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Tips to reduce millennial turnover

Posted on June 1, 2016 by admin

One of the biggest challenges currently facing business managers and employers is how to retain millennial talent. Younger workers are quite different to other generations and are therefore much harder to retain than any other working demographic.

Common reasons associated with young workers jumping ship include not feeling connected to a business, not seeing any room for advancement and feeling like they do not serve a purpose.

But since millennials are going to make up a large percentage of the workforce over the coming years, it is important that employers can offer jobs that cater to their needs.

Here are some tips for businesses wanting to appeal to the younger workforce and retain these kinds of employees for longer.

Provide development opportunities: Employers need to show younger workers that they are just as committed as their employees to advancing their careers. Employers can do this by offering growth plans like role diversity or defining promotional structures for advancement every couple of years.

Give them some freedom: Most millennials have big dreams for their careers and want to be able to execute them. Instead of holding them back, employers should look to incorporating flexible work options like working from home so young workers can continue to pursue their interests outside of work.

Make them feel connected to their job: Employers need to give their younger employees a reason to feel connected to their workplace and business. Employees who are involved in a business’s organisational culture are more likely to feel connected to it.

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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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