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Finding the right cultural fit

Cultural fit should be considered just as important as competency when making recruitment decisions to benefit your long-term business.

Failing to consider cultural fit can lead to plummeting business productivity, poor performance, lost opportunities, poor public relations and high staff turnover. Successful recruitment judges applicants on more than qualifications and experience alone – it extends to assess cultural fit through personality traits and values.

To best assess whether a candidate will fit into your business’s culture you must understand your business’s culture in terms of values and expectations towards teamwork, communication, customer focus, integrity, respect and so forth. Knowing your business’s vision and values will help set a precedent when making hiring decisions.

Culture can be communicated at the beginning of the hiring process through criteria in the job advertisement, for example, working well under pressure may be a necessity. However, the interview often enables the interviewer to best assess the potential cultural fit, as their CV may not accurately reflect the candidate.

When interviewing applicants, use behavioural style questions to gauge cultural attributes. Behavioural questions, such as “Give me some examples of how you resolved conflict at work,” or “Describe a work environment where you had the most success,” are often a good way of ensuring behaviour is congruent with the style used in your business.

An interview is also a good time to communicate your business’s culture and to identify whether the applicant is motivated to match your culture. Explaining the culture of your business helps the applicant to further assess their own suitability, providing them with the opportunity to opt out if their values do not align.

Ideally, employers should equally consider whether the candidate is qualified to do the job and whether there is a cultural fit for the best hire.

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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.