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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

Updates to the unclaimed superannuation money protocol

January 15, 2020

The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward.

SUMLMA provides guidance on in relation to unclaimed money, lost member accounts, superannuation accounts of former temporary residents and their associated reporting and payment obligations. The update has now added content on inactive low balance accounts.

The act now clearly defines what is an inactive low-balance account, how statements and payments work, the registering of lost members and various rules for special cases.

It is important to note that the information in the protocol does not apply to super providers that are trustees of a state or territory public sector super scheme, in which:

The protocol provides administrative guidance only and should not be taken as a replacement for the law or technical reporting specifications.