Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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Business Tips – How Integrity Affects Business – especially Integrity of CEOs and Managers

images/BusinessTips.JPGDr. Travis Bradberry writes at Linked-In –

From Enron to Volkswagen, we’ve watched in horror as leaders who lack integrity have destroyed businesses time and again. But the real tragedy happens when regular leaders, who are otherwise great, sabotage themselves, day after day, with mistakes that they can’t see but are obvious to everyone else.

In most cases, it’s slight and often unintentional gaps in integrity that hold leaders, their employees, and their companies back. Despite their potential, these leaders harm their employees and themselves.

“Look for three things in a person: Intelligence, energy, and integrity. If they don’t have the last one, don’t even bother.”  Warren Buffet

Dr. Fred Kiel did the difficult job of quantifying the value of a leader’s integrity for his book, Return On Character, and his findings are fascinating. Over a seven-year period, Kiel collected data on 84 CEOs and compared employee ratings of their behavior to company performance.

Kiel found that high-integrity CEOs had a multi-year return of 9.4%, while low integrity CEOs had a yield of just 1.9%. What’s more, employee engagement was 26% higher in organizations led by high-integrity CEOs.

Kiel describes high-integrity CEOs this way: “They were often humble. They appeared to have very little concern for their career success or their compensation. The funny point about that is they all did better than the self-focused CEOs with regard to compensation and career success. It’s sort of ironic.”

Kiel’s data is clear: companies perform better under the guidance of high-integrity leadership. “Companies who try to compete under the leadership of a skilled but self-focused CEO are setting themselves up to lose,” Kiel says.

Every leader has the responsibility to hone his or her integrity. Many times, there are integrity traps that have a tendency to catch well-meaning leaders off guard. By studying these traps, we can all sharpen the saw and keep our leadership integrity at its highest possible level.

Some traps he details are – Cult of Personality, Dodging Accountability, Lack of Self-Awareness, Communication, and many more. Read More, HERE.

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Bookkeeping – Redundancy – How does it work - How much Redundancy pay applies

images/Bookkeeping.jpgWhat is Redundancy all about, and how does it work? The Fairwork website, is summarised for key points here -

Redundancy happens when an employer either:

  • doesn't need an employee’s job to be done by anyone, or
  • becomes insolvent or bankrupt.

Redundancy can happen when the business:

  • introduces new technology (eg. the job can be done by a machine)
  • slows down due to lower sales or production
  • closes down
  • relocates interstate or overseas
  • restructures or reorganises because a merger or takeover happens.

What's a genuine redundancy?

A genuine redundancy is when:

  • the person’s job doesn't need to be done by anyone
  • the employer followed any consultation requirements in the award, enterprise agreement or other registered agreement

When an employee's dismissal is a genuine redundancy the employee isn't able to make an unfair dismissal claim.

A dismissal is not a genuine redundancy if the employer:

  • still needs the employee’s job to be done by someone (eg. Hires someone else to do the job)
  • has not followed relevant requirements to consult with the employees about the redundancy under an award or registered agreement or
  • could have reasonably, in the circumstances, given the employee another job within the employer’s business or an associated entity.

The need for Consulting with employees about major workplace changes

All awards and registered agreements have a consultation process for when there are major changes to the workplace, such as redundancies.

The consultation process sets out the things the employer needs to do when they decide to make changes to the business that are likely to result in redundancies. This has to be done as soon as possible after the decision has been made to make these changes.

Consultation requirements include:

  • notifying the employees who may be affected by the proposed changes
  • providing the employees with information about these changes and their expected effects
  • discussing steps taken to avoid and minimise negative effects on the employees
  • considering employees ideas or suggestions about the changes.

Source reference: Fair Work Act 2009 (Cth) section 119, 139, 388, 389

Best practice tip

The Termination of employment letter – redundancy emplate (DOCX 48.6KB) includes a step by step guide to handling the redundancy process.

For employers:

  • talking to fix any problems
  • getting help from us if you still can’t resolve it.

What to do next

Redundancy pay & entitlements

When an employee's job is made redundant their employer has to give them redundancy pay, also known as severance pay.

Use our Notice and Redundancy Calculator to calculate redundancy pay.

Redundancy pay doesn't need to be paid in some circumstances eg. by some small businesses and to casual employees.

To check if redundancy pay needs to be paid, go to Who doesn't get redundancy pay.

Redundancy pay

The amount of redundancy pay the employee gets is based on their continuous service with their employer. Continuous service is the length of time they are employed by the business and doesn't include unpaid leave.

If you're covered by a registered agreement, check the terms of your agreement for information about how much redundancy needs to be paid out and other entitlements. To find a registered agreement, go to the Fair Work Commission website

Find information about specific redundancy entitlements in your award by selecting from the list below.

Employers have to give at least the minimum notice and redundancy entitlements set out below

An award can say that employees get more notice an redundancy than these minimums. Use our Notice and Redundancy Calculator to work out if your award has more generous entitlements.

images/Redundancy Pay Period Service.JPG

Redundancy pay is paid at the employee’s base rate for their ordinary hours of work, but doesn’t include

  • incentive-based payments and bonuses
  • loadings
  • monetary allowances
  • overtime or penalty rates
  • any other separately identifiable amounts.

Any outstanding entitlements also need to be paid out – including annual leave and long service leave that the employee hasn’t taken.

Notice periods

An employer has to give the following minimum periods when making an employee’s job redundant. If the notice period isn’t worked, this is paid out as well as the redundancy pay.

images/Redundancy Notice Periods.JPG

Employees over 40 years old who have worked for the employer for at least 2 years get an extra week notice.

If you’re covered by a registered agreement, check the terms of your agreement for information. To find a registered agreement, go to the Fair Work Commission website.

Also helpful is to get a copy of … the Small Business Fair Dismissal Code and checklist (RTF 71.9KB) to make sure that a dismissal is fair.

What are your thoughts? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

DOWNLOAD a FREE “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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