As we approach the busiest time of the year, I’m sure we’re all wondering how different the end of year celebrations will be. Ordinarily, November is when teams are built up to handle the extra customers on the floor. This year, there are a whole new set of challenges to prepare for.
One of these challenges will be how the Government’s economic responses to the pandemic will impact resourcing. Over this Christmas period, more experienced staff will be needed in venues to manage increased customers and COVID-safe plans. As always, if you need any assistance with onboarding new staff members, please let your Intrust Super Relationship Manager know.
Unfortunately, in the current environment, experienced hospitality staff may be reluctant to give up secure employment (and guaranteed JobKeeper payments) to risk a probationary period at a new workplace. The pool of experienced candidates seeking work may be significantly reduced.
The challenge of managing new restrictions and legislative requirements is becoming the new normal as we learn to live with COVID-19.
The Government’s early release arrangements are another area that could be impacting your business. These early release super payments have helped many of your staff access the financial assistance they needed during an extremely difficult time. The scheme was recently extended until 31 December 2020.
Many of your customers might be looking to use this extension to help them get through the expensive Christmas season, especially now that JobSeeker and JobKeeper payments have been reduced. Hopefully this will also have a positive impact on your foot traffic over the festive season. As of September, the super industry has paid more than four million applications to three million Australians – totalling $33.5 billion1.
Intrust Super would also love to help your staff rebuild their savings if they’ve made a withdrawal.
Please contact us if you would like us to provide any extra educational sessions for your staff, to help them think about what’s next for their super. We want to help everyone get back on the path to ensuring they have a comfortable retirement. Please email your Relationship Manager or service@intrust.com.au to arrange a session for your staff.
The opinions expressed in this column are my own and do not necessarily represent the view of Intrust Super.
The information contained in this document and the services referred to are of a general nature only, and does not take into account your individual financial situation, objectives and needs. You should consider the appropriateness of the general information having regard to your own situation before making any investment decision. For personal advice, please contact the Intrust360° financial advice team on 1300 001 360. A Product Disclosure Statement is available at www.intrust.com.au or call us on 132 467 for a copy.
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