Address:
3/374 Pennant Hills Road, Pennant Hills NSW 2120
Call Us Today:
(02) 9980 5892

How To Handle A Poor Performing Employee

Knowing what to do when your top employee’s performance falters is a challenge many small businesses can encounter.

It is often difficult to know what to do when one of your best employees becomes distracted in their role. Could it be a personal issue they are dealing with or a problem at work? Luckily, there are strategies you can adopt to address the root of the cause and develop a plan to assist your employee in getting back on track.

Do Not Delay

You cannot form a solution until you know the fundamental cause, which is why putting off a talk with your employee is never the answer. Act promptly to save productivity levels dropping in your business.

Speak In Private

Avoid discussing in front of the rest of your staff as this will only humiliate your employee and likely make them uncomfortable to open up to you.

Create Open Discussion

During your talk, avoid speaking in a confrontational tone; your aim is to identify the issue and find a positive resolution. Give them the chance to talk as there may be a reasonable explanation, such as dealing with a family matter at home.

When It Is A Personal Problem

When a good employee is underperforming, it can often be due to a personal issue. They may be dealing with a mental health problem or having family issues at home that are affecting their ability to perform their role effectively.

Form A Plan

You have found the root of the cause, and now you need to form a plan that sets out your expectations for your employee moving forward. This will be a plan of action and will differ depending on the actual issue. For instance, your plan for assisting an employee who has a mental illness will differ greatly from a staff member who has a problem with management protocols.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

Testimonial

What our Client Say

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier