The 2022/23 Federal Budget from a HR standpoint
This article has been written by our HR specialist, Georgi Collins.
There wasn’t anything of substance in relation to SMEs in the budget, but there are some notable thoughts from a HR standpoint, for those who employ others.
Low wage growth:
With wage growth low, employers will need to investigate other ways they can keep their staff happy and engaged. Re-evaluating or creating an Employee Value Proposition (EVP) should be considered, to demonstrate the value your business is offering its employees in return for the value that they bring to the business. This means looking at HR from a more strategic standpoint and designing initiatives that focus on areas such as training & development, career progression, employee wellness and diversity & inclusion policies. The most effective way to find out what your employees want, and what will keep them engaged, is to speak to them.
Childcare and parental leave:
The relief supplied to parents under the improved childcare subsidy and increased and shared parental leave schemes means that parents will have more flexibility than before. With these changes providing more equality between working parents, we could see Dad’s taking on a more involved role in parenting, both parents taking more time off to care for their children and some parents able to return to work sooner with more affordable childcare available. Be prepared to have these conversations with employees over the coming months.
In a bid to aid the skills shortage, the budget offers fee-free TAFE courses and subsidised study in areas such as teaching, IT, nursing, and engineering, which helps those people who face barriers to entry. In addition, they have provided funding to pave the way for more skilled migrants, creating opportunities for Australian businesses to gain more diverse expertise and broader perspectives from around the globe. This could mean rethinking your workforce design and putting more work into workforce planning and recruitment & retention policies.
If you would like to discuss any of the above, or would like assistance with your HR strategy, please contact Georgi Collins at our office.