October 2009 Vol 2, Issue 10
Modern man
The theme for this newsletter is endings and new beginnings:
We've just made people management a little easier!  Now our clients have a personalised link to the assessment questionnaire.
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  • No need to wait
  • Send the link to the profilee when it suits you 
  • We'll contact you when they've completed the survey 

Are you already a client?  No need to do anything!  We will send your link and a template profilee invitation email to you this month.

Not a client yet?  Click here to go straight to the assessment and try it for yourself.  We'll send you a free report on your unique personal strengths.
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performanceAre you ready for the upturn?
A recognised early effect of improved economic conditions is a significant increase in the mobility of employees.  Usually, highly skilled employees who are confident in their employability will jump first.  This has implications for employers in two main areas, retention and recruitment.
You have skilled and experienced staff who are an asset to your business.  Don't give them any reason to start looking elsewhere!
On the other hand, if you are looking to employ more staff, this is a great time to be on the lookout for people who are looking for a change.
If you are lucky, you may find you have an excess of applicants.  Use our system to start sorting through that pile of resumes...
Most people are familiar with 'SMART' goals.  This simple acronym can also be applied to resumes and CVs - both your own and those of job candidates. 
'SMART' becomes an easy checklist that will save you from wasting time talking to the wrong people.  Ask yourself  if the resume is:
Specific - detailing achievements of the individual, not just their team or department and not too vague or generalised;
Measurable - there should be facts and figures to back up the achievements.  For example, 'increased client base by 20% in 2 years';
Accurate - provides information that can be substantiated.  For example, academic transcripts, references;
Relevant - the information supplied links directly to the role;
Timeframed - dates are given for different jobs, study, etc, and all time periods are accounted for.
Successful recruitment and retention require specific knowledge about the the people concerned.   
  • What motivates them?     
  • How would they prefer to spend their time?     
  • Are they good with people? 
  • How do they perform under stress? 
  • Why might they want to join - or leave - your organisation? 
While some of this information can be gleaned using our 'SMART 'checklist and structured behavioural interviewing, objective measurements using validated benchmarks can be more reliable.
TIP:  Don't wait until it's too late to make the most of the current conditions.  
ACTION:  Unless you are an expert, seek advice on recruitment and retention.
quinnsWho will look after your business when you can't?
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 As the old adage states, "Fail to plan and you will plan to fail". Whilst this may seem a little worn out it is still very relevant and true, particularly when it comes to business. For most business owners their business is a result of many years of hard work and dedication.
But what happens if you are suddenly unable to turn up to work anymore, or it has come time for retirement? What will happen to your business then? It is not necessarily a pleasant thing to think about, much like people shy away from making or updating a Will, but the last thing you want is for those years of hard work to all come to a grinding halt because you did not consider and implement a business succession plan.
Business succession planning refers to assessing, devising and implementing "exit strategies" for the business owner or owners.
This can be for when there is an unexpected need for a new owner - such as in the case of death, disability or significant trauma - or it can also be utilised in relation to planning for the future, such as the business owner/s going into retirement, passing the business on to family member or selling it to a completely unrelated party.
When implemented correctly, business succession plan can assist you to:
1. Address the issues of when and how the changes to new ownership and management will occur, and
2. Manage your business to have an improved chance of survival when the transition to new ownership or management takes place.
It is important to differentiate between business succession planning and key person insurance as the two concepts are often confused.
Business succession planning is generally concerned with the more logistical and day-to-day implications to the business should the owner not be around. This includes considering who will manage the operations and/or be the new owner and how would the succession impact the spouse or beneficiary of the exiting party. Essentially a risk management strategy, business succession planning should also involve any other entities that are operated, managed or owned by you or your business.
Key Person Insurance
exists to protect the business against risks that it may be exposed to should the "key person" (or persons) suddenly exit the business. A key person in this context is considered to be a business owner, principal, manager or sales executive. These people are valuable in the business as they generate income and profit and they may generate capital cost for re-training or replacement. Key Person Insurance is concerned with the direct and immediate effects to the financial state of the business such as revenue and profit. It considers, and seeks to formulate answers to questions such as; if the key person is no longer around what would be the effect on revenue and profit? Would the business be able to continue trading? Could it pay the necessary bills and other costs?
It is extremely important to have plans in place that will protect not only your lifestyle interests and needs but also your intentions for your business.
It is never too early to start planning for the future, so why not contact the professionals at The Quinn Group to find out more about a tailored business succession plan for your business.
The Quinn Group are able to provide business owners with personalised advice on securing the future of their business. For more information on succession planning for your business, contact us on 1300 QUINN or click here to submit an online enquiry.
I look forward to talking with you in person soon!
Until then, warm regards 
Balance at Work is the human capital expert for financial services companies of 5-500 employees.  We combine the most accurate, insightful and easy to use online testing tool with expert advice, to give managers confidence to hire the right people first, make the most of their potential and approach difficult performance discussions with ease, creating businesses that are highly competitive because they have productive and valued employees.