Diversity & Inclusion in the Workplace: Are There Any Benefits

Every HR department strives to employ the best. They search for talent and the right skills to make the organisation grow. In all these endeavours, there is a need to strike a balance between different aspects – age, race, ethnicity, skills, talents, etc. For a fact, it is easier to have a diverse workforce than an inclusive. Sadly, most people confuse diversity for inclusivity.

Diversity in the workplace

Workforce diversity means employing people with diverse characteristics. Occurs when a company understands, values, and accepts differences that people have. Such differences may include races, gender, religion, age, sexual orientation, gender, education level, personality, experience, knowledge base and skill set.

There are different perceptions of diversity:

  • Millennials regard diversity as a combination of different experiences, perspectives and backgrounds, which they believe leads to innovations.
  • Others regard workplace diversity as an equal and fair representation of all workers irrespective of demographic

Inclusion in the workplace

Inclusion is better felt when the workplace environment is conducive. Essentially, it involves collaboration, respect and support for each of the employees. Ultimately, these motivate every member to participate as well as collaborate.

Diversity & inclusion in the workplace may seem an easy thing, but it is not easy to implement. In fact, it is one of the hottest topics. Most companies view diversity & inclusion as a strategy, practice or a mission to offer support to a varied workforce, and use the resulting effect to the company’s advantage.

Benefits of diversity & inclusion in the workplace

Embracing diversity and inclusion in the workplace come with numerous benefits. Such benefits are:

Improves innovativeness

Creative concepts are usually born when people of diverse skills, background, experience, working style and even age work together collaboratively. Such a diverse team can share their ideas and offer feedback concerning an issue at hand. If one person can give a fabulous idea, another person may be having the experience to implement it.

In essence, employees get exposure to multiple perspectives and views. Combining these perspectives can bring out a novel idea – innovation.

Grows a company talent pool

A company that practices workplace inclusion and diversity attracts a diverse workforce. This is because potential employees view it as a progressive company. If many candidates apply for the same position, it is easier to sample out the best. Again, a reputable company will always retain its employees.

Improved performance

A workplace that embraces inclusivity and diversity, without a doubt, hires individuals of diverse backgrounds. This comes with a host of talent, experiences and skills. Ultimately, this leads to work being done with efficiency. Efficiency translates to higher productivity.

It is the role of human resource manager to find people with the right skills so that they can fit perfectly in the company’s portfolio. If people have different skills and experiences, they can learn from each other.

Better decision making

Making the right decision can be very difficult. But if you have a diverse team, it is straightforward to come up with better choices. A diverse team has people with different experiences and perspectives. They can share these differences, and in turn, come up with numerous solutions, which may lead to making an informed decision.

Improved employee engagement

An employee feels part of an organisation if s/he is fully valued, respected and listened to. A feeling of inclusion makes employees participate in all activities fully, i.e. if employees feel they included, they become more engaged.

5 Tips Your Tax Accountant Won’t Give You For Free

Taxes are among the most intimidating aspects of adult life and rightly so. If you are unaware of how to file your taxes, it can get very messy. That’s why, most of the time, you need an accountant or tax agent penrith to help you out. And with hiring help comes more costs. However, here are some tips that your tax accountant won’t tell you without charging you for consultation. These tips will help you reduce payables and help you generate hefty tax returns.

Self-Employment vs Salaried Individuals

Salaried individuals working for registered companies have income taxes deducted from their salaries. However, for self-employed individuals that is not the case. If you work as an independent contractor, the best way to prepare yourself for taxes is to save up 30% to 40% of your annual gross earnings aside for taxation purposes. That is a big chunk hence it is advisable to save up instead of waiting till the end of the fiscal year to figure your taxes out. Even if you are short on cash, it is better to file considering the penalties for non-filers is a lot heavier on the pocket than the tax itself.

Giving Donations

Donating to charity is not just a responsible citizen’s act, but also helps you up your tax returns. If you are accounting for the donations you made, whether in cash or old belongings (assets), you get a silver lining with it. Donations and charity reduce your taxable income, therefore, reducing the amount that is payable by you. 

Withholding Taxes

On most public affairs related transactions, governments impose a withholding tax. That can be on your cell-phone bills or bank withdrawals for instance. Withholding taxes that you have paid can also be accounted for while filing for taxes. That brings down the tax payable by a good degree. You can get information about the withholding taxes you have paid through your service providers and banks. 

Insurance and Retirement Plans 

If you have insurance or contribute to your retirement plans, make sure you account for those contributions in your tax filing. These contributions also reduce the tax payable bracket, rendering lower tax cost at the end of the fiscal year.

Simple Shouldn’t Cost 

If you have multiple sources of income along with investments and businesses running on the side than your tax configuration is a lot more complex than a usual tax-paying citizen. You should invest time and money in finding a suitable tax accountant to help you out with filing your taxes and developing a tax strategy. However, if you have a single stream of income with personal expenses to take care of, you shouldn’t opt to have a tax accountant help you sort your matter out. Low to moderate taxpayers ought not to go for expensive tax accountants, and rather consider free help. 

Things To Consider When Choosing an Equipment Hire Company

Buying equipment is without a shadow of doubt expensive, especially if it is not going to be utilised on a regular basis. Instead of purchasing equipment and having to pay for licenses, insurance, warranties and even maintenance, hire companies give you access to the top of the line equipment at a reasonable price, along with qualified and experienced operators and professionals.

However, not all equipment hire companies provide the same level of service. It is imperative to choose the best equipment rental company in your region to ascertain the best equipment and service quality. As a guideline, here are the most important things to consider when choosing an equipment rental company, regardless of your location.

The Quality of The Equipment

This is perhaps the most important aspect to look at when renting equipment. Make sure that the hire centre provides top of the line equipment for rent. Although equipment hire is cheaper and more cost-effective than buying equipment, it is still expensive Renting low-quality equipment makes it susceptible to breakage which makes it more expensive for the long haul. Also, inferior equipment usually translates to poor results, which is the last thing you want on your project. Ensure you ask about equipment age and how regular the maintenance is done.

Stock Variety

Another important thing to consider is the variety of equipment the company offers. If you are working on a big project, you will need an array of machinery pieces, and in turn, an equipment rental company with a huge variety of stock. You should check the equipment list that the company has on their website or inquire directly through the phone. Also, check whether they have the latest types of equipment and are not renting outdated models.

Safety

More often than not, there is a need to hire operators. As such, ensure you consider the safety measures the firm has taken for the safety of both the equipment and the operators. Ask if the operators are trained well-trained to handle the equipment and how often the machinery is maintained. If you prefer to run the machinery yourself, ask the hire centre to demonstrate how to operate the equipment you wish to rent properly.

Customer Service

As with all firms, client service is imperative for efficient and smooth transactions. Even if the company has top of the shelf machinery at affordable prices, but have horrible customer service, you are going to have a hard time. Search for an equipment rental company that is open to communication and provide prompt service. It would be wise to check the reviews and testimonials of the company online. You can also visit their social media pages to see what others have to say about them.

The Cost

As with any product or service, you need to consider the price. Affordability is good, but you also need to ensure that you are getting your money’s worth. It is okay to pay a slightly higher price if the variety and quality of the machinery are better than average. It is also acceptable to spend a little bit more if the company provides a delivery service and other perks.

It is advisable to consider all these aspects when choosing an equipment hire company. Rather than looking at quality and affordability alone, it is essential to consider the other factors mentioned in the read as well.

Top 3 tips for providing excellent customer service

No matter how good your product is, if you fail to provide satisfactory customer service then people won’t buy from you again. You should always focus on improving your customer service. Here are some tips that can be useful.

Train your employees


You should train your employees so that they can talk politely with the customers and offer them help. The employees should have thorough knowledge on the products so that they can suggest different products to customers. The employees must be trained to understand the customers’ needs and offer them suitable products. They should be able to reply to any queries customers might have regarding the product.

Resolve customer problems fast


You should try to resolve customer problems at the first time. The customer should not be given the chance to call you repeatedly to fix their problem. You should be able to solve the issue immediately. You should train your employees well and assign someone experienced to be the first point of contact. That person should take the responsibility for the entire matter. You can offer live chat services so that customers can get solutions to their problems very quickly. Whenever you receive any customer feedback, you should consider it seriously and act upon it.

Try to bond emotionally with the customers


You should form an emotional connection with the customers. If something goes wrong, you should apologize and try to make up for it immediately. Customers become loyal to brands when they find themselves emotionally attached to the brand.

These tips are very effective and will help you provide amazing customer service to your customers. Providing excellent customer service is the easiest way to retain customers for a long time.

4 tips for cutting your business expenses

Businesses go through ups and downs. During the time of economic crisis, it is wise to cut down your business expenses. It can be confusing where to start. Here are some options.

Outsource tasks

You should take advantage of the latest trend of outsourcing tasks. If you are having a tough tie financially, then you should outsource some of your tasks. You can hire companies that do outsourcing tasks abroad or you can use platforms like Freelance, oDesk, etc. for hiring people to do your job. You will be able to complete the tasks in cheaper rate than if you had hired a permanent employee to do the same works. So, you can save a lot of money by outsourcing.

Cut down your financial expenditures

You should look at your insurance policy and see how you can save money by getting a more competitive rate. You can consolidate your insurance policies into one account. You shouldn’t take any unnecessary debt. You should try to consolidate your credit cards as well to lower your interest rates. You should see if you can negotiate lower interest rate with your banks.

Try to negotiate price with suppliers

You can negotiate with your suppliers and try to get the products at a lower price. Many suppliers are very helpful and friendly. They can help you.

Reduce production costs

You should evaluate your operational activities to make sure that you are fully utilizing your resources. You should try to reuse the leftovers of the production process in other ways.

These are the best ways to cut costs of your business in a critical financial situation. You should make sure that your employees don’t get demotivated when you try to cut costs. You should have a solid plan and take steps accordingly.

Infographic by: www.boltinsurance.com