Every year Beloit College releases its College Mind-set List just in time to greet incoming freshmen. Every CFO and business manager should read it because it gives you a glimpse at the future of your organization. These young people will, sooner than you think, become your employees and customers.

They will force you to change how you talk to them, manage them, and sell to them. These people, for example, almost never use conventional USPS mail and even avoid email as just too slow, according to the Beloit study. So, how will you communicate with them? Think social media or texting. They rarely use phone to just talk; yes, they are wedded to their cell phones but not necessarily for talking. As the Beloit researchers say: “The digital world is routine and technology is just too slow.” Here is an interesting study on social media trends, too.

These young people also have never known a world without the Americans with Disabilities Act (ADA). Accommodating people with ramps and handicapped parking spaces is normal to them. Similarly, a quarter of these young people have at least one parent who is an immigrant. That will surely change the immigration discussion in your organization. more

Ever since Sarbanes-Oxley dragged tax departments into the limelight, the dynamic between tax leaders and finance chiefs has been evolving apace. How do things stand now? I asked Jacien Steele, tax partner with Deloitte Tax LLP. A main focus of Steele’s role at Deloitte is on elevating the tax agenda in the office of the CFO. more

How will this change companies’ banking relationships?

Tucked within the hundreds of pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act is Section 627, “INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.” This section repeals what’s known as “Reg Q,” which prohibited banks from paying interest on demand deposits. One year from the passage of the bill, or July 21, 2011, banks will be able to pay interest on checking accounts. more

The “say on pay” provision of the new Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect beginning in January. Already, public companies and their compensation committees are scrambling to mitigate the risk of a potential “no on pay” vote. Even though a “no” vote is nonbinding (i.e., companies are free to shrug it off), it could create investor relations and reputation issues.

Here’s a possible preview of things to come. The article looks at some of the reasons why Motorola, KeyCorp, and Occidental Petroleum failed to receive majority shareholder support on say-on-pay votes (regarding compensation packages of named executives) this spring.

Say on pay votes are not new. more

Ever wondered how much it costs U.S. businesses to comply with the nation’s tax laws?

The long-awaited release Friday of a report from the President’s Economic Recovery Advisory Board, headed by Paul Volcker, provides a rough answer: north of $40 billion per year, or more than 12 percent of the revenues collected.

That’s just one nugget from many in the report, which sheds a disturbing light on the tangle of dilemmas and inefficiencies that the tax code foists on companies of all sizes. more