Employee turnover is the percentage of your employees leaving your organization and being replaced by new ones. This metric is helpful in understanding how employee-friendly your company is. Companies that are market leaders are always looking for innovative ways to reduce their employee turnover and maximize employee retention. There is always a tussle between employee attrition or turnover and employee retention. Before we move further and understand how to minimize employee turnover, let’s first learn to calculate it.

Is the employee attrition the same as employee turnover? While many experts say that they are synonymous, there are people who say that both terms aren’t so identical, after all. Employee attrition happens in the following cases:

1. Death of employee
2. The job that an employee is filling becomes redundant.
3. When an employee retires, and the job isn’t filled later on

Employee turnover is of two types:

1. Voluntary
2. Involuntary

Voluntary turnover refers to employees leaving companies on their own. Perhaps they do not like the workplace, the policies or the job itself, or they find a job much more interesting in terms of content and/or salary.

Involuntary turnover happens when the employee is fired because of performance issues or moral turpitude. Contrary to voluntary employees’ resignation, involuntary turnover does not happen from the worker’s end. Involuntary employee turnover happens because the employer isn’t happy with the now-terminated employee.

Employee turnover is calculated in many ways. However, the article focuses on the simplest way. Assume that a company hires 100 people in a calendar year. Due to various reasons, 10 employees leave the company in that year. So, your employee turnover is 10%. However, on a closer look, it is found that 5 people left the company in January, followed by 2 in May, and 3 in November, then there will be different monthly employee turnovers.

For the month of January, it is 5/100, which is 5%. For the month of May, it is 2%, and for November the employee turnover would be 3%. On average, the monthly employee turnover of this organization would be 3.3%.

So, essentially the simplest way to calculate employee turnover is to take the ratio of employees who left to the number of total employees of the company. The percentile format of this ratio is the employee turnover of that.

Understanding employee turnover is important because it helps in lowering hiring costs. It also helps in making us more competitive in the market place. There are several companies, which help in minimizing employee turnover. To understand more about this subject, visit this website. There are various ways to reduce employee turnover and here, we shall focus on the 5 most effective steps towards that.

1. Employer branding: Make your company desirable to your potential employees. Employer branding places your organization as a favourable employer. Some of the biggest employers in the world like Unilever present themselves as employee-friendly organizations.
2. Make Human Resource Department a critical part of your decision-making process: The HR team should not be relegated to just hiring and recruitments. Staffing people is a critical activity and should be treated as a strategic intervention.
3. Empower your employees: There are at least a hundred reasons why empowering your employees is good for your business. Not only does it help your reputation as a boss, but it also gives your people more reasons to keep their loyalties vested in your mission. Employees, when made the centre of business, feel motivated to excel. Delegate authority to your employees wherever it is possible. Make them a part of your decision-making matrix.
4. Reward your performers: Separate the wheat from the chaff. Identify your performers and give them important assignments. Make your organization a place where performance is appreciated and valued.
5. Jot down the Key Performance Areas as clearly as possible: Last but not least, be specific and clear! Write them down and ask every employee to understand it. Many organizations assume that their employees understand their respective KRAs. Nothing could be farther from the truth.

If we follow at least the above-listed tips, we can expect to reduce employee turnover significantly. At the same time, one should also understand that employee turnover is not just a statistic, it also tells the market about how our inner circuit works.

 

Every company needs to have happy and productive employees. Still, in today’s economic landscape, it requires a little bit of more involvement from an employer’s side to give that environment. To keep the employees engaged and loyal to your company, they should be motivated and valued often. This will automatically keep employees happy, which will result in missing less from work, performing better and willing to take challenges to derive higher profits for your company.

 

When people feel less motivated or undervalued, the company suffers, and if the workplace is stressful, the production goes down. The key to the successful business means not only focusing on the customer’s needs but ensuring to keep them secured and happy at all times. Power to Motivate is one such exceptional platform that shares effective solutions to help keep your employees happy and productive. Let’s learn some of the ways to keep employees happy and highly productive –

 

• Offer Meaningful Perks

Enable to introduce some significant perks that improve quality of life and demonstrate that your company cares about employees. It can be related to wellness programs, child care, and destination vacation.

• Invest in Your Team’sTeam’s Personal and Professional Growth

It is quite essential to keep your employees in continuous growth. By introducing them to a learning management system or investing in online courses they may feel fulfilled. Please don’t make them think stagnant or else they will search for new jobs. Give them scope to attend industry conferences to improve their skills.

• Incentivize Wellness

Improve wellness at work. Try to introduce your employees to a healthy lifestyle by enabling them in fitness challenges, meditation courses, sessions on stress management, yoga at work or excellent healthy snacks to keep your team enjoyable.

• Be a “good” employer

To be a good employer, guide your employee on what is to be done when it is to be done and set clear your boundaries. Demonstrating strong leadership with sound direction can lead to fewer problems and maximum productivity. Even when required talk with employees in group and one-on-one settings to set clear your expectations.

• Respect staff time

In your workforce, it’sits mostly to have a consistent schedule. Implementing job shifts to shift gears of business during ample production can show your concern to your employee’s time.

• Help employees to feel valued

Thank the employees for doing a good job and encourage them with some monetary gains in their professional life. If someone makes a mistake, teach the correct procedures, and offer encouragement and further teaching when needed. Please make a difference in your employees’employees’ lives with a smile or asking about their interests or problems. Remember, we need to care about each other to get the best results.

• Create a productive atmosphere

To maximize productivity, introduce a comfortable and pleasant environment in your workplace. Make sure the situation has live green plants so that it positively motivates workers. Give employees, healthy air to breathe and if possible, allow employees to keep their windows open. Utilize to let sunlight enter the office as it helps people to think better, improves their mood and increases energy levels.

 

• Get employees involved

Ask employees for their ideas whenever possible as it will create a feeling of ownership with the company. Make them involved in regular meetings where everyone can voice their opinions and concerns. This increases employees’employees’ performance as they get a sense that the company cares for them.

• Build Trust

Give responsibility to your employees to show that you have faith in their abilities. Don’tDon’t micromanage but also create accountability to ensure things are done on a timely basis.

• Support innovation

To keep your employees happy and satisfied, allow them to innovate. Let them try and test new methods which will give them a great sense of satisfaction at the workplace. It helps them understand the challenges and encourages growth.

Employees are an active and essential part of the team, so praise them openly, respect and listen to their needs and create a happy and productive workforce that is eager to contribute to your company.

 

Do you have a strong relationship with a recruitment firm? If not – why not? Working with an employment agency will definitely increase your chances of sourcing quality talent for your organisation in a more efficient and effective way. Here are the 5 main reasons why:

1. In today’s market sourcing quality talent is a never ending task. It’s not about placing a reactive ad and crossing your fingers. It’s about building long term relationships with active and passive candidate markets which takes time and resources, it’s about market expertise, trusted networks, advanced technology, investment in marketing etc. etc. Does your organisation truly have the resources to do this as well as they need to? What is the cost of a bad hire to your company? A specialised recruitment agency has the time, money, resources and technology and will often charge a fee only if a placement is made. Why not extend your own networks through a trusted employment agency?

2. Particularly with office support recruitment, many high quality candidates work exclusively with an employment agency. Often passive seekers (the best in our view!) take advice from a specialised recruitment agency that have a well developed knowledge of their preferences and which organisations to brief them on. Not working with an employment agency? You are missing out on this type of invaluable hidden talent.

3. The ability to look outside the square! Often internal recruiters work with tunnel vision, only considering the same type of candidate, utilising the same selection criteria over and over again. Working with a recruitment firm, you will find that they have specialised knowledge in relation to candidates that have strong transferable skills. Often these people turn out to be the best employees – fresh and motivated to achieve in a new role / industry but still highly skilled and capable. A specialised recruitment agency will also have great insight into what your competitors are up to!

4. A partner to help promote your culture and brand! Often it is advantageous to advertise or approach passive candidates with your industry or brand remaining confidential. A recruitment firm can do this on your behalf whilst acting as your personal corporate cheerleader, sharing with candidates why your organisation and role stands out amongst the crowd. Collaborating with a specialised recruitment agency and showing them why your company is a great place to work will definitely increase your chances of having better quality talent presented to you more efficiently when you need it.

5. Guarantee periods provide security. No matter how well someone presents at interview, how strong their previous experience is or how glowing their references are – every new hire is a risk. How well that person integrates within your company culture and performs in the role is an unknown, even with the best support from management and thorough onboarding processes in place. Working with a recruitment agency you will receive a guarantee that your role will be replaced within a specified time if the person does not work out. This provides exceptional peace of mind, that a professional recruitment firm will support you through the process of replacing the role as efficiently as possible, minimizing further disruption to the business.

MJD Executive are a specialist office support recruitment firm, well regarded for providing truly consultative advice and service, with unrivalled networks of quality talent from Receptionists through to Senior level Executive Assistants. Please contact us on 02 8042 1840 for a chat with any queries you may have relative to recruitment support.

 

 

Nine University Reviews – Advantages and Disadvantages of Using Amazon FBA

There has been a real spike in the number of people who are looking at studying courses which can help them when it comes to launching an Amazon FBA business. Much of this is because of the high standard of the courses that are out there, and you only need to look at the Nine University reviews online to get a flavor for just how happy their students have been with the Amazon FBA course that they operate. The reason for this spike is that more and more people are beginning to understand what a great opportunity running a business with Amazon FBA can provide, and these are some of the advantages and disadvantages of launching such a business.

Advantages

We’ll start with the clear advantages of an Amazon FBA business.

Cost Saving

Although Fulfillment by Amazon does cost money to be part of, the savings which are passed onto businesses will apr exceed the amount that is paid. Businesses can save money in website costs, using Amazon instead of their own channel, they can save money when it comes to warehouse storage as Amazon will take charge of that and they will also save money on staffing and time spent on shipping and handling returns.

Customer Service

Amazon are experts when it comes to handling shipping and management fulfillment and this alone is enough to put smiles on the faces of the customer. Businesses who use FBA can count on the expertise and professionalism of Amazon in ensuring that their customers are given all of the support and the efficiency that they expect.

Simple Growth

Many businesses face issues when faced with a spike in demand, and they struggle to manage their growth as a result. When using FBA however businesses needn’t worry about this as increased demand can be very simply handled by Amazon, leaving the business to worry solely about manufacturing and production.

Disadvantages

There aren’t many disadvantages of using Amazon FBA but there are a couple of drawbacks which people should bear in mind before they decide that this is the right route for them.

One drawback for businesses who have slow selling products is that storage fees can very quickly rise if the goods aren’t moving in and out of the Amazon warehouse with speed. After 6 months of storage costs can rise which is why it always makes sense to invest in profitable and popular items.

Another drawback which some struggle with is seeing a higher level of returns, and that is down to the efficiency of Amazon and how easy it is for customers to make those returns. Now admittedly Amazon do handle those returns but the point is that a business could lose potential sales as a result of those returns.

The advantages far outweigh the disadvantages and this of course is why so many people look to launch an Amazon FBA business where they can find solid levels of success.

A wise business owner will do everything they can to succeed. One way for them to make their organization profitable is by improving its efficiency. The material presented here will help business owners to operate with greater productivity.

1. A Business Plan is Essential for Efficiency

A business plan makes your enterprise efficient because it provides you with a blueprint for running your operation. You should implement the latest business functions and processes for your organization when you create your plan. FIndlaw informs us that a business plan also allows owners to experiment with different strategies on paper. Organizations don’t have time or money to waste on experimenting with what strategies work and what does not.

2. Make it a Point to Track of your Business Functions

Business owners, you should frequently monitor your enterprise for efficiency. This is important for making sure that every part of your organization is functioning without problems. Entrepreneur encourages this action. You can evaluate and then figure out what is working and what should change. Once you find the best processes implement them to keep your business productive.

3. Keep Track of the Numbers within your Business

Your business should have the technology for monitoring finances and for keeping track of sales figures or accounts receivables. Having an automated computer plan that performs this activity will help you to save time. You won’t have to figure everything out on paper. Just make sure you that you check over the numbers “manually” every now and then to reduce errors.

4. Don’t Try to Do Everything on your Own

No business owner should try and do everything on their own. Taking this approach will slow a business down and it will make it less efficient and profitable. Delegate work to your employees. If you don’t have enough employees to handle various task, then outsource the work. Remember your employees are there to help make things easier for your outfit.

5. Automate your Business Processes

Automation is important for any business. We have previously discussed how important it is for tracking your finances. You should also consider automation in terms of making sales. Setting up a website that can make sales 24/7 is one type of business automation. Most automation will take place on your computer and online. You can also use various machines to perform certain automated functions. Items such as employee time recorders, money counters and credit card machines are all automated machinery for business.

6. Utilize Various Communication Methods to Transmit Messages

Utilize various communication methods for transmitting messages and information throughout your organization. This is important for ensuring that your employees are on the same page and that everyone hearing the same thing.

7. Use the Cloud to Store Documents and Data

Cloud computer servers provide a huge advantage when it comes to automation. One of the best things about the cloud is its efficiency. Workers can all access documents from the cloud and work on them at the same time. They can also access documents and data on the cloud from various outside locations. They won’t be hindered by devices. Workers can quickly upload and retrieve documents when needed. Business plans like this will help to make your outfit more resourceful.

8. Network your Business to Improve its Marketing

You should network to improve your business’s efficiency. A business’s presence in the market will grow when more people become more aware of it. You should join business associations, attend community events and business fairs, speak on forums and get involved with community functions. You can also do some work online to help spread the word about your organization. This will help your business to get more attention and notoriety from the public.

9. Outsource Work When Necessary

We already mentioned that outsourcing work is important for efficiency. Outsourcing mundane tasks such as book-keeping or marketing advertisements might be necessary when you (and your employees) have to complete special projects or have to focus exclusively on making sales. The point is that you should outsource when necessary.

10. Efficiently Manage your Time

Make sure your time is being managed efficiently within your business. Many businesses suffer from poor time management. Employees spend too much time goofing off, working on non-essential tasks or taking too many breaks. A business owner should frequently monitor how time is being used while employees are working. They should also monitor time for sales and other tasks as well.

11. Write Down Things so you Don’t Forget

Business owners, you must constantly keep track of everything that you need to do and finish. Write everything down so you won’t forget to take care of things. If you do not write down your task, you run the risk of forgetting things. You will then have to go back later to complete them later. You might also have to suffer the consequences of not completing a task or taking care of responsibility.

The smart device or computer that you’re reading this on. The cup of coffee at your elbow. Even the car that you drive and the house that you live in.

All of them, have been made possible by logistics. To put things into perspective, logistics is defined as the flow of goods or services from one point to the other. Without logistics, businesses around the world would grind to a halt as would the economy.

With such a vital role to play in the world around us, logistics and supply chain management represent the future of all business.

How so?

For starters, increased globalization and e-commerce has made it all the more vital for goods and services to be moved around the world. Hence, we now take a look at what the future holds for logistics.

1. An increased focus on greener operations

From super bulk carriers to the van that delivers your packages, the logistics industry contributes 7 percent of all global emissions. With such a sizeable carbon footprint, it’s no surprise that immense pressure is being placed on the logistics industry to significantly cut down on their emissions.

This has given rise to the term green logistics which is defined as the process of reducing the effect of one’s operations on the environment. Here, we’ve seen companies make the switch to electric vehicles for reduced carbon emissions and streamlined packaging designs that improve delivery efficiency.

Just like the Kentucky Derby has its own preparation races, logistics will also start to need some planning and testing ahead, to measure the impact of its operations.

2. The implementation of autonomous solutions

Artificial Intelligence and robots are some of the most exciting developments to come along in recent times. Robots and machine learning eliminate the need for a human operator to continually perform monotonous and repetitive tasks.

This lessens mistakes made by humans along the supply chain and also allows for more efficient use of storage space. With artificial intelligence, we can even expect to see fully-automated warehouses changing the nature of employment for many workers.

Robotic pickers may in the near future eliminate the need for human intervention entirely thus speeding up the delivery fulfilment process. From a business perspective, logistics service providers will need to start upskilling themselves and looking into the integration of technology at the workplace.

3. Instantaneous deliveries

The internet has connected humanity on a scale like never before and has opened the gateways for commerce to be performed on a global level. With the rise of e-commerce, companies such as Amazon and Alibaba have become giants in their own rights.

Where in the past many of us would balk at the thought of handing over our personal information on the internet, in just under a decade, online shopping has become the new norm.

In turn this has given rise to term instant gratification which is the desire to immediately experience pleasure or receive something.

For many of us who enjoy shopping online, the thrill of buying something is often muted by the prospect of waiting weeks or even months to receive our purchases. This is why companies like Amazon have begun offering in-car and same-day delivery options for customers who are unwilling to wait.

As we move forwards into the future, logistics providers will likely begin exploring ways to cut down on their customers waiting time in an effort to stand out.

4. A shift towards providing agile logistics services

From trucks to warehouses and even ships, assets in the logistics industry are bulky and expensive. However, in recent times technology has allowed for a greater degree of agility for both customers and service providers.

For example, just as Uber revolutionized the taxi business, e-hailing services for trucks has taken off in a big way all across the world. Zinka Logistics; a Bangalore-based startup developed BlackBuck; an app that connects customers with logistics service providers as a means of streamlining India’s logistics industry.

This flexibility has opened the door for independent truck operators looking to get a foothold in the business. In the future, we may even begin to see apps that bring together warehouses, planes and even ships thus lending greater agility to the logistics industry.

The future holds much promise for the logistics industry and it’s players. With the advent of new and advanced tech solutions, the face of logistics as we know it will be changed irrevocably.

 

 

So, you’ve had it with the 9 to 5 and are now looking for something new.

You’re done taking orders from incompetent supervisors and it looks as if the time has come to branch out on your own. Heck, you’ve always dreamt about being your own boss, but you just can’t seem to nail down a niche.

What about starting a food business? Wait. What?

Yup, you read that right. Why not consider starting a business that deals in food.

Sounds crazy right?

Maybe not. Read on to find out why 2020 may just be your year that you become a food entrepreneur.

1. Everyone needs to eat

For a business to be successful, there has to be a demand for the product or service that is being offered. After all, how are you going to sell a product that nobody wants?

And this ladies and gentlemen, is why becoming a food entrepreneur may just be the way. After all, everyone needs to eat. Whether you eat to live or live to eat, fundamentally speaking, at some point or another, we all have to eat.

Unlike other products and services, there always will be a demand for food and those who provide it.

Sounds simple right? So why isn’t everyone opening up their own restaurants and food trucks?

While eating is a basic human need, you still have to take into account the tastes of your customers. Each individual has different tastes and preferences that may not match what you’re cooking up in the kitchen.

And therein lies the biggest hurdle to your entry into the food business; understanding what your customer wants. It’s like when you are betting on football and you put your money on the wrong team on the SuperBowl odds.

Get it right, and you have a sure thing on your hands. Get it wrong however, and you’re looking at a failing business.

2. The low barriers for entry

Starting a new business on your own can be extremely daunting. After all, you’re taking a massive gamble by possibly quitting your day job and losing a source of income. Also, you may have taken out a business loan and made several expensive purchases for your new business.

Fortunately, the low barriers for entry into the food business means that your risk exposure is minimal at most. Hence making the restaurant and food truck business such an attractive proposition for many budding entrepreneurs.

However, becoming a successful food entrepreneur is much more than fancy decorations and a hot social media presence.

More often than not, new owners make the mistake of overlooking their most important asset, the product offered to patrons, something which brings us to the next point.

3. Your main focus will be on the product

What do McDonalds and Nobu have in common? If you guessed great tasting food, then your guess is right on the money.

Ironically, the food business is one of the relatively few industries that actually rewards entrepreneurs for offering up a good product.

Take McDonalds for example, despite all the hate received by the fast food giant, their ability to produce tasty meals consistently has allowed them to corner the fast food market.

Whether it’s an ice-cold Coke or a side of fries, one has to admit that McDonalds has done a bang-up job ensuring that their food actually does taste good.

Hence if you’re looking to start a food business of your own, be it a food truck or restaurant, you’ll need to do is to focus on developing a decent product. While a slick marketing campaign may get the customers in, the food that you serve is what keeps them coming back for more.

Get that right, and you’ll have no trouble attracting customers on the long-term.

As the late, great Anthony Bourdain once said, “Good food is very often, even most often, simple food”.

The food business is a killer industry that sees hundreds of entrepreneurs washing out every year. However, for those brave enough, the rewards can be well-worth the pain.

 

Employee appreciation is crucial if you want loyalty to the company. Sometimes, even if they get paid well, employees could end up leaving because they dislike the work environment. Therefore, if you have the chance to show them your appreciation, you have to do it. As a boss, noticing the hard work of your employee means a lot.

It doesn’t have to be through huge gestures

You can show your appreciation even by leaving a note on the desk of your employee. It can be a simple thank you note that shows you noticed the work done. You can also write a lengthy note if you want to be more specific about what you’re grateful for.

Another way is by telling that employee directly that you appreciate the great job done. It motivates the employee to repeat the said action or do even better next time. Again, it helps to be specific so that your employee knows what specific action you appreciated.

Take huge leaps

Simple ways of expressing gratitude help a lot. However, it would also be better if you take huge leaps, especially for significant achievements. You can consider promoting an employee. You can also offer a salary bump. These actions are a big deal for employees. It shows that you keep track of what they do, and it makes them motivated to do more. It doesn’t mean that they will only get inspired by these external rewards, but they help a lot. Let’s face it, several of your employees struggle to make ends meet. Giving them a salary bump would mean the world to them.

You want to keep your top employees

You can’t assume that your employees know that you appreciate them. You have to do express your appreciation in words or by other means. For your top employees, it’s even more critical. If they feel that you don’t care about them, they might decide to leave. They will look for a company where they can feel that their efforts get rewarded.

You need to change your approach

It might be not very easy for you to express appreciation, especially if you didn’t get a lot while growing up. Since you’re the boss now, you need to show that you appreciate the people you work with. You want a relaxed atmosphere at work to motivate your employees. They might work well under pressure, but it’s even better if they’re passionate about the work.

Another strategy is to organise a fun activity like a funfair. You want everyone to feel relaxed even for a day. You can also ask the employees to bring family members. Organising this event is also a sign that you see the importance of family. You appreciate the hard work of your employees, and this event is a way of rewarding them. You can ask experts in funfair rides for hire to do the organising since they know what they’re doing. They can organise the event with ease.

Protection of an original literary, idea or artistic work needs copyright which will qualify for protection until it has been set down in lines of code. It can include any type of manuscripts, photographs, architectural plans, software codes, etc. People from various backgrounds benefit from these copyright-like authors who have written original books, plays or poems register copyright to their original ideas. Even in some businesses, they ensure that they assign copyright in created works. It provides more flexible rules for works created by employees who are hired by companies depicting they are engaged in a non-cultural activity and their licensed works do not infringe third-party rights.

There are several advantages of registering copyright to any of the intellectual property. But there are instances when a product or invention can also be benefitted through patent or trademark protection. Copyrights have certain law sets that must be respected. It can be obtained automatically by the owner as soon as some creative form of expression is fixed in a tangible medium. Let us look at some of the importance of Copyright registration for business –

• Registering for copyright through copyright registration service is done automatically. No amount of investment is required to do so. Just apply with the competent national or international registration organizations. On the contrary, filing for a patent or trademark can be quite costly if protection is sought in numerous countries.
• The duration of copyright protection which is seventy years from the author’s death is also an important benefit that one can vouch for to protect their original work.
• Having registered copyright establishes a public record of the copyright holder’s ownership which can’t be bought by anyone. Your work will be published in the Copyright Office’s Catalog and will be searchable to the public.
• Copyright registration has an added benefit that enables copyright holders to sue frauds in federal court. It will avoid a costly dispute over the actual ownership.
• If one has registered their work for copyright before or within 5 years of publication or invention then it has the power to establish sufficient evidence in court concerning the validity of the copyright. It can prevent future challenges to your rights in the work.
• Other than this if copyright registration is made within 3 months of publication of the work from a registration service then the copyright owner is liable to seek statutory damages on infringement of his work.
• Registering a copyright for business allows the copyright owner to record the registration with U.S. Customs to protect against the importation of any of his products into the US. Without registration, a copyright holder cannot bring a lawsuit for copyright infringement.

Registering for copyright makes sense as it has so many benefits including the provisions on statutory damages and attorneys’ fees. Let us also understand and walk you through the process of how one can register for copyright –

To register for the copyright to prevent the import of unauthorized work,

1. It is necessary to apply for copyright registration before commencing business.
2. The work eligible for copyright registration must contain a small amount of creativity and must be original.
3. For copyright registration, you can apply by paper application or apply online through the Electronic Copyright Office.
4. Tell the Copyright Office the type of work you are registering for.
5. Share details of your name, address, with the contact information and also give a brief overview of the work like – the title of the work, the year it was completed, the date of first publication, etc.
6. Submit a copy of your work to the Copyright Office or upload a copy of your work directly to the Copyright Office. Then pay the applicable filing fee.

Congratulations! You’ve landed your dream job, celebrated in style, and now it’s time to put your head down and produce tangible results. Over the years, your determination to the company and loyalty to the grind will help you garner more responsibilities as you rise in seniority. Who knows? If it suits your drive, you might even make CEO.

Regardless of how high you climb, it will only make a difference to your quality of life if you manage your income responsibly. This means saving as much as you need to fund your life’s goals.

• If you’re interested in spending your later years traveling the world, you’re going to need to put away a much greater sum than someone who’s a homebody.
• If your goal is to be able to eat out whenever you feel like it, it’s up to you to adjust your savings rate higher to compensate for rarely cooking at home.

As much as you crunch the numbers, you’ll probably find that saving alone won’t be enough to fund the life you want. While there are payday loans, these should only be used for emergencies. Luckily, you’re notified that your company offers a retirement plan where you can invest your savings in stocks and bonds that grow in value over time.

If you’re unfamiliar with the terminology, the investment world can be an intimidating place to explore on your own. But have no fear. Once you internalize these retirement plan benefits, you’ll be well along the way to financial independence.

Be Prepared

Regularly contributing to your retirement plan is the best way to prepare for life’s ups and downs. Being hit with an unexpected expense is only traumatic if you have to scramble for the money. Take comfort in knowing that, as your investments benefit from compound interest, you’ll soon have saved enough to fend off any emergency.

Having said that, we can all fall on hard times in spite of our best efforts. Sometimes a payday loan from a responsible lender is the only way to keep your head above water. Good money habits are key: click here to learn more about how to reclaim your financial life.

Get the Match

Many companies that offer defined contribution retirement plans will match an employee’s bi-weekly contribution up to a certain percentage of their paycheck. Let’s say that every two weeks 10% of every paycheck is automatically deposited into your retirement account. If you’re employer offers a 5% match, you’ll actually end up depositing a total of 15% of your pay. This amounts to free money to incentivize you to invest. If you found 5% of your salary on the street every other Friday, how could you just walk by?

Age Gracefully

After three decades of coming into the office, you won’t have the time or the energy to worry about money. Your main concerns will involve no longer working and doing what you want, when you want, for as long as your heart desires.

Now, the only way you’re going to have control over your retirement is if you invest thoughtfully over your career, taking advantage of your employer’s match at every opportunity. That’s how the balance in your account can go from insignificant to the source of a dignified elderly life.

Your salary at your dream job may be fantastic, but due to inflation the purchasing power of your cash declines about 2% per year. Don’t let your money waste away. Participate in your company’s retirement plan and give your golden years a little extra shine.