Preparing for July 1st – Key HR and Recruitment Considerations for the New Financial Year
As we approach the start of a new financial year, HR and business managers must prepare for several tasks to ensure their organisations are set up for success. From reviewing policies to planning for hiring, here are the top priorities we think you should focus on before July 1st.
1. Review and Update Policies
The new financial year presents an ideal opportunity to review and update your organisation’s policies, ensuring they are current, relevant, and effective. The evolving workplace environment necessitates updates in several key areas. Workplace health and safety policies must be updated to cover remote work environments and ensure compliance with new regulations, such as those concerning positive duty. Remote or hybrid work policies should clearly define expectations, including communication protocols and data security measures. Additionally, expense policies need a thorough review and clarification around guidelines for expense submissions and limits to prevent any crossed wires.
2. Conduct Salary and Performance Reviews
Regular salary and performance reviews are crucial for maintaining a motivated workforce. Use this time to assess whether current salaries are competitive and reflect employees’ contributions. Remember – performance reviews should be more than annual events, consider implementing regular check-ins to provide continuous feedback and support.
3. Allocate Your Training Budget
Determine how to best allocate your training budget to support employee development. Identify critical skills needed for the coming year and invest in training programs that enhance these capabilities. This not only boosts individual performance but also strengthens the overall competency of your team. Training and development is a huge part of employee well-being and overall job satisfaction, not to mention the direct effect it can have on an organisation’s success.
Did you know that…
- When employees receive the training they need (and want), companies are 17% more productive
- A majority, 68% of employees, prefer to learn and train at work
- 45% of workers are more likely to stay in their role if they receive training
- Over 90% of employees say they won’t quit if they get development opportunities?
Or, in other words… allocate your training budget!
4. Develop a Workforce Plan
Creating a detailed workforce plan helps in addressing future needs and challenges. Anticipating hiring needs based on projected business growth and major projects ensures you have the right people in place. In a competitive job market, the war for talent requires a strategic approach to attract and retain high value candidates. Highlighting your company’s unique value proposition and creating an impressive employer brand can make a significant difference. Additionally, identifying areas where talent shortages exist and developing strategies to address these gaps, such as upskilling current employees or exploring alternative candidate pools, will be key.
Retention strategies are equally important. Developing methods to retain top employees, such as offering career development opportunities and competitive benefits, is essential.
Succession planning should also be a key focus, identifying critical roles and potential successors to ensure business continuity and mitigate any risks associated with unexpected departures.
5. Check in With Your Employees
Employee well-being is at the heart of a healthy workplace. Conduct regular pulse surveys to gauge how employees are feeling and identify areas where additional support may be needed. Address any physical or psychosocial hazards and promote a culture of transparency and support.
6. Partner With the Experts to Get Ahead
Navigating your endless to-do list for the new financial year can be challenging. At Perks People Solutions, we offer a full range of services to help organisations like yours stay ahead all year round. From policy audits to workforce planning and psychosocial hazard management, our expert team provides tailored solutions to meet your unique needs.
Ready to enhance your HR and recruitment strategies for the new financial year? Contact Perks People Solutions today to learn how we can support your organisation in achieving its goals.
