As we approach the New Year, many of us will be reflecting on the positive changes we wish to make in our lives.
Business owners are no different. Now is a great opportunity to consider how 2023 can be a year of growth and improvement for your organisation.
Kate Palmer, HR Advice & Consultancy Director at Peninsula, has five resolutions for businesses to make to help them succeed in the new year.
1. Stay updated with developments within employment law and update your contracts accordingly.
There are several bills that could progress through parliament next year : the Carer’s Leave Bill, the Fertility Treatment: Employment Rights Bill, the Employment (Allocation of Tips) Bill, the Neonatal Care (Leave and Pay) Bill, the Employment Relations (Flexible Working) Bill, and the Protection from Redundancy (Pregnancy and Family Leave) Bill, to name a few.
Should these become law, it’s likely some of your policies, procedures, and contracts will need updating to reflect the new legal obligation.
In addition, the Retained EU Law Bill, which is expected to repeal all EU-derived law by the end of 2023 unless new legislation is introduced to keep or change it, will have major impacts on employment law as we currently know it. With key employment rights like annual leave and TUPE rules being governed by the EU, this could shake up entitlements considerably.
2. Introduce a financial wellbeing policy.
As the cost-of-living rises, staff are wanting more support. That’s why having a financial wellbeing policy is necessary to reassure your workforce that you can provide that support.
A financial wellbeing policy can help staff manage debt and financial problems by outlining the support you offer. This support may be financial, like offering bonuses or travel loans, and also might include emotional support through anemployee assistance programme. This can help staff learn how to manage their finances better and work through their issues with an expert. A policy helps open discussions about financial wellbeing in the workplace, so you can learn how best to help your staff when they really need it.
3. Support women in the workplace.
Women are disproportionately affected by several issues that, if the right support is not given, can have a detrimental impact at work. These include, but are not limited to, menopause, fertility treatments, and childcare commitments.
Employers should take positive steps to understand these issues thoroughly, and these efforts should be underpinned by adequate support measures, including reasonable adjustments, a sensitive, understanding approach to any related conversations, and a fair approach to requests for time off for related issues. This is fundamental to ensuring the continual employment and success of all employees.
4. Prioritise training and upskilling to aid staff retention.
Investing in your employees’ professional development with a clearly defined career pathway can make employees feel more valued. Where they can see that there is a plan for their long-term professional success, they may be less likely to jump ship for short-term financial gain. Each department should have clearly defined pathways based on skills and knowledge. Use 1-2-1’s as an chance to find out individual employee’s goals and signpost them towards training and opportunities to help them achieve these goals.
5. Review your hybrid and flexible working arrangements.
In general, employees’ needs, and expectations have changed over the last two years because of the pandemic. Flexible working, including remote/hybrid working and flexi-hours arrangements, has become a priority for many looking create a more effective work-life balance. Employers who fail to recognise this will suffer from reduced productivity and high turnover.
It’s the HR team’s job to fully understand their workforce’s wants and needs, and work with the senior management team to see if a compromise can be reached which benefits all.
