Contact Us
Hero Image

Navigating Employee Turnover

Culture

25 June 2025 (Last updated 3 Dec 2025)

Share on:

In the ever-evolving realm of Australian business, mastering the art of managing employee turnover is not just beneficial – it's essential. This guide delves deep into the how’s and why’s of calculating employee turnover rates and utilising this data to fortify your HR strategies, all while aligning with Australian employment law. 

A closer look at employee turnover 

Employee turnover isn't just about numbers; it's about understanding the pulse of your workforce. In the unique context of Australian labour laws and market dynamics, differentiating between types of turnover – voluntary and involuntary – becomes crucial for any meaningful analysis. 

Detailed guide to calculating turnover rates

  • Data Gathering: Begin by accurately recording the number of departures over your chosen period. Accuracy here is key to reliable calculations. 
  • Classification of Turnover: Differentiate between voluntary departures (resignations) and involuntary ones (terminations, redundancies) to get a clearer picture. 
  • Determine the Average Workforce Size: This is usually the sum of the number of employees at the start and end of the period, divided by two. 
  • Applying the Formula: The turnover rate is determined by: [Total separations/ Average number of employees]×100 

Australian industry benchmarks

Turnover rates aren’t uniform across industries. Comparing your rates with those of your industry peers can provide significant insights. For example, sectors like technology and hospitality typically see higher turnover, while industries such as healthcare and education tend to have lower rates. Understanding these benchmarks is critical in the Australian context. 

Beyond numbers: data visualisation

Data visualisation brings your turnover statistics to life. Utilise interactive dashboards and trend graphs to discern patterns and anomalies. This not only aids in internal presentations but also in strategic planning sessions. 

Compliance with Australian employment law

Navigating the intricacies of the Fair Work Act 2009 is vital, particularly when addressing involuntary turnover. Ensure that your processes for managing exits, particularly redundancies and dismissals, are transparent, fair, and compliant with Australian legal standards. 

Interpreting turnover rates

Turnover rates offer a window into your organisation's health. High rates might signal underlying issues such as employee dissatisfaction or non-competitive compensation, while unusually low rates could indicate a lack of career progression or market competitiveness. Contextual analysis is key. 

Actionable strategies for improvement

To address high turnover rates, consider implementing focused employee engagement initiatives, robust career development programs, and competitive compensation packages. Remember, one-size-fits-all solutions rarely work in diverse workplaces. 

Empowering your business through turnover insights

Rather than viewing turnover as a mere statistic, embrace it as a powerful tool for business growth and employee satisfaction. Understanding and managing employee turnover effectively can lead to a more dynamic, committed, and satisfied workforce, driving your business forward in Australia's competitive landscape. 

Take the next step

Are you ready to transform your approach to employee turnover? Contact Peninsula today for tailored advice and solutions that resonate with your unique business needs, ensuring compliance with Australian employment laws and fostering a thriving workplace culture. 

Have a question?

Have a question that hasn't been answered? Fill in the form below and one of our experts will contact you back.

By clicking submit you consent to our Privacy Policy

Related Guides

Culture

Company Culture

If delivering a product or service is what your business does, how the business does it is your company culture. Your company culture is the shared values, attitudes, behaviors, and standards that make up your work environment. It is the personality of your organisation, and it is what sets you apart from your competitors.   The right culture can have a range of positive effects, helping you to attract and retain top talent, improve employee engagement and productivity, boost morale and job satisfaction, and promote innovation and creativity.   Why is company culture important?  Here are some of the specific benefits of a strong company culture:  Attract and retain top talent: Companies with strong cultures are more likely to attract and retain top talent. Employees want to work for companies that share their values and offer them a positive work experience.  Improve employee engagement and productivity: Employees who are engaged and satisfied with their jobs are more productive. A strong company culture can help to create an environment where employees feel valued and motivated to do their best work.  Boost morale and job satisfaction: Employees who feel valued and respected are more likely to have high morale and job satisfaction. A strong company culture can help to create a positive and supportive work environment.  Promote innovation and creativity: A strong company culture can foster innovation and creativity. Employees who are encouraged to think outside the box and to share their ideas are more likely to come up with more inspired solutions.  What are the different types of company culture?  There are many different types of company culture, each with its own unique set of values and behaviors. Here are five of the most common types of company culture:  1. Clan Culture  Clan culture is characterised by a strong sense of community and camaraderie. Employees in a clan culture feel like they are part of a family, and they are often supported and encouraged to develop close relationships with their colleagues. A small, family-owned business is likely to have a clan culture.  2. Adhocracy Culture Adhocracy culture is characterised by a focus on innovation and creativity. Employees in an adhocracy culture are encouraged to be independent and to think outside the box. They are also given the freedom to take risks and to experiment with new ideas. A startup company is likely to have an adhocracy culture.  3. Hierarchy Culture  Hierarchy culture is characterized by a clear chain of command and a focus on efficiency. Employees in a hierarchy culture are expected to follow the rules and to respect authority. They are also typically rewarded for their individual performance. A large corporation is likely to have a hierarchy culture.  4. Market Culture Market culture is characterized by a focus on competition and results. Employees in a market culture are expected to be competitive and to perform at a high level. They are also typically rewarded for their contributions to the company’s bottom line. A sales organisation is likely to have a market culture.  5. Purpose Culture  Purpose culture is characterised by a strong sense of mission and purpose. Employees in a purpose culture are united by a common goal and are committed to making a difference in the world. They are also typically rewarded for their contributions to the company’s mission. A non-profit organisation is likely to have a purpose culture.  It is important to note that no company culture is purely one type or another. Most companies have a mix of different types of culture. However, the dominant type of culture will have a significant impact on the way the company operates and the way employees experience work.  How can you evaluate your company culture?  Before you can create the ultimate company culture for your business, you need to understand your culture in its current state. We know what you’re thinking – culture is a difficult thing to measure and examine. However, there are ways you can build an understanding of what it’s like to be a part of your organisation.   1. Ask leaders to describe the company culture: What are the company’s core values? What is the company’s mission and vision? What are the company’s goals for the future? How do these things shape the company’s culture?  2. Ask employees to describe their experience working at the company: What do employees like and dislike about the company culture? What are their thoughts on the company’s values, mission, vision, and goals? How do they feel about the company’s leadership and management style?   3. Look for alignment between leadership’s explanation and employees’ description: If there is a significant disconnect between what leaders say about the company culture and what employees experience, it may be a sign that the company’s culture is not as strong as it could be.  4. Look for examples of the company’s values in the day-to-day workflow: How do employees interact with each other? How do they make decisions? How do they handle conflict? How do they celebrate success? Do the company’s values show up in the way that employees work?  5. Read through employee surveys and exit interviews: Employee surveys and exit interviews can provide valuable insights into the company culture. Look for common themes in the feedback. What are the things that employees love about the company culture? What are the things that employees would like to see improved?  6. Look at employee engagement and retention metrics: High employee engagement and retention rates are often signs of a strong company culture. However, it is important to note that these metrics can be influenced by other factors, such as compensation and benefits.  Here are some additional tips for evaluating company culture:  Pay attention to the company’s onboarding process. How does the company introduce new employees to its culture?  Observe how employees interact with each other during team meetings and social events.  Look for opportunities to talk to employees one-on-one. Ask them about their experience working at the company and what they think about the company culture.  Be mindful of your own biases. It is important to be objective when evaluating company culture.  How to create your own company culture: steps & ideas  There are a number of things that business owners and employers can do to develop a strong company culture. Here are a few simple steps any company can follow:  Define your core values: What are the most important things to your organisation? Diversity and inclusion? Originality and innovation? Once you know your core values, you can start to communicate them to employees and build a culture around them.  Hire for culture fit: When you are hiring new employees, look for people who share your company’s values and who will be a good fit for your culture.  Set clear expectations: Employees need to know what is expected of them in terms of their work performance and their behavior. Make sure that everyone in the company is aware of your company’s values and expectations.  Communicate your company values clearly and regularly: Make sure that all employees understand what your company stands for and what is important to you. You can do this through employee meetings, company newsletters, and other communication channels.  Lead by example: As a business owner or employer, you set the tone for the company culture. Make sure that you are role modeling the behaviors that you want to see in your employees.  Recognise and reward employees: When employees demonstrate the company’s values and expectations, be sure to recognise and reward them. This shows employees that their hard work and dedication is appreciated.  Encourage communication and feedback: Encourage employees to communicate with each other and to give each other feedback. This helps to create a more open and collaborative work environment.  Provide opportunities for growth and development: Employees want to feel like they are growing and developing in their careers. Provide employees with opportunities to learn new skills and take on new challenges.  Offer flexible work arrangements: Giving staff control over their hours and where they work helps to reduce stress and improve work-life balance. Crucially, it sends out the message that you trust your employees, and that you value them as people, not just as workers.    Allow employees to connect and socialise: This could include team-building activities, social events, and employee resource groups. If any of your staff work remotely, you’ll have to make a special effort to ensure they remain socially connected.   Celebrate successes: When the company achieves a goal, be sure to celebrate the success with your employees. This helps to build morale and create a sense of community.  Challenges to developing a strong company culture There are a number of common challenges that business owners and employers face when developing a strong company culture. Here are a few tips for overcoming these challenges:  Challenge: Lack of clarity about the company’s core values and expectations.  Solution: Define your company’s core values and expectations in writing. Communicate these values and expectations to employees regularly.  Challenge: Difficulty hiring for culture fit.  Solution: In the interview process, ask questions that will help you to assess the candidate’s values and cultural fit. Conduct reference checks to get feedback on the candidate’s previous work experience and behavior.  Challenge: Lack of employee recognition and rewards.  Solution: Create a formal employee recognition program. Recognize and reward employees for demonstrating the company’s values and expectations.  Challenge: Lack of communication and feedback.  Solution: Encourage employees to communicate with each other and to give each other feedback. Create opportunities for employees to share their ideas and feedback with management.  Challenge: Lack of opportunities for growth and development.  Solution: Provide employees with opportunities to learn new skills and take on new challenges. Offer tuition reimbursement or other financial assistance to employees who are pursuing further education.  Challenge: Difficulty celebrating successes.  Solution: Set clear goals for the company and for individual employees. When goals are achieved, celebrate the success with the team.  What does a healthy company culture look like?  There’s no ‘one size fits all’ when it comes to nurturing a healthy company culture. However, it’s wise to implement as many of the following as possible:   ✔ An environment that supports teamwork and collaboration  ✔ Recognition and rewards for employee accomplishments, successes, and contributions  ✔ Alignment between company language, values, and actions  ✔ Opportunities for professional growth and development  ✔ Strong compensation and employee benefits packages  ✔ A sense of trust, transparency, and accountability between staff and the leadership team  ✔ Workplace flexibility  ✔ A healthy work-life balance for employees  ✔ Compassion and respect for employees   ✔ Psychological safety  ✔ A diverse and inclusive workforce  Examples of businesses with strong company culture  If you’re looking for inspiration in your business, here are some big companies with even bigger reputations for delivering first-class company culture:  Airbnb: Airbnb is known for its collaborative and inclusive culture. Employees are encouraged to work together and share their ideas. Airbnb also has a strong focus on diversity and inclusion. The company’s mission is to “create a world where anyone can belong anywhere”. That mission starts with Airbnb’s company culture, which puts the welcome mat out for employees from all kinds of backgrounds.     Patagonia: Patagonia is known for its commitment to environmental sustainability. The company’s mission is to “build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.” Patagonia’s company culture is a green machine of activism that encourages employees to get involved in environmental causes and gives them extra paid leave to do so.  Google: Google is known for a creative culture that’s as innovative and forward-thinking as its software. Google offers a variety of perks and benefits to employees, such as free organic meals, on-site gyms, and daycare for staff with children. If that’s not enough, Google’s US headquarters has a resident artist who creates murals and other artwork to brighten up the office walls.  Atlassian: Aussie tech unicorn Atlassian offers its employees an award-winning culture, recognised by Glassdoor, Fortune, and Great Place to Work. The company lives and breathes innovation, with the annual ‘ShipIt Day’ giving all employees the chance to work on any project they choose. The company has been named one of the best places to work in the world for several years in a row, and its Sydney headquarters regularly polls as Australia’s top workplace.  A simple tip – remember your people are your culture  Take a moment to imagine your company culture. Now imagine that same culture without any people. Doesn’t leave you with much, right?! In many ways, your people are your company culture. Any strong company culture is the sum of the individual personalities, values, and behaviors of the people who work there.   Why? Here are some specific reasons why people are by far the most influential component in a company’s culture:  People create the company’s values: The company’s values are the guiding principles that inform all aspects of the business. The values are created and upheld by the people who work at the company.  People embody the company’s culture: Your company culture is not something that is abstract or theoretical. It is something that is lived and breathed by the people who work with you. The people embody the company culture through their words, actions, and behaviors.  People shape the company’s culture: The company culture is not static. It is constantly evolving as new people join the company and as existing employees grow and change. The people shape the company culture by contributing their ideas and feedback.  Remember – all this means your employees are the people who are most impacted by company culture. It’s important they have a say in planning what it will look like in the future.  Final thoughts on company culture  Company culture is the foundation of a successful business. It is the glue that holds employees together and motivates them to work towards a common goal.   In this guide, we have discussed the importance of company culture and how to build a strong and positive culture. Here are a few final thoughts for you to keep in mind as you undergo your cultural rebuild:  Company culture is not something that happens overnight. It takes time and effort to create and maintain a strong culture.  Company culture should be authentic and genuine. Employees can spot a fake culture from a mile away, and it will only lead to distrust and disengagement.  Company culture should be constantly evolving. As your company grows and changes, so should your culture.  Company culture is everyone’s responsibility. Every employee has a role to play in creating and maintaining a positive culture.  Building a strong company culture is an ongoing process but is well worth the effort. A strong culture can help you to attract and retain top talent, boost morale, and improve employee performance.  Crucially, company culture is not just a nice-to-have, it is a must-have for any business that wants to succeed in the long term.  Build better businesses with Peninsula Whether its recruitiment, onboarding, performance management or health and safety, Peninsula does it all seamlessly for Australian businesses. From advice to software, our clients can access everything 24/7. Call us on 1300756532.

Culture

Employee Value Proposition

Businesses use their employee value proposition (EVP) to attract and retain top-level talent. An enticing EVP will breakdown the unique mix of benefits a business offers its employees in exchange for their skills, dedication, and hard work. It will highlight tangible and intangible benefits, from pay and other rewards, to the amazing company culture and inspiring development opportunities.    The so-called “war for talent” means having a compelling employee value proposition is vital for hiring the best staff. Against a competitive backdrop where candidates are looking beyond salary, a well-rounded EVP can help your business stand out from the crowd.  Creating a compelling EVP is all about understanding your company’s essence and highlighting what sets it apart from other businesses. It should generate excitement about working for your company, while adding depth and character to your brand.  What’s the Difference Between an EVP and Employer Brand? The two often overlap but they’re not the same thing. It helps to imagine your employee value proposition as inside knowledge about what it’s like to be a part of your organisation.   Your EVP is the unique set of benefits and opportunities that you offer your employees in return for their commitment to the business. It’s what makes your company a great place to work, and it’s what helps you to recruit industry-leading talent.  Your employer brand, on the other hand, is the public face of your EVP. It’s the reputation that you have as an employer, and it’s what potential employees think of when they hear your company name.  In this way, your EVP is the substance, and your employer brand is the style. Your EVP is what you offer, and your employer brand is how you communicate it.  If your employer brand is dull and uninspiring, people are less likely to be interested in your EVP, no matter how much time and effort you spend developing it.  Employee Value Proposition Framework  If you’re wondering what to include in your EVP, here are five essential elements that should be front and centre:  Compensation: This covers the complete remuneration package, including base salary, bonuses, commission, overtime pay, and any other financial benefits.  Benefits: Employees are also keen to learn about the other benefits on offer, which might include health insurance, superannuation, paid leave, or a gym membership.   Career development: This is one of the main motivations for joining and staying with a company. Employees want to see the long-term potential to grow in their role and advance into other positions.   Environment: A dreary office setting is unlikely to inspire staff, while a clean, comfortable and spacious workspace gives employees a positive environment to perform in. In the remote work era, your environment might extend to employee’s homes.  Culture: A thriving workplace culture is built around meaningful work, open communication, and close collaboration. Having the right culture gives staff a shared identity to take pride in.   Benefits of an Employee Value Proposition  By this stage, you might be wondering what the benefits of an EVP are for your business. Here are some of the biggest:   ✔ Attract and retain high performers: An EVP explains why the most talented candidates should want to work with your company. It also gives existing staff “reasons to stay”.   ✔ Cost savings: LinkedIn reports that a strong EVP attracts the best staff, reduces turnover, lowers the need for high salaries, and significantly increases productivity. ✔ More engaged workers: An EVP can ensure higher staff engagement throughout the entire employee lifecycle. Before an employee can connect with you, they need to know who the company is and what it stands for. An EVP makes your business’s identity and purpose crystal clear.  ✔ Improved transparency: Your EVP can help a prospective employee get to know your business before they start work. This means it’s important to create an honest and realistic picture of your company – don’t make promises you can’t keep!  Your employee contracts should include the perks proposed by your EVP. Things to Include in Your EVP Before you start listing off all the amazing things your company has to offer, take a step back and ask your current employees why they think working there is so great. It’s a perfect time to send out anonymous surveys and gather some valuable feedback.   Who knows, you might already be doing some awesome things that your employees appreciate, and job candidates will love too. Is it your commitment to employee development? Your dedication to work-life balance? Or maybe it’s your out-of-this-world company culture? Whatever it is, find out what makes your company tick and use it to your advantage.  Company Culture  It’s vital that your EVP gives candidates a sense of what a day in their job will look like. Not just in terms of what work the company is involved in, but also what the workplace culture is like.  Workplace culture is like the invisible glue that holds a company together. It’s the vibe, the energy, the feeling you get when you walk through the door, and it’s something that candidates are paying close attention to these days.  If you’ve got a great company culture, flaunt it! You could tell candidates about the staff events and activities they can get involved in, or share stories about employee incentive schemes, rewards, and competitions. Your aim is to make sure your EVP clearly conveys the unique atmosphere that makes your company special.   If possible, try to include quotes from existing employees. Your people are the bedrock of your culture, and nothing beats hearing a glowing review straight from the horse’s mouth!    Compensation  It’s time to discuss the big kahuna – salary. Unsurprisingly, the pay you offer will be a major factor when it comes to finding new employees, but don’t just start throwing around big numbers in an attempt to lure in talent. This approach can quickly eat into your recruitment budget. Also remember that it’s against the law to include pay secrecy clauses in new contracts, which means you might find that all your staff suddenly have higher salary demands!   Instead, you should focus on creating a well-rounded compensation package that includes a competitive salary. Once you’ve made a new hire, it’s important to monitor their development and productivity, measuring it against their salary on an ongoing basis. By losing track, you run the risk of undervaluing your team. This will essentially lead them to feel unappreciated and might encourage them to look elsewhere.  As a rule of thumb, you should review employee salaries against key performance indicators (KPIs) and industry benchmarks on an annual basis. This helps to ensure that all your staff are earning what they deserve.  Rewards and Recognition  Recent studies by Seek show that candidates don’t just look at salary, but also at rewards, recognition, employment benefits and the perks a job has to offer.    In other words, top candidates are looking at the entire compensation package rather than just the monetary amount. In a nutshell, rewards and recognition are like the icing on the cake of a stellar EVP.   Here are a few different forms of rewards and recognition that you can include in your EVP:  Financial rewards: Monetary rewards are always a hit with employees. They can include bonuses, commissions, and profit-sharing programs.  Non-financial rewards: Non-financial rewards can be just as motivating as financial rewards. They can include things like extra leave days, flexible work arrangements, and company-sponsored events.  Public recognition: Public recognition is a great way to show employees that their hard work is appreciated. It can include things like employee spotlights, awards programs, and shout-outs at company meetings.  Peer recognition: Peer recognition is another powerful form of recognition. It can be as simple as a colleague saying thank you or giving a shout-out on social media.  No matter what type of rewards and recognition you choose, make sure that they are aligned with your company culture and values. And be sure to communicate your rewards and recognition program to employees clearly and effectively.  Development Opportunities  Development opportunities are like the sprinkles on top of a sundae. They make your EVP even more irresistible and appealing to top talent.  Why? Because employees want to know that they will have the opportunity to grow and learn at work. They want to feel challenged and inspired. And, most importantly, they want to know that a prospective employer is invested in their success.   It’s rare for somebody to apply for a role that they intend to stay in for the rest of their career. Instead, people tend to apply for roles with employers that offer strong long-term prospects for career development, promotions and climbing the company ladder into more senior positions.   That’s where development opportunities come in. By offering employees the chance to learn new skills, develop their careers, and take on new challenges, you’re showing them that you’re committed to their growth and development.  Environment  A dreary office setting is unlikely to inspire staff, while a clean, spacious well-designed workspace gives employees a comfortable and positive environment to perform in. In the remote work era, your environment might extend to employees’ homes.   You should also remember that a great work environment is more than just a physical space. It’s a culture of collaboration, respect, and support. It’s a place where employees feel valued and appreciated, and it’s a place where people can come to do their best work.  Developing an Employee Value Proposition  Ready to create your own EVP? Use this simple seven-step EVP framework:  Step 1: Understand existing perceptions – It’s crucial to understand how your company is perceived by existing employees and externally. Without this knowledge, you’re unlikely to create an authentic EVP.   Step 2: Understand your employee needs – For your EVP to be effective, it needs to be tailored to your employee’s needs. Ideally, it should also target the experience of working in a particular industry.  Step 3: Identify your competitive advantage – What do you offer that other companies don’t? This is your chance to be unique, add character to your brand, and distinguish yourself from other companies.  Step 4: Determine key selling points – Draw up a list of key selling points and be sure to emphasise each one fully. The more you can do to highlight all the benefits of choosing your business, the better.  Step 5: Communicate the message – Everyone in your business should have access to your EVP, ideally receiving a copy internally. Be sure to share it externally on socials and web collateral too.  Step 6: Ensure alignment – Your company should adopt a mindset of actively embodying your EVP. Actions really do speak louder the words, so bring your EVP to life through practical initiatives that encapsulate its ethos.  Step 7: Continually refine – Just as companies evolve and change with time, so do EVPs. You should regularly review your EVP and ensure it accurately reflects the current state of your business.  Employee Value Proposition Examples  Still struggling to find inspiration for your EVP? Here are 5 examples of EVPs used by some of the world’s biggest and most popular businesses.   Canva: “Create anything with everything.”  Canva’s EVP is all about creativity and empowerment. The company offers a wide range of tools and resources that make it easy for anyone to create beautiful designs, even if they have no design experience. This EVP is likely to appeal to creative people who want to use their skills to make a difference.  Nike: “Just do it.”  Nike’s EVP is all about motivation and inspiration. The company encourages its employees to challenge themselves and achieve their goals. This EVP is likely to appeal to people who are passionate about their work and want to be part of a team that is constantly striving to improve.  Google: “Organize the world’s information and make it universally accessible and useful.”  Google’s EVP is all about making a difference in the world. The company believes that information should be accessible to everyone, and it works to make its products and services available in as many languages and as many countries as possible. This EVP is likely to appeal to people who are motivated by a higher purpose and want to use their skills to make a positive impact on the world.  Patagonia: “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”  Patagonia’s EVP is all about sustainability and social responsibility. The company is committed to using sustainable materials and practices in its manufacturing processes, and it donates 1% of its sales to environmental causes. This EVP is likely to appeal to people who are passionate about protecting the environment and want to work for a company that shares their values.  Salesforce: “We empower our employees to grow as individuals and as a team. We believe that when our employees are successful, our customers are successful.”  Salesforce’s EVP is all about employee growth and development. The company offers its employees a wide range of training and development opportunities, and it encourages them to take on new challenges and responsibilities. This EVP is likely to appeal to people who are ambitious and want to work for a company that invests in its employees.  Peninsula helps thousands of businesses maintain happy, healthy and harmonious environments where people can perform their best work. If you need trustworthy workplace relations or health & safety advice, our Advice Line is free of cost for all Australian business owners. Call 1300 751 653 today to get all your questions answered.   

View all guides

Do you have any questions regarding Culture?

International Sites

United Kingdom

Republic of Ireland

Northern Ireland

Scotland

Canada

New Zealand

© 2025 Peninsula Employment Services Ltd. Registered Office: Level 6/180 Thomas St, Sydney NSW 2000

Peninsula Protect is a financial product issued by Peninsula Mutual Limited ACN 630 256 478, AFS Licence No. 544232. Peninsula Mutual Limited has appointed Peninsula Australia Pty Ltd as its Authorised Representative 001274577 to distribute the product and provide general advice. To decide if this product is right for you, please read the Peninsula Protect Product Disclosure Statement (PDS) and Target Market Determination.