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Prioritise Your Greatest Asset: Your Employees

Engaged and committed employees are more likely to create a valuable and profitable contribution to your business. That’s why business planning needs to think about the greatest asset to the business – its staff. 

While daily tasks will vary based on the type of business and industry, there are universal strategies employers and managers can implement to ensure employees are optimally engaged in their work from day to day.

Collaborative Projects Develops Stronger Inter-Office Relationships

A great way to engage employees is to promote a team atmosphere by introducing collaborative projects. Working collaboratively is effective when brainstorming and problem-solving, to ensure the best strategies are being put into place. With a group of people working on a project, questions related to practicality and how to strengthen the project are more likely to arise, thus strengthening the overall outcome of the project.

Many people dislike collaborative projects as it requires them to communicate with others and forces an element of accountability over the work they produce. When hiring, make it clear that the workplace encourages a team-based atmosphere to weed out the applicants that aren’t prepared to work with others.

Encourage & Support Employee Well-Being (Physical, Mental & Emotional

While employees that work hard and prioritise the business are great assets to have, if they don’t live a balanced lifestyle and only focus on their job performance, they are more likely to burn out. 

Creating a working environment where employees feel lucky to work with the business, rather than resent their job, will create a sense of commitment and loyalty between employees and the business. Ways to create this sense of commitment could include (where possible for your business):

  • Making it easy and encouraging employees to participate in commitments outside of their work, such as special milestones their children participate in.
  • Allowing employees time to attend appointments during work hours.
  • Giving employees time to catch up on work they have missed through being sick or having other extenuating circumstances.
  • Encouraging employees to look after their health, by promoting different physical activity pursuits such as office fun runs or lunchtime fitness.
  • Ensuring there are facilities for employees to store and prepare healthy meals (e.g. a kitchenette, a break room).

 

Flexibility & Options For Working

A flexible employer is one that treats their employees as individuals with lives outside of work, not simply just as cogs in the wheel that only function to serve business goals. By providing flexibility to your staff, you are going to have people that want to work for you and you will retain them longer because of the benefits that come from being a part of your team. Ways to provide flexibility might include:

  • Flexible working hours, such as starting and finishing early, starting and finishing late, or splitting a shift due to an appointment in the middle of the day.
  • Working remotely – allowing your staff the option of where they can work gives them options on how they might structure their week (e.g. four days in the office/one day from home, a week in the office, a week from remote). 
  • Allowing a 9 day fortnight, allowing staff to take care of any other commitments on their fortnightly rostered day off.
  • Allowing staff to work weekends if they require it (and if it is feasible to do so). 

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