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Boost employee engagement

Employee engagement is more vital than ever before to a business’s success and competitive advantage.

Workers who are not motivated to work convey a bad impression to customers and are more likely to make mistakes. Employees who are engaged significantly outperform those who are not engaged.

Employees are no longer spending their careers working at one company until their retirement. In today’s business environment employees often have many jobs in their working life. Employees also have greater flexibility on where, when and how they are working, so businesses need to keep their workers motivated and engaged.

It is also more cost-efficient for businesses to retain valuable employees, rather than having to pay the prices associated with recruiting new workers.

There are many factors that can impact an employee’s engagement; however, there are three key drivers. Engagement is affected by the employees:

There are five key areas that managers can focus on daily to encourage employee engagement:

Employees should feel comfortable to express their ideas regardless of their position or role within the organisation.

Managers also need to recognise the important contributions being made by employees and reward those accordingly. Top performers in the business are an invaluable asset in driving a business forward, so it is important that they are given opportunities to excel and are rewarded when they do so.

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News

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.