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As the end of the financial year (EOFY) approaches, small business owners across Australia are gearing up for one of the busiest periods on the calendar. This is the time to review your financials, ensure compliance with new legislation, and set your business up for success in the new financial year. Amidst the hustle, it's crucial not to overlook the human resources (HR) and people aspects of your business. Here's an in-depth EOFY HR checklist tailored for small business owners to help you navigate this crucial period smoothly.  Remuneration and BenefitsNational Minimum Wage and Modern Award IncreasesEffective 1 July 2024, the National Minimum Wage and Modern Award minimum wages will increase. As a small business owner, it's your responsibility to ensure that all employees are being paid correctly according to the new rates. Remember, it’s not only wages that increase but there is often an increase in allowances too. Annual salaryIf you pay employees an all-inclusive annual salary it is crucial to check that the annual salary covers minimum wage rates for the employee’s classification and that all penalty rates, overtime, loadings and allowances relevant to their role are covered. Don’t set and forget, regularly review salaries to ensure you are paying at least the minimum entitlements to avoid penalties and to ensure you are doing the right thing by your employees. Compliant businesses that pay competitive salaries are better equipped to attract and retain talented employees. High income thresholdThe high income threshold increases each July so check that out if you have any employees earning near or above the threshold, especially if you have provided a guarantee of annual earnings. Superannuation increaseEffective 1 July 2024, the superannuation guarantee (SG) rate is increasing from 11% to 11.5%. Ensure that these changes are reflected in your payroll system.  Employee communicationIt’s good practice to communicate with your employees, in writing, when any of their entitlements change. Clear communication helps in maintaining transparency and can boost morale by showing that your business is compliant and cares about its workforce. Legislative Changes
Employment contracts and PoliciesReview and update all employment contracts and company policies to reflect the latest legislative changes. Ensure that these documents are not only compliant but also aligned with your company culture and expectations. Once updated, communicate these policy changes effectively to your employees. Performance Reviews and Goal SettingConduct performance reviews
Development PlansUse the insights gained from performance reviews to create personalised development plans for your employees. These plans should outline specific goals, necessary training, and support needed to help your team grow and succeed. Workforce PlanningAssess staffing requirementsEOFY can be a particularly busy time for your accounts and finance teams. Plan for adequate staffing to ensure these departments are not under undue stress.  Recruitment plansThe new financial year is a great time to revisit your workforce plan and invigorate recruitment strategies. Assess your current staffing levels and future needs and start planning to attract the talent required to meet your business goals. Leave managementBe mindful that many staff members may request leave in July due to school holidays. Plan accordingly to ensure your business operations continue smoothly without being understaffed. Plan your People PrioritiesOnboarding programIf you've been postponing the implementation of an onboarding program, now is the time to act. A structured onboarding process is crucial for integrating new hires smoothly and setting them up for success. Performance frameworkConsider establishing or refining your performance management framework. A clear framework helps in setting expectations, monitoring progress, and facilitating regular feedback.  Development and TrainingInvesting in employee development is key to maintaining a motivated and skilled workforce. Plan for training programs that align with your business goals and employee aspirations. This could include professional development courses, workshops, lunch & learns or on-the-job training. Employee Engagement and WellbeingFoster a positive work environmentEOFY is an opportune time to evaluate your workplace culture and make necessary improvements. Foster an environment that promotes employee engagement, wellbeing, and productivity. Employee feedbackEncourage open communication and gather feedback from your employees. Understanding their concerns and suggestions can provide valuable insights for improving workplace satisfaction and efficiency.  Navigating the EOFY period successfully requires meticulous planning and execution, especially when it comes to HR responsibilities. By following this comprehensive EOFY HR checklist, you can ensure you business is compliant with new regulations, adequately prepared for the upcoming financial year, and maintain a motivated and productive workforce. Need help?Are looking for help with any of the following:
About Concept HR ServicesConcept HR Services helps small and medium businesses set up and maintain effective HR practices and processes to attract, manage, develop, and retain great employees.
Personalised HR solutions and day-to-day HR advice & support tailored to meet the specific needs of your business, your workplace and organisational culture. |
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Concept HR Services helps small and medium businesses set up and maintain effective HR practices and processes to attract, manage, develop and retain great employees.
Personalised HR solutions and day-to-day HR advice & support tailored to meet the specific needs of your business, your workplace and organisational culture. |
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