Retention Levels to Plummet
The Australian HR Institute published an alarming article this week predicting a reduction in staff retention for 2019. According to one of the articles, over 40% of the 1600 Australian professionals surveyed advised that they will be seeking a new job in the next 12 months with the respondents citing four main reasons for the change:
- Over half say there is a lack of promotional opportunities;
- 42% cited a lack of new challenges;
- 25% say they have had poor training and development; and
- Another 25% cited poor work-life balance.
It has never been more important to know your staff’s needs and to be providing meaningful benefits designed to support these.
Our B³ Engage Program analyses your employees needs across our three health pillars of Mental, Physical and Financial health to identify key stress areas in your employee population. Obtaining this insight directly from the employees helps us to design and implement a targeted benefits/support program to maximise the impact on the unique needs of your employees.
EOFY this year is a Sunday!
|With June 30 being a Sunday, your super fund may not process your contributions until the next business day, which means the next financial year! Please ensure that any super contributions you want in this year’s tax return are processed before the last business day of the financial year.From an HR perspective, this means that all employee contributions must have landed in employee accounts by 30 June, in order for you to be compliant with ATO requirements.
The current concessional cap for tax deductable superannuation contributions is $25,000, which includes any contributions made by the employer, salary sacrifice and superannuation guarantee contributions, as well as any personal contributions claimed as a tax deduction. As super is taxed at a 15% rate rather than the individual marginal income tax rate, it may be worth considering taking advantage of any excess monies that can be contributed to your super before EoFY. A recent article from Super Concepts provides insightful steps on how to make these contributions.
BT Financial group have seven “super strategies” for you to check out before leaping into the new financial year.
You can also start planning your strategies for super contributions for the new financial year by reading the 2019-2020 Superannuation thresholds here.
Keeping it Dry in July
|Dry July is just around the corner, so we thought we’d share a few reasons why you or your colleagues might give up drinking for the month:
Why not advocate for Dry July in your office? Set up a team or go it alone by signing up here!
Battle for the Thermostat
|The coming of winter means that the weather will again become a much-discussed topic. While discussion around temperature may sound trivial, research suggests that the temperature of our offices can have significant implications on our performance at work, particularly if you are a woman.A recent study of 500 students found that women performed 7% more effectively in numeric and verbal tasks when the temperature was raised by 5 degrees Celsius, whereas performance amongst men fell by 3% within the same range.
As stated in the study itself “Our findings suggest that gender mixed workplaces may be able to increase productivity by setting the thermostat higher that current standards”, which are generally around 22 degrees Celsius. Given these findings, it is logical that a systemic hike to the office thermostat even by 2 degrees would yield productivity gains.
However, the case of the thermostat speaks to a simpler yet underappreciated truth: you should listen to the feedback and concerns of your employees, be that direct feedback or otherwise. If every female employee in the office has a jumper and/or a coat on, it may be time to bump up the thermostat!
How to attract and retain Millenials
|Whilst millennials account for only 30% of the current workforce, that number is expected to balloon to 75% by 2025!This trend will see talent acquisition and hiring markets become vastly different, as millennials seek different values in an employer. Whereas Baby Boomers were mostly motivated by higher salaries and greater stability, millennials are increasingly chasing companies with social purpose, values and accountability (in addition to basic needs like compensation).
According to a 2019 Jobvite Survey, 42% of Americans consider either their job or employer an integral element of their identity, meaning that employers will be increasingly expected to foster a socially responsible organisational culture for their employees.
Executive Director of Innovators Alliance, Peggie Pelosi believes that in order to create this internal social purpose, organisations must make a conscious effort to engage in community service and social responsibility wherever possible, as often as possible. She also cites the importance of involving millennials in the discussion and decision making process of these initiatives.
Stanford Brown has always been firm supporters of charity, so much so that we have enshrined philanthropy as one of our core business principles. Please get in touch if you’d like to hear of our experiences in team-building through philanthropy!
Being a Disruptive Leader
According to a recent study of over 150,000 leaders, an overwhelming 67% agreed that current leadership norms are “not fit for the future”. From this study, the self-disruptive leader has emerged as the newest model for a successful modern-day business leader.
The main characteristics of a self-disruptive leader are highlighted by the ADAPT principle:
- Anticipate- Adapting to changes
- Drive- Motivate others and push them to achieve their best
- Accelerate- Manage workflow with agile processes and quick prototyping
- Partner- Enabling exchange of ideas by forming partnerships which enables for high performance
- Trust- Motivate others by helping them find their purpose to produce maximal productivity
Research has shown that only 15% of all leaders today possess all of these qualities. The current successful business leaders of the world such as Jeff Bezos and Elon Musk utilise collaboration and risk-taking and are able to adapt to external disruptions they face.
Self-disruptive leaders are effective in the present day as they focus on developing traits rather than skills. An entirely new mindset is required if we are to see a shift in leadership style from what the current leaders have.
Around the Water Cooler
When recruiting or networking…
The irony of this headline:
Read the hilarious story here.