“The theory behind discipline is to correct rather than punish and handled correctly, it actually results in correction.”
BY MARINA BUTLER
You know how James Bond always seems so cool and dashing when he puts himself in danger? It seems when he is bending the law and dodging bullets for the sake of the world it is all too sexy. However, reality is quite different.
Take discipline matters, for example. One wrong move can lead a disgruntled employee to pull the trigger on a Human Rights claim. So, how do you keep your company out of the vantage point?
For starters, by developing a discipline program complete with best practices to ensure that you and your managers are handling situations that are legally defensible.
The theory behind discipline is to correct rather than punish and handled correctly, it actually results in correction. It is important that supervisor/managers understand that their role is to know all the sources of performance standards; to ensure that the standard is reasonable; to clearly communicate those standards and to enforce them. A detailed program will assist you in the crucial steps to take. Here are some tips when putting together a system: • Decide on a procedure that will allow for a thorough investigation of the infraction. • Create forms that will assist in reviewing the factors leading up to the incident, as well as, documenting each level of discipline with specific timeframes for a follow-up review. • Decide what the discipline process will look like. For example, the degrees of discipline including factors such as previous record, seriousness of offence and/or provocation.
• Include a progressive discipline policy that includes steps such as verbal, written, suspension and termination.
• Decide what the consequences are when failure to improve occurs.
• Uncover any special circumstances to consider—for example, absenteeism and whether it is innocent or culpable. • Design letters that cover components such as: nature of the incident; work/disciplinary record, discipline imposed, statement of desired behavior and consequence of future improper behavior.
Discipline should always occur as soon as possible after the infraction has occurred. Remember to thoroughly investigate, review the employee’s record, conduct a discipline meeting and assess any further information provided by the employee before disciplining. Always document everything during the process and be sure that if the discipline is in writing that you make a copy for the employee, union (if one exists), file and the supervisor/manager.
Developing a formal discipline program is no small task. But when you are forced to protect your company in case of a dispute, consistency will pay off.
Marina Butler is the President of Erie Personnel Corporation/ Offices are conveniently located throughout the region in Fort Erie, Thorold and Stoney Creek. For more information, please visit www.eriepersonnel.com
Protect your business from the loss of key people “Insurance on your key people can help prevent an unexpected loss from financially harming—or even destroying—the business you’ve worked so hard to build.”
BY RICHARD KNABENSCHUH
Many business owners insure their physical assets from destruction. But how would your business cope if a key person died prematurely or suffered a life-threatening illness? Consider a top salesperson unsurpassed at harnessing client relationships or an executive whose operational know-how helps the business flourish. Insurance on your key people can help prevent an unexpected loss from financially harming—or even destroying—the business you’ve worked so hard to build.
Every company has key people
Every company has people whose contributions are essential to its success, due to their:
• Strong technical skills • Personal connections with valued customers
• Skills in attracting new business
• Responsibility for major projects
Whether it’s a highly-valued employee, an owner or a partner; key people bring energy and expertise to a business that can be difficult and costly to replace.
The benefits of key person insurance Key person insurance helps protect your business in many ways. If a key person dies or becomes critically ill, your business receives insurance monies at the time the funds are needed. Your business can use these funds to:
• Help keep your business running• Find and train a replacement
• Compensate for lost revenues
• Assure creditors and suppliers that funds are available to meet commitments • Assure customers your business has the means to continue life insurance for key people
With key person life insurance, your business is the owner and beneficiary of the policy. If the key person dies, your business receives the full death benefit tax-free—even if the person dies the very first day the policy is in effect.
What’s more, many permanent life insurance policies can accumulate cash value. The cash value grows inside the policy on a tax-advantaged basis, which your business can access while the key person is living.
* Your business can use the cash value to • Take advantage of business and investment opportunities • Deal with emergencies and unforeseen expenses
• Reward the key person with a retirement bonu
Critical illness insurance for key people
With key person critical illness insurance, your business is also the owner and premium payor of the policy. Benefits are paid tax-free to the company after the key person meets the survival period, which is usually 30 days. Critical illness insurance benefits are tax-free to the company, provided the policy is considered accident and sickness insurance for tax purposes.
If the key person remains healthy, your business may recover its insurance costs with a return of premium rider. This can return up to 100 per cent of eligible premium paid, if there is no critical illness. However, the tax treatment of a critical illness insurance policy with a return of premium benefit is uncertain at this time.
Determine the financial impact of losing a key person. Implement key person protection as part of your business plan.
* If the accumulation stays within prescribed limits, the cash value is only subject to income tax when it is withdrawn.
Richard Knabenschuh, principal of The Financial Alliance Group (Niagara) Inc., is a financial security advisor representing Freedom 55 Financial, a division of London Life Insurance Company. He can be reached at 905-682-7722, or by email at rknabenschuh@cogeco.ca.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of the writer’s knowledge as of the date submitted for publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.
Disclaimer: This column is presented as a general source of information only and is not intended as a solicitation nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. The publishers assume no responsibility in the correct or incorrect use of this information. For more information on this topic or any other investment or financial matters, please contact your financial consultant. Happiness Is A Repeat Customer “I have followed these golden rules to make my customers happy and I am excited to say that they keep coming back for more.”
BY LYNN BEAUDRY
A happy customer is the easiest way to grow your business. They will be your best advertisement and will spread the word about your business. Treating your customers like gold will always bring them back to your door. This will make your job easier and your sales rise higher so why wouldn’t you do it?
I have followed these golden rules to make my customers happy and I am excited to say that they keep coming back for more.
1. Be Reliable: Reliability is a major key to a good relationship and excellent customer service. Make sure that you can keep promises, be punctual for meetings, have the products as promised and never lie about deadlines.
2. Listen to you Clients: Let your client explain what he needs and show them that you are listening by making the appropriate responses. Once you learn what the client desires then show them how you can solve the situation.
3. Deal with Customer Complaints: No one likes to listen to criticism about their product, but how else are they going to learn if it’s not performing to its peak? Deal with your clients concern promptly and efficiently and you will look like a star and a problem solver. Remember you want your client to know that you are taking their concerns seriously.
4. Be Helpful: Clients remember when you take the extra time to answer their questions, help with their concerns and help find solutions to their needs.
5. Always Make Time for Them: Follow up on your client, not to just make a sale but to let them know that you appreciate their business. Drop them a note if they have something new in their business or new events.
6. Smile: Nobody wants to meet with a miserable person. This sounds so silly to say but I can’t tell you how many people walk around looking sad and then wondering why they aren’t as successful as they would like.
The Front Business Club prides itself on working hard to go the extra mile for their clients, whether it is accommodating a seminar, looking after special dietary needs or putting them in touch with the experts that they require.
For more information visit us at www.thefront.ca or come in for a tour to see what The Front Business Club is all about. We would love to learn about your business!
ChamberTalk
