“Pleasure in the job puts perfection in the work.” -Aristotle
What do workers want? This is an essential question all employers should ask themselves regularly to ensure that they are fully considering the needs of their employees in how they run their business. What employees crave more than anything in a workplace is to feel valued and appreciated. If they feel happy in what they do, they are much more likely to do it well.
Study after study has revealed the significant impact workplace morale can have on the performance of both the individual and the overall company. Research has proven that if employees feel valued they will be more engaged in their work, leading to improved productivity, higher staff retention and a more positive work environment overall. Goodwill is often reciprocal and if you work to keep your employees happy they will repay you with a greater work ethic which usually means greater profitability. It’s a win-win for all.
In many cases however, employers prioritise succeeding in the company’s mission as their sole target, and staff morale is deemed secondary. Demoralised staff are more inclined to take a disproportionately high number of sick days, dispute with management or flee to another workplace at the first opportunity. As Interactive Home founder Pete Pedone says: “Once you stop showing the love, you lose employees.”
Employees are the lifeblood of any organisation, and it is clear that the impact of employee morale on companies’ performance cannot be underestimated.
Find out how to ensure your worker bees are happy, motivated and productive by checking out our infographic below. Our latest infographic outlines the importance of workplace morale and lists out the indicators of a good and bad workplace environment. It also offers practical tips on how employers or HR managers can ensure a positive, motivated work environment.
Have you ever considered the power behind your logo and its capacity to build your business…
Your logo is much more than a clever piece of type or an attractive visual. When well thought out and designed, it is the visual representation of your brand. It communicates and reinforces your business’ core values and principles and it provides a vital connection between your business and your customers.
The Federal budget has been announced with positive changes for income tax rates and superannuation that will see low and middle income tax offsets introduced and tax brackets rise.
Income Tax Changes
Income tax changes will be phased in over seven years as follows:
Stage 1: 1 July 2018 to 30 June 2022
A new non-refundable Low and Middle Income Tax Offset (LMITO) will provide tax relief of up to $530 for taxpayers earning up to $90,000, in addition to the existing Low Income Tax Offset (LITO).
The upper threshold of the 32.5% tax bracket will increase from $87,000 to $90,000.
Stage 2: 1 July 2022 to 30 June 2024
The LITO will increase from $445 to $645, raising the upper threshold of the 19% tax bracket from $37,000 to $41,000
The upper threshold of the 32.5 % tax bracket will increase from $90,000 to $120,000.
Stage 3: From 1 July 2024
The 32.5% tax bracket will rise to $200,000
The 37% tax bracket removed completely. Taxpayers on taxable incomes exceeding $200,000 will pay top marginal tax rate of 45% (excluding the 2% Medicare Levy).
Several changes have been made to superannuation legislation. If you have a self managed superannuation fund (SMSF) you may be pleased to know the maximum number of fund members you can have will increase from four to six. This means families can now pool their wealth and invest in opportunities otherwise inaccessible.
Additionally, audits for SMSF’s with a good compliance record, as defined by the ATO, will only be required every three years instead of annually, reducing regulatory requirements and compliance costs.
Other important changes include the ability for individuals who work for multiple employers to exclude earnings from the superannuation guarantee regime once their contributions have exceeded the $25,000 concessional contribution cap; the government will introduce measures aimed at improving the integrity of the personal contribution deduction process; and measures to limit the unnecessary inadvertent erosion of member superannuation balances, including a 3% annual cap on passive fees on low balance accounts; a ban on exit fees; changes to insurance arrangements for low balance accounts and members under 25 as well as accounts that have been inactive for 13 months; and the requirement for low balances of inactive superannuation accounts to be transferred to the ATO.
For more information about how these income tax and superannuation changes will impact your wealth management, contact Ayers.
“We like to give people the freedom to work where they want, safe in the knowledge that they have the drive and expertise to perform excellently, whether they [are] at their desk or in their kitchen. Yours truly has never worked out of an office, and never will.” – Richard Branson, Founder and CEO of Virgin
Attracting high quality, ‘informed’ contractors and employees is increasingly challenging for businesses and it’s causing them to rethink their recruiting strategies, according to international job site Glassdoor.1
‘Informed’ candidates are well-researched about the business they are applying to, engaged and ready to ask relevant questions when in an interview.
And the good news is… if your business has an annual turnover of $10 million or less, you should have less tax to pay on your 2017 return.
That’s because the Australian Taxation Office lowered the company tax rate to 27.5% for the 2016–17 income year for businesses with a turnover of less than $10 million that have operated for all or part of the year.
Businesses should begin preparing now for a volatile future according to an insightful report published by Bain and Company in the US.
The report predicts that a “collision” of automation, an ageing population and a widening gap between the rich and poor, will “trigger economic disruption far greater than we have experienced over the past 60 years”.
Emotional intelligence (EI) is the latest buzzword in corporate circles and it’s something that every employer or contract manager is looking for in their hires. Quite simply, a person with emotional intelligence is someone who can identify and manage their emotions and the emotions of others.
Sounds straight forward enough, yet many people don’t have the ability to apply their emotions to tasks like thinking and problem solving; or to manage (ie regulate) their own emotions and help others do the same.