The JobKeeper program provides a wage subsidy to workers up to $1,500 per fortnight to the end of September. Due to the surge of cases in Victoria and Melbourne city lockdown, the program has been extended to the 28th March 2021 with new pay rates. Below explores some advantages and disadvantages of applying (or reapplying) for JobKeeper:

Advantages

The JobKeeper program has been a lifesaver for many businesses as it offers both a financial and business boost. By avoiding redundancies you are able to keep people employed during harsh economic times which will reduce the cost of rehiring staff later down the track and allow you to retain talent. Furthermore, it offers a long term advantage by building employee loyalty and a stronger workplace culture where you have put their best interest at heart.

Disadvantages

A key disadvantage from the program is the potential of making future redundancies more costly as the employees will continue to accrue entitlements and annual leave. Where they are let go, these entitlements will have to be paid out from cash reserves or from non-existent profits. Something else to consider is the potential cash flow issues that may also arise as you will need to pay staff first before receiving the JobKeeper subsidy in arrears.

Overall, you should be aware of the advantages and disadvantages of the program before making the decision. If your business is struggling financially or you’re considering reapplying for JobKeeper and would like to learn more, please talk to Debt Free Australia for free and confidential advice on our 24/7 toll-free hotline on 1800 676 598.

With 2020 filled with many uncertainties, businesses worldwide have been forced to adapt to a new normal. It is crucial for your business to take advantage of these emerging trends as early as possible. Below are 4 business trends to watch out for:

1. Remote work is the new normal

Increasingly, businesses are embracing working from home in the long term. Businesses are noticing various benefits from this arrangement, such as reducing office space and not limiting hires based on geographic proximity.

2. Word of mouth and user reviews

With the majority of purchases now made online, consumers are turning towards purchases based on word of mouth (on their social media platforms) and user reviews. We will see more businesses investing in obtaining more user reviews for their products and services.

3. Changes in customer service

The disruption within the customer service industry has only accelerated the emerging trends. Businesses are starting to look into new ways to provide personalised services and experiences, through the use of tailored digital marketing and social media, compared to more traditional means such as phone and fax, streamlining the whole customer experience.

4. Big data

Having a big data strategy is crucial to ensuring a competitive edge. Ensuring you make the most out of your available data about customers and clients will dictate your marketing and business decisions.

Debt Free Australia is passionate about helping individuals and businesses get out of debt and prepare for a better financial future. If your business is struggling to adapt to the new normal or is looking for a fresh start please get in touch with our highly-trained advisors. Please call us on our 24/7 toll-free hotline on 1800 676 598 to speak to one of our friendly and professional debt relief consultants.