HR planning

Important HR tasks for the new financial year

As we head into a new financial year, it makes sense to take stock of your progress to date and assess any changes that need to be made in your business. You’re no doubt reviewing your monetary goals and setting targets to get you to where you want to be in terms of profit and turnover, but never forget that your HR provisions underpin those objectives, and a little careful planning can set you up for more success and less headaches.

Let’s take a look at some of the important HR tasks that need to be factored into your agenda over the coming weeks…

Make sure you’re compliant with new legislation

Around April, there is often a variety of legislative changes and updates to be considered. Most of the conversation at the moment in the HR space and beyond is centered largely around GDPR, and it’s certainly true that with the May deadline looming, many businesses still have some serious work to do to ensure compliance.

Still though, there are other considerations that need to be made. Are you confident that you’re compliant with the new national minimum wage, for example? Are your payroll systems prepared to support this? Are you aware that there has been an increase in statutory family related pay, and statutory sick pay? Now’s a good time for a review right across the board.

Carry out an audit of your policies and procedures

Many leaders make legislation their key priority when it comes to HR, and of course, it’s a very important consideration. But if you want to get the most out of your workforce, and build a reputation as one of the best employers in your industry, then you need to go beyond legal requirements.

Your people policies and procedures can of course ensure that you’re acting in line with the law, but they’re about much more than that. They’re about best practice, and creating an environment and workplace culture where teams and individuals are encouraged to thrive. Can you honestly say that your policies and procedures are doing this? If not, it may be time for a review and an overhaul.

Ensure performance discussions are scheduled

This can be a strange time of the year. The excitement of a new calendar year (and the motivation that goes with it) is long forgotten, and employees and managers alike are often thinking about winding down for their summer break. To ensure productivity over the coming months, and to maximise your chances of having a strong new financial year, make sure that performance discussions are scheduled into diaries.

This can bring the team back together in pursuit of common goals, nip any potential problems in the bud, and ensure that everyone has objectives that they’re working towards. It’s also wise to consider whether your managers are skilled and confident when it comes to having these conversations. You may want to consider refresher training, or at least a management meeting about how to get the most out of performance discussions.

HR tasks can seem like they’re never-ending, but a little time spent now can set up your business to be fighting fit for the twelve months ahead.

If you’re not sure where to start, get in touch and arrange a no-obligation consultation. Our HR health check service could be just what you need to create your action plan and implement positive changes without any fuss.