software connects with time tracking software.

Now compute the gross pay, minus any tax deductions and health benefits. To calculate net compensation, subtract payroll deductions from gross pay.

  • Include the employer’s payroll taxes

Employers must pay taxes depending on employee remuneration, such as the Federal Unemployment Tax (FUTA), State

Unemployment Tax (SUTA), and other municipal taxes.

  • Construct a payroll input system.

Employee wages, payroll taxes, and payroll deductions are all included. Attach the paystubs to your paychecks regardless of the mode of payment. Employees can then cross-check for errors.

  • Record the compensation terms.

Following payment, check for tax payments every quarter to ensure that you are paying state taxes on behalf of employees who live in another state. Your staff will require a state tax ID for this, which you can obtain from the relevant state tax website. The first payment must usually be made personally.

INCREASING IMPORTANCE OF CORPORATE GOVERANCE

INCREASING IMPORTANCE OF CORPORATE GOVERNANCE

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Corporate governance is the structure that defines the business relationships that exist, between company shareholders, management teams, the Board of Directors, and all other relevant stakeholders. Corporate governance comprises the social and institutional components of a business. Simply described, it is the system in charge of directing and managing companies.

There are several reasons why corporate governance is important, but let’s start with the most obvious.

The Importance of Corporate Governance

Strong and effective corporate governance contributes to the development of an integrity-driven company culture, which leads to improved performance and a more sustainable corporation overall. Essentially, it exists to raise the accountability of all individuals and teams within your firm, striving to prevent mistakes from occurring in the first place.

It is one thing to have operational corporate governance; it is quite another to have effective operational corporate governance. Here are pointers to establishing a functional and effective corporate governance system.

1. Recognize that effective governance is more than just compliance.

Boards must strike a balance between conformance (compliance with legislation, regulation, and codes of practice) and performance components of their work (i.e., improving the performance of the organization through strategy formulation and policy making). A board must develop its position and understanding of the primary functions it performs, in comparison to those performed by management as part of this process.

2. Keep track of organizational performance

Monitoring organizational performance is an important board duty, and maintaining legal compliance is a big part of that. Both ensure that corporate decisions are in line with the organization’s strategy and the expectations of the owners. This is best accomplished by defining the organization’s primary performance drivers and developing appropriate measurements of success.

3. Recognize that risk governance is a board responsibility.

Another critical responsibility of the board is to establish a solid system of risk oversight, management, and internal control. Effective risk management promotes improved decision-making by providing a greater understanding of the risk-reward trade-offs that all organizations encounter.

4. Establish and sustain an efficient governance infrastructure

Because the board is ultimately responsible for all of an organization’s activities and decisions, particular policies to guide organizational behavior must be in place. It is also crucial for the board to adopt delegation procedures to guarantee the line of duty between the board and management is clearly defined.

5. Evaluate board and director performance and look for ways to improve.

If boards are to govern effectively, they must be cognizant of their own strengths and flaws. Board effectiveness can only be measured if the board evaluates its own performance as well as that of individual directors on a regular basis. A board and director evaluation can result in improvements to areas as broad as board processes, director skills, competencies, motivation, and even boardroom relationships.

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How To Recover Company Information

HOW TO RECOVER FROM A DATA BREACH

HOW TO RECOVER COMPANY INFORMATION: TIPS FOR DATA RECOVER.

How To Recover Company Information

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Tips For Data Recover

In the twenty-first century, data is at the heart of most company activities. Considering this, every company should have a fundamental grasp of the significance of internal information recovery, should anything happen to the information they rely on. To secure information or to retrieve it if it is lost or damaged, there are frequently easy, doable procedures that may be performed. There are crucial measures that businesses may take to protect data. It is occasionally required to consult data recovery experts. Businesses however ought to be capable of managing the safeguarding and data recovery procedures on their own.

Here are a few pointers that will be useful in the event of a data breach:

  1. Safeguarding Against Data Loss – Data loss may be emotionally taxing for a business, particularly if it’s vital to operations or if it involves sensitive information that clients have trusted you with. The fact that the entire business is dependent on this information, terror is a totally understandable reaction if it goes. However, it’s not always a good one. You can take measures to aid in the first prevention of data loss. This is a crucial starting point.
  2. Plan for Data Loss – What would you do if your business lost vital operating data? When you’re not under the natural strain that comes with this issue, it is the perfect moment to think about this. You can prepare a contingency plan in advance with detailed instructions for such an occasion. You can download free data recovery software on your computer in advance if you want to. Although these tools’ capabilities are restricted when compared to a data recovery business, they would add an extra layer of security.
  3. Create backups on an external hard drive or flash drive – It is safer when crucial operational data is spread across several places. Comfort can be derived from knowing your data is backed up, if you make it a practice to do so daily, weekly, or monthly. Knowing that your data is stored in other places in case your computer breaks down can help you avoid the initial fear. This can mean the difference between being able to carry on with your daily operations and not.
  4. Cloud Storage – This is a simple approach to storing data in a location that won’t be affected by things like hackers, damaged hardware, corrupted hard drives, or broken gadgets. There is a reason why so many manufacturers of computers and mobile devices provide their own brand of cloud storage. There have been concerns raised regarding the security of data stored in the cloud, however, most platforms use encryption—a sophisticated technique that encrypts and safeguards data.
  5. Software and Tools for Data Recovery – When you know where to look and how you can usually find your files. There are options for data recovery as long as they weren’t destroyed or removed using a secure data deletion program. In many cases, it is possible to locate and recover files even after they have been removed from the recycling bin. The majority of the file still exists unless it has been totally replaced with new data. With the use of free data recovery software, lost data may frequently be restored, but the procedure is frequently time-consuming and complex. Although the software has a chance to be useful, there are risks involved if you don’t know what you’re doing.
  6. Professional data recovery is essential since data loss may be fatal for a company. As a result, many firms shut down. Your operations must recover quickly and completely to remain operational. A company that specializes in data recovery has probably encountered a situation like yours. They frequently find novel ways to obtain data that was previously assumed to be unavailable.

Lastly, always keep in mind that data is the foundation of your company. Your company depends on it to survive and thrive. For companies searching for a speedy turnaround, professional data recovery specialists offer the most dependable solution. They frequently have the most creative recovery methods and can deliver the finest outcomes.

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HOW TO RECOVER FROM A DATA BREACH

HOW TO KEEP COMPANY INFORMATION CONFIDENTIAL

5 Ways Human Capital Management Will Benefit Your Company

How-To-Recover-From-Data-Breach

HOW TO RECOVER FROM A DATA BREACH

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Data Breach – How to recover from Data Breach.

Over N127 billion is lost yearly to internet fraud in Nigeria, this amount represents 0.08% of Nigeria’s gross domestic product. For businesses, the Internet is a minefield, and you might someday become the victim of a data breach. You’ll need to take rapid action to avert calamity if that occurs. The next actions must be taken right away to increase your chances of surviving.

Immediately Following a Data Breach: What to Do

In 2021, approximately 71 percent of Nigerian organizations were hit by ransomware, while 44 per cent of the affected firms were forced to pay ransoms to get their data back, according to a new report by Sophos, a United Kingdom-based cybersecurity solutions firm.

You will be shocked to know that as of Dec 12, 2021, there is no requirement to report data security breaches or losses to the authorities or to data subjects under the NDPR. However, the Framework mandates Data Controllers to notify NITDA of Personal Data breaches within 72 (seventy-two) hours of becoming aware of the breach.

Time is of the essence when it comes to a data breach. Immediately take these actions to recover from a data breach.

  1. Verify the Breach: One survey of SOC professionals found that up to 50% of breach reports are false positives, meaning that no breach had occurred. It might take a lot of time and money for a security team to investigate false positives. As a result, before putting together a task force, always have your security staff validate that a breach occurred.
  2. Create a task force to address the issue: Create a team to deal with the breach. This maintains the centralization of all reactions and recovery operations. Your reaction will be faster if you already have an incident response strategy, with clear roles for each team member.
  3. Isolate the impacted accounts and machines: Disconnect the affected computer from the network if it has been infected by a virus. You might also need to restrict access to impacted accounts or temporarily disable them. Similarly, you might also need to isolate the afflicted area of your network.
  4. Review the Material: Once the intrusion has been stopped, keep the evidence safe and review it. Make a timeline of the events and take notes. You might need to get in touch with law enforcement or the appropriate authorities at this time. You will have a far higher chance of finding the malicious actor if you preserve the evidence.
  5. The flaws should be fixed: If a flaw in your system was exploited during the breach, now is the time to fix it and search for additional flaws that a future attack might use. This could involve launching a cybersecurity awareness campaign or improving an existing one, by carrying out phishing simulation exercises.
  6. Avoid Further Breaches: Your organization must provide a sense of security and stability for your clients. You must take action to reassure them that you are making amends if you have had a breach. You should exhibit a more robust security posture. To discover other areas of your program that require improvement, think about performing a penetration test. Consider choosing a new security framework. Their confidence will increase because of this assurance.

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HOW TO KEEP COMPANY INFORMATION CONFIDENTIAL

5 Ways Human Capital Management Will Benefit Your Company

How to keep company information confidential

HOW TO KEEP COMPANY INFORMATION CONFIDENTIAL

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You have a responsibility to take the required precautions to secure sensitive information while handling it in your business, whether it relates to your clients or workers. Failure to make sure that data is protected appropriately and in compliance with the law may result in lawsuits, harm to your company’s reputation, and a decline in sales.

The greatest techniques to effectively safeguard the sensitive data that your company manages are listed below.

1. Restrict access

It is crucial that you use passwords, firewalls, and encryption to restrict access to any information that is kept digitally. This is crucial when the data is stored on portable, compact storage devices like USB drives that are simple to lose.

You must make sure that passwords are secure as well as frequently updated if you plan to use them to restrict access to sensitive data. Many firms make the error of using passwords that are simple to guess, so you should avoid doing the same if you want to protect your sensitive data. Combining upper- and lowercase letters with special characters is the best way to create passwords.

2. Use shredders and containers for confidential garbage

Despite how prevalent digital data has become, the majority of organizations still conduct a significant amount of daily paperwork. If you must discard sensitive documents, shred them or place them in a confidential garbage container. You should never believe that just because a document has been thrown away, it will not be seen by anybody else due to problems like identity theft.

3. Secure filing drawers for documents

A shredder works fine if you need to permanently destroy private documents, but what about documents you need to have on hand? The greatest solution in this situation is to have lockable storage cabinets that only a select few persons have access to the key.

Any lockable storage cabinets should be kept in a closed room that is inaccessible to everyone as an extra measure of security.

4. Confidential document delivery in a secure manner

It’s one thing to properly store secret information on your own property, but it’s crucial to deliver them in a secure way if necessary. If you need to deliver tangible documents, it’s a good idea to utilize a reputable courier service or, ideally, have someone within your organization deliver them for you.

You can use email or utilize a file-sharing tool to send digital documents to a recipient. It’s crucial to select a trusted service provider and to encrypt the documents if you utilize a file-sharing tool.

5. Employee education

The highest risk of sensitive data leakage is frequently posed by a company’s own personnel. This is frequently the result of inadequate training, which isn’t always for malevolent motives.

It’s a good idea to start off by outlining the significance of data confidentiality before teaching your staff about the technical components of data protection, such as using secure passwords and shredding papers, among other things.

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5 Ways Human Capital Management Will Benefit Your Company

Employees Training Initiatives Every Company Should Adopt

5 Ways Human Capital Management Will Benefit Your Company

5 Ways Human Capital Management Will Benefit Your Company

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The term “human capital management” (HCM) refers to methods and approaches to managing human resources. These approaches can be divided into three categories; workforce optimization, workforce management, and workforce acquisition, and are centered on the organizational need to deliver required competencies.

For employees to make a substantial contribution to the organization’s total productivity, it is necessary to manage human capital. In layman’s terms, managing a workforce within an organization is equivalent to managing human capital.

Many people are unaware of what human capital management is, and it’s frequently confused with human resource management. Let’s first examine some of the benefits of human capital management.

  1. Making the best use of people is made possible by human capital management.
  2. The use of human capital management by human resource specialists helps them select the best applicant for each open position.
  3. The use of human capital management can help a business find the best personnel.
  4. Information can freely circulate between leaders and subordinates due to human capital management.
  5. The use of human capital management enables employees to enhance their performance in areas where they perceive gaps.

DIFFERENCES IN HUMAN RESOURCE AND CAPITAL MANAGEMENT

Human capital emphasizes an ongoing relationship of worth, whereas the term “human resources” conveys something of finite quantity.

At Prime KBS Institute Limited (PKBSIL) because we strongly believe the human mind is the best global resource, we work with you in implementing human capital management, to offer your business the best possible foundation.

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Employees Training Initiatives Every Company Should Adopt

Legislative Changes

Employees Training Initiatives Every Company Should Adopt

Employees Training Initiatives Every Company Should Adopt

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Training initiatives/Human Capacity buildings are activities and workshops conducted in the workplace, to help businesses to train their staff in ways to learn and fully utilize their skills. Training initiatives also known as Learning and Development workshops, encourage creativity and productivity while also working to advance and improve multiculturalism and reduce HR concerns.

There are several employee training initiatives, but we will look at a handful that can be used in any organization.

  • Cross-Training

Consider yourself to be a member of an elite military force. Each of you has the expertise, and you work well together. But then your communications officer gets gunned down. Do you pack your belongings and leave? Can you cancel the mission? Obviously not. Each team member has been cross-trained to perform the duties of the other members.

This similar concept is now applied in the corporate sphere. Cross-training is the process of teaching people how to accomplish their jobs and take on the obligations of another role. When a key employee is away sick or on vacation, this provides backup and gives the individual a sense of progress and improvement. The most basic technique to cross-train an employee is to have them observe their supervisor. This approach also known as Action Learning, provides learning through everyday chores and essential responsibilities. Employees who cross-train frequently feel more useful and appreciated, which leads to higher employee retention.

  • Lectures/Workshops

Lectures/Workshops are a tried-and-true way of employee training, and they are especially beneficial when the goal is to transmit the same knowledge to a big group of employees, all at once. When employing lectures as a training endeavor, make sure that trainers take the time to ask pointed questions to measure the knowledge of the individuals in the group. In other words, make sure the workshop is very interactive. What this does, is to allow time for your staff to ask questions that require clarification and also learn from the life examples provided by the Facilitator.

  • E-Learning

Because of its versatility, eLearning may be the greatest of the training programs discussed here. Each employee can study at their own pace, and work can be completed on the go with the help of a mobile device. eLearning is more efficient and cost-effective, and it is easily adaptable.

Creating an eLearning course helps you to reliably offer training information and assets to all employees.

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Legislative Changes

Important factors to consider when conducting employee surveys

Legislative Changes

Legislative Changes

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The possibility of Legislation Changes forcing significant adjustments to firms, products, and marketing, is a key concern for many CEOs today. Some industries are more concerned about this than others. Decision-makers need to pay close attention to the law in several areas, including banking and medicine, where new legislation may suddenly make some items illegal or necessitate significant process changes. It’s good to note, however, that other industries can also be impacted by law changes.

The following government policies are changing or are very likely to change, which means they may have an impact on your small business. As a result, it’s critical to stay up to date on advancements in order to save time, money, and unnecessary stress.

We will examine major regulatory changes that can have a significant impact on your organization, so you’re ready for what’s coming or have passed to ensure you’re on track.

1. Trade Policy and Tariffs

Many business owners are keeping an eye on current events in international trade policy. Tariffs have a wide range of effects on global economics, particularly in industries that have not previously been targeted. It is critical that business owners understand how tariffs and trade policies will affect them in the long run and make necessary adjustments.

2. Paid Sick Leave and Local and State Minimum Wage

Attempts to raise the minimum wage and mandate paid sick leave have grown increasingly popular in some countries. “Regardless of size, most employers aim to foster a workplace culture that helps employees in times of need.” Mandatory paid leave, on the other hand, may offer difficulties for small enterprises.

3. Federal Income Tax Policy Federal tax policy reform has far-reaching repercussions for businesses of all sizes. We don’t know the entire effects of the reform until it is fully implemented, but many entrepreneurs are tracking developments and talking with professionals.

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Important factors to consider when conducting employee surveys

POLICY CHANGES: How It Should Be Done

The 15 Commandments of Job Offer Negotiation

Employee Surveys

Important factors to consider when conducting employee surveys

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Employee surveys are tools used by management to gather input on and measure employee engagement, morale, and performance.

What exactly is an employee survey?

An employee survey is a form of survey questionnaire used to gather comments and reviews, as well as to assess employee mood and morale, level of involvement, and achievement. Employee surveys are generally utilized by HR and management personnel of a business, to urge employees to comment on their positive and negative experiences without reluctance.

Important factors to consider when conducting employee surveys

1. Define survey objectives.

What do you hope to accomplish with your surveys? Do you want to know how engaged your employees are? Or any areas for development in your employee processes? You’re ready to go once you’ve discovered it. A survey with no purpose is useless to anyone. Begin by defining specific goals, and then proceed.

2. What are you attempting to quantify?

Set up the appropriate indicators for the data you want to collect. Determine what you should measure to improve with the end aim in mind. This will aid in the development of specific action plans, for improved results.

3. Maintain a framework

Some organizations do annual surveys, while others conduct them routinely. Define the frequency based on your needs and requirements. Determine how surveys will be conducted, whether function- or team-based, online, or offline, and create your questionnaires accordingly.

4. Make use of a survey instrument.

Using an online employee survey tool like QuestionPro Workforce is an excellent option. It is stable, has a library of hundreds of survey designs, and offers good customer service and training. The program will handle all the heavy lifting, such as scheduling questionnaires, collecting data, providing reports, and so on, leaving you with data and plenty of time to focus on your people operations.

5. Maintain their anonymity.

If employee surveys are genuinely anonymous, employees will provide honest and candid feedback. If they do not believe the surveys would be anonymous, they may be reluctant to provide you with any information. This could be due to manager fear, backlash during appraisals, and so forth.

To ensure that your employee surveys are anonymous, and that all employee data is safe and secure, use an employee survey software or platform.

TYPES OF EMPLOYEES SURVEYS

1. Employee Engagement Survey

Employee engagement measures how enthusiastic and connected individuals are to their organization. It reflects how motivated employees are to go above and beyond for their organization, as well as how devoted they are to staying there.

2. Employee Experience Surveys

Survey employees throughout the employee lifecycle to learn more about their experiences at your organization.

  • Survey of Candidate Responses

While they may not be an employee yet, a candidate’s experience with your organization throughout the interview process is critical. This feedback can inform you how most candidates learned about your job vacancies, what piqued their interest in the role, and how they felt about the hiring process.

  • On-boarding Survey

First impressions matter, and your employees’ onboarding experience is no exception. These surveys are typically not anonymous, because the employee-specific answers might lead to in-depth discussion and action planning.

  • Exit Survey

Exit surveys can help you learn how employees in transition perceive your firm. You should look for a departure survey that provides information on why employees are leaving, where they are going, and how they felt while working for your organization.

3. Employee Effectiveness Surveys

Employee feedback surveys are designed to provide individuals with honest input that might help them define goals for future development. Employee effectiveness surveys provide individuals with direct and honest feedback from their colleagues. Rather than being used for performance review, this information allows the individual employee to understand where they thrive and where they need to improve.

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The 15 Commandments of Job Offer Negotiation