Employee development
more important than ever
Identifying your most important strengths is always critical in times of economic downturn. And skilled employees should top the list regardless of what industry your business is competing in.
Unfortunately, in tough times, many organizations are forced to reduce their workforce in order to remain competitive, so maintaining skilled employees becomes essential.
Implementing a continuous program of employee training and development can help to ensure that the employees you do retain are able to provide an effective service level for your existing customers, as well as position your firm for eventual growth.
Effective employee training programs are “process based”, starting with a clear understanding of your organization’s goals, customer service requirements, and the internal processes required to achieve those mutual objectives.
Consider for example the order entry process, something common to most companies. In many small businesses, the same employee(s) may speak with your customer, pick/prepare an order for shipping, find the appropriate method of shipping, and process all of the required paperwork.
A number of skills are required to handle these different tasks successfully, including “soft skills” (how to interact with your customer in a professional, courteous manner), awareness of inventory management practices (order preparation, the importance of filling orders completely and correctly), supplier management (sourcing strategies, rate negotiations) and administrative skills (document flow and retention - affecting inventory, customer orders/backorders and invoicing).
Normally, companies employ several people with different skill sets in these areas, but in today’s economic climate it is increasingly important for operations employees to be cross-trained in all of these areas, and aware of their importance in satisfying customers.
An effective employee development program begins with identifying the “performance gap”, the difference between what “is” happening operationally, and what the company and/or its customers perceive “should be” happening. Often this first step results in three common outcomes, 1) both the company and the employees realize they were unaware that service levels had “slipped”, 2) employees never had a clear understanding of company objectives as they were not clearly communicated in the first place, or 3) existing processes were forgotten when retained employees had to adopt new tasks for which they were not adequately trained. All of these occurrences are commonplace, and all represent opportunities for improvement.
It is also important that employees see any training and development program as a process that will result in the employees and the company “pulling together” to achieve these common goals, rather than simply a finger-pointing exercise or “blame game”.
Identifying “performance gap” points, implementing process-based training methods and performance measurements are critical requirements for well-trained employees and the continued growth and success of your business.
Laurie Turnbull is a Supply Chain Consultant with the Cole Group, a national logistics company, providing supply chain management and employee training and development support for customers across Canada. She can be reached at Tel: (905) 501-1150 or by email at Laurie.Turnbull@cole.ca Website: www.cole.ca
Beware of Mortgage or Title Fraud
In a time where identity theft and Ponzi schemes are plastered across the daily news, the last thing you want to worry about is another way to lose your hard-earned money.
But as a homeowner, you need to be aware of crimes pertaining to mortgage and title fraud.
Mortgage Fraud
The most common type of mortgage fraud entails a criminal obtaining a property, then increasing its value through a series of resales involving the fraudster and someone working in cooperation with them. A mortgage is then secured for the property based on the inflated price.
Because of the recession, more people are desperate and eager to find a way to hang onto their homes. A couple was recently arrested in Canada after duping 100 families looking for help to avoid foreclosure in the US.
Another term for mortgage fraud is the “straw” or “dummy” homebuyer scheme. For instance, a renter does not have a good credit rating or is self-employed and cannot get a mortgage so he/she or an associate approaches someone else with solid credit. This person is offered a sum of money to go through the motions of buying a property on the other person’s behalf.
Title Fraud
Sadly, the only red flag for title fraud occurs when your mortgage mysteriously goes into default and the lender begins foreclosure proceedings. Even worse, as the homeowner, you are the one hurt by title fraud, rather than the lender, as is typically the case with mortgage fraud.
Unlike with mortgage fraud, during title fraud, you haven’t been approached or offered anything – this is a form of identity theft.
Often a criminal – using false identification to pose as you – registers forged documents transferring your property to his/her name, then registers a forced discharge of your existing mortgage and gets a new mortgage against your property. Then the fraudster makes off with the new home loan money without making mortgage payments. The bank thinks you are the one defaulting – and your economic downfall begins.
There are several ways to protect yourself from title fraud, including purchasing title insurance, requesting a copy of the land title or going to a registry office and requesting a historical title search, and checking listings in the community where the property is located – comparing features, size and location to establish if the asking price seems reasonable.
It’s important to remember that if something doesn’t seem right, it usually isn’t – always follow your instincts when it comes to red flags during the home buying and mortgage processes.
Shirley Hall is a licensed mortgage agent with Dominion Lending Centres Your Mortgage Partner based in Brampton. She can be reached at: 416-254-8602; shall@dominionlending.ca; www.shirleyhall.ca
Preparing to buy a house
As we move into spring we begin to think of taxes and how we can minimize what we pay to the government. One way to ensure you are saving more of your money is to contribute to your RRSP. The money that you put into your RRSP not only provides you with a tax break, it can be used to make up some or all of your down payment for a house through the Government’s Home Buyers Plan. (HPB)
This is a fantastic way for first-time buyers to get into the housing market and use money you would normally pay in taxes to help you buy a house. Depending on your tax bracket if you put your down payment into an RRSP you will get tax relief. What better way to fund a down payment than with money the government sends you in a tax refund.
This plan began in 1992 and the Canadian Real Estate Association has been lobbing the government for many years to enhance this plan. In April the Canadian Real Estate Association (CREA) leaders went to Parliament Hill to lobby MP’s to index the Home Buyers’ Plan (HBP) RRSP withdrawal limit to ensure that it never loses its buying power. In 2008, the CREA lobby was successful in lobbing MP’s to raise the withdrawal limit from $20,000 to $25,000. Last year we also recommended extending the HBP to all homebuyers for two years as a temporary stimulus measure. Over 2,000,000 Canadians have already used the Homebuyers Plan to help their dream of home ownership come true.
Buying a first home is an exciting time. The funds can be used for down payment, legal fees, moving expenses and other things related to buying your first home. The money that you remove from your RRSP must be repaid into the account over 15 years. You must replace a minimum of 1/15th of the money you remove each year or repay the taxes on that same amount. There is no tax charged to take it out.
First time buyers also receive a Land Transfer Tax break/discount on the first $2000 for a resale home. If you are a first-time homebuyer, you may be eligible for a refund of all or part of the tax, depending on the price of the home you choose.
The government also assists first-time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
So if you are thinking of purchasing a home in 2010 contact your local REALTOR® by the end of February. They can further explain the plan, dates, deadlines and the definition of a First Time Buyer to ensure you get the most from it. There are some exceptions where previous homeowner may qualify.
It may be a way for you, your family and friends to use money you already have, or get more money by way of tax relief to purchase the home you have always wanted.
Ruth Ballantyne is the president of the Brampton Real Estate Board and can be reached by email to: pres@breb.org
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