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Recession-Proofing: 6 Tips for Managing Your Finances During an Economic Downturn

January 15, 2023 by Reporter Leave a Comment

jobs — Photo: Alicia Christin Gerald / Unsplash

Increased instability, job losses, and record inflation have pushed society to the edge, and we’re now facing the very real possibility of having to cope with a recession (or possibly a depression).

That certainly isn’t good news, as recessions and economic downturns are scary times, but it isn’t necessarily entirely doom and gloom either. As long as you take steps to protect yourself and your family from taking too much financial damage, you should be okay. That’s why we’ve put together this list of tips for managing your finances during an economic downturn.

Protect Your Future

While making it through your present-day obstacles is your main concern, it’s crucial to ensure you’re not putting your future self at risk so that current-you can be a little more comfortable.

So, if you have a self-managed super fund, now is the time to enlist the assistance of one of the best SMSF specialist accountants in town. Those with commercial funds should also re-evaluate their strategy and check whether their current fund is performing at an acceptable level.

Make (and Stick to) a Recession Budget

Your usual budget won’t cut it during an economic downturn. Instead, you need a specific recession budget. This type of budget includes increasing the buffer you have in your emergency fund and cutting costs, the latter of which we’ll look at more deeply in the following sections.

Diversify Your Income

You’ll also want to build additional income streams, so you’re not reliant on your primary paycheck. That could include a side hustle, selling things you no longer need, or doing odd jobs advertised on local platforms and noticeboards.

Pay Yourself First

Even in a recession, saving should still be a priority. If you struggle to have funds left to save at the end of your pay cycle, try using the pay-yourself-first method. This strategy is particularly helpful if your emergency fund isn’t looking too healthy at the moment. However, paying yourself first can also help you reach financial goals you may not have otherwise been able to achieve. So it’s worth practising, no matter what your current situation is.

Look at Ways to Cut Costs

In addition to shopping around for groceries and seeing if your utility providers can give you a better deal, it’s also a good idea to look at ways to reduce your cost of living without sacrificing your lifestyle. While some sacrifices may become essential if times get rough, increasing the buffer between your expenses and income is always a good idea. Indeed, it is a vital step in preparing for a recession.

Invest if You Can

Finally, although spending extra money seems counter-intuitive when the world is going to hell in a handbasket, investing now can be highly beneficial to Future You if it’s within your means. That’s because stocks essentially “go on sale” during economic downturns, meaning you’ll be able to get a slice of the pie at a significantly reduced cost.

Remember that your strategy needs to be long-term to provide the most benefit, so you need to avoid panicking over the state of your investment fund when times are tight. Also, follow the golden rule of only investing amounts you can’t afford to live without.

Recessions aren’t fun, but they don’t have to be the end of the world. Take steps to protect the financial security of yourself and your family, and you should be able to ride it out. Good luck, and don’t be afraid to ask for help if you need it.

The secret to getting ahead in modern business

October 29, 2019 by Reporter Leave a Comment

Photo credits: nd3000 / Adobe Stock

It goes without saying that the professional landscape of business gets more and more competitive all the time. As digitalisation and technological advancement continue to become bolder and smarter, every aspect of life as we know it – including, of course, business – is evolving and realigning with the way the world is moving. Thanks to these modern marvels, the world as we know it is transforming from the inside out. Never has there been a more exciting time to be in business – or to be alive in general, for that matter.

But at the end of the day, why exactly is it such an ideal time to be an active player in the business landscape? And how can you effectively get ahead and stay ahead in a professional landscape that, like it or not, continues to get more and more competitive all the time? There is a secret to excelling in modern business, but to understand that secret and its impact, you must first understand the nature of modern business from the onset.

Modern business is more capable and efficient than ever

Here’s the thing. Digitalisation and technological advancement have essentially created a modern world that is more capable and efficient than ever. The whole point of any form of digitalisation or technological innovation, is to make life easier in some way. So, as the world currently becomes more and more driven by these modern marvels, aspects of life – including business – are becoming smarter and more driven all the time. For instance, modern business is operating on a more efficient basis than ever – and technology is largely to thank.

No business is successful without the hustle

Achieving longevity and success in any type of business is never accidental. Being a successful entrepreneur demands a unique sense of determined will and absolute focus on the task at hand. Regardless of if your business specialises in recruitment (think industrial recruitment at Zoom Recruitment, for instance) or security, or any type of business in between, there is one secret to business that ultimately can and does apply to practically every successful business there is.

The secret to getting – and staying – ahead

Ultimately, what it all comes down to is focusing not on the competition, not on the industry you are trying to break into, but on your own trajectory. This is literally all that matters. And a large part of that focus must be on your consumers and what they expect and want from you. Without the attention and loyalty of consumers, no business can hope to thrive and excel beyond its first fiscal year – if that. So, focusing on staying in your own lane and listening to how and what your consumers want you to change and to focus more on, is paramount. It might sound easy and even obvious, but the reality is that so many people are focused on making their businesses better than their competition, that they don’t focus enough on their own business.

THE IMPORTANCE OF YOUTH LEADERSHIP DEVELOPMENT TO YOUR COMPANY

May 13, 2019 by Reporter Leave a Comment

Featured Photo © Pixabay

AGE DOESN’T NECESSARILY EQUAL SUCCESS

Traditionally most employers have equated age with wisdom and skills, and in the past, it was often the case that in order to get promoted you simply had to stick around with the same firm for long enough to make this happen. However, savvy businesses are catching on to the huge benefits that young leadership opportunities can bring to a company. Not only do young people inject motivation, energy and enthusiasm into a firm but they are often streets ahead in terms of technology and computing!

PERCEPTION OF YOUNG PEOPLE

Unfortunately, many young people get a bad press with gripes from older workers about their lack of a good work ethic. These include complaints such as their air of entitlement, that they don’t work hard enough and that they lack verbal and written communication skills. Of course, this is a huge generalization and ignores the fact that many young people are well educated, hard-working and are good team players with a great attitude.

WHAT DOES YOUTH LEADERSHIP DEVELOPMENT OFFER A BUSINESS?

Stereotypes of young people are being disproved time and time again as they show that they have a great deal to offer in the workplace, and these are just some of the key attributes they can bring:

They are on trend: they understand the culture we live in and can often interpret this much more effectively than an older person. This can enable a company to plug into emerging trends and themes.

They are very quick learners: they have the brainpower, youth and motivation to pick things up speedily and effectively.

They challenge the status quo: every business needs to evolve but it is easy to stagnate – with young people around they can shake things up and enable the growth of new ideas and techniques.

They are technologically adept: even though older people may have a raft of technological skills, the speed and understanding that young people bring into this sphere of business can be astounding.

They are the future: however well your firm operates you will need new blood – senior staff can’t go on forever so youth leadership development provides a legacy for the future of your business.

They have real enthusiasm: this can obviously be very infectious, especially for older workers who may have become very jaded and cynical – a young person’s outlook can put some zest back into your mission.

They are fun and inspiring: young people can give a different perspective on the world and can often liven up what may have become a dull and boring workplace environment.

GIVING YOUNG PEOPLE A CHANCE OF JOBS AND SKILLS

A number of organizations work with the Australian Government to provide life-enhancing skills and jobs for young people such as this jobactive services at yourtown.

Initiatives such as these enable eligible job seekers to be connected with suitable employers and enhance their experience and skills. This kind of job active services provision enables specialist support to businesses in terms of consultation about their needs, screening of potential candidates, and organizing interviews and subsidies to make the process as easy and economical as possible. Therefore if you haven’t considered the many benefits of employing a young person, now may be the time to take stock and re-energize your workforce with the many positive attributes this will bring.

About The Author:

Caroline Bird is a creative writer and digital marketer. She loves sharing her perspective, tips and how-tos related to home improvement, productivity, business, technology, and SEO through her writing. Connect with Caroline via @bCarolinebird12

Australia’s New Workforce is Driving a Change Amongst Employers

November 28, 2018 by Reporter Leave a Comment

It may be surprising to find out that life expectancy can be dramatically reduced for labourers who are not doing what they love. This could be the reason why things within the labor force are changing, especially amongst younger generations.

How Career Affects Life Expectancy

There are a lot of things that affect life expectancy, and most of those things are obviously linked, such as the food consumed or the quality of healthcare a person receives, but the career a person has may seem a little ludicrous. The reason a person’s life may be cut short by doing something he or she does not love has to do with the stress linked to such a job. A person who hates going to work yet still goes is bound to build up negative feelings, which will likely manifest into stress.

This stress seems to affect a person’s health, especially when exposed to it for long periods of time. Most people stay in a particular job for years, making it pretty clear how it can affect this labourer’s health in the long run. Stress releases cortisol, a stress hormone that is meant to help the body in “fight or flight” situations but can do harm if the body is overly exposed to it. Too much cortisol in the body can lead to things like elevated blood sugar levels, weakness, or rapid weight gain just to name a few things.

Career Loving is Changing Today’s Workforce

There is no doubt that more people in today’s workforce want to do something they love more than anything else. This is especially true for millennials, which are slowly becoming a major group within the workforce. Older generations seem to care only about the paycheck made from any given career, but it seems that younger generations see the value in doing something meaningful.

It is a drastic change that will likely get some criticism, especially from older generations, but there is no stopping this trend. All one needs to do is pay attention to some of the other values that millennial’s hold close to their hearts like experience over things in order to understand this strange trend. Perhaps, this is the reason many young Australians are turning towards impactful careers rather than pure money-making ones.

Most people might mistakenly believe that careers that serve a human purpose would be relatively scarce, but that is not the case. There are a number of careers that young people are turning to, most of which come with degrees that can be attained online, making them both affordable and accessible. One of the most meaningful careers out there is a nursing career.

It is one that comes quite varied with some nurses working in hospitals while others taking up residence in a person’s home as a home nurse. Some nurses become travelling nurses who end up blending their love for travel and helping people. Another career worth highlighting is that of a social worker. Again, this is a career that can touch people’s lives in priceless ways; for example, some social workers can dedicate their lives to helping children who might have been mistreated. Social workers can also be helpful to adults like women who have been victims of domestic violence just as an example.

Another popular career that many young people looking to contribute to society might look into is police work. Granted, police work can put a person in harm’s way, but Australia’s crime rate is relatively low compared to other developed countries like the United States. This does not mean the people donning the uniform are any less brave, but it surely feels better to know that the profession is not as dangerous as it could be. Earning a degree within this field can be done online, which is surprising, but it does open doors to a workforce that is eager to contribute positively to society.

These are just some of the professions giving young Australians fulfilment. This is likely to drive change within other companies out there if they want to attract employees who want to feel like they are doing more for people, which could create even more effective corporate citizens. Companies that take active steps towards helping society or local communities may attract younger employees and may even retain them longer.

Rebooting your Resume for Executive Roles

November 25, 2018 by Reporter Leave a Comment

One reason that people seek out professional resume writing services is that, at some stage, their trusty resume, which has served them well for years, has suddenly stopped generating call-backs.

Generally, the problem falls into one of two types. The Type One problem is that the market has changed; far more common is the Type Two problem, that the applicant has changed.

For people who have been with one employer for decades, the job market really might be substantially different. Compared with 10 years ago, resumes tend to be more focussed on achievements, to profile career development rather than long service and to leave out personal details such as age and marital status.

Perhaps the most significant environmental change in recent years has been the advent of Applicant Tracking Systems (ATS), which electronically read (parse) a resume. Although not deployed universally, they are now common and will become more so. How to write an ATS-friendly resume will be the subject of a later article.

For Type Two problems, a more customised approach is required. Many people who have successfully used a highly technical resume in the past suddenly find it impossible to step up into a leadership role. These might be Solution Architects who want to move into a CTO role, Financial Controllers applying for CFO positions or Senior Policy Advisors wanting to try their hand at an EL1 or EL2 role in government. In all these cases, the would-be exec has simply outgrown their previous resume.

No reputable professional resume writing service will tell you that there is a single formula for a successful executive resume. Certainly, one should be extremely sceptical of any claim that there is a correct number of pages or a standard format that will work for every candidate. On the other hand, there are some principles of good practice that can help.

The first and hardest change is to let go of the old version. Is it really important how proficient a CTO is at programming in C++? The reason to hire a CTO who was a Programmer and then a Software Designer and then a Solution Architect is not for their hands-on skill but their understanding of what goes into successful technological changes, why they work or don’t, who needs to input into design, how you get clients to realise the benefits of new technologies and so on.

If 15 years of software design got you to Solution Architect, 20 years is not going to get you to CTO, not unless along the way you learned more strategic and profound lessons than a few additional coding tricks.

By way of an example, the table below shows just a few priority differences between executive and professional resumes.

Solution Architect	CTO
Skills infrastructure analysis project management software design Achievements technical solutions developed compliance with budgets and schedules	Skills digital maturity strategies change leadership oversight of large project and ops teams Achievements organisation-wide change future-proofing business
Financial Controller	CFO
Skills financial and management accounting statutory reporting budgeting and forecasting Achievements resolution of audit issues streamlining of reporting functions	Skills risk, compliance and governance strategic planning personnel management Achievements leadership of major organisational change improvement in top or bottom-line results
Senior Policy Advisor	EL1 / EL2
Skills policy and environmental analysis stakeholder engagement project coordination Achievements delivery of policy reports provision of advice to Minister	Skills government agency interoperability senior-level stakeholder influence leadership and vision Achievements new program or initiative launched measurable change in social outcomes

Not all leaders are alike. An executive resume needs to carve out a clear point of difference. Once you’ve established your credentials, with clearly articulated and relevant achievements, then the work really starts. How do you stake out a niche area of practice, that is uniquely yours? In the first place, curb the instinct to describe yourself as a dynamic, passionate change-maker. Sounding like everyone else is inherently self-defeating if the purpose is to stand out. Think about what it is that you offer, which someone less skilled, less experienced or just not you couldn’t do. That’s the value proposition; that’s the focus of your resume.

Outsourcing your day Job

March 30, 2018 by Reporter Leave a Comment

Learn to outsource your job and make more time for this

_{Credit : Flickr Relaxing in Maldives by nattu is licensed under CC BY 2.0}

The outsourcing revolution

Entrepreneurs regularly outsource to save time, access specialised expertise and get work done. In the last decade as access to the internet and data-speeds have improved, particularly in developing countries, an entirely new freelance workforce has emerged online.

Many skilled freelancers are based in lower-cost countries such as the Philippines, India or Pakistan, and can be hired for significantly less than local talent. Fuelled-by, or perhaps fuelling this phenomenon, freelancer marketplaces have exploded in popularity, stimulating a rush of new talent into the global marketplace.

These trends now make it possible for employees to outsource aspects of their jobs to relieve stress and win back time for things they’d rather be doing.

Where to find freelance talent

Virtual marketplaces such as Fiverr.com, UpWork.com and others provide online platforms where freelancers can advertise their services plus examples of their work, their rates and related information. Buyers can search for freelancers by a range of categories or keywords, save profiles of promising contractors and then interact with them by messaging service.

Buyers can post jobs and invite applications from qualified freelancers and when a job is agreed by both parties, these platforms even manage the contract, billing, payment and receipt aspects of the relationship. All of these features make it easy to find, engage, manage and pay for freelance talent, not just for business owners, but for employees themselves.

_{You can access freelancers like this graphic designer using marketplaces such as UpWork.com}

_{Source: Flickr – Credit : Design freelancer working b2b business by thods is licensed under CC BY 2.0}

What kind of talent is available?

If you’re thinking freelancing is only good for building a mobile app or procuring some cheap copywriting, then you might be surprised and the sheer range of talent available.

UpWork.com, which describes itself as ‘the world’s leading freelancing website’ claims that “annually, freelancers are earning more than $1 billion via the site each year and providing companies with over 3,500 skills.”

Need an academic paper written? What about a bookkeeper? Perhaps you need an interior design for a new rental property you’re considering buying? Or how about a webpage translated into Chinese? All these are available, and more, often at very low prices.

Can I outsource my job to freelancers?

If you are an employee looking to outsource aspects of your role, the nature of the work you do will determine what aspects can and cannot be outsourced. Most jobs have a range of common elements that may be outsourced cheaply and effectively.

Outsourcing your general administration can save you hours of unproductive time. Managing emails, scheduling meetings, formatting documents, preparing Powerpoint presentations, filing, managing your digital documents and countless other time-consuming yet necessary tasks can be outsourced effectively to a virtual administrative assistant.

_{Caption: Feeling frustrated at work? Outsource the admin and get your life back}

_{Credit : Flickr – Frustration by peterhess is licensed under CC BY 2.0}

What does it cost?

For as little as $200 per week, you could employ a full-time administrative assistant. That means that for around $10,000 a year, you could have a full-time person working for you, available by phone or email or instant-messaging application, ready to work at a moment’s notice.

Depending on your personal financial situation, it may also be possible to claim the expense as a tax deduction related to your employment. As a result, the real cost of engaging the freelancer may be far less.

If you’d like to outsource but don’t have the money available, there are plenty of ways to find the cash you’ll need at short notice.

Is it legal?

Your employment agreement and the terms and conditions of your employer may or may not prohibit you from outsourcing work without their express approval. Factors like confidentiality deserve careful consideration. As a rule, don’t go outsourcing your entire job like this person did.

Consider also what other aspects of your life admin you could outsource to free up to time you’d rather be spending on more important things.

Should I tell my boss?

Aside from the ethical and moral issues, there’s a good reason you should consider sharing your plan with your boss. If you can make a convincing business case for it, such as the amount of time you could spend acquiring new clients, then your boss may consider reimbursing you for the expense.

What else should I consider?

Managing freelancers to deliver work is a skill, meaning it takes time to learn and perfect. Start by outsourcing small tasks and practice the act of working with a third-party to get back the results you expect. It can take time to develop an efficient and productive working relationship. Don’t put yourself at risk by outsourcing critical work without having a backup plan in place (which may simply be you doing the work yourself).

Bottom line

Jump online and check out a freelancer marketplace for yourself. Start small and learn how to take advantage of the wonderful world of freelance available to you.

How to Reward a Global Workforce

November 2, 2017 by Reporter Leave a Comment

The face of workforce is changing across the glove as more and more millennials have started working. This is one of the reasons why it is important for businesses to keep their employees motivated and to promote loyalty among them. It is now up to HR professionals how they devise reward strategies that work well with the existing employee base, and a good way to go about it is through incentives and the use of modern technology.

If your business functions internationally, the task of rewarding employees, working in different roles and positions, and located across the globe can be extremely daunting. Earlier on, the incentives used to vary from department to department because of varying budgets, which made it hard for HR to keep a track of the employee incentive programs. Most companies wanted to implement a uniformi when it came to rewarding the global workforce, which is how digital and virtual gift reward cards were introduced. They became a success for the following reasons:

There was uniformity, as all the employees received the same prepaid gift card.
The delivery of the reward was easily, as it was sent via email and was received by employees in different job roles and geographic locations.
All the employees received equal rewards at the same time.
It was easy for HR to track redemption.
It was easy to personalise the reward card with the employee’s name and a note from the management, which added a personalised touch.
The company easily managed their budget because of the centralised reward.

Companies, in search of innovative ideas to rewards their employees, can benefit by visiting websites such as https://www.globalrewardsolutions.com/

and http://www.power2motivate.co.uk/.

Using Digital Reward Points to Your Advantage

Companies can make use of digital reward programs all around the year, because they are easy to manage and give employees the flexibility of getting whatever they want, as opposed to employee recognition programs. Some of the things that you should look out for when using a rewards program are:

Can It Be Easily Used With Other Technology?

Digital reward programs can be used with the help of application programming interfaces, for private, secure, and immediate delivery of the rewards. This is great for companies, as they can easily scale and report the delivery of the rewards.

Is the Management of the Program Streamlined After Its Implemented?

One of the best ways to manage employee recognition is with the help of a rewards management portal. In order to make sure that everything is streamlined, it is important for businesses to hire a professional solutions provider.

Tips To Reward Workforce

Here are some ways in which you can reward your workforce:

Sending appreciation emails.
Sending flowers or cake on their birthdays.
Sending gifts on their work anniversaries.
Giving them work life balance.
Rewarding them with an all expense paid trip.

The Low-Down On Finding Work In Australia For Mechanical Engineering Graduates

February 27, 2017 by Reporter Leave a Comment

An extremely diverse field, mechanical engineering includes the design, management, construction, maintenance, organisation and operation of mechanical equipment and machinery. In the past five years, the demand for mechanical engineers has increased greatly and there has been a considerable growth in employment. The primary job of mechanical engineers is designing and building large-scale mechanical and industrial processing plants and facilities. Additionally, they take on administrative tasks such as ensuring the smooth and efficient running of programs and drawing up budgets. So, how can you find a mechanical engineering job in Australia? Let’s take a look.

Statistics show that mechanical engineers in Australia are able to find a job within four months of graduating. Moreover, the average starting salary of mechanical engineers in Australia is between $55000 and $60,000 per year. The states where mechanical engineering graduates find a job easily include Queensland, New South Wales and Victoria. While finding a mechanical engineering job in Australia is not that difficult, you need to follow certain steps to guarantee employment and build a mechanical engineering career.

Contrary to the popular belief, being good at maths and science isn’t sufficient to find a job in mechanical engineering or build a career in it. If you are a recent mechanical engineering graduate then there are certain things you need to do to find a job and advance your career. Here are some tips you can follow to find a mechanical engineering job in Australia and take your career to the next level.

Look for graduate programs

Want to get your career off to a flying start? If yes then look for and try to get into a graduate training program. Offered by a number of companies today, mechanical engineering graduate programs are the perfect way to start your career. The duration of these programs is one to two years and you can apply for them by visiting job boards or attending university career expos. Also, a good resource for graduates is the Engineers Australia website.

Think outside of the box

While you went to university to study mechanical engineering, you should be ready and willing to take on job responsibilities that aren’t your forte. Knowledge of certain software and electronic components is an unstated prerequisite for landing a mechanical engineering job today. For this reason, you should find out about and learn the basics of disciplines related to mechanical engineering.

Stay in touch with your Alma matter

Your Alma matter i.e. the university you attended can help you to increase your networking reach and find a ‘decent-paying’ job. Therefore, keeping in touch with the faculty and staff at your university even after you graduate is important.

Finding a mechanical engineering job in Australia is easy but only if you follow the steps that guarantee employment. By following the aforementioned tips, you’ll be able to find a mechanical engineering job in Australia and take your career to the next level.

The Rewards Of Regular And Concise Performance Reviews

December 23, 2016 by Reporter Leave a Comment

There are 2 reasons why business owners never sit through the performance reviews of their employees. The first is when they want to discipline someone, and the second is when they think someone deserves a pay increase. However, what they don’t know is that they have so much to gain when it comes to scheduling employee performance reviews on more than just these two instances.

Communicate Goals

When you sit down with your employees more than once every year, you are technically reminding employees what you expect of them in a way that motivates them to achieve this. It is possible that you may have begun to notice changes in the employee that you would like to discourage. This is the perfect time to do that before it escalates into something serious, resulting in you having to call in crisis control.

For Feedback

Regular performance reviews give employees the perfect opportunity to give you feedback on what your employees need. It helps you in correcting bad behaviour before it ultimately affects the bottom line of your company. You cannot just send in an email that says the employee is not meeting the set standards. You must review performance and set a training period for them and encourage them to attend it as part of their professional development which will help them throughout their career.

When Firing an Employee

In case you are faced with the task of terminating an employee, you can always offer them proof that they had an idea that this was coming. Your case is made strong by the regular performance reviews that you conduct so that the employee does not challenge your termination.

Set New Goals for Over Achievers

Certain employees perform above and beyond the set standards. The regular performance reviews give you a chance to set higher goals for them, and you must encourage them to advance in their career at your company if you really believe that they have the potential to do great things. If a person thinks he/she is wasted in a place where their talent is not recognized, he/she is likely going to move elsewhere.

Appreciate the Hard Work

It is important that you praise employees who consistently do a great job. By offering positive feedback on a regular basis, you will also make your employees feel like they are being truly appreciated. Your win is that now the employee is going to be encouraged to work harder and shall remain loyal towards you as they are made to feel good about their hard work.

Their Feedback Counts just as Much

Mostly, employee performance reviews are created to give feedback to the employees, and employees are also encouraged to share their thoughts about the company as well. It is important that you listen to the concerns and comments of these people. You must also consider using the valuable information you now have to improve operations.

A New Way to Hire Staff for Small Businesses

August 16, 2016 by Reporter Leave a Comment

If you’re a small business and you’re finding it hard to hire staff, here are some handy tips that can help you save time and money.

With the introduction of a new technology known as On Demand, hiring staff has never been easier. Not only are you able to hire a worker at a click of a button but these workers are also contracted, meaning that you are able to negotiate an hourly price for the work that needs to be done.

With the introduction to being On Demand, companies like Uber and Airbnb are paving the way for this new type of economy. The On Demand economy works in a way that you only use and pay for a service or a good when you need it and for the amount of time you need it. Uber and Airbnb are in the logistics and accommodation industries respectively and are both large multinational companies. However, at the core, both of these companies are formulated to take away the middle man and save on costs wherever possible.

The On Demand economy has since expanded into other industries including recruitment. Recently, companies like Workfast and Freelancer have launched web and mobile applications that connect employers with workers.

Casual work in Australia has been on the rise over the past decade with a current estimated 3.2 million Australians taking on some form of casual work.

For workplaces, having a team of casual staff can save on costs by being able to scale workforce in accordance with demand. The go both ways and for workers, this means that they are able to be flexible with their role and have a better balance between work and lifestyle.

Some benefits in hiring casual staff for small businesses:

Easy to hire with new technology

With the introduction to new applications hiring reliable and vetted staff has never been easier. New hiring platforms such as Workfast and Freelancer allow you to view profiles of potential employees before you decide to hire them. The profiles are all categorised into specific industries and you can view previous employer ratings and comments before you commit.

Scaling your business with demand

For small businesses, it may be difficult to project when, where and for how long busy periods will last. A cafe or restaurant may need to hire a casual worker due to its unpredictable nature of hospitality with customers. Casual staffing on weekends and sporadically throughout the week may be the only option for these businesses.

Diversity of workers

Having a diverse pool of workers means that workplaces can keep things fresh and relative to industry standards. Many casual workers or temporary workers are students who need the flexibility of balancing study with work. Single parents make up a proportion of these workers as can work a few days a week in between looking after their families.

Hiring staff can be a difficult task for small businesses. However, by arming yourself with knowledge of how workplaces and workers are evolving, you can be better prepared for the future success of your business.

Jobs

Recession-Proofing: 6 Tips for Managing Your Finances During an Economic Downturn

The secret to getting ahead in modern business