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Creating an office of problem solvers

One major key to success is the ability to problem solve. Knowing how to respond to and resolve issues that arise creates stronger, more effective businesses. Whilst employees ought be highly skilled in their given fields, one trait that is truly invaluable is that of problem solving. As an employer, there are tips you can follow to encourage and develop the problem-solving abilities of your staff:

Trust your employees
There is nothing more damaging than micromanaging when it comes to building efficient problem solvers. When employees feel trusted and valued, they are more likely to challenge themselves when seeking out new and effective ways to resolve an issue that has arisen. Set goals for your staff rather than giving them rigid instructions to follow; you will lesson your own workload and you will be amazed at what solutions they can come up with.

Always look for hidden opportunities
We often follow the mantra, ‘if it’s not broke don’t fix it’. A problem arising in one area is actually a great opportunity to refine and improve existing surrounding processes and strategies. By viewing a problem arising as an opportunity to develop and strengthen the business, solving the problem often become less about what was failing to work and more about how much more efficient the process can be made.

Facilitate creativity
When employees are inspired to be creative, they are more likely to think abstractly and laterally, which is ideal for problem solving. This can be achieved through simple changes to the workplace, such as incorporating plant life, art, colourful furnishings; and providing opportunities to break up the monotony of a long day in the office through fun and quick activities such as tic, tac, toe or connect four.

Encourage effective communication
Fostering a workplace where employees are encouraged to speak their mind openly and honestly rather than one where employees only say what they think you want to hear is critical for effective problem solving. An environment where peer brainstorming and peer reviewing is encouraged is one where employees learn to think critically and build resilience.

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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.