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How workplace training leads to business fitness

LTT - Laboratory and Pathology Training | Brisbane, Melbourne, Perth & Sydney
Training
July 6, 2017

LTT is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances.

It’s already one week into the new financial year. Be honest, how are your business resolutions holding up?

The weeks following June 30 are ripe for review, revision, and course correction. Have you decided to trim the fat? Quit that pointless process? Remind yourself to focus on what matters? Change is so common at this time of year, that the Australian Government’s business.gov.au created a New Financial Year Checklist.

Just like personal fitness, if you’re dedicated to getting your business into shape, you need training. It’s one of the keys to building the muscle-power of your organisation.

So, let’s get business buff.

First, we need to set out: what are your business goals for 2017/18? In what ways do you want to learn and grow? In what, or whom, will you invest your energy? These are arguably more important questions to ask than whether your gym has a sauna. Here are some other things to remember:

Every small gain has a big impact

This fits within the Japanese practice of ‘kaizen,’ or continual improvement. As little, incremental improvements are made by many, the organisation experiences massive results. The thinking goes that a 1% improvement by 100 employees is as beneficial as a 100% improvement by a single individual. Every time you go for the salad over a burger, it adds up.

Training helps employees stay engaged and focussed

Some employers believe that training will only lead employees to depart their organisation, with a bag full of free knowledge. In fact, employee satisfaction grows with the perceived opportunity to progress within an organisation. Training shows them that pathway, simultaneously signaling that you respect your team and want the best for them.

Training keeps you ready for anything

Your industry’s regulations may change at any time. It’s important to plan and budget adequately for any necessary retraining or additional training to ensure you remain compliant. LTT offers health, building, and laboratory industry training for those looking to change roles, improve their skills, obtain promotions, or enter the workforce.

How to strengthen your workplace (and save money)

Aside from the obvious benefits of staff development, there are potential financial benefits when you invest in workplace training.

LTT offers many courses which can be delivered under a traineeship arrangement and which may be eligible for a Payroll Tax Exemption. These regulations and requirements vary from state to state, so it’s worth reading up on the tax regulations for your region. It’s definitely worth a conversation with your accountant.

To make life easy, we’ve listed some resources detailing Trainee Payroll Tax Exemptions in Western Australia, New South Wales, and Queensland. Please note that at the time of writing, Victorian and ACT-based trainees do not qualify for Payroll Tax Exemptions or Rebates.

Excited to start training? It’s time to down that protein shake and get to work. Request a quote today and find out about eligible traineeships in your state. It’s time to get that corporate body ready for summer.

LTT is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances.