Hire and Rental News - November 2017

17 HIRE AND RENTAL NEWS • NOVEMBER 2017 INDUSTRY NEWS How do you recruit and attract the best employees? What remuneration options can your business offer above and beyond your competitor offering? What could your employees possibly value more than cash? Attracting top quality employees is a challenge faced by most business owners. That’s why many employers are now providing more than basic salary and wages as a way of differentiating their workplace in the market. Don’t settle for second best Understanding and offering alternative forms of remuneration (and any potential tax costs and benefits) might mean the difference between attracting, recruiting, motivating and retaining top quality talent … or simply settling for second best. Following are some alternative ideas to enhance traditional salary package arrangements: motor vehicle benefits; profit sharing; additional leave; employee share schemes; child care assistance; professional development; further education; financial planning and wellness services; company sponsored annual trip; personal insurances; superannuation contributions; any many more. Shape the culture of your business If used correctly, a well thought out and presented compensation plan can shape the culture of your business. It can provide a unique competitive advantage that attracts potential employees and be a key difference when it comes to successfully bringing them on board. Remember to show your appreciation Your people should feel their hard work is appreciated and recognised by you on a personal level. Considering options and alternative benefits will allow you to tailor packages suitable to individual employees, leaving them feeling personally appreciated and recognised. Having a discussion with your staff around the remuneration you are offering helps identify what motivates your workforce. You may find some want to develop their skills, or have the opportunity to travel, whereas others might place more value on additional leave so they can spend more time with family. Contact Fordham Business Advisors on 03 9611 6066 or visit:www.fordhamgroup.com.au This information is believed to be accurate at the time of compilation and is provided in good faith. It contains general information only and is not intended to provide advice or take into account personal objectives, financial situation or needs. Consider whether the information is suitable for your circumstances. We recommend you seek professional advice. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Raise the bar when rewarding your employees By Richard van der Merwe, Fordham Business Advisors How would your business cope if you lost one of your top performing employees? What are you doing to keep your people motivated? ZONE Essential Amber C Size VMS Board from $14,900 excl gst A Solid, Reliable VMS Trailer built with the Essential Features Ph: 1800 060 672 saferoads.com.au * Please note a 5 colour Zone Essential VMS board is featured in the photo