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Tips for insuring your jewellery

While your treasured items of jewellery may not be in the league of the crown jewels, they are no doubt valuable, treasured and often sentimental items that need protection from theft or loss.

If you have gifted your significant other with a special item of jewellery, make sure your insurance is up to the job of protecting those wearable assets.

Aon South Africa, insurance brokers and risk advisors, provides the following important advice to make sure your jewellery is correctly insured and, should you suffer a loss that your claims experience will go smoothly with the insurer.

  • Make sure the valuation certificate is up to date: Insurers require valuation certificates that are dated prior to the loss or damage to prove the value as well as ownership of an item of jewellery. It is highly recommended to have your valuation certificates updated at least every two years and that you insure jewellery for its current replacement value.

  • Insure jewellery on an All Risks basis: Jewellery should be insured under the “All Risks” section of your personal insurance policy. Some policies cover all risks under the household contents section of the policy, which offers worldwide cover up to certain limits for items that are taken out of the home and are worn on your person.

  • Keep jewellery in a locked safe when not worn: The majority of insurance policies have a safe warranty where the insurer requires an item of high value to be kept in a locked safe when not worn. This means that if a ring worth R55 000 is left on a bedside table and the item is lost or stolen, there may be no cover.

  • Insure before you leave the store: Make arrangements with your broker so that when you leave the store, your purchases are already covered. The worldwide assets all risks (WWAAR) cover automatically covers jewellery under the household contents section subject to the sum insured being adequate.

  • When on holiday, be extra vigilant: Travellers are often targeted by criminals as people often let their guards down when in “holiday” mode. Make arrangements with the hotel or B&B for a safe to store your valuable items, and always lock up securely before you head off.

  • Personal safety always comes first: Just like hijackings, gangs and criminals targeting people in their driveways and homes after following them from a public place to steal their jewellery is an unfortunate reality. If you are confronted by a criminal, follow their directions, stay calm, don’t look at them and don’t try to hide or conceal any items. Remember they are likely to be on edge and stressed, so don’t provide any reason for further provocation. Remember that your personal safety trumps all material possessions, which can be replaced.

Consult with a professional insurance broker who will assist you with a proper needs analysis and explain the terms, conditions and any exclusions that may exist on your insurance policy. Your broker will ensure that you have the knowledge to mitigate your risks, and the right covers in place to ensure that you can recover if things do go wrong.

While insurance cannot cover you for the sentimental loss of a special item, it will cushion the financial blow of having to replace your valuable jewellery.

Prepared by CORE Short-Term

For more information, contact 051-448 8188

Organisation-wide succession planning

When most people think of succession planning, they tend to think of management and executive replacement. But what about the other areas of the organisation? Is your next generation employees ready to fill roles at all levels of your organisation? Have you created unique development plans for your personnel to move up or across the organisation? Do you often recruit from outside of the company for positions because you think no one internal is skilled enough? The only way to reduce the effect of lost talent or underperforming employees is with a multilevel succession roadmap.

Before you continue reading, please take note that roadmap succession planning is not for all organisations. This kind of leadership commitment to the development and mentoring of their next generation employees is a vital component of companies that believe its most important asset is its people. If a company does not fully agree to this sentiment, implementation hereof will not be successful.

The key to creating an innovative, agile company is to encourage managers to develop their teams. Creating incentives for executives to mentor and develop their people is one of the best ways to create a collaborative culture. The best companies avoid roadblocks by creating new positions, collaborative opportunities and challenging projects so current and future leaders have room to grow. Succession planning must become part of the culture.

The reason for an all-level succession map is that you may need different skills throughout your company and to be flexible to changes that might happen in your industry. You need to have the right people in the right places so that you can grow now and in the future. Companies that don’t have multilevel succession roadmaps cannot move as quickly as they need to when changes in technology, industry and trends come up.

Building a succession planning roadmap involves three steps that are critical to your success:

Step1: Map it out

Create a precise job map for every position that defines the principles, attitude, skills, knowledge, experience and personality necessary to succeed in the role.

Step 2: Identify the gap

Compare the created job map with the skills, experience, personality types and knowledge currently available in your organisation. This will allow you to identify possible gaps between what the organisation “need” and what the organisation “have” available. If you don’t know what skills you have and what you are missing, how can you map out your succession plans? This will allow you to identify the skills you need in the key roles of today, tomorrow and in the future.

Step 3: Ask people what they want

It is important to ask employees about their career goals and aspirations. This allows the organisation to be sure that they are preparing their employees for a job that they actually want. Succession planning is not about moving people into management positions, but it is about creating platforms that can assist personnel to develop the skills and attributes needed to get them to the next level of their careers. Doing this benefits the company in the long term as they now have a more skilled and motivated workforce.

Succession planning is future-oriented. Create succession plans that are aligned with the long-term strategic vision of the organisation. This will allow the organisation to be able to adapt quicker to organisational change and absorb the “shock” of lost latent.

This article is based on an online article by Marie Pawlak.

Prepared by CORE Labour

For more information, contact 051-448 8188

One-pager strategic plan

Every successful business has a plan and knows where it is heading in the future. Taking the time on an ongoing basis to review the company’s past performance, and predicting its future performance, gives it a road map to follow. Most organisations develop their strategic plan when they venture into the business world the first time, but neglect to review and adapt their strategies when it starts to grow. This leads to basic questions that might leave you in a difficult position to answer: “Have you (critically) reviewed your strategic plan recently?”

It could be that your business strategy has become a list of actions to complete or goals to achieve that might not even be relevant anymore. The environment in which business takes place is constantly changing. A business strategy answers where your business will be going in the next three to five years. It outlines what the organisation will say “yes” to and what it will say “no” to. This relates to your customers, suppliers, business partners, employees, resource allocation, your positioning in the market and much more.

Strategic planning does not put a limitation to what you are planning for the organisation though. It rather guides the flow of resources and energy during a specific phase of the organisation’s life cycle. Be assured that you might have to change your execution over the course of the company’s life, or even within the mentioned three to five years period. However, if you don’t first have a clear understanding of where you’re going, then any amount of execution won’t have an impact, no matter how well it’s planned. Set a destination, but allow for flexibility along the way.

A one-pager!

Strategic plans include key information but should not be a 20-page essay. Limit your strategic plan to a one-pager, high impact document. Limiting the plan to one page allows you to see all the interconnections. This allows you to consider the internal aspects of your business (services/products, human resources, marketing, sales, finances, logistics and office management, etc.) and the external aspects (clients, potential clients, competitors, suppliers, etc.). This one-pager overview allows you to see where the business aspects are aligned and where there may be gaps.

While developing your strategic plan, focus on identify the following:

  • Who your customers are
  • What your clients’ needs (pains) are
  • What value your company provides to relieve these pains
  • How the business provides value to clients
  • Who or what your key resources and partners are
  • The cost structure for making money
  • What your company wants to be known for
  • What opportunities exist for your organisation
  • What threats exits to your organisation

As the owner or the CEO of your company, you are tasked with building the strategy, not the strategic execution!

Poke holes in your draft strategy

Now that you have a top-down strategy, you have to go and test it with your management, clients and trusted advisors (like your accountant). This test measures if you are answering what your clients actually need or what you think they need. Poking holes in your draft strategy allows you to gain insight on if you are:

  • Attracting the right market
  • Highlighting the right value for your audience
  • Answering a real need
  • Ignoring aspects of the market or client base

If you find some gaps in your draft strategic plan, amend and poke holes again. It is important that you test your draft strategy with people in the real world (your clients, potential customers, stakeholders, etc.) and not just a management consultant or internal leadership team. It’s only after you’ve done this and identified where the gaps or misalignments are that you can get clear on your tactics, metrics and how you’re going to move forward.

You can now compare the new strategy with your previous strategy. The comparison might provide you with some insight into how the environment and the organisation have evolved. With this clarity in your strategy you, along with your team, can build the strategic execution around how you’re going to get to where you’re going and why those are the tactics for your overall strategy.

This article is based on an online article by Jenn Lofgren

Prepared by CORE Business Development

For more information, contact 051-448 8188

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