End of financial year is fast approaching. Don’t we all love tax time! While accountants are focussing on getting the books in order, it is important for organisations look at their HR practices as these play a critical role in setting the business up for success in the new financial year. What exactly should organisations be looking at leading up to EOFY?
Policies and procedures
Take the time to review your existing policies and procedures. Are they up to date and reflect any legal or regulatory changes? Are there any that need to be implemented?
Culture
Now is a good time to conduct a survey to obtain feedback on culture, engagement, leadership, and areas for improvement. Ensure it is anonymous to encourage honest responses. This time of year also proposes an opportunity to review your values and mission statement to ensure it aligns with the company goals.
Strategy
Do you have a people strategy in place? If so, is it aligned to your overall objectives outlined in the strategic plan? Look beyond the year end tasks and begin thinking strategically about HR goals for the upcoming year. This could include talent acquisition strategies, learning and development initiatives or employee engagement strategies.
Capability assessment
Review your current teams and leaders. Do you have the right people in the right roles for success in the new year? Are your leaders working to their full potential and have capacity to motivate their teams? What opportunities are there for growth and development across teams / individuals?
Performance reviews
Schedule and conduct all performance reviews with employees and set new goals / KPI’s for the upcoming year.
Budget development
Work towards closing out your current budget / allocating anything left over and set a new one for the year ahead. How much can you spend? Allocate funds/resources to support the key focus areas and HR initiatives.
Contractor support
The period over EOFY can often lead to increased workload and reporting across teams. A good option would be to consider a contractor to help with this.
And lastly, don’t forget to recognise your current team members and say thank you for their hard work and efforts for the year. A little appreciation goes a long way sometimes!
If any of the above resonates and you need some assistance, contact our team to chat.
MIKAHLA SMITH
Executive Consultant – Group Solutions
Mikahla began her career working for a small business consulting firm before joining Optimum Consulting in 2010 as a Consultant. She has since gained over 10 years’ experience in the industry and over this time has held a number of leadership roles (both onshore and offshore) and is currently an Executive Consultant – Group Solutions.
