Employees are arguably a business’s greatest asset and are vital to its growth and prosperity. But to make the most of this valuable resource, employers must ensure that they fulfil their legal responsibilities and moral obligations as an employer.
To help avoid having a call from the Fair Work Ombudsman, here are a few points to consider:
National Employment Standards (NES) The NES are a set of standards set forward by the Fair Work Act 2009 and acts as a guide that underpins modern awards, enterprise agreements and employment contracts. The ten NES include:
Maximum weekly hours of work
Requests for flexible working arrangements
Unpaid parental leave and related entitlements
Annual leave
Personal / carer’s leave and compassionate leave
Community service leave
Long service leave
Public holidays
Notice of termination of employment and redundancy pay
Ensuring you provide the Fair work information statement
Superannuation Guarantee When it comes to superannuation, your obligations as an employer are simple. All employers must contribute 9.5 per cent superannuation on behalf of their employees on a quarterly basis. Super contributions must now be processed through a registered clearing house to ensure compulsory and voluntary contributions are allocated accordingly.
Entitlements It is important that pay templates are setup immaculately so that all leave types accrue correctly from the moment you hire each employee. Allocating entitlements correctly from day one ensures that you will not find yourself in trouble down the track. Ideally, businesses may benefit from opening up a separate account so that money can be put aside for obligations.
Strategic planning for businesses ensures resilience and continuity in adversity.
While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could threaten operations is equally essential.
This is where disaster management, crisis, and continuity plans come into play.
Disaster Management Plans
Disasters can strike without warning, ranging from natural calamities like floods, earthquakes, and hurricanes to human-made incidents such as cyberattacks, data breaches, or supply chain disruptions.
Disaster management plans outline strategies and protocols for responding to and recovering from such events swiftly and effectively. These plans typically include measures for ensuring employee safety, protecting critical assets and infrastructure, and minimising downtime.
By having a comprehensive disaster management plan, businesses can mitigate the impact of disasters and expedite the recovery process.
Crisis Management Plans
While disasters are often external events beyond a business’s control, crises can arise from internal factors such as leadership failures, product recalls, or reputational issues.
Crisis management plans are designed to address these unexpected challenges and mitigate their impact on the organisation’s reputation, brand equity, and bottom line. These plans outline communication strategies, escalation procedures, and decision-making frameworks for managing crises promptly and transparently. By proactively addressing crises and demonstrating resilience, businesses can preserve stakeholder trust and emerge stronger from adversity.
Business Continuity Plans
Business continuity plans focus on maintaining essential functions and operations during and after disruptive events to ensure minimal disruption to business operations.
These plans identify critical processes, resources, dependencies, and alternative strategies for sustaining operations during a crisis or disaster.
Business continuity plans encompass remote work arrangements, data backup and recovery procedures, and alternative supply chain routes.
By prioritising continuity and preparedness, businesses can reduce downtime, protect revenue streams, and uphold their commitments to customers and stakeholders.
Benefits of Comprehensive Planning
Risk Mitigation: By anticipating potential threats and developing proactive strategies, businesses can mitigate the impact of disruptions and minimise associated risks.
Resilience and Adaptability: Comprehensive planning fosters organisational resilience, enabling businesses to adapt and respond effectively to changing circumstances and emerging challenges.
Stakeholder Confidence: Demonstrating preparedness and responsiveness instils confidence in customers, employees, investors, and other stakeholders, strengthening relationships and fostering loyalty.
Regulatory Compliance: Many industries have regulatory requirements mandating development and implementation of disaster management, crisis, and continuity plans. Compliance with these standards is essential for avoiding penalties and legal liabilities.
Competitive Advantage: Businesses prioritising resilience and preparedness gain a competitive edge by differentiating themselves as reliable partners and service providers.
Disaster management, crisis, and continuity plans are integral components of strategic planning for businesses seeking to enhance resilience and ensure continuity in the face of adversity.
By investing in comprehensive planning, businesses can mitigate risks, maintain essential operations, and safeguard their reputation and bottom line.
In today’s volatile and uncertain business environment, proactive preparedness is not just a best practice but a strategic imperative for long-term success and sustainability. Need assistance with strategic planning as we approach the end of the financial year? Speak to one of our trusted business advisors.
