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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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News

Self-managed super funds (SMSF) aren’t just about financial investment

December 3, 2020

Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees.

Firstly, SMSFs require a lot of on-going investment of time:

Data shows that SMSF trustees spend an average of 8 hours per month managing their SMSFs. This adds up to more than 100 hours per year and demonstrates that compared to other superannuation methods, is a lot more time occupying.

Secondly, there are set-up and maintenance costs of SMSFs such as tax advice, financial advice, legal advice and hiring an accredited auditor. These costs are difficult to avoid if you want the best out of your SMSF. A statistical review has shown that on average, the operating cost of an SMSF is $6,152. This data is inclusive of deductible and non-deductible expenses such as auditor fee, management and administration expenses etc., but not inclusive of costs such as investment and insurance expenses.

Thirdly, investing in SMSF requires financial and legal knowledge and skill. Trustees should understand the investment market so that they can build and manage a diversified portfolio. Further, when creating an investment strategy, it is important to assess the risk and plan ahead for retirement, which can be difficult if one is not equipped with the necessary knowledge. In terms of legal knowledge, complying with tax, super and other relevant regulations requires a basic level of understanding at the very least. Finally, insurance for fund members also needs to be organised which can be difficult without additional knowledge.
Although SMSFs have the advantage of autonomy when it comes to investing, this comes at a price. Members/trustees need to invest time and money into managing the fund and on top of this, are required to have some financial and legal knowledge to successfully manage the fund.