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What is Workman’s Compensation (COID) and why do you need it?

For the sake of unexpected events not costing you your business, we’re giving you all the important info on Workman’s Compensation and why SA Law requires you to protect yourself and your employees.

Leg and yellow helmet of injured lying worker at work.

Why do you need Workman’s Compensation? Imagine this: you’ve employed your first employee. A later, your employee walks up the staircase leading to his office, eyes fixed into his cellphone screen, he trips and ends up with a serious spine injury.

As the injury occurred when your employer was on duty, you’ll probably have to pick up the medical bill, despite it being a little under R100 000.

You probably can’t dish out that kind of money and your employee needs to have the medical attention he deserves, which is exactly why the Department of Labour created Workman’s Compensation.

How does Workman’s Compensation work?

Workman’s Compensation is a type of insurance, instituted by the The Compensation for Occupational Injuries and Diseases Act. It protects employers from dooming civil claims and enables both casual and full-time employees to claim compensation directly from the Fund for work-related injuries and disability.

It even enables the dependents of an employee to claim compensation in the case of a work-related death.

You pay a yearly fee, determined as a percentage of the amount your business spends on salaries, and in turn the fund will help cover all your employees’ medical bills or compensation in the case of death.

However you need to register first. It can take up to months if you sign up via the Labour Department. That’s why using a service provider like Company Partners, is a great idea. Company Partners will assist you in getting registered in under three weeks.

More reasons to sign up for Workman’s Compensation:

  1. It’s the law. The Labour Department requires any employer with one or more employees to register for Workman’s Compensation.
  2. It can save you from bankruptcy. Large, unexpected medical bills can easily sink a small business, as hospital fees or ongoing medical expenses may amount to thousands per year.
  3. It helps with Tender applications. Tender applications usually require a Letter of Good Standing. As the law requires employers to register for Workman’s Compensation, you can only get a Letter of Good standing, if your Workman’s Compensation payments are up to date.

Important info to keep in mind

  • Outdated payments mean no coverage. It’s your responsibility to reregister your company and pay your annual Workman’s Compensation assessment fee. If you don’t the Fund won’t protect you or cover you employees. Company Partners reminds their clients when annual payments are due.
  • You might need more than one registration. Different branches within one company usually require different Workman’s Compensation registrations.
  • There are exceptions. The Compensation Fund won’t cover the following employees, according to the Compensation for Occupational Injuries and Diseases Act:
  • workers totally or partially disabled for less than 3 days;
  • domestic workers;
  • anyone receiving military training;
  • members of the South African National Defense Force, or the South African Police Service;
  • any worker guilty of willful misconduct, unless they are seriously disabled or killed;
  • anyone employed outside the RSA for 12 or more continuous months;
  • workers working mainly outside the RSA and only temporarily employed in the RSA

If you’d like to get your Workman’s Compensation registration in order in record time, click right HERE

You can also opt for the COID Package, which includes a Letter of Good standing, by clicking HERE

You can check out the Labour Department’s basic guide to the Act, by clicking HERE

Or Contact Company Partners today!

Working from home

To run a successful business, it is important that you have the needed discipline and the right priorities. These characteristics are even more important when you are working from home.

Working from Home, register your company today.

To a lot of people, the idea of working from home seems like a total dream. To think that they will be at their place of comfort for the entire day, without worrying about traffic or all the hassles of an everyday office.

There are definitely a lot of advantages to work from home. Before you can get excited about working from home, it is important to be sure that you have everything you need. Things like a room to work in and other office supplies like a computer and printer will be essential. Having a good internet provider will also be crucial.

You will still need to set an alarm in the mornings. It is also very important that people working from their homes draw up certain rules and guidelines help them through each day. This will ensure that you can manage all the responsibilities in your day.

One of the biggest problems that people face who are working from their homes, is to stay motivated. This loss of motivation is brought on when the people do not stick to the rules and guidelines that they have set aside for themselves. For this reason, it is totally avoidable to feel de-motivated. Just try your best to stick to the things that you have planned and you will get to taste success.

It is important to keep a professional image for your business, therefore it is suggested that home based businesses:

  1. Register a Company;
  2. Get a Business Bank Account;
  3. Have a Logo; and
  4. Create a Website:

It is also advised that you plan times during the day when you will do work, have a break and at what time your working hours will come to an end. This will ensure that you still maintain a normal balance in your working day. This will also ensure that your work will not interfere with your house life. You should be very careful not to mix your work with your responsibilities at home. You should be able to keep these two apart even though they are so close together. We can help you with a Business Plan to keep you motivated.

When you are working from home, it is generally accepted that you will need to concentrate on what you are doing. For this reason, it will be best to work, then when there is no one else at home. At the end of the day, you and your family can enjoy free time without the worry of work.

It is advised to people working from home, to keep a diary. This is in particular important to people new to working from home. This will not only help you to have a schedule to work with, it will also outline your day and will cut off when you are supposed to stop your work day.

Keeping a diary will, as a matter of fact, keep you from burning out. Do not overload yourself with work. Remember that a person can give 90% for much longer than giving something 110%. Keep yourself paced and you will be amazed at what you can achieve.

At the end of the day, all that you really need is the self discipline to be able to work from your home.This, together with your will to succeed, you can be sure of a dynamic combination.

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Online Security

Due to recent happenings everybody has made online security a priority. Unfortunately, there is no plan that will give you 100% security. Luckily, there are a few plans that you can put in place which will help you improve your online security and minimize the risk.

Online Security

A lot of the trusted online sites have also been upgraded to improve their online security. Some websites require that you have some sort of online security software installed. Other websites require that you sign up in order to log into their websites, which makes it more secure.

The bad news is that nobody is totally safe on the internet. The internet is not a very safe place and almost any website can get hacked. Being online is still very new to us and we are still learning how to protect ourselves against cyber crimes. With all of this said, there is luckily a lot of ways in which you can protect yourself with online security.

Password safety 

There are several ways to keep a strong password, but everything has a potential weakness. Password manager has always been a great way to improve online security. You do not have to remember all the different passwords for the sites; the manager does that for you. The passwords that the password manager generate are also incomprehensible, which makes the password more secure.

If you do not trust password managers, the best thing you can do is to pick a phrase. This phrase can be for instance, “There can only be one”. Then you can use the first letter of every word and change the number into its numerical equivalent. That will result in “Tcob1”. Then you can add symbols that are easy to remember, like “Tcob1?!”. There you have an easy to remember password that is relatively safe to help with your online security. In following this approach, it gives you all the aspects of a strong password. These aspects are lowercase and capital letters, at least one number and special characters.

Credit card protection 

Over the last couple of years there might have been a misconception about the online security in the use of a credit card for online shopping. A lot of people believe that it is the most dangerous thing to do when online. The matter of the fact is, that buying online with a credit card is just as risky as using it at a real shop. There might still be a chance that your card numbers might have been intercepted and used for unauthorized transaction.

Some banks offer temporary card number which is nice if you want to shop online. If your bank offers this online security service, it will be the safest way to do your online shopping. If you are unsure about a website you are using to make an online purchase, you can generate a credit card number that will expire after the first time you use it. This way you ensure that nobody can withdraw any money from that number.

Banking security 

When you use online banking, it is crucial to protect yourself against potential threats. Never give out personal information or you secret codes. When you are not sure about something that is online, pop into your nearest branch and ask the employees there how the process works. Some banks even offer to help you with online banking which makes the process easier. But still, do not give your private information to the person assisting you. When it is needed, just read your information into the computer.

The famous saying that goes, “rather be safe than sorry”, is undoubtedly the truth when it comes to online security. Ensure that you have the right procedures in place to ensure your online security and to browse with piece of mind.

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Incorporating Social Responsibility

As we all know, these days a business’ success does not only lie in the amount of profit it makes. A successful business is one that makes a profit, engage with incorporating social responsibility and sees to the environment.

Incorporating Social Responsibility

Social responsibility is defined as acts that a business does in order to uplift and protect the communities they serve in. Many believe that to be a leader in something, you must be able and willing to serve others. This is where the difference between a true leader and a forced leader are very easily seen. The same goes for businesses. If you want your business to be a leader in the market, then you will need to be willing to serve other people in their communities.

Customers are more likely these days to notice when a company does something for the community and the environment. Believe it or not, this actually has an effect when they choose a company to do their business with. When a company invests and spend money on a certain community, that same community will be more likely to do business with them.

Businesses should identify what they stand for; above and beyond the products or services they deliver. When a business stands for a unique cause or purpose, it will define who they as a business are. This will also have an influence on the image that the business portrays and the reputation of the business. The public will eventually notice what you are doing and will in most instances result in a loyal customer base.

A study was conducted which researched the businesses that showed the most growth. They found that most of the companies that were among the top 50, were more likely to be involved in their communities. When doing good for the community it lifts the spirits of the employees, which in turn leads to higher productivity. Yet another reason to make social responsibility a part of your business.

 

Advantages of social responsibility

The advantages of social responsibility are so widely spread, that it is impossible to mention them all. It is also possible that all of the advantages are sometimes not even realized. The ripple effect that is formed when giving to the community can stretch really far. Mentioned below are some of the advantages of social responsibility.

  • You as a business get the chance to make a positive change in a community and environment.
  • The spirits of your employees and the people in the community will be lifted.
  • Caring for your environment and the community will help you earn the loyalty of your customers.
  • Social responsibility can serve as a method to advertise your business. When the public sees that your business are at an event. They will associate you with that and your involvement in the community can lead to the gaining of new clients.

 

Disadvantages of social responsibility

  • When a business is involved in something like a daily soup kitchen in their communities, it can lead to a wrong mind set in the people. They can become demotivated to improve their circumstances. They might argue that they are certain of a meal every day. A way to prevent this is to do something like this for the community once a week or on certain special days.
  • To be responsible towards your community and environment can put an extra burden on your finances. Luckily, when planned correct, it can lead to an increase in profits which is ideal.

Social responsibility is one of the best ways to make different in people’s lives that will even benefit your business. Shift away from the idea that everything about your business should be driven by profit. Rather make a difference first and then profit.

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Cultural differences in the workplace

The only constant thing is the world is change and differences. Two people will never be the same, regardless of their backgrounds. Cultural differences are defined as the variety of experiences and perspectives. These variations are brought on by differences in race, culture, age, gender, religion, abilities, sexual orientation, heritage and different identities.

cultural differences

When we talk about cultural differences in the workplace, people tend to mostly think about racial differences. For about the last twenty years the focus in South Africa was put on giving different races a fair chance. The way in which people started to think when talking about diversity started to shift away from other differences and focused on racial diversity.

What the owner of a business today should focus on is to shift away from focusing solely on the difference in race. They should focus on some of the, sometimes overlooked, issues that can cause conflict in the workplace. With the cultural differences that South Africa has, it is important to recognize all the differences. Always remember that when you incorporate different people in your business, your chances of having clients from different backgrounds will also increase.

Managing cultural differences means that you are accepting and acknowledging people’s differences within the workplace. As soon as you see these differences as an advantage to your business, it automatically serves as a prevention of discrimination. As the leader of a group of people you should always work towards the goal to pass that quality over to the people that work for you.

As mentioned earlier, there are major advantages to having a diverse people in your business. Some clients might look at a business that does not have, or barely have diversity. They might decide on another business just because they have more cultural differences. Some clients might find some products or services also more appealing if they see someone with the same background as them, working for the supplying company.

 

Advantages of diversity

People with different backgrounds can supply a greater variety of solutions to problems. They can also bring new and initiative ideas to the table. Diversity also allows for easier adapting to customer demands and fluctuating markets. Different people also have a collection of diverse experiences and skills, like languages and cultural understanding. This will allow the company to deliver their products or services on a global basis.

With a larger pool of ideas, there is a better chance to find a more suitable and effective solution for business strategies and problems. This will also lead to a higher level of customer satisfaction. When a company encourages diversity in the workplace, all the employees will feel more comfortable and accepted in their career. This will lead to higher productivity, meaning higher profits.

 

Challenges with diversity

In the beginning communication might be a problem. A communication gap can result in confusion that might lead to conflict when there is not yet a mutual understanding established. Some employees might also be resistant towards cultural differences. This can lead to some brilliant ideas going to waste and to slower growth in the business.

These challenges can also be overcome. Employees that are resistant to cultural differences in the workplace should be included in the activities of the workplace. These people should also have a say when diversity plans and policies are drawn up. Research can also be done to deal with the gap in communication. It is always good to know what different cultures find offensive.

When cultural differences are managed well enough, it can be one of the best things that could have happened to your businesses. Remember that each person, including you, wants to be treated well. Be thoughtful towards other people and they will be thoughtful towards you.

If you are just starting out and want a company where you can create cultural differences, let us help you.

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