It’s that time of year again! Monday the 1st of April marks the start of the new financial year for most businesses. As a business owner or employer, you have certain obligations that you must meet for this period and is also a great time to revise goals and create new ones! At Hello Monday, we love the idea of “starting from zero.” It gives us a new sense of drive to get started as well as grows our excitement for what we will achieve in the next year!
Here are a few things to organise and consider during this period:
- Know all your financial and tax obligations.
- Review salary/wages, employment contracts, and any other employee performance appraisals including future development.
- Prep your financial statements for the previous year.
- Finalise and share your operational/financial/business plans.
- Check the health of your business and start planning for the future!
Make sure you know what’s changing:
- The Domestic Violence Victims Protection Act comes into play on April 1st. We recently co- hosted a workshop with Wynn Williams about the Act about what this means for business.
- Minimum wage is also increasing from $16.50 to $17.70 on April 1st. Please be aware and prepare for this change this will have on your employees and future contracts.
- The 90-day trial periods will change on May 6th to only apply to businesses with less than 20 employees to increase employee protection over unjustified dismissals. This means that if you are currently using this trial period clause in your employment agreements and you have more than 20 employees, you will have to update it with a probationary period clause instead.
If you’d like any more information on what any of this means for your business or any help with updating your contracts, please get in touch with the team at Hello Monday. We’d be happy to give you further advice and support around these changes including tailored workshops for your leaders, managers and employees.