3 HR items to action before end of financial year

With 30 June just around the corner, here’s a quick reminder of 3 HR items to action prior to the end of this financial year.

1. Award rates will increase from 1 July 2024

Following its Annual Wage Review, the Fair Work Commission has increased the National Minimum Wage and minimum award wages by 3.75%.

The increase applies from the first pay period starting on or after 1 July 2024.

Remember that this increase is to minimum award wages. If you already pay above award rates you should check to confirm that what you’re paying your workers is still above the new 1 July rates. If you pay award-covered employees an annual salary, that’s a whole different kettle of fish. Give us a call and we’ll ensure your fish kettle doesn’t burn your place down.

2. Do something to hang on to your good people

Along with the festive break and the start of a new year, tax time is one of the periods employees review their earnings and consider their employment options.

Your good performers are key to your success for a number of reasons:

• High productivity = better revenue for your business
• Positive role model for other team members
• Your customers love them
• Low maintenance: they make your life easier

Employers are often under the assumption that rewarding good performers with more money is the key to keeping them. And while few of us would say no to a better wage, money is often not the reason good people stay with one employer. What is? Depends on the individual. You could try and figure out your high performers’ engagement triggers yourself or you can find someone with demonstrated experience to make this simple. Bare Bones Consulting’s Director has over twenty years of senior HR management-level experience to guide you to the outcome of retaining your best people.

3. Do something about your underperformers

If you’ve got employees, you probably have at least one who’s not pulling their weight. Getting someone back on the horse or managing them out of your business if they fail to improve can seem daunting but the smart place to start is by formalising your concerns and from this simple step, you have options. And trust me on this one, when it comes to managing underperformers and managing your risk around high emotion and drama down the track, more options are better.

End of financial year can be a busy time. If you’re too flat out to action what you need when it comes to your people and your HR function, why not give Bare Bones Consulting a call? We always have time for you.

Good luck with EOFY!