The New Normal in Employment

With much of NSW getting somewhat back to the way we were a few years’ ago; you would think things haven’t changed. Well, they have for most. The way people buy products. The way people work. The way services are provided. A lot has changed and we expect this to continue.

This week we look at the changes to employment and what we are doing differently for our clients. Last month we tackled the risks in Cybersecurity and how you can make changes to prevent issues in this area. The article can be read here:

https://www.huntandmctavish.com.au/blog/cybersecurity-our-thoughts-for-your-protection

So what’s changed?

Well, a lot has changed. For some its more than others.

Let’s start with the way we work. It all starts with the availability of good employees or talent. To access these people or talent, employers now have become increasingly flexible with working hours & where they work. Through the pandemic there were numerous people who had to work from home and they got used to that. Working from home gave them additional flexibility at the cost of a social working environment. Some really missed the social interaction & are pleased to be back at the office or worksite, while others (given technology) are asking to continue with this arrangement if not all the time than sometimes.

Bear in mind that if a business doesn’t provide this flexibility than another business might. Also, not having worked in the office or worksite has meant there is a lower level of attachment to the business and so its easier to make the switch.

On the other side of the coin, you can see on the news the demand for people in farming & hospitality in particular. The pandemic dried up the availability & need for staff in both of these sectors who were locals or came from overseas. Now that things are getting back to normal, we have two issues; one, how many & how quickly people will return to Australia for work from overseas? & Two; how many people will work in the same sector? Did people who used to work in hospitality change careers so they could continue to pay their living expenses as well as provide them with a more secure income in future? Staff shortages means employers have to increase salaries to attract staff. Staff are a key cost for businesses and if your wages bill is too high than you may not have much of a profit left.

Now it’s not just farmhands & baristas in demand. Talent is in demand right across the different economic sectors, even Accountants & Lawyers. If you have staff members that are critical to your business than look after them.

How have we changed?

The biggest change for us is how well we know our clients. Rather than hearing from many clients once a year when their tax lodgements are due, we have heard a lot more from them as:

·         They sought government incentives due to the pandemic implications to their business

·         They wanted to understand their cashflow a lot better to keep their business going

·         Advice was sought from us about what they should do with certain aspects of their finances

·         State & Federal governments needed up to date information of our client’s financial affairs; and

·         All lodgement requirements haven’t changed (what we have always done).

And we say thank goodness for technology. In many cases, technology enabled:

1.    Our clients to gain information about their finances faster

2.    Us to access & prepare information about clients’ finances quicker

3.    Our understanding of the financial situation of our clients faster & clearer

4.    Responding to government & bank requests in a timely manner

For those without the up-to-date technology, this has probably meant we had to spend more time on assisting you and potentially more costs for you.

What are we to you? An Accountant or an Adviser?

For those that continue to talk to us just once each year perhaps you should sit down with us and understand how we can assist you & your business on a more regular basis. The benefits of us understanding your business in more detail can make things much easier for you now & in the future. You may also benefit from more up-to-date accounting systems.

 It’s a simple case of calling us today on (02) 6942 4932 to organise to meet with us and find out more.