- WEEKLY INSIGHT
The Clock is Ticking on Your EOFY HR Review (2.5 Weeks Left)!
The end of the financial year (EOFY) is only 17 days away; we all view this time of the year as getting our finances in order. But as financial talk dominates business discussions in the lead-up to 30 June, it’s more important to consider your number one asset… your people.
First, pay your people correctly. Since July 2023, the significance of conducting wage audits has never been higher. Wage theft can potentially cost corporations $7.8 million, and individuals face up to 10 years behind bars. Surprisingly, many employees are unaware that the national minimum wage will increase effective July 1, 2024. Furthermore, we will see a rise in companies being randomly investigated as authorities intensify efforts (including allowing them to present exemption certificates) to uncover and address any suspected underpayments.
As Nick Marvin said to me the other day, ‘The answers for today may be redundant tomorrow.’ So, staying updated with new HR legislation is challenging for HR experts and even more difficult for employees. We know that more than 45% of employees feel burnt out while trying to keep up with these changes.
Additionally, the Closing the Loopholes Act presents another set of challenges in achieving HR compliance. For example, expect to see a surge in Workplace delegates come July and an increase in workflow disruption.
August 2024 will be the biggest shift, with changes to the definition of casual employees, independent contracts, unfair contract disputes, and the right to disconnect. Then, by November, requested labour hire agreement orders can commence operation.
So how long should a full comprehensive HR review take ? For companies with less than 50 employees, the process typically takes 1-2 weeks. Medium-sized companies (50-250 employees) usually require 2-4 weeks. Large companies (250+ employees) need at least 4weeks but usually 2 months to complete the process, and in some cases, it could take even longer – depending on our tally of compliance issues. So the more you do it, the easier these reviews become.
Review everything, starting with general record keeping and all your workplace documentation. A tip is always to use the current documents from the Fair Work Website to ensure you have the most up-to-date version. For instance, the Fair Work Information Statement has recently been updated to to include superannuation as an NES entitlement.
The EOFY is also the perfect time to review employment contracts. Consider the changes introduced in late 2023, which limit the use of fixed-term contracts. Also, familiarise yourself with the CEIS (Casual Employment Information Statement). It’s essential to be aware of its content and purpose.
What else to review? accurate payroll with wage benchmarking (with wage audits), leave entitlements (is each employee accounted for?) performance reviews, programs (training/ development /recognition / recruitment), and workforce data (retention, turnover, skills gaps).
Often forgotten is the review of your polices, there are a few hot-button issues in Australia crucial for you to consider before the EOFY. These are but not limited to : Cyberbullying, Online Conduct, Flexible Working Arrangements and Domestic Violence Leave (Support and Resources). Let marvinHR write these for you (CONTACT US TODAY!).
2. HR/IR & LEADERSHIP
The Loneliness Epidemic in Today’s Workplaces – 20% of Employees Worldwide feel lonely on a Daily Basis.
In the business world, while engagement grabs headlines, a more critical issue is quietly emerging in both office cubicles and remote work environments: disengagement. 20% of employees around the world report feeling lonely on a daily basis, highlighting a profound problem with the current state of workplace culture. There’s an urgent need to shift our focus to comprehending and combating disengagement.
Disengagement manifests in various forms, but notably, there’s a significant portion of the workforce that isn’t just uninterested but is actively disengaged (these are the ‘below 0’). Representing around 15% of employees worldwide, these individuals aren’t merely idle; they actively oppose their employer’s objectives.
More often than not, these workers feel trapped, anchored to their positions by economic necessity rather than loyalty or satisfaction. This not only impacts their morale but can contagiously affect the broader workplace environment, leading to a toxic culture.
Interestingly, a significant predictor of engagement levels falls on the shoulders of leadership. According to Gallup, 70% of the variance in team engagement can be directly linked to managers. In organisations recognised for best practice, 3 out of 4 of managers report being engaged, setting a powerful example for their teams…so 7 out of 10 non-managers mirror this reported engagement.
Imagine a world where the moment you step into your new job, you’re greeted with an experience so uplifting your purpose to the workplace. This isn’t a fairy tale; it’s what happens when companies invest in positive onboarding experiences. Such care doesn’t just create a happy beginning; it amplifies an employee’s commitment to their company by eighteenfold and supercharges their efficiency by 38%.
Now, picture a company buzzing with these engaged employees. It isn’t just a happier place; it’s a powerhouse, outperforming its competitors by a staggering 147%.
But there’s a flip side to this success story – the tale of the disengaged employee. These are the silent losses, the unseen drain on a company’s resources. For every employee who hasn’t been swept up in the magic of belonging, companies stand to lose the equivalent of 34% of their salary. With the average salary pinned at $47,000, this equates to a nearly $16,000 loss per disengaged employee each year.
It’s a narrative that makes it clear: the secret to a thriving company isn’t just in the numbers, it’s in the heart of each employee’s journey from the moment they join.
3. TEAM DIARY
Explore the marvinHR Advantage: Say goodbye to lost opportunities—70% of Aussies drop out of the job hunt frustrated by recruitment methods and process.
Typically, after a thorough HR review, it becomes clear that you are on the lookout for at least 1 key role in your organisation to be filled before the year wraps up. But, now… more than ever, securing and keeping the brightest talent has turned into a significant hurdle for Australian employers across all sectors. It’s a competitive world out there, and finding the right fit is more crucial than ever.
Consider outsourcing recruitment but be really choosy about who you trust with this job. After all, they’ll be the first impression for new talent at your organisation, you don’t want to burn bridges. Most large recruitment firms pay their employees commission, so they get paid bigger bucks for placing more roles – quantity over quality. Human force (May 2024) reported that 70% of Australians abandoned their application due to complex and unclear recruitment processes, for example, being ghosted for days.
Unlike other recruitment firms at marvinHR our focus isn’t on commissions or the sheer volume of monthly placements. Instead, our success is measured by a far more meaningful metric: how well our candidates fit their roles over the long term. So…our key performance indicator (KPI) focuses on the retention of our placements rather than the quantity of placements. We take pride in the fact that over 70% of the individuals we place remain in their positions for more than a year.
We are committed to the individual. Imagine the disappointment of someone placed in a role only to discover, ‘Those recruiters at marvinHR didn’t tell me the whole story.’ That’s a scenario we actively avoid. Rather than glossing over the realities with a rosy hue for our clients or the candidates, we pride ourselves on our transparency. We’re candid about the dynamics of human nature, striving to perfectly align the aspirations of our candidates with the ethos of our clients—think of us as matchmakers at the core of the business and human connection.
Why is this important? well 94% of Australian Workers say clear communication is the most critical element of the recruitment process. It’s easy to fill a role quickly, but finding the right person to stay takes experience.
Typically, after a thorough HR review, it becomes clear that you are on the lookout for at least 1 key role in your organisation to be filled before the year wraps up. But, now… more than ever, securing and keeping the brightest talent has turned into a significant hurdle for Australian employers across all sectors. It’s a competitive world out there, and finding the right fit is more crucial than ever.
Consider outsourcing recruitment but be really choosy about who you trust with this job. After all, they’ll be the first impression for new talent at your organisation, you don’t want to burn bridges. Most large recruitment firms pay their employees commission, so they get paid bigger bucks for placing more roles – quantity over quality. Human force (May 2024) reported that 70% of Australians abandoned their application due to complex and unclear recruitment processes, for example, being ghosted for days.
Unlike other recruitment firms at marvinHR our focus isn’t on commissions or the sheer volume of monthly placements. Instead, our success is measured by a far more meaningful metric: how well our candidates fit their roles over the long term. So…our key performance indicator (KPI) focuses on the retention of our placements rather than the quantity of placements. We take pride in the fact that over 70% of the individuals we place remain in their positions for more than a year.
We are committed to the individual. Imagine the disappointment of someone placed in a role only to discover, ‘Those recruiters at marvinHR didn’t tell me the whole story.’ That’s a scenario we actively avoid. Rather than glossing over the realities with a rosy hue for our clients or the candidates, we pride ourselves on our transparency. We’re candid about the dynamics of human nature, striving to perfectly align the aspirations of our candidates with the ethos of our clients—think of us as matchmakers at the core of the business and human connection.
Why is this important? well 94% of Australian Workers say clear communication is the most critical element of the recruitment process. It’s easy to fill a role quickly, but finding the right person to stay takes experience.
CLICK HERE TO VIEW SCOUT
How we do this is the marvinScout (see image above), which generates 32 distinct data points within a 20-minute period, summarising them into a 1-page A4 sheet. We make both our clients and candidates do this. The scout allows us to assess alignment comprehensively. For instance, if we find that a candidate really values verbal praise (recognition) and likes to talk a lot with co-workers, but also see that the client is more introverted, there’s a clear mismatch. It’s crucial to pay attention to these small things at the start, as the things people ignore are usually the reasons the end up leaving the company.
FOR EMPLOYEES
Please feel free to contact marvinHR for complimentary( FREE) assistance with your resume and cover letter, regardless of your industry. We are committed to establishing a meaningful partnership with Perth Professionals and helping you find a job that meets your expectations. Connect with Ella today by calling +61 8 6377 7605 or emailing ella@marvincg.com.
FOR EMPLOYERS
Request talent by clicking HERE… you can outsource the entire recruitment process or just part of it:
- Role Description and Candidate Avatar
- Marketing and Advertising the role
- Screening Candidates
- The Selection Process
- Reference and Background Checks
- Medical, Psychometric or Other Tests
It will also cost a lot less! Our services start from just $500 per candidate. So reach out on +61 8 6377 7607 or hello@marvinhr.com.
