Welcome to the New Financial Year!


Welcome to the New Financial Year!

The New Financial Year is here. You’ve finished up the last financial year, set your budget up for this year and you are off and running again!  Good stuff.  However, if you didn’t think to review your HR practices by June 30, you can do so now to set up this financial year with a healthy, compliant HR process.  HR strategies really should be incorporated in to your business plan, as your people are what drive your business, hopefully, forward!

Here are five things you might want to think about:

1. Budgets

Check your financial reports to identify how expenditure is allocated for your HR.  Is there any budget for items such as training?

2. Compliance

Now is the time to conduct a review of wages and payroll to ensure that the information is all correct and up to date. The new minimum award wages come into operation for the first pay period on or after July 1, 2018 so if you have workers this applies to then changes need to be implemented so the correct payments are being made.

At the same time, it’s a good opportunity to revisit and refamiliarise yourself with the provisions of any award or workplace agreement.

On the recruitment side ensure all your paperwork is up to date and that you have documentation supporting the exit process of any departing employees.

3. Policies

Awareness around sexual harassment and equality in the workplace has been heightened by the #MeToo movement and the high-profile complaints in the media this year. This is a good time to ensure that workplace policies are current and effective (see our blog post here) and that any training that needs to be done in this space is scheduled. Check the review dates of any policies and put the process in motion for a review of any that are due.

If your complaints process has already been utilised this year it’s a good opportunity to reflect on how well it worked and whether there are any learnings from the experience. Was the process clear for users? Was the complaint dealt with in a timely manner? Did the process deal with the complaint effectively?  Create a fresh process that addresses these points now.

4. Recruitment

Do all roles have an up to date job description? Have all vacancies been filled? Have new recruits completed their orientation process? Are files and paperwork up to date? Have staff completed any planned training?  HR Central can do all or part of the recruitment process for you to take the pressure off.  Good staff are hard to find and getting hard to find as there is more choice out there for employees.   Writing an exciting job description is one part, but knowing how to screen and interview potential candidates is another.  We can offer you tips and advice on how to make this process stress free and worth your while.

5. Performance reviews

The New Financial Year can be a time when you feel a bit fresher and able to book in Performance Reviews with your staff, so you can set targets, goals and plans together for the oncoming year.  In this modern climate, many organisations are moving away from a one off annual review and engaging in an ongoing regular dialogue with employees about performance. For tips about conducting a successful performance review read here

If this all sounds exhausting it shouldn’t be. We can help you prepare a great and simple HR strategy tailored to your business.

Contact  here or call 1300 717 721

HR Central is proud to be included in the Best 10 Australian HR Bloggers according to blogfeedspot.com. We are keen to ensure that we continue to deliver content to our clients that is topical, interesting and informative. If you have any HR questions you would like answered or any topics you would like to read about please send us an email at info@hrcentral.com.au

Sarah Tidey

Sarah Tidey is a former lawyer who specialises in HR and workplace dispute resolution.

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