Zen and the Art of Fostering Job Stability in an Uncertain World

“The more tranquil a man becomes, the greater is his success, his influence, his power for good.” (James Allen)  The world of work has never felt less stable. Between high unemployment rates, a quicksand political environment, the gig economy and the introduction of new disruptive technologies (and tariffs!) almost daily, it’s no surprise that recent studies are showing people in 9-to-5 jobs no longer feel stable. A study by MyPerfectResume in 2024 found that four out of every five workers were afraid they may lose their jobs in 2025 due to technological advancements such as automation, artificial intelligence, and outsourcing. This was reinforced by the pandemic, when vast numbers of people were retrenched or otherwise lost their jobs.  This uncertainty is affecting the mental health of modern workers. And it’s lowering productivity and impacting businesses, creating a vicious cycle of instability. According to the Journal of Occupational Health Psychology, workers who feel insecure about their jobs report higher levels of burnout, less job satisfaction, and lower engagement levels. When workers are constantly worried about being let go, it typically affects their focus, creativity, and long-term commitment to their employer.  But does it have to be this way? Here are our tips for making your employees comfortable, more stable and ultimately, happier. Honesty is the best policy A little communication has been shown to go a long way to keep a workforce happy. Regular updates about company performance, future prospects, and any potential restructuring plans can help employees feel more in control and less fearful of unexpected layoffs. The Harvard Business Review (2020) found that organisations that maintain open lines of communication during times of uncertainty are able to reduce employee anxiety and build trust. Teach a man to fish Even if things are uncertain for your company, you should do your best to help upskill your employees and train them in new and exciting technologies. Focusing on continuous learning sends a strong signal that your company understands the modern environment and is planning for it. This doesn’t just lessen stress it also helps employees to feel that even if they are retrenched, they will still be well positioned to find new work.  Your business will benefit too: the World Economic Forum suggests that employers who provide opportunities for skill development, including training in new technologies and leadership, are more likely to retain talent and maintain higher levels of employee morale. What’s more, training staff can lead to tax incentives. Speak to your accountant (that’s us) if you aren’t already taking advantage of these breaks. B is for balance It may sound counter-intuitive, but hybrid work models are repeatedly being shown to be an effective way to boost employee morale and lower the stress related to job loss. A 2022 report by Gallup found that employees who have more flexibility in how, when and where they work are more satisfied with their jobs and feel more secure in their roles. A quantum workplace study found that 89% of employees were looking…

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Read more about the article Ignoring an Online Review Could be Catastrophic for Your Business!
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Ignoring an Online Review Could be Catastrophic for Your Business!

“Your most unhappy customers are your greatest source of learning” (Bill Gates) If you have founded a business then there is little less certain than that at some point in the future, you will get a bad review. It’s simply impossible to please all of the people all of the time, which is why many business owners say they don’t worry too much about reviews and try to keep on doing their best. The sad part is, they really should be worrying about their reviews, both good and bad. A series of recent reports suggest that there is little as damaging to a modern business as bad reviews that go unanswered. With 91% of all 18 to 34-year-olds saying they trust online reviews as much as recommendations from a friend and as many as 93% of all customers saying they check reviews before buying, the impact of a company’s online reviews is obvious. But there’s more – you should respond to all reviews, both good and bad. According to the BrightLocal Local Consumer Review Survey 2022, 57% of all consumers say they would be 'not very' or 'not at all' likely to use a business that doesn't respond to reviews at all. Under this climate it might seem that, while a good review could gather new customers, getting a bad review could be a death knell for your company. Fortunately, all kinds of reviews are good opportunities to show off your company, turn experiences around, and even gather customers. Assuming you do the right things. Here then is how you should be handling your online reviews. Track your reviews The first step is to make sure you know when and where a new review has been written about your company. How can you possibly respond to something you don’t know exists? Once you know a review is up, you need to react quickly. It’s no good responding years later. Two different sites will help you to track and respond to reviews across the internet and may become valuable tools for managing your reviews as well. First is Google my Business which not only allows you to manage and track your online reviews but can also help with sending information to clients and promoting your business. All it takes is a free account and you can help potential new customers find your business and ensure they get the information they need. Having positive Google Reviews can often be critical when it comes to customers making buying decisions. In South Africa, Hello Peter has established itself as a core place to review companies and for companies to respond. While it can be more expensive to respond as a business, there are definite benefits and keeping tabs on your Hello Peter reviews will help you to know exactly where you stand. Professional accounts on other sites like Trust Pilot or Media Tool Kit can also help you to track and interact with customer reviews. If you are a new company this may seem like an unnecessary or unwarranted expense, but as already…

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Start 2023 Strong with the “Fresh Start Effect”

“We change our tools and then our tools change us.” (Jeff Bezos) Every January, individuals and businesses have an opportunity to take advantage of what is called the “Fresh Start Effect” – referring to research evidence that shows people are more likely to make positive changes at times that mark the start of a new time period and represent a new beginning, most notably the start of a new year.  With the right tools, businesses can maximise this Fresh Start Effect to begin the new year on a strong footing. Three business tools, in particular, are indispensable to achieve this: a business review; goals and a plan for the year – including a budget; and ways to measure progress in achieving goals and executing the plan in the months ahead. Fortunately, these tools are not expensive or difficult to use, and your accountant will be able to assist you to set your business up for great results in 2023. A business review A comprehensive review of business operations is a simple but powerful business tool.It enables business owners and managers to analyse performance in achieving goals and meeting key performance indicators (KPIs), and to identify problems and spot trends timeously. Most importantly, an effective review will reveal what is working and what is not, so the team can celebrate successes and build on what is working, and also change what is not working to get better results.Some of the business areas that need to be reviewed may include:Business plan, sales, marketing and branding strategies.Total income to total expenses, cash flow statement and debtors’ reports, actual vs budget spend, and the balance sheet.Internal resources including the company’s people and processes.Client base, client processes and customer satisfaction.Statutory and regulatory compliance.Fees, contracts and costs.The best way to do a business review is to involve your entire team and to call in professional assistance for a clearer understanding, particularly of the financial aspects of the review. Goals and a plan for 2023, including a budget The business review will provide invaluable information and insights, creating a baseline from which goals can be set for the next 12 months. This enables planning for the year ahead, incorporating the necessary changes to get better results, as well as enhancing or duplicating the processes already generating good results.Goalsetting, as well as planning and budgeting to achieve these goals, are great tools for establishing the direction of the business for the next year, focussing the team’s attention and efforts, and improving the chances of success.SMART goals are always the most effective – these are goals that are Specific, Measurable, Achievable, Relevant, and Time-Bound. That is because SMART goals are clear and quantifiable and can be broken down into a plan that details the specific steps or milestones to be completed - and the budgets within which to do so. Measuring progress during the year aheadMeasuring progress ensures both better management and greater motivation. What is measured can be managed, and progress on all business goals can be measured through, among…

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Budget 2021: What It Means to You

Faced with apprehension, the first Budget Speech of the “new normal’ was generally well-received, with the Rand holding steady, markets reacting positively, and South Africans breathing a collective sigh of short-term relief. A surprisingly optimistic 2021 Budget provided funding for COVID-19 responses without hiking direct taxes, and previously announced tax increase proposals were withdrawn. As Finance Minister Tito Mboweni called it, the 2021 Budget fiscal framework is “a sound platform for sustainable growth that creates several reasons for hope”. Find out here what has changed and what it all means for South Africans and small and medium businesses now and in the future.

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POPIA (The Protection of Personal Information Act) is Now Law and the Clock is Ticking

After many false starts over the years (the pandemic causing one last delay this year), the enforcement provisions of POPIA (the Protection of Personal Information Act) have finally become law. The clock is ticking on the year’s grace period allowed for compliance and every business should be aware of the substantial implications of POPIA compliance, and of the equally substantial penalties and risks associated with non-compliance. Read here for a brief overview of how “personal information” is defined, of the eight principles underlying the Act, and of the various practical issues you should know of and prepare for.

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Who will Emerge as Winners and Losers in the Post Covid-19 Marketplace?

As we wend our weary way through the pandemic and the lockdown’s economic fallout, let’s not lose sight of the fact that eventually we will inevitably return to some form of “normal”. We can all of us – businesses, investors, individuals planning our futures - profit from understanding how there will be both winners and losers emerging from this period of fundamental disruption. We analyse the evolving trends that are driving and will continue to drive this process, with examples of those sectors expected to end up as big winners, and of those predicted to be big losers.

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Budget 2020: Tips for Tito – Make Your Voice Count!

Every year the Minister of Finance asks us what we would like to see in the budget and a “Budget Tips” portal on the National Treasury website is open. This year he asks in particular for our views on “What can government do to achieve faster and more equitable economic growth?” Your voice is important! We’ll show you how to be heard, with hyperlinks to the channels you can choose from. To give you the idea, last year there were many differing tips ranging from the amusing and the serious to the overly optimistic….

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5 Reasons To Never Overlook Your Business Plan

Not preparing a comprehensive business plan for your business, and not then updating it frequently, is a recipe for disaster. In fact John Cleese’s “How can I be so stupid?” when recalling his pitch to the BBC for the launch of Monty Python’s Flying Circus – without having a business plan in place - says it all. Next month we’ll share some thoughts on how to prepare a business plan, but let’s start off this month with a discussion of why this is such a critical part of your strategic planning. We’ll give you 5 very good reasons for you to commit the necessary resources to this essential project without delay.

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