Attracting Millennials to work for your business

Millennials are encompassing around a quarter of the workforce now and bringing along withthem diverse needs and challenges.

Employers must understand these needs and challenges to better attract more Millennials to work for them as their skills are in high demand.

Firstly, Millennials (born between 1980-2000) are the first generation to understand technology possibly more so than their senior coworkers. They also tend to value flexibility and diversity more than older generations.

Millennials are also likely to have a desire for rapid career progression within a company and are not afraid to switch companies if their needs are not being met. This means fewer Millennials are likely to stay loyal to only one company for their total working life.

Employers must consider these unique needs and adapt if they are looking to appeal to Millennials. The following tips can help your business become more attractive to Millennial talent:

Opportunities to progress

Millennials want opportunities for personal and career development, otherwise, they will look elsewhere. Ensure your business has training and development opportunities available and staff are encouraged to progress their careers within your business.

Incentives

Along with competitive salaries, Millennials look for added perks such as flexible working conditions, bonuses, free insurance, greater vacation leave and so on. This is important to note as you might not be able to offer the highest salary for your industry but you can entice Millennials with other more budget-friendly incentives.

Purpose

Meaningful work comes out on top for Millennials. Many want to give back and contribute to society in an ethical and sustainable manner. Millennials will take into consideration the reputation of your business, your business’ practices and your overall vision for the business. To appeal to this generation it is important to consider whether your business is operating in its best possible condition and if improvements need to be made.

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Eligibility for the downsizer measure

As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation

The new measure will benefit those aged 65 years and over, provided they meet certain eligibility rules including:

  • The amount you are contributing is from the proceeds of selling your home where the contract of sale was exchanged on or after 1 July 2018
  • Your home was owned by you or your spouse for 10 years or more prior to the sale
  • Your home is in Australia and is not a caravan, houseboat or other mobile home.
  • The proceeds from the sale of the home (capital loss or gain) are exempt or partially exempt from CGT under the main residence exemption, or would be entitled to such exemption if the home was a CGT rather than pre-CGT asset.
  • You have provided your super fund with the downsizer contribution form either before or at the time of making your downsizer contribution.
  • You make your downsizer contribution within 90 days of receiving the proceeds from the sale (usually the date of settlement).

You have not previously made a downsizer contribution to your super from the sale of another home.

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Bitcoin tax scammers

The Australian Tax Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency such as Bitcoin as payment for fake tax debts.

The ATO became aware of these fraudsters late last year with over $50,000 paid in Bitcoin to scammers claiming fake ATO debts.

Once scammers receive payment, it is virtually impossible to recover it as cryptocurrency operates in a digital world The ATO is also warning taxpayers to be wary of other tax scams such as those demanding direct deposits into third-party bank accounts, demanding payment via iTunes cards or with a prepaid Visa gift card Over 80,000 scams were reported to the ATO in 2017, accounting for almost $2.4 million lost to scammers impersonating the ATO.

Almost one-third of victims were targeted with iTunes gift card scams, resulting in over $900,000 lost to scammers. More than half of all losses (roughly $1.2 million) were from deposits or transfers made directly into third-party bank accounts.

Scammers are also targeting taxpayers’ personal information with many reports of scammers asking for an individual’s Tax File Number.

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Chasing up Payments from slow Customers

payment chasing company

Following up on customers that don’t pay their bills is a nuisance, but unfortunately, it is part of running a business.

There are ways you can protect your business and take action should a customer fail to pay you. Consider the following:

Clear terms and conditions

Outlining payment protocol on terms and conditions, and going over these conditions when signing up a new customer sets clear expectations about how you expect them to pay for your services. The terms and conditions should clearly state when a payment is due, penalties for late payments, and the various payments which will be accepted.

Make payments easy

One of the major reasons people put off making payments is because the process of doing so is tiresome. Make your procedure as easy as possible; offer a variety of ways to pay to ensure you are maximising your chances of receiving payments on time and even early. You may wish to offer your customers the following payment options:

  • Cash
  • Cheque
  • Online payments such as PayPal
  • Direct debit
  • BPAY
  • EFTPOS
  • Bitcoin
  • Gift cards
  • After purchase payment instalments

High interest on unpaid services

Including a high interest on overdue payments is a sure way to get customers to pay on time. If people know that their bill will be higher if they don’t pay by a certain date, they are more likely to pay before said date. If you choose to do this, ensure it is in writing and customers are aware of the high interest on late payments.

 
If you are still wondering how to make your slow customers pay, call Glance Consultants @03 9885 9793 for guidance!
 

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