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Tips for hiring entry-level employees

Hiring entry-level employees is a difficult yet unavoidable task for many employers.

Entry-level employees are often essential to fill junior positions in a business and can provide businesses with an opportunity to grow. However, hiring a person with lack of experience and professional referees can often be quite challenging. Here are three tips to consider when assessing entry-level candidates:

Create a clear picture
When creating a job description, it is important to have a clear image of an ideal candidate. Think of specific strengths, skills and traits the applicant must possess. Creating a profile for the ideal applicant not only helps you in the selection process but it also helps to prevent unsuitable or overqualified applicants from applying for the role.

Evaluate involvement outside education
Generally, entry-level candidates do not have a lot of prior professional experience within an industry and are often limited to university education. This lack of real-world experience means employers must find new ways of assessing compatibility. Instead of focusing on marks alone, look at a candidate’s extracurricular activities, volunteer work, leadership roles, awards and internships.

Think long-term
Entry-level candidates can turn into long-term employees if they are given the chance to develop their career. Ask applicants about their long-term career goals and explain ways in which they can achieve these goals through your business. Use examples of other staff members who have advanced their career through your business and make every effort to train employees to demonstrate your commitment to career advancement.

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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.