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How to boost morale

Posted on October 26, 2017 by admin

From time to time, it is normal for employee morale to take a plunge. Whether it is a stressful time at work or a major workplace change is occurring, employees may respond unfavourably.

However, if employee morale is low over substantial periods of time, it may point to problems with management and the overall culture of the business. Low morale can have devastating impacts on business too; low levels of employee satisfaction and productivity, and high rates of turnover.

Here are three ways to boost employee morale:

Celebrate accomplishments
Show your staff you care about the work they do by celebrating accomplishments and milestones. Whether it is a good result on a project, meeting a challenging deadline or contributing a useful idea – it should be celebrated. This creates a culture where praise is normal and encourages colleagues to follow suit.

Incorporate fun into their work day
Morale can be greatly determined by an employee’s work environment. Encourage team-bonding by organising team activities such as bowling, go-karting, lawn bowls, etc., during work hours. Start up lunchtime activities, such as a running group or touch football in a nearby park. Celebrate staff member’s birthdays with cake and morning tea or go out for lunch. Although these may sound like obvious tips, they can be easy to forget during stressful times.

Encourage employees to speak up
Communication plays a big factor in employee morale. Implement an open-door policy, if you haven’t already done so. When staff know they can approach you with any question, concern or even idea they have, they are more likely to respect you and enjoy coming to work.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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